Harry Markopolos first blew the whistle on Bernard Madoff 9 years ago and no one listened. The story he tells is compelling. A securities fraud investigator he was asked to look into the Bernie Madoff Invesment Fund:
He said he contacted the SEC in 2000 after a four-hour review of Madoff’s investment strategy showed the promised return of more than 10% was impossible.
Over the next nine years, his team of investigators raised 29 red flags about Madoff to SEC officials in Boston, New York and Washington – all for naught.
Watch this video, he scorches the SEC for their incompetence This is fantastic video.
<p>
You can see the full 4 hour and 38 minute testimony here.
Loading ...
Another fine example of government incompetence. Do either Frank or Dodd have influence over the SEC?
Of course, this does not absolve those who did not diversify, thinking they were going to get rich quick. I mean really: you sunk all of your investments in one place?
I'm trying to figure out who the senator is yelling at. It's certainly not the investigator's fault.