Daily News: November 8, 2013

Bloomberg: JPMorgan Banker Approved $200MM Madoff Loan

Bloomberg reported that a former JPMorgan Chase banker who managed Bernard Madoff’s account said Madoff would have received a $200 million loan less than a month before his arrest if the request hadn’t been dropped.

Bloomberg said 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 in federal court in Manhattan.

Previously on abfj: JPMorgan May face Sanctions Over Madoff Ties, NY Times Reports, October 25, 2013

To read the entire Bloomberg article, click here.