A former JPMorgan Chase & Co. (JPM) banker who managed
Bernard Madoff’s account said the con man was on track to receive a $200
million loan less than a month before his arrest if the request hadn’t been
dropped.
Daniel Bonventre, one of five ex-Madoff employees on trial
for allegedly aiding the fraud, asked JPMorgan in November 2008 to borrow twice
Madoff’s credit limit of $100 million, with U.S. Treasuries as collateral, Mark
Doctoroff, who left the bank last year, testified yesterday in federal court in
Manhattan.
“They are doing well financially,” Doctoroff said of
Madoff’s securities firm in an e-mail to JPMorgan’s credit department on Nov.
17, 2008. “They are looking at the current market as an opportunity to make
investments and financial advice, true to their value investing style.” Read more.
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