Colombian Friends Will Cause Havoc

JPMorgan Chase rigged the New York Stock Exchange, acquiring funds to acquire other banks, to balloon itself into Too Titanic to Let Sink, The Acquisitors, Chapter Four. JPMC then bought Madoff funds for itself and its customers. Through those banks it acquired, JPMC learned that Madoff was a fraud and sold its own Madoff funds in time. But JPMC didn’t sell the funds it had purchased for those customers, after Madoff henchmen threatened that ”Colombian friends” would “cause havoc” if JPMC did sell them, according to a bankruptcy complaint filed January 31, 2011 (The Financial Times, February 1, 2011).  

Had JPMC not taken over those banks they could have warned the customers also in time, before Madoff’s implosion. We threw away our long-orchestrated chance to prevent those takeovers, Chapter 14. How can we protect investors if we don’t break apart the takeovers–if we don’t dismantle the Too Titanics to Let Sink?

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