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Harry Markopolos, the fraud investigator whose efforts to blow the whistle on investment adviser Bernard Madoff were rebuffed by the Securities and Exchange Commission, has presented the SEC’s inspector general with evidence of two new cases of potential investment fraud.
“Pursuant to an agreement with him, I’ve handed those tips to the office of the [SEC] Chairman Mary Shapiro,” SEC Inspector General David Kotz said. Kotz said he could not elaborate on the tips from Markopolos.
Kotz and members of his staff met with Markopolos and two of his attorneys for seven hours Thursday as part of Kotz’s investigation into the SEC’s failure to uncover Madoff’s alleged scam. Madoff was arrested on December 11 on suspicion of running a multibillion-dollar Ponzi scheme.
“[Markopolos] is a key witness in our investigation,” Kotz said. “It was a very productive meeting. We received a tremendous amount of good information.”
Testifying before the House Subcommittee on Capital Markets on Wednesday, Markopolos slammed the SEC’s failure to heed his warnings that Madoff was a fraud.
“I gift-wrapped and delivered the largest Ponzi scheme in history to them, and somehow they couldn’t be bothered to conduct a thorough and proper investigation,” Markopolos said.
Somehow I feel it ain’t gonna take the SEC nine years to get off their rusty-dusty this time.
Mary Shapiro is still employed and I am requesting fucking food stamps tomorrow morning. What the hell is going on in this country?
#1 Politicians (of all stripes) look out for themselves 1st. Not the citizens…
#1 Example: Just now in an interview, Barney Frank when asked what to do about corrupt Senators & Congressmen, replied, “I think it is the voters fault that this corruption exists in the Congress.”
There ya go.
#1, Sparky,
Shapiro is the new Chairman of the SEC. She has only been on the job since January 22, 2009, or about two weeks.
#2 & 3, Cow-Patty,
Politicians (of all stripes) look out for themselves 1st.
What the eff does that have to do with the SEC ignoring complaints of fraud during the Bush era?
… Barney Frank …
What the eff ??? Where did that come from and where is a link?
When asked about the state of the economy, Cow-Patty emphatically said,
“Wow, see my new toy car. It’s shiny.”
#4, Mr. Fusion,
She is the past chairman and CEO of the Financial Industry Regulatory Authority where she did a piss poor job.
Why is she still employed?
#7, Sparky,
Now you are sounding a lot like Cow-Patty. The FIRA is an industry owned group attempt to put a better face on themselves.
Why is she still employed?
As I said, she has only been SEC Chairman for a couple of weeks. I’m assuming she is working though because she has a mortgage, and car payments, and an eating habit, and whatever else that we all do. Except for Cow-Patty. He just plays with his shiny new car.
I think we just found out that change is harder to achieve than thought. Unless we get somebody like Dennis Kucinich in the White House, its politics as usual.
They will carefully review the two new ponzi scheme cases and give time for any involved congressmen to get out before telling the public.
Washington looks out for itself, not us.
Fusion, you can’t throw all the blame at Bush’s SEC. Markopolos gave the SEC the info in 2000. So for many years prior to that, they were blind to the scheme and then ignored Markopolos’ warning! Bush’s SEC did no more or no less than Clinton’s, Bush #1 and probably Reagan’s.
# 5 Mr. Fusion said, “What the eff ??? Where did that come from and where is a link?”
Did you read the post?
What an idiot.
#11, Cow-Patty,
Yes, I read the article. Barney Frank is NOT even mentioned in the article. Did you read it? Can you post where you got that quote from?
I didn’t think you did or could.
Troll.
#10, Bill,
True. The SEC said that they didn’t have enough information when he first approached them When he went back later is when they ignored him.
In fairness though, the SEC should not even have had to rely on Markopolos for the tip. They should have been aware and up to date on him from the beginning.
One of the more galling items in this article is that the Inspector General will need so much time to investigate and write a report. Why it would take months is beyond me.
I saw him on C-Span and very impressed with how cogent and direct he talks about the Madoff and our SEC regulatory issues.
We can only hope the congress is half as cogent, direct and smart when addressing all citizen concerns about the lack of regulatory laws and effective enforcement agencies.
# 1 SparkyOne; Mary Schapiro was sworn in as the “NEW” 29th Chairman of SEC Jan. 27, 2009. You don’t know how it pains me to say # 8 Mr. Fusion is right about Mary.
# 10 BillM, why would anyone defend Bush? He had 8 years.
As American’s, at a minimum we expect all our elected officials to lead with eye’s wide open and not drive blinkered by ideology.
Historically it’s been the American quality we call being pragmatic, that enabled us to not replicate the quagmire of European history.
As I noted, instead of eye’s wide open Bush drove with the blinders of his ideology, and his presidency is now (and historically will be) rightly viewed as a pyramid cap stone of a “neo-cons idiocy ponzi scheme”.
If Obama really wanted to send a message, Markopolos would now be head of the SEC.
#15 BillM:
Hear hear. And Madoff should be executed, for good measure.
# 12 Mr. Fusion said, “Yes, I read the article. ”
What article? Get off the drugs and read what I posted.
“Just now in an interview, Barney Frank”
What does “just now” mean? What does “interview” mean?
# 9 Rick Cain said, “Unless we get somebody like Dennis Kucinich”
I like Paul or Kucinich. Not because of their politics but because I believe they would do what they say. Unlike our last or, current President.
while this coming out is good and all, its timing is suspect. it was sat-on for 9yrs+
and they announce this at the worst possible time..-to further cause loss of confidence in the US markets..
the exodus from the dollar has begun..US Treasuries percentage rates have started climbing rapidly this past week+
look at these 3 price points from
Jan 15,26 and Feb 7th
(just under a months time)
10 year PRICE /RATE
1/15/09: 113-25½ / 2.18%
1/28/09: 110-14+ / 2.54%
2/7/09: 106-12 / 2.99%
30 year
1/15/09: 132-20+ / 2.85%
1/28/09: 123-22 / 3.24%
2/7/09: 114-09½ / 3.70%
we finance our national debt/federal gov. -including things like the insane (non)stimulus bill we’re about to choke on.
with these things.
the 10 and 30yr notes are the main ones foreign countries like china and japan
buy to finance our credit habit..
(ie they are what makes up the huge
currency reserves you hear china has etc.)
when rates start going up this fast, its a possible signal of flight from the USD
and as many analysts are talking about,
-a possible US treasury Bubble Burst.
if this happens, a dollar crash is very close
behind it..(possibly overnight to 1 to 2 days
after the ball gets rolling..)
supposedly, in this current crisis, the *magic* number is a rate of 4% on the 10 year note. when the 10yr hits 4%, a dollar collapse is imminent..
the FED, JPmorgan & G&S have run out of leveraged TARP money to continue the manipulation of the USD, stock markets and suppression of the gold price..
if they dont get ahold of the second half of the TARP (or possibly, stimulus money) soon, gold price will take off and the dollar exodus will accelerate even faster. -kicking off the real free fall..
(just in time for TARP 3 most likely in july, -as they are not done robbing the country
just yet.)
(dont forget we have the commercial real
estate bubble about to pop in 2-3months. -should make the sub-prime mess look like child’s play)
all these ponzi scheme and market corruption headlines in the news will further erode any confidence in our markets.
FEMA and military prepping in the news…
-the gov knows the proverbial fan is about to inundated with “Fecus Magnanimous”
hurry down to home depot and get your wheel barrels while still you can.. ;p
#17, Cow-Patty,
# 12 Mr. Fusion said, “Yes, I read the article. ”
What article? Get off the drugs and read what I posted.
“Just now in an interview, Barney Frank”
What does “just now” mean? What does “interview” mean?
It is evident you are trolling because there is no interview.
The problem with being a liar is in remembering all the lies you told and to whom. You’re a failure. An unemployed bum.
# 20 Mr. Fusion said, “It is evident you are trolling because there is no interview.”
Yes, Barney wasn’t on Meet the Press this morning.
God, you are the King of Idiots.
Ok # 21 Paddy-O and # 20 Mr, what’s the point any one of you are making that’s worthy of this blog/
Both you love birds need to kiss and make up or Dvorak will have to give you both jiggly and sloppy hugs.
#21, Cow-Patty,
Then post the link.
#21, Cow-Patty,
I’m still waiting to see the link.
Harry Markopolos testifies:
http://cspanjunkie.org/?tag=harry-markopolos
Awesome.
I actually happened upon this hearing yesterday on CSPAN. It was amazing. The congressional committee was raining praise down upon Markopolos while he was testifying. Then, when the leaders of SEC came it, they absolutely were destroyed and attacked for not doing anything when they were given so much.
Awesome.
# 23 Mr. Fusion said, “Then post the link.”
Yeah, Meet the Press posts their shows for download.
Does your mom know you are posting on this site?
Transcript: The criminal Barney Frank blaming voters for criminals like Daschle committing crimes after leaving congress. Umm, Daschle was tossed out by the voters…
All I can figure is that Barney is committing crimes and when caught he wants to be on the record as having placed the blame elsewhere…
http://www.msnbc.msn.com/id/29083534/page/4/
#29, Cow-Patty,
Maybe you should be a little more careful. There is nothing in that link where Frank blamed the voters.
Just more of your bullshit.
Post the link. I’m waiting.