New York Times (February 16)
Given the unprecedented scale of Bernard Madoff’s Ponzi scheme, investigators and lawyers are probing whether anyone else knew about the fraud. Fingers are being pointed at institutions including JPMorgan Chase. In a private interview, Maddoff told the New York Times that some hedge funds and banks turned a blind eye to his activities. “They had to know…. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’”
Given the unprecedented scale of Bernard Madoff’s Ponzi scheme, investigators and lawyers are probing whether anyone else knew about the fraud. Fingers are being pointed at institutions including JPMorgan Chase. In a private interview, Maddoff told the New York Times that some hedge funds and banks turned a blind eye to his activities. “They had to know…. But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.’”
Tags: Fraud, Hedge funds, JPMorgan Chase, Madoff
Financial Times (February 16)
India’s Prime Minister Manmohan Singh is considered an upright and squeaky clean politician. Yet he has failed to trample out corruption. The telecom scandal revealed crony capitalism cost the government about $40 billion. The Financial Times expects more. “When you are prime minister of India, it is not enough to be clean yourself…. By failing to stamp down on graft, even among close associates, Mr Singh is frittering away the chance to modernise the country.”
Tags: Corruption, Graft, India, Telecom scandal