Posted on 12/13/2008 12:12:34 PM PST by Kozman
As startling as a $50 billion Ponzi scheme is, more staggering has to be the SEC's failure to catch the scheme years ago...Harry Markopolos, who years ago worked for a rival firm, is a money manger and a fraud investigator, wrote to the SEC in 1999 about Madoff after researching Madoff's supposed stock-options strategy and was convinced the results likely weren't real.
"Madoff Securities is the world's largest Ponzi Scheme," Markopolos, wrote in his 1999 letter to the SEC..Markopolos didn't stop there. He pursued his accusations over the past nine years, dealing with both the New York and Boston bureaus of the SEC
(Excerpt) Read more at economicpolicyjournal.com ...
So he was asking federal government employees to take a stand against illicit, illogical, unprofitable, criminal behavior? BWAHAHAHAHAHA
This does not surprise me one bit. SEC drones are dazzled by people like Madoff. They are not inclined to investigate them.
I thought you were talking about the SEC as in South East Conference. LOL
bookmark
The thing is the investors weren’t a bunch of Dentists with businesses to run. They were hedge funds and other institutions. Pro’s, supposedly.
Anyways, its nice Bernie Madow paid his sons and friends 200-300 million in bonuses now, instead of the traditional February. So, at lest HIS kids, and grand kids will be well off.
According to Cramer last nite on cnbc, the SEC did investigate Madoff (and found nothing of substance suspicious...tho they did find something trivial) may have been his big donations to Schumer that helped quiet the SEC lawyers! Seems he was also extremely successful as a Dem fund raiser!
Some people lost everything they had; some times in excess of $500 million.
Lots of people sitting Shiva in Florida and Nassau County tonight.
It is always a surprise to me how the good old Ponzi scheme periodically rises again to walk and destroy people thorough greed.
How can you be so sure that the statement issued by your 401K firm, your bank, or your credit union is not just similar paper and ink? Before you answer, see if you can come up with an explanation that will work for people not smart enough to be on Free Republic. Because those are the people who are going to panic and pull money out of the world's financial systems and stuff it under a mattress.
Sounds like the typical quick and dirty investigation. How could they find nothing given the facts here ... except that they had no interest in finding anything.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.