Monday
Mar022009
« Bailout The SEC: Complete Interview of Harry Markopolos On CBS 60 Minutes. Broadcast March 1st »
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. The SEC needs a bailout.
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.
Monday, March 2, 2009 at 7:55PM
View Printer Friendly Version
Email Article to Friend
Reader Comments (5)
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?
"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!