Biggest Ever Ponzi/Fraud was Disguised as a Hedge Fund $50bn


#145

#146

Do we have a Harry Markopolos in this country… Ross, McWiliams i guess
I guess alot of these comments could easily be applied to the Irish banking/regulation/regulator system

This guy was hte whislte blower who tried for 10 years to tell the regulator Madoff was a fraud , but he never gave up.
Mr. Harry Markopolos, an independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise.
as well as a Chartered Financial Analyst and Certified

Here are some comments he made during todays hearings into the Madoff ponzi scheme

Markopolos
“took me 5 mins to figure Madoff was a fraud”
“took me 4 hours of modelling to prove it was a fraud”
"took me 20 mins to look at the WSJ options index page and see Madoff was several factors over the number of options traded for any given day, more evidence he was a fraud ’
“Madoffs growth line was 45 degrees , no market investor can make returns like that”
“at end of operating period he took everything out and put it into treasuries, no need to report treasuries to SEC” - warehousing, auditor shopping
“several EUROPEAN funds have yet to be exposed as MAdoff feeder funds, will be in the coming days”
“Madoff needed alot of help, IT support, money xfer support”
"I gave them 29 Red Flags indicators of Fraud , SEC didnt have the smarts in their staff or incentive to investigate any of this "
“SEC is overmatched, too slow, too under educated , same can be said for the FED”
“FED did a worse job of regulating the banks, than the SEC did of regulating the markets”
"SEC was afraid of the big players, afraid to take on the Madoffs "
"Regional turf wars, boston, NY, Wash. Among the regulators "
"need to incentitive the regulators, base salary plus massive bonus for CATCHING fraud
Numerous congressmen have asked (in all seriousness) if Mr Markopolos would take a job in Government and in Financial Regulation
“hopes to turn in another smaller (1-2 Billion) Madoff in the coming days to the SEC”
“wants to see more grey hair in the regulator, ex wall St analysts who have made all the money they can ever spend , being incentivised to work in Govt within the regulators, SEC”
“wants to see a single overall regulator, where all the sub-regulators, banking, markets, finiacial services, financial industries all report into the single regulator, with acentral shared database”
“he warned a lot of big banks,fund managers etc who knew him (Markopolus) and heeded his advice”
"very few in the SEC understood what a split strike conversion was "
"in 2001 he offered to go undercover and expose Madoff "

Madoff left a high commission with the brokers of the feeder funds so they were blinded by the money they received on commission and turned a blind eye to the questionable returns of Madoff…
Markopolus genuinely feared for his life, wore gloves no fingerprints on the docs he sent, etc. Given the size of money involved .

We don’t even have whistleblowers here , yet this guy feared for his life and continued

House financial Services Commitee … hearings into Bernie Madoff ponzi scheme
house.gov


#147

Full testimony here and a great read it is for anyone , well at least the first 20 pages before it gets a tad dense on proofs .

online.wsj.com/public/resources/ … 090203.pdf

It proves that regulation of shysters and crooks was designed to fail …in essence . He proved it was a fraud to lots of SEC people .

Or maybe it proves that those who can do and those who can’t go on to become arrogant useless parasitic shitbag regulators in the modern era :frowning: That would appear to be the general Irish experience of regulators .


#148

#149

That would be KPMG, E&Y, PWC & B DO (B DO without the space is BDO!)

ft.com/cms/s/0/cc8cddbe-f3b4 … fd2ac.html


#150

From CSPSAN Junkie:
cspanjunkie.org/?p=1808#more-1808

Parts 1&2 are Harry Markoplolos and Parts 3&4 are SEC employees.

Part 1
[gvideo]https://video.google.com/videoplay?docid=-2001237832838852193[/gvideo]

Part 2
[gvideo]https://video.google.com/videoplay?docid=7042347976248432607[/gvideo]

Part 3
[gvideo]https://video.google.com/videoplay?docid=1360063413126883170[/gvideo]

Part 4
[gvideo]https://video.google.com/videoplay?docid=-1195492002582043689[/gvideo]


#151


#152

marketwatch.com/news/story/m … 71CACE9%7D


#153

President Obama has hired the foxes to guard the hen house. There is no chance of “change”.

also


#154

There are just too many quotable quotes from the whole Harry Markopolos testimony - it’s just two hours of joy!

Absolutely names names and calls it as it is - but…

Best. Exchange. Ever.

45 mins 04 secs in on [*Part 2 of his testimony * (https://www.thepropertypin.com/viewtopic.php?f=19&t=16425&start=149):

Rep. Alan Grayson (D-Florida):Now, right now Mr Madoff was arrested and he is confined, correct?
Harry Markopolos: Um, he’s under penthouse arrest.
AG: Penthouse arrest… right…and,…and,… ehh… hee, hee, hee…can you explain that further?
HM: He’s leading a life of luxury. He does have a serious complaint - he’s not able to go out for his nosh.


#155

#156

Allen Stanford in a spot of bother too…

business.timesonline.co.uk/tol/business/markets/article5754370.ece


#157

^ out for a duck


#158

#159

Found in Virginia and served with supoena
bloomberg.com/apps/news?pid= … refer=home

Can we ask our Garda Comissioner to outsource the Michael Lynn search to these boys??? :wink:


#160

And another one. $1.3 bn this time
ftalphaville.ft.com/blog/2009/02 … ket-fraud/


#161

https://www.youtube.com/watch?v=ElsL9u6tRNU

“Assessing the Madoff Ponzi Scheme and Regulatory Failures”


#162

#163

and yet another ponzi scheme washes up


#164

You know I never trusted him in Glenroe either. What was he called ? George Manning - too smooth by half… :angry: