Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC
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Uploaded on Feb 4, 2009
This morning, the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is holding a hearing to assess the alleged $50 billion investment fraud engineered by Mr. Bernard L. Madoff. This is the second in a series of hearings that will help to guide the work of the Financial Services Committee and the Capital Markets Subcommittee in the 111th Congress in undertaking the most substantial rewrite of the laws governing the U.S. financial markets since the Great Depression.
Harry Markopolos, an independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise, as well as a Chartered Financial Analyst and Certified Fraud Examiner, testifies.
Learn more at: http://www.speaker.gov/blog/?p=1675
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Top Comments
All Comments (347)
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Unfortunately if some reporter wanted to publish it, it has to be approved from higher up, and Madoff probably had them in his pocket.
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Wow, guys. It's a crime called assault. Everyone's sore (except those who took the money and ran). Don't go to jail threatening each other in here. Is it worth it? If you want to be a REAL man, learn what this man knows. Grow some really big ones, and do what he does. Don't threaten to kill someone on youtube. Use your rage to learn.
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CccpEntertainment Kraftz 1 month ago
I doubt thats true it would take him more than just to gather data needed to plot anything. He himself says and so do other sources Madoff documents were very exclusive and hard to come by. He also would have to gather relevant market data for comparison
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but thats what happened.. he said when he first documented the math that discovered the fraud, it took him only under an hour to figure out. Once he knew what he knew, he made it his life mission- and he clearly didnt stop till Madoff was brought down
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CccpEntertainment Kraftz 1 month ago
what I would like to know is who was Harry Markopolos benefactor?
I find it very hard to swallow that any person out of goodness of their hart would labor for 9 years creating complicated math models documenting them and fighting with bureaucrats out of the goodness of their heart...
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CccpEntertainment Kraftz 1 month ago
if you think government doesn't control press you are mistaken.
There is also another thing to think about as in the current media age the sources of information are so numerous that media actually makes it impossible to find the facts about anything unless you are willing to spend extraordinary amount of time comparing the source material.
I've also noticed that overseas media usually paints a more fact based picture.
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kudos to Mr Markopolos. You've done the nation good service.
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Madoff even admitted being close wit SEC officials. It's on YouTube. Mad off is just a fall guy
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@pismo10 you think the SEC is incompetent but it isn't. It's controlled by the Jews like the rest of the USA and that is why they ignored all the warnings. No one is that incompetent. This was by design. Don't buy into the incompetence theory for 911 or most other disasters. It's mostly a conspiracy
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My father was right keep your saving under your matress
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Anynom 1 year ago
Most insightful part of his book is the chapter on the media not listening. Great line: "I always wonder in conspiracy movies why the hero just doesn't go to the press, get the truth out and it'll all be okay. Now I know, it doesn't work at all." And his heading of the chapter: "Did No One Want a Pulitzer?" The SEC is one thing but you'd think some reporter in nine years would want to blow this open.
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sanjosesharks65 8 months ago
Markopolos is the epitome of a bad ass Nerd. That's why you go to math guys, to bring down criminals
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