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Steadfast
4th February 2011, 10:12
Madoff trustee sues Merrill Lynch
http://www.bizjournals.com/losangeles/news/2010/12/09/madoff-trustee-sues-merrill-lynch.html



The court-appointed trustee seeking to recover funds for victims of the Bernard Madoff scam has filed lawsuits against seven large financial institutions, including Merrill Lynch, which is part of Bank of America Corp.

Trustee Irving Picard filed lawsuits against Citibank and Natixis seeking $825 million. Picard is seeking lesser amounts from Merrill Lynch and other financial institutions.

In total, Picard is seeking more than $1 billion, news agencies report.

The complaints were filed under seal in bankruptcy court in New York.

According to Reuters, the financial institutions received transfers of funds from Madoff during his fraud.

Madoff, 72, is serving a 150-year prison sentence. In March 2009, he admitted to turning his wealth-management business into a massive Ponzi scheme that defrauded investors of billions.

Charlotte, N.C.-based Bank of America (NYSE: BAC) is the largest bank in Los Angeles and the state of California.

-Los Angeles Business from bizjournals

Yup, Birds of a feather DO flock together.
or
Where there is a great pile of death, corruption, rot, and horse poop.
There are always flies...

Maybe, one day the actual corporation "Merrill Lynch" will finally be charged and convicted with one of their many felonies and be "put down" as a company.

Matthew Shelley
4th February 2011, 10:42
Madoff trustee sues Merrill Lynch
http://www.bizjournals.com/losangeles/news/2010/12/09/madoff-trustee-sues-merrill-lynch.html
Yup, Birds of a feather DO flock together.
or
Where there is a great pile of death, corruption, rot, and horse poop.
There are always flies...
Maybe, one day the actual corporation "Merrill Lynch" will finally be charged and convicted with one of their many felonies and be "put down" as a company.

It always amazes me. The equities brokers forever tell their clients that commodities brokers are "a bunch of thieves" but they get away with so many things that would earn me a pretty pair of stainless steel bracelets in an instant.

Matthew Shelley
Commodity Broker

As always: Trading in futures and options is very high risk investing. You can lose all or more of the money you invest. Only risk capital should be used.

crashjp
4th February 2011, 11:07
It seems that laws only apply to the low and middle class folks in this country, they say justice is blind and I tend to agree, these jokers are inviseable to the law.

orlando_wrx
4th February 2011, 11:31
JPM, ML...who's next on the list? WF? GS? Maybe L(i)zzard? Hell, they were all involved I'm sure..all the way to the FSB!