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Madoff: Banks “Had To Know” Of Ponzi Scheme

02/16/2011 12:28 pm 0 comments

New York – Disgraced Wall Street financier Bernard Madoff said in an interview published online Tuesday that banks and hedge funds were “complicit” in his scheme to fleece victims out of billions of dollars.

Madoff did not name any institutions in his series of interviews with The New York Times but said banks and hedge funds “were complicit in one form or another.” He said they failed to scrutinize the discrepancies between his regulatory filings and other information.

“They had to know,” he said in his first interviews for publication since his 2008 arrest. “But the attitude was sort of, ‘If you’re doing something wrong, we don’t want to know.”‘

Refuting earlier claims that nobody else was responsible for the Ponzi scheme, Madoff told the New York Times of the “willful blindness” of many banks and hedge funds. He acknowledged his own guilt and did not point fingers at any any specific banks or institutions in the interview.

To read this article in its entirety visit CBS News.

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