Merrill, Goldman had inkling on Madoff

Now that the Bernard Madoff scam has broken wide open, it's becoming sort of vogue for people to make known that they had suspicions all along. Goldman Sachs and Merrill Lynch certainly fall in that category. According to the Financial Times, they both were troubled with the lack of the fund's transparency and would not place customer money with the firm.

Goldman Sachs Asset Management told the paper it "never felt comfortable with Madoff", because it "never understood the investment process or the returns...if clients wanted to invest with him, they did not do it through us." But both kept their concerns quiet, perhaps not ruffle feathers with clients who were on the Madoff bandwagon.

For more:
- here's the article

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