Bankers are supposed to catch wrongdoing and report it to authorities. But this self-policing system doesn’t work. Turned down by one institution, financiers can simply shop around until they find someone willing to assist them. After facing problems with BSI, Mahony turned to his private bank, J.P. Morgan (Suisse). J.P. Morgan agreed to open an account, seemingly asking few questions about why a sovereign wealth fund needed a relationship with a Swiss private bank.
