MooPig "Fraud Busters" Department asks; "Just who is on Madoff's Rolodex?" Could the victims be Who's Who in America, and around town in DC, Cuba, NYC and LA? That would explain much foot dragging. Madoff's scheme was reported in 2000.
Retrieved by Pat Darnell [HERE]
The Man Who Figured Out Madoff's Scheme Tells 60 Minutes Many Suspected Madoff Fraud;
Says 'SEC Is Incapable Of Finding Fraud'
March 1, 2009 | 60 minutes interview
It was the performance line that Markopolos said caught his attention. "As we know, markets go up and down, and his only went up. He [Madoff] had very few down months. Only four percent of the months were down months. And that would be equivalent to a baseball player in the major leagues batting .960 for a year. Clearly impossible. You would suspect cheating immediately."Markopolos sat down with 60 Minutes correspondent Steve Kroft for his only television interview.
But he seems uncomfortable with the attention, and knows that he is no hero. "I stand before you a 50 billion dollar failure," he said at an event.
Asked how many times he sent materials to the SEC, Markopolos told Kroft, "May 2000. October 2001. October, November, and December of 2005. Then again June 2007. And finally April 2008. So five separate SEC submissions."
"And in spite of all of the things that you did, it still ended up in disaster?" Kroft asked.
"There's nothing to be proud about in this case. I feel horrible about the result. It's been a total disaster for the victims," Markopolos replied.
[Read whole article HERE]
Don't Take any Wooden Nickels
2 comments:
I'm glad you dug this one out again. I was listening to Imus the other morning and it made me think about this post. The crux of what he said was; "I'm tired of hearing all these people that lost money whining about it. Yeah, Madoff is a prick but, everybody in Manhattan knew what was going on">
Imus is King.
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