Fascinating! A+ to the SEC for incompetency, A+ to FINRA for corruption.
LIVE: Madoff Whistleblower Markopolos On The Hill (VIDEO)
By Joe Weisenthal at ClusterStock
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[Joe’s Text]
Not surprisingly, Markopolos’ delivery is as firey and convincing as his written statements suggest it would be. The SEC is getting crushed…
Q&A: Our favorite quote so far: "The SEC was never capable of catching Madoff." Had it not been for the financial crisis, Markopolos says, Madoff would’ve run the Ponzi to $100 billion…
–In general, despite Markopolos’ criticism of the SEC, he’s still a believer in it — or a believer in the idea that a regulator like the SEC could actually stop fraud (we’ve been skeptical of this). If you have the right leadership and a staff that’s really up to speeed, then he thinks the agency could work is advertised.
— Exciting. Markopolos says he plans to announce another Ponzi bust tomorrow! Details…
— Interesting question from Congressmen: Why didn’t all the Wall Street guys who kind of thought Madoff might be a fraud do something? Markopolos says there’s a code of silence on Wall Street. You don’t throw stones. "We can not afford to not find white collar criminals and punish them severely." Markopolos says there are still people out there that Wall Street suspects are fraudsters. "They need to start coming forward."
— Great line: "The SEC exists to protect predatory organizations from investors."
Full article here.
