Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

[Slimprofits]

SEC, NASD, FINRA all corrupt and incompetent

pay for play for municipal bonds in Massachusetts

nytimes is live-blogging it

Click here to watch live webcast of this hearing.

[Slimprofits]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

10:45 a.m. | Mini-Madoffs: Asked whether there are any “mini-Madoffs” out there, Mr. Markopolis says that there are and that he is planning to turn in a $1 billion Ponzi scheme to the S.E.C. on Thursday. “Hopefully they listen to me this time,” he said.

This is an amusing question. Just look at the newswires.

[don]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

Witness on Madoff Tells of Fear for Safety

By DIANA B. HENRIQUES

The man who tried unsuccessfully for almost a decade to spur federal securities regulators to investigate Bernard L. Madoff did not initially disclose his own identity to regulators because he feared for his life, according to testimony he has apparently prepared for a Congressional hearing Wednesday morning.

The witness, Harry Markopolos, will testify that Mr. Madoff “was one of the most powerful men on Wall Street and in a position to easily end our careers or worse,” and that his fund “posed great danger” to those who investigated it, based on a version of his remarks that emerged Tuesday evening.

He and his colleagues avoided taking their allegations to the industry self-regulatory agency, now called Finra, he said in the statement, because he believed Mr. Madoff and his brother, Peter B. Madoff, wielded too much power with that organization. Peter Madoff worked in his brother’s firm but has not been implicated in the apparent fraud.

“We were concerned that we would have tipped off the target too directly and exposed ourselves to great harm,” he wrote.

They did not turn to the F.B.I., he said, “because we believed the F.B.I. would have rejected us”

[Slimprofits]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

Don, I hope everyone watching the hearing and reading that article understands the implication.

Markopolous feared that moles in the Manhattan FBI office would leak information about him to the Madoff crew.

[bobola]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

Markopolis says that because various mob and drug cartels invested in Madoff, he became fearful for his safety.

Does that make the SEC complicit with organized crime, because they did nothing for so long..??

Markopolis describing the imcompetance of the SEC; "If you flew the whole SEC staff to Fenway Park and sat them down for an afternoon, they wouldn't be able to find first base".

[tsetsefly]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

SEC, NASD, FINRA all corrupt and incompetent

pay for play for municipal bonds in Massachusetts

nytimes is live-blogging it

Click here to watch live webcast of this hearing.

wait... regulators are corrupt?, what if we hire regulators to regulate the regulators?

and the sec was busy going after mark cuban and martha stewart over a phone call than people actually committing a crime...

[hankhill]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

babbittd,

Thank you for posting the live feed link, I caught part of it, fascinating!

Here's the letter Markopolos anonymously wrote to the SEC in 2005:
http://online.wsj.com/documents/Mado...s_20081217.pdf

I've only skimmed the text but page 19 lists Madoff's monthly performance from DEC 1990 through MAY 2005.

[Supercilious]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

from the live blog:

10:58 a.m. | Spitzer-Madoff ties: Asked whether he turned his report over to the New York attorney general, Mr. Markopolos said he did, but he feared at the time that then-Attorney General Eliot Spitzer was an investor with Mr. Madoff, which turned out to be true.

[FRED]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

from the live blog:

We've been running it live here: Assessing the Madoff Ponzi Scheme and Regulatory Failures

[Chomsky]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

from the live blog:

10:58 a.m. | Spitzer-Madoff ties: Asked whether he turned his report over to the New York attorney general, Mr. Markopolos said he did, but he feared at the time that then-Attorney General Eliot Spitzer was an investor with Mr. Madoff, which turned out to be true.

That is simply awesome. His supposedly incorruptible stance against Wall Street shenanigans utterly dashed and destroyed.

[Supercilious]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

Here is the the whole recording of the hearings:

http://www.c-span.org/Watch/watch.as...aId=HP-R-15082

This was epic!

[Spartacus]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

That is simply awesome. His supposedly incorruptible stance against Wall Street shenanigans utterly dashed and destroyed.

Did you hear something that's not reported?

All I'm reading is that Spitzer had an account at Madoff.

Nothing else.

Not that he refused to investigate or that he turned Markopolos in to the mob.

[vanvaley1]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

This is a movie script I'd like to see and Markopolos would have the right to approve or disapprove changes.

[D-Mack]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

Did you hear something that's not reported?

All I'm reading is that Spitzer had an account at Madoff.

Nothing else.

Not that he refused to investigate or that he turned Markopolos in to the mob.

He also made sure that there were no fingerprints on it when he made a copy, which was given to Spitzer.

[due_indigence]

Re: Markopolos (Madoff whistleblower) testifying in the House, tearing everyone to piece

A low, low day indeed. Please stop, I don't have any further cynicism to give!

"Who compensated you?" (Congressmen Hhhaarruumpphh)

"No one. We did it for the flag." (Markopolos)

Amazing. Of course there was more to the Spitzer resignation than has been reported. What a cesspool.