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Chinese wall

Posted by ESC on March 13, 2009 at 15:42

CHINESE WALL - "During his words of penance to the court, (Bernard) Madoff was at pains to emphasise that while his investment advisory outfit was a fraudulent hole, his company's proprietary trading and market-making operations were 'legitimately and honestly run businesses'. His sons, Andrew and Mark, were senior executives on this 'honest' side of the Chinese wall. Madoff's 63-year-old brother, Peter, was in charge of trading." From "Mystery of Madoff's rapid confession - Legal experts were flummoxed by the fraudster's willingness to admit every criminal charge laid before him, but was he trying to protect others who may have been implicated?" Andrew Clark in New York, guardian.co.uk, Friday 13 March 2009 http://www.guardian.co.uk/business/2009/mar/13/bernard-madoff-usa