Madoff Outrage: Whistleblower Testimony Rips SEC

Madoff Outrage: Whistleblower Testimony Rips SEC
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In testimony prepared for Wednesday’s House Financial Services Committee hearing, whistleblower Harry Markopolos expressed outrage at the fact that the Securities and Exchange Commission ignored repeated warning signs about the alleged $50 billion Ponzi scheme run by Bernard Madoff.

In prepared testimony obtained by FOX Business, Markopolos said putting money with Madoff “was a ‘no-brainer’ investment but only in the sense that you had to have no brains whatsoever to invest into such an unbelievable performance record that bears no resemblance to any other investment managers' track record throughout recorded human history.”

Click here to read the full testimony.

Markopolos, who had raised questions about Madoff’s firm with the SEC, said that “it is a sickening thought, but if the SEC had bothered to pick up the phone and spend even one hour contacting the leads, then [Madoff] could have been stopped.”

He asserted that it would have been easy for the SEC itself to get all the information it needed, even without his efforts.

“We don’t pretend to know what really happened on the mysterious 17th floor of the Lipstick Building” at Madoff’s corporate offices, the testimony said. “Every bit of information we obtained was in the public domain. We never had any secret insider documents or smoking gun emails.”

“Because nothing was done, I became fearful for the safety of my family,” Markopolos said in the testimony. “There was an abject failure by the regulatory agencies we entrust was our watchdog.”

http://www.foxbusiness.com/story/ma...off-outrage-whistleblower-testimony-rips-sec/

 

SEC knew about his operation but no evidence.

madoff had no money to give to clients who wanted to cash out.
so he confessed.

 

i'm sure madoff and his firm was involved in more criminal activity other than ponzi scheme. like laudering money etc which is very profitable for the broker.

 

this guy 'pioneered' front running and insider trading and market manipulation and market collution on wall street.

madoff was probably responsible for deregulatign the industry so his operation was impossible to prove any illegal activity.

[

QUOTE]Quote from crgarcia:

Madoff Outrage: Whistleblower Testimony Rips SEC
Email this Story | Respond to Editor | Print

SEND Rich Edson
FOXBusinessBuzz up!Digg It StumbleUpon Reddit
In testimony prepared for Wednesday’s House Financial Services Committee hearing, whistleblower Harry Markopolos expressed outrage at the fact that the Securities and Exchange Commission ignored repeated warning signs about the alleged $50 billion Ponzi scheme run by Bernard Madoff.

In prepared testimony obtained by FOX Business, Markopolos said putting money with Madoff “was a ‘no-brainer’ investment but only in the sense that you had to have no brains whatsoever to invest into such an unbelievable performance record that bears no resemblance to any other investment managers' track record throughout recorded human history.”

Click here to read the full testimony.

Markopolos, who had raised questions about Madoff’s firm with the SEC, said that “it is a sickening thought, but if the SEC had bothered to pick up the phone and spend even one hour contacting the leads, then [Madoff] could have been stopped.”

He asserted that it would have been easy for the SEC itself to get all the information it needed, even without his efforts.

“We don’t pretend to know what really happened on the mysterious 17th floor of the Lipstick Building” at Madoff’s corporate offices, the testimony said. “Every bit of information we obtained was in the public domain. We never had any secret insider documents or smoking gun emails.”

“Because nothing was done, I became fearful for the safety of my family,” Markopolos said in the testimony. “There was an abject failure by the regulatory agencies we entrust was our watchdog.”

http://www.foxbusiness.com/story/ma...off-outrage-whistleblower-testimony-rips-sec/ [/QUOTE]

 

only legacy that madoff had was deregulating wall street so speculators and technology and cheaper commissions.

 

LOL!

SEC works for Wall Street insiders. Madoff was one of them.

 

SEC ...the United Nations of Wall St.

 

Madoff was a money making machine generating wealth for himself and his family. Everyone should take a lesson from him on how to play the game.

 

What's amazing is, they are still covering up. The amount of the fraud is a multiple of what you hear, and the damages done to pensions are simply unbelievable.

I just think the Govt is afraid to tell the truth. You screw a bunch of rich Jewish folks in Palm Beach, that's their problem. Screw 20,000 Union Tradesmen, that's everybodys' problem.

Madoff gets the "Syracuse Carpenter's Union". That's 150,000,000. To an advisor, that's 800 grand a year, let's say. To Madoff, he just made 150 million, minus fees-all profit. That's a lot of vig to spread among other union officials. You think that's the only one he hosed? Not the way the game is played. Look at the Joe Bruno indictment. He got bribed to bring a money manager to Unions.

There ain't just one cockroach.

 

SEC ought to be seced for failure to do their job, same goes for CFTC who are currently turning a blind eye to manipulative actions on Comex, when that scheme blows up they will once again say they couldn't identify manipulative actions blah di blah