How Madoff Made Off With the Money

Bernard Madoff, the biggest swindler in financial history, has said that he believes that the banks who made business with him had to know that something was off, but chose to ignore it, as long as they were making a profit. Of course the man is a liar and a cheat, but I have a feeling that there is much truth in what he says. Banks, other financial institutions and insurance companies usually keep quiet when one of their employees does something wrong, for fear that they appear vulnerable from within. Often, the person is allowed to resign or retire, is never prosecuted and everything is hush-hush.

So, I would't put it past them, if banks had a reasonable suspicion that all wasn't kosher with Madoff, but, in the interest of deniability, they didn't look hard enough at his financial dealings.

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