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The 2002 Sarbanes Oxley Act over public companies is a joke too. Under Section 806 of the Act prohibits retaliation against whistleblowers for fraud over financial reporting. The penalties for retaliation are ten years in jail and $250k fine.
So, if you whistleblow internally to protect shareholders, and get fired, what government agency do you field your complant to for investigation?
SEC?
FBI?
DoJ?
What government agency is supposed to protect you and investigate this alleged financial reporting wrongdoings against investors?????
Drum roll please............................................ ..................
If Harry Markopolos thinks the SEC does not have the staff to investigate financial crimes, how in the world would OSHA investigate fraud over financial reporting with SEC required forms 10Qs and 10Ks?
Has there been any fraud in financial reporting since 2002? Of course not, not one person has been sent to jail under the provisions of section 806 of the Act, therefore, no one has perpetrated any fraudulent financial reporting in all most ten years............................................. .................................. What a joke..................
Last edited by Camtender; March 10, 2010, 05:44 AM.
I wish he had made the point the stronger that you can also vote with your wallet by taking your money out of the big banks and putting it in the smaller local and regional banks.
I wish he had made the point the stronger that you can also vote with your wallet by taking your money out of the big banks and putting it in the smaller local and regional banks.
Yes.
His solution is that both parties are corrupt and should be voted out of office, because change can only come from The People in the voting booth . . . .
So . . . Vote Out the Incumbents, Boycott Big Banks.
Isn't it interesting that not even the alleged opposition party, the GOP, is making an issue of the lack of firings at SEC?
Which again validates everything we've ever said about how corrupt the two parties are.
Democrats are in power - don't clean house.
Republican fake opposition - make no issue over the lack of house cleaning.
SEC - business as usual
Eliot Ness Markopolos - Americans hear him, but are they listening?
The Madoff case is just the tip of the iceberg of his multiple probes of financial shenanigans
The health care industry "makes Wall Street look honest"
If he felt threatened, he was prepared to kill Madoff himself
Markopolos claims he tried to give his Madoff file to then-New York Attorney General Eliot Spitzer; Spitzer says he didn't get it
Markopolos slams the media, expressing his incredulity at their lack of initiative and says reporters ignored the story he told them about
He was devastated by the suicide of friend and french money manager Thierry de la Villehuchet, who remained heavily invested in Madoff despite Markopolos' warnings
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