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« Madoff Trustee Sues JPMorgan For $6.4 Billion: "They Were At The Very Center Of Madoff Fraud" | Main | Harry Markopolos: "Don’t Trust Your Government" »
Wednesday
Jun272012

Chasing Bernie Madoff: Film Trailer For New Documentary Starring Harry Markopolos And The Incredibly Inept SEC

This is an outstanding trailer, with several extremely embarrassing clips for the SEC.

Runs 2 minutes.

---

Stories from our Madoff archives:

Madoff Trustee Sues JPMorgan For $6.4B: "They Were At The Very Center Of Fraud"

BUSTED: SEC's Top Lawyer Sued By Madoff Trustee In Clawback Suit

Bernie Madoff, Allen Stanford Tried To Ensnare Libya's Gadhafi In Ponzi Scheme

The Madoff Liquidator - CBS 60 Minutes Video

Mark Madoff Found Dead Of Apparent Suicide - Did The Sons Know?

Madoff: Banks Knew I Was a Crook (NYT Interview)

Citigroup Saw Warning Signs, Knew Of Madoff Fraud; Picard Suit Wants $430M

Harry Markopolos: “Don’t Trust Your Government”

Tales From The Banking Cesspool: Madoff & The Unethical JPMorgan

JPMorgan Did A Cost-Benefit to See If It Was Worth Keeping a Ponzi Schemer As a Client

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Source - Huffington Post

All told, Harry Markopolos would rather not be the star of this new documentary. Not in 2011. If he had his way, his big film moment would have come a decade ago.

But here he is, featured in the upcoming film, "Chasing Madoff."

The investment manager turned financial investigator, whose tireless research uncovered the Bernie Madoff ponzi scheme, the biggest such scheme in American history, insists that he was ignored by the SEC and other government officials for years despite his massive catalog of evidence.

A suburban Boston man who began researching Madoff's incredible profits after receiving an assignment from his boss, he railed against the government in SEC hearings following Madoff's $50 billion collapse in 2008, saying the agency's employees "proved to be a systemic disappointment, and lead me to conclude that the S.E.C. securities lawyers, if only through their investigative ineptitude and financial illiteracy, colluded to maintain large frauds such as the one to which Madoff later confessed."

Markopolos even submitted an official report to the SEC in 2005, titled, quite bluntly, "The World's Largest Hedge Fund Is A Fraud."

He shunned the limelight (though he did release a book in 2010 detailing his struggles and ultimate failure to prevent the collapse), saying in 2009 that Hollywood would "just add in sex and violence."

Finally, he's sharing his story in the documentary:

Chasing Madoff is a non-fiction narrative film that reveals the shocking true story of Harry Markopolos, securities analyst turned vigilante investigator, and his team in their hunt to bring a covert network of financial predators to justice. Markopolos risked everything for the truth only to be ignored for nearly a decade. Facing incalculable personal risk and fighting against seemingly insurmountable obstacles, this is the classic story of the lone man who stood up for what he believed in. As the team describes their harrowing journey, the story reveals the banksters that continue to feed on the public, the lack of government oversight, and the lack of ethics in the financial services industry.

 

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Reader Comments (27)

The SEC is not inept. It is criminal. What happened to Markopolous was not something that "slipped through the cracks" as some people would like to portray. The SEC is every bit as much a part of the heist giving favors to their cronies and shaking down outsiders as part of the political theater. Its just like the BATF's Operation Fast & Furious. Jon Stewart and his ilk would like us to think that its merely an incredibly stupid idea poorly executed. Both are perfect examples of an Inside Job.
Jun 29, 2011 at 1:27 PM | Unregistered CommenterPolitical Athiest
more disinfomation mixed in with stated truths......it's bigger than that people ....a lot bigger!!!!!
Jun 29, 2011 at 1:38 PM | Unregistered Commenterlol ya right!
"...and I attended the wedding..." Classic!

This is the quality of an SEC investigator? She even looks a bit "retard"...
Jun 29, 2011 at 1:54 PM | Unregistered CommenterJosie
There is a maxim which says "do not attribute to malice that which can be reasonably explained by incompetence." Many people find that idea soothing because it allows them to turn a blind eye to events which CANNOT be reasonably attributed to malice. You'll hear "Oh yeah, the SEC is incompetent, they are stupid, they are blind! They let Madoff slip through the cracks!"

Wise up. The SEC failed to catch Madoff because they are crooks, just like Madoff.

Your government, its agencies, its military, its courts, its suppliers -- they are controled by crooks, by sociopaths, by parasites who feed off of you, who harvest your output like a farmer harvests grain, like a rancher harvests cattle.

Wake up. The only reason why they are so sucessful is that you refuse to see what they do. You refuse to see them for who they are. They are not your friends, they are not your helpers, they are not your compassionate brothers.

They are the best liars in the world. They can tell you anything and it will sound like the truth. They are lying. Stop listening to them, turn off their sound track. Watch what they do, pay attention to what actually happens, not to what they tell you. It really is that simple. Ignore what they say and you will see what they actually do.

Wake up.
Jun 29, 2011 at 2:50 PM | Unregistered CommenterJason Calley
The S.E.C. comprises a bunch of criminals who are not coincidentally inept. Its case against BAC based on the fraudulent concealment of $4+ billion in Merrill Lynch bonuses from shareholders prior to the merger vote is a case in point. Not long after filing the case, the S.E.C. proposed something like a $33 million settlement, a pittance that the S.E.C. proposed to be paid by... the defrauded BAC shareholders. Judge Rakoff (S.D.N.Y.) blew a gasket and told the S.E.C. in now uncertain terms to get its shit in one bag.

Panic ensued as the S.E.C. searched tirelessly for ways to get out of its own lawsuit without hurting Ken Lewis and other BAC fraudsters. I happened to meet a lawyer from Charlotte, NC in Washington, D.C. in early December 2009 whose client was BAC. We were at a bar where he was drinking heavily as I peppered him with questions about what that wonderful mad dog, Judge Jed Rakoff, might have in store for BAC executives. It was a thoroughly enjoyable experience.

In any event, he made it clear that he and his firm were having difficulty leading the dimwitted lawyers at the S.E.C. to a solution that would moot the case and stave off Cujo. Sure enough, the case settled shortly thereafter. One has to wonder what on earth the S.E.C. was thinking when it even filed the damn case. Why bother? Why not stick to what its good at--cases that the proles can sink their teeth into, like Martha Stewart and Mark Cuban?

Similarly, the question I have about the Madoff case is what threats were levied against Bernard to make him confess, and why? It sure looked like a case of cannibalism among the elite: Bernie fucked over the wrong party and was made to pay.

Certainly the criminally inept S.E.C. had nothing to do with his incarceration, which it bent over backwards to prevent.
Jun 29, 2011 at 5:33 PM | Unregistered CommenterCheyenne
Similarly, the question I have about the Madoff case is what threats were levied against Bernard to make him confess, and why?

---

Cheyenne...Here's what I remember from the time. All hedge funds were facing large redemption requests. It was the fall of 2008 and folks wanted their cash out of the market and out of funds. Madoff, like others was getting massive requests for redemption for the first time ever. He was panicking. He went to several large, wealthy investors asking for more money, trying to keep the Ponzi going. One investor has said Madoff asked him for $2 billion about 3 weeks before the truth came out.

So Bernie was in a panic. His Ponzi would not survive the redemption requests. He couldn't take the daily heat from his investors any more and so he finally confessed. What is interesting is that there was another alternative he could have chosen. As you remember, several large hedge funds lost more than 50% that year, and I don't mean in redemptions but simply in their investments. A couple lost 60-70%. Bernie could have just told his investors that his investment strategy finally blew up and that he had a horrible year, and lost 50% of their money - blame it on the market, in other words.

The problem with this approach were the FAKE monthly statements he had been issuing all year. They didn't show any blow-up. So he would have had to make the claim that ALL the losses had come in the 1 final month - and it's probably not very realistic that he could have claimed to lost 50% in 1 month.

But there were writers at the time, who suggested that he should have tried to blame the market anyway, instead of admitting to the Ponzi.
Jun 29, 2011 at 5:44 PM | Registered CommenterDailyBail
DB--

If that's right (and I have no reason to doubt it), other known facts still suggest that Madoff's confession was the result of a deal struck beforehand.

First, if an unknown accountant from Erie, PA figured out "in five minutes" that Madoff's fund was a Ponzi scheme, what on earth was wrong with the hedge funds who banked on him? The likes of JPM wouldn't touch Bernie with a ten-foot pole.

Second, there is NO WAY that a geriatric like Madoff was faking THOUSANDS of monthly statements involving $50 billion without serious assistance. (The pdf of Madoff's victims is 163 pages with about 40 entries per page.) Why hasn't a prosecution been launched to root out all wrongdoers?

Third, what happened to the $50 billion? That's one mother of a spending spree for one guy to embark on, no? When did he find the time, what with the small problem of generating those pesky monthly statements.

Finally, what was it like to work in that office? What the hell did the workers DO all day? You just know all the secretaries knew Bernie was MASSIVELY full of shit. Man, I'd love to talk with them.
Jun 29, 2011 at 6:06 PM | Unregistered CommenterCheyenne
First, if an unknown accountant from Erie, PA figured out "in five minutes" that Madoff's fund was a Ponzi scheme, what on earth was wrong with the hedge funds who banked on him?

Harry M. said he figured it out in 5 minutes because of the chart...his quote is in the trailer...no investment returns follow a straight line i believe was his quote...most of the hedge fund feeder funds HAD to know he was a fraud...and JPM actually did clearing...and MAdoff has said that JPM knew it was a ponzi...you can find that in several interviews with madoff...

---

Regarding your 2nd question...his accountants/auditors were obviously complicit...it was a TINY place in a strip mall in new jersey...i think all they did was handle bernie's accounting...and i think they were investigatged...and perhaps charged...i don't remember...

AS for the $50 billion, if you search the site for stories i've posted on the guy doing the madoff clean-up he has stated that he found most of the money...it wasn't a $50 billion hole...i don't remember the final numbers but you will find it in the links below...after clawing back from people who got more than they put in, i think picard has narrowed the hole to less than $5 billion...at least that's the most recent info i read...

http://dailybail.com/home/madoff-trustee-sues-jpmorgan-for-64-billion-they-were-at-the.html

http://dailybail.com/home/busted-secs-top-lawyer-sued-by-madoff-trustee-in-clawback-su.html

And here is something on how madoff approached Libya's SWF when he needed cash badly near the end...

http://dailybail.com/home/wikileaks-bernie-madoff-allen-stanford-tried-to-ensnare-liby.html

http://dailybail.com/home/the-madoff-liquidator-cbs-60-minutes-video.html

http://dailybail.com/home/madoff-banks-knew-i-was-a-crook-nyt-interview.html

http://dailybail.com/home/citigroup-saw-warning-signs-knew-of-madoff-fraud-picard-suit.html

And your final question about what employees and especially traders did all day long, i don't have an answer...i had the same question, and never came across anything that explained that part of the mystery...i hope this helps...
Jun 29, 2011 at 8:30 PM | Registered CommenterDailyBail
Cheyenne...i found several more links from the archives you will like...i have added all of them to the story above...you will find your answers there...
Jun 29, 2011 at 8:38 PM | Registered CommenterDailyBail
@DB, you got mail regarding the above subject matter. Please advise Cheyenne .
Jun 29, 2011 at 9:20 PM | Unregistered Commenterjohn
ok i got it john...i will forward to cheyenne...thanks...
Jun 29, 2011 at 9:41 PM | Registered CommenterDailyBail
I don't mean to get bogged down in Madoff, though the magnitude of the crimes is so staggering as to be amusing but for its exposure of the kleptocracy that our government has become. It's like a guy with a 300-pound pustulant boil hanging from his lip and the doctor repeatedly giving him a clean bill of health in hopes of working for him or his buddies one day.

I thought Ratigan's take on the whole affair, in an audio interview from February 2009 posted in the early days of this site, summed it up best:

"Enron is an appetizer. By the way, you know what else is an amateur hour? Bernie Madoff. We should be paying so much more attention to the CEOs of these banks and the fact that they’re completely corrupting the American financial system, and that they personally extracted billions for themselves. Madoff is the best thing that ever happened to the bank CEOs because it allows them to hide. Everbody can understand Bernie Madoff. It’s very sensational, very titillating."

Sorry I can't find the link.
Jun 29, 2011 at 10:00 PM | Unregistered CommenterCheyenne
cheyenne...i will get around to re-posting that ratigan clip with your transcription..hopefully this weekend...and i don't mind revisiting madoff...you've figured out my style by now...i post so much that many stories are never seen, even by regulars...it's important content...i wouldn't repost if it weren't worthwhile...
Jun 29, 2011 at 10:26 PM | Registered CommenterDailyBail
This is pretty funny from james altucher...he's a stock market bull at all times, which is not helpful, but this story and most of his stories are pretty hilarious...

http://www.jamesaltucher.com/2011/06/how-i-met-claudia/
Jun 29, 2011 at 11:01 PM | Registered CommenterDailyBail
Madoff is a great story precisely because it left so many questions unanswered--despite the saturation coverage at the time. So many swindles and hoaxes happen so fast in the American Kakistocracy that revisiting the Madoff affair is almost mandatory.

EVERYONE knows about Madoff. I can't help but think that his story in large part stoked the growing American anger with the fraud that is Wall Street. And yet there are legions of smart, educated people who know next to nothing about the Fed, not to mention its complicity (or worse) in Wall Street's corruption. All in good time, I guess.

The Madoff movie trailer is killer, btw. I can't wait to check it out.
Jun 30, 2011 at 12:10 AM | Unregistered CommenterCheyenne
"Similarly, the question I have about the Madoff case is what threats were levied against Bernard to make him confess, and why? It sure looked like a case of cannibalism among the elite: Bernie fucked over the wrong party and was made to pay."

I would take the overbet that B.Mad's family was spared in exchange for some sort of plea bargain. There is NO WAY the sons didn't know. I'm guessing the son who killed him self was so wracked with shame realizing how many lives he ruined, he couldn't face himself.

The dude lost <b>billions</b> for a lot of high profile clients. As some point, even the government can't cover that shit up. If he's lucky, the said "we'll lay off the family, but you gotta do time." If he's unlucky, "wheels on the bus go bump, bump, bump. . . bump, bump, bump.
Jun 30, 2011 at 12:13 AM | Unregistered CommenterPolitical Athiest
These lizards are not criminals. The appointed judges will see to that. They are soldiers still doing computerized stock trading, which during the months of October through December, made up a majority of trade on Wall Street. Probably close to that high a volume of high velocity trading going on now. All this stolen 'coin of the realm' is going somewhere else. It has to be deposited somewhere. Who controls flow to and from British protectorate off-shore accounts? Britain has claimed it is 'beyond their control', so U.S. or British crown inspectors are 'kept out'. This is recolonization without firing a shot and the SEC is running a smoke screen defense. The FTC just took on a British agent for a senior position. As if they could not find a loyal American to do the job.. The S.E.C. congratulates itself with each cartrunk full of loot going out the back door
Jun 30, 2011 at 12:29 AM | Unregistered CommenterHoward T. Lewis III
This, ladies and gentlemen, is globalization.
Jun 30, 2011 at 12:33 AM | Unregistered CommenterHoward T. Lewis III
Deep Capture Journalist Reveals connections Madoff has to Organized Crime. Mafia, Terrorist Organizations, Mike Milken, and on and on but where is the main street media? DOJ? SEC? Congress"? Homeland Security? Who is protecting the USA? Read Mark Mitchell at Deep Capture.

Jun 30, 2011 at 12:58 AM | Unregistered CommenterTheRealStory
While your facts are correct about Madoff...he did have ties to all those groups...Deep Capture is run by Patrick Byrne who is the scumbag of ALL scumbags...don't ever post a link to them again...and i'm removing the link in your comment now...
Jun 30, 2011 at 1:07 AM | Registered CommenterDailyBail
@ DB & Cheyenne

My understanding is that, in addition to running the largest ponzi scheme ever (now known), Madoff had a small to medium-sized market making shop. Thus, the vast majority of the employees were working for this shop and likely did not know the ponzi details. However, like Cheyenne says, the secretaries probably had an idea something was wrong. The secretaries always know everything in an office. In fact, many of the ponzi victims invested their money with Madoff because they thought he was front-running through the market-making business.

No question Madoff had many co-conspirators. Feeder funds, biz associates and friends and family HAD to be involved. Yet, Bernie is the only one to date to go down, that I know of.

Why? Ask DOJ. Oh, that's right, they have more important matters to attend to, like the bankster crooks who fleeced the taxpayers like Mozilo, Cassano, etc.
Jun 30, 2011 at 11:30 AM | Unregistered CommenterJosie
The Carbon Credits trading will be a bigger ponzi scheme than Madoff, it is an entire market built around fake shit.
Jun 30, 2011 at 4:57 PM | Unregistered CommenterS. Gompers
@ S.Gompers: You are absolutely correct. The carbon credits is an unbelievable boondoggle and the ManBearPig himself stands to gain billions. If this goes through, it means we are literally being taxed for breathing. And despite the hundreds of billions what will be made and lost, it won't make us any better stewards of the environment.

@Josie: "My understanding is that, in addition to running the largest ponzi scheme ever (now known)" B.Mad is small potatoes compared to the Social Security and Medicare Ponzi scheme.
Jun 30, 2011 at 10:40 PM | Unregistered CommenterPolitical Athiest
@ Political Athiest and Gomp...

Google: delay on renewables will cost U.S. trillions, over million jobs

http://www.smartplanet.com/blog/intelligent-energy/google-delay-on-renewables-will-cost-us-trillions-over-million-jobs/7371

Just remember that Al Gore is an advisor to google.. Political Athiest, you might want to see my many comments in the Daily Bail story 'Green Energy Blues'

http://dailybail.com/home/song-green-energy-blues.html

if you want to look into the carbon trading and renewables fraud. If you have any questions I would be more than happy to discuss it there.
Jun 30, 2011 at 11:14 PM | Unregistered Commenterjohn
Thanks Political Atheist, the schemes are going to get grander and grander, the lobbyists will make sure of it.
Jun 30, 2011 at 11:16 PM | Unregistered CommenterS. Gompers
Thanks John, I will check it out.
Jun 30, 2011 at 11:18 PM | Unregistered CommenterS. Gompers
who cares, the guy is still alive living in a very comfortable prision in NC, why not put him in a prison when rabists or real murderings, but NO, he gets a real comfy prison, AMERICA YOU ARE SO FU*KING STUPID, you deserve as*holes like madoff
Aug 3, 2011 at 11:01 AM | Unregistered Commenterjohn

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