Bailout The SEC: Complete Interview of Harry Markopolos On CBS 60 Minutes

Harry Markopolos told the truth about Bernie Madoff.  No one listened.  Harry Markopolos put together a 29 page document proving that Madoff was a fraud and a ponzi.  The SEC didn't understand the vocabulary.

I read the Columbia Journalism Review every few days.  Here are their comments on the Markopolos interview last night on 60 minutes.  They say that it's the most important story of the week.  The interview is excellent.

Key snip: It took me five minutes to know that it was a fraud. It took me another almost four hours of mathematical modeling to prove that it was a fraud.  Harry Markopolos on Bernie Madoff’s Ponzi scheme.

link cbs

link columbia journalism review

Comments

[Ain't Bullshittin']

Well he sums up America's belief that Government cannot do anything with prudence, efficiency, or competence. Thanks for the refresher Mr. Markopolos. We know we are not Russia or France....yet, because this guy is still breathing and showing up the Government in public. Well done SIR!

[Richard]

Mr. Markopolos has indeed proven the SEC worse than useless. Let's get rid of the SEC; fire all its employees and tell the public NOT to rely on the government.

One cannot help wondering why Mr. Markopolos was unable to profit from his knowledge that Madoff was a fraud and that the SEC was worse than useless. Unique knowledge ought to have been valuable to someone, perhaps Madoff's competitors. Even better, couldn't someone have found a way to short Madoff's investments?

[Ain't Bullshittin']

@Richard...Madoff did NOT have any investments...that's the nature of a Ponzi scheme. Markopolois asked every trader that he knew if they had done any trades with Madoff...answer...NO. You take a portion of cash from the 2nd investor to pay a dividend to the 1st investor and so on and so forth down the line. This blew up because he could no longer find fresh money or new suckers. Thus, stopping the whole production line. The only assets this ASSHAT has are the real estate holdings and residual cash left over from all the last SUCKERS that joined the scheme. These investors were greedy idiots to put all their eggs into one basket...IMHO

[spideydouble]

@Ain't Bullshittin'

"These investors were greedy idiots to put all their eggs into one basket...IMHO"

As they say, a fool and his money are soon parted. I do feel badly for the non-profits that are performing worthwhile public service that have to close shop, the elderly that can't rebuild, the many endowments that have since imploded, and anyone who invested on recommendations from people they trusted even lacking basic due diligence. It is not just investors that will suffer. Close family and friend relationships in particular and society in general will suffer greatly as well.

My father always told me: If it seems too good to be true, it isn't. Don't walk away from the deal, run!

[Ain't Bullshittin']

Spidey...I hear you on the non profits but investing for them is the same as grandpa...spread the risk. They were acting on greed just like the rest. It is a shame that our collective society has been Jerry McGuired..."Show Me The Money"!

[me]

Wow, thank you

[rondog]

It's simple enough to say that the SEC was asleep at the wheel but maybe the crime was made all-the-more possible because certain members of the SEC were aware (and benefiting) of the fraud that was being committed. There's no way a financial scam of this magnitude could have taken place without someone in government taking notice. With him pleading guilty, we'll never realize the various intricacies of his crime... where did all the money go? Who was he protecting? Did his son actually commit suicide or are the witnesses being silenced? The plot thickens.

[TruthBlade12]

Lets see Mark kills himeslef the very day his father was arrested on Dec 11 2008
I say the same affiliated agency that killed the DC Madam killed Madoffs son Mark...

No where do we read that this guy Madoff was the Chairman of the Nasdaq..
No where do we read that Jon Stewart the talk show host whose real last name is (Lebovitz) older brother is the Chairman of the New York stock Exchange who dealt personally with Madoff and is perosnally connected to organized crime

These people are disgusting and should be thrown in Jail!

[DailyBail]

@ron dog...nice comment...

[John]

SEC Plan To End Extraordinary Market Volatility

http://cryptome.org/2012/06/sec060612.htm