Data locked in silos and the lack of a common customer identifier that could link accounts were to blame for JPMorgan Chase's failure to identify Bernard Madoff's massive fraud, according to an article in Wednesday's Wall Street Journal.
(Madoff, who was arrested in 2008, stole about $18 billion from clients, sending them fake monthly statements reflecting fake trades, assuring customers they were getting high returns when in fact their money was gone.)
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