0 votes

Madoff Whistleblower ~feared for his safety

The man who repeatedly tried to blow the whistle on Bernard Madoff's $50bn (£34.7bn) fraud will this morning brand regulators at the US Securities and Exchange Commission as "inept" and "financially illiterate".

In a damning written testimony prepared for Congress, where he will be appearing before the House financial services committee, Harry Markopolos says he feared for his safety during a nine-year campaign to unmask Mr Madoff, one of Wall Street's grandees and a former chairman of the Nasdaq stock exchange. Mr Madoff confessed in December to running "a giant Ponzi scheme" which faked returns for thousands of investors built over several decades.

Mr Markopolos, a Boston accountant, says he waged the equivalent of a military campaign, using tip-offs and intelligence reports from field officers, to build the case against Mr Madoff, but when he passed his concerns to the SEC he was repeatedly "dismissed and ignored". He says: "It led me to conclude that the SEC securities lawyers, if only through their ineptitude and financial illiteracy, colluded to maintain large frauds such as the one to which Madoff later confessed."

full article:
http://www.independent.co.uk/news/business/news/madoff-whist...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Very interesting (but long)

Very interesting (but long) read... start on page 8.

http://online.wsj.com/public/resources/documents/MarkopolosT...

Whew! Thanks for the transcript

made it about halfway...will have to save and read the rest later!! Thank you for the actual full written testimony!! I do agree with runforron (below) that the SEC understood it perfectly & knew exactly what it was doing!

I further believe that the end result /reccomendation will be that given the apparent..ahem.. ineptitude ( I say complicity ) of the SEC that it will be proposed the Fed Reserve should have an arm in "regulating"!

The "ruling elite" always have their bases covered. The Obama cabinet members evading taxes...of COURSE they all knew exactly what they were doing but since so many got "caught" they now had to sacrifice a lamb -Tom Daschle -to quell the public outcry! They all know exactly what they are doing ...the corruption is so pervasive its sickening!
*****
"I truly wish that real life would no longer surpass the worst excesses of my nightmarish imaginings... Arthur Silber **

"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

Disinformation agent

He's trying to say the SEC are a bunch of bumbling idiots who had no idea what they were doing. They play this trick all the time. THE SEC KNEW EXACTLY WHAT IT WAS DOING!

The SEC knew what it was doing, just like the IRS knew Obama's cabinet members don't have to pay taxes. Also, it was his sons who outed Madoff, and that was just so the clients could claim restitution (our tax money) from the government.

The Madoff con hasn't stopped yet-the wealthy people who invested with him are still going to get paid-WITH OUR MONEY!

Be the change you want to see

_ _ _ _ _ _ _ _ _ _
Start getting freedom today by dumping Federal Reserve Notes, Stocks, Banks and anything made outside the USA. Buy precious metals, real estate, businesses, food and guns and get your business community to use local or sound currenc

Liberty_Belle, I'm sure you know Spitzer tried

tried to tell them that it's a family affair of snakes in suits.
(Thanks,the Silber link the other day, good reading.)
Didn't know if you had seen this, relating to your post.
taken from NY Times
Mr. Schama, a history professor at Columbia, urged a vigorous offensive against any bias, but also questioned whether American Jews were overly sensitive. Was everyone assuming a tidal wave of anti-Semitic poison, he asked, “or do we know that the recruiting centers in Montana have been exceptionally busy this past month?”

As for moral issues, Mr. Walzer, of Princeton, said, “I’m a moral philosopher, but I don’t think morality is all that important in the way we think about Wall Street and the economy.” The drive to make money is at the root of the business world, he noted: “We have to assume human behavior is what it is, and that’s what you need government for.”
It was Mr. Ackman who made the most unexpected comments. Aside from Mr. Madoff, who has said that he ran a $50 billion Ponzi scheme, according to the criminal complaint filed in federal court, the other people who stand accused are “innocent till proven guilty,” Mr. Ackman reminded the audience.

In 2002 Mr. Ackman himself was briefly investigated by Eliot Spitzer, then the New York attorney general, after Mr. Ackman brought attention to questionable accounting by MBIA, a holding company. He was ultimately cleared, but during that period, Mr. Ackman said, his lawyers would not permit him to defend himself publicly. Mr. Ackman also referred to his friend J. Ezra Merkin, who is being investigated after investing his clients’ millions with Mr. Madoff. One of those clients was Mr. Zuckerman, who during his remarks had referred to Mr. Merkin as one of Mr. Madoff’s “enablers,” and “not much better” than the “sociopath” himself.
snakes in suits!
http://www.nytimes.com/2009/01/17/arts/17yivo.html

The Madoff Family
http://gawker.com/5131976/the-madoff-family

Sociopaths!! The lot of them!!

Thank you for those articles...how much disgust can a girl handle in one day!!! lol!!

heres another gem from Arthur Silber ( I posted it on this thread below with article link)
"[F]rom the first historic forms of the State, the State has always formed and will always form alliances with certain individuals and segments of society -- to which the government bureaucrats will provide favors and special dispensations, and to the severe disadvantage of those individuals and groups that are not so favored. ... "

*****
"I truly wish that real life would no longer surpass the worst excesses of my nightmarish imaginings... Arthur Silber **

"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

He was surely protected - can't pull that off without it...

_________________________________

My liberty-minded home base of thought:

www.ponderthis.net

_________________________________

Freedom - Peace - Prosperity

The corrupt form a tight circle

and guard each others' backs. The entire system is being revealed more each day as purely corrupt, full of liars and cheats out for their own gain.

The State and Full Spectrum Dominance, Abroad and At Home

More wise observations from Arthur Silbur...reading his articles lately has brought me such clarity and understanding! I love his brutal honesty and brilliant writings!!
*********
"[F]rom the first historic forms of the State, the State has always formed and will always form alliances with certain individuals and segments of society -- to which the government bureaucrats will provide favors and special dispensations, and to the severe disadvantage of those individuals and groups that are not so favored. ... [O]ur contemporary tribalists believe, without any history or evidence whatsoever to support the claim, that if only members of their tribe were in charge, they would act in saintly and disinterested ways, and they would be uniformly non-venal, non-self-seeking, and non-human. Good luck with that. It has never happened and it never will, barring a fundamental transformation of what it means to be human."

"The law is not some Platonic Form plucked from the skies by the Pure in Heart. Laws are written by men, men who have particular interests, particular constituencies, particular donors, and particular friends. ... Laws are the particular means by which the state implements and executes its vast powers. When an increasingly authoritarian state passes a certain critical point in its development, the law is no longer the protector of individual rights and individual liberty. The law becomes the weapon of the state itself -- to protect, not you, but the state from threats to its own powers. We passed that critical point some decades ago. The law is the means by which the state corrals its subjects, keeps them under control, and forbids them from acting in ways that the overlords might perceive as threatening. In brief, today, in these glorious United States, the law is not your friend."

http://powerofnarrative.blogspot.com/2008/09/state-and-full-...

*****
"I truly wish that real life would no longer surpass the worst excesses of my nightmarish imaginings... Arthur Silber **

"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

Thanks, have this site bookmarked. Good stuff.

Heart breaking to see America brought to this.

"The law becomes the weapon of the state itself -- to protect, not you, but the state from threats to its own powers. We passed that critical point some decades ago. The law is the means by which the state corrals its subjects, keeps them under control, and forbids them from acting in ways that the overlords might perceive as threatening."

AND THAT IS A COMMUNIST STATE. The only treason is to go against the ruling state.

truth supporter~ better link for A. Silber archives

This link would be easiest for you to use to see recent articles, essays and archives just scroll and see to the right.

Once Upon A Time
http://powerofnarrative.blogspot.com/2009_02_01_archive.html

here are a couple of my other favorites

Empire Burlesque~Chris Floyd
http://www.chris-floyd.com/

The Baltimore Chronicle is great too!
http://baltimorechronicle.com/

The Peoples Forum ( see drop down "category" tabs on right)
http://www.the-peoples-forum.com/cgi-bin/readart.cgi?ArtNum=...

*********
"I truly wish that real life would no longer surpass the worst excesses of my nightmarish imaginings... Arthur Silber **

"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd