No one fired, bonuses keep going to politicians-----Madoff-related fraud to cost JPMorgan $2.5 billion

What a tawdry tale!
Why are these people not strung upside down in Central Park?
Madoff-related fraud to cost JPMorgan $2.5 billion | Detroit Free Press | freep.com:
"The name on the account was Bernard Madoff and on Tuesday, JPMorgan paid a steep price for keeping quiet about its suspicions.
....In 2008, the bank’s London desk circulated a memo describing JPMorgan’s inability to validate his trading activity or custody of assets and his “odd choice” of a one-man accounting firm, the government said.
In late October 2008, it filed a suspicious activity report with British officials. In the weeks that followed, JPMorgan withdrew about $300 million of its own money from Madoff feeder funds.
The fraud was revealed when Madoff was arrested in December 2008.
“Despite all these alarm bells, JPMorgan never closed or even seriously questioned Madoff’s Ponzi-enabling 703 account,” U.S. Attorney Preet Bharara said.
 “On the other hand, when it came to its own money, JPMorgan knew how to connect the dots and take action to protect itself against risk.”
In a statement, JPMorgan said it recognized it “could have done a better job pulling together various pieces of information and concerns about Madoff from different parts of the bank over time.”