Wall Street was suspicious of Madoff but afraid to speak up

01/5/2009 | Financial Times (free content)

Some of the biggest names on Wall Street had doubts about the legitimacy of Bernard Madoff's investment business, even discreetly steering customers away from him, but they did not reveal their suspicions to regulators, U.S. bankers said. Executives were reticent in their criticism of Madoff because they were afraid of offending clients who were investing with him.

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