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Could JP Morgan Have Tried A Little Harder To Figure Out Bernie Madoff Was Pulling A Fast One? Yes, The Bank Will Give You That One

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In retrospect, JPM could've maybe solved that puzzle using the clues Madoff provided. Maybe.

Mr. Bharara said at a press conference that J.P. Morgan "failed miserably" as an institution concerning Madoff and that the bank repeatedly ignored warnings about him despite "plenty of reasons to be uniquely suspicious." [..] A J.P. Morgan spokesman said, "we recognize we could have done a better job pulling together various pieces of information and concerns about Madoff from different parts of the bank over time" but "we do not believe that any J.P. Morgan Chase employee knowingly assisted Madoff's Ponzi scheme." He said the bank is "making significant efforts" to improve its practices, and "we believe the lessons we have learned will make us a stronger company."

J.P. Morgan to Pay $2.6 Billion in Madoff Fraud Settlements [WSJ]