If you have a credit card with Chase or do business with it in any way, here's some advice--cancel your account. Back in December, Irving Picard, the trustee for Bernie Madoff's assets, sued Chase for knowing that Madoff was a fraud and doing nothing to stop it. The suit was unsealed on Thursday--and based on its revelations, this is one company that doesn't deserve our business.
The suit alleges that Chase had evidence that suggested Madoff was engaging in illegal activity as far back as the 1990s and knew beyond all doubt as early as 2006 that Madoff was a fraud--and didn't do a damn thing about it. Earlier today on dKos, I called for Chase to be broken up. But the first step in punishing these guys is for us to cut off our business with them.
To my mind, Chase's most outrageous act in this affair occurred in October 2008. Tt alerted British authorities that Madoff's portfolio was "too good to be true" in October 2008--two months before Madoff was exposed. Yet it didn't place any restrictions on his banking activity. So let's see if we're reading this right--you tell law enforcement that somebody might be swindling people, but don't cut off the main venue he's using to break the law? I'd wonder what Chase was thinking, but it's obvious they weren't thinking.
At the very least, there was a pretty serious breakdown in the flow of communication. At worse, Chase was blinded by the money it was making off of Madoff. If Chase didn't care enough about its obligation to the public, it doesn't deserve our business.