Tuesday, February 10, 2009

Roadmap of Madoff's Ponzi Scheme Ignored

Roar Like A Mouse Fight Like a Flea

Markopolos 2005 Submission to SEC Ignored Road Map of Madoff Ponzi SchemeThe World's Largest Hedge Fund is a FraudHarry Markopolos, the man who tried to warn federal regulators about Bernard Madoff's $50 billion Ponzi scheme told Congress yesterday that the Securities and Exchange Commission is a totally incompetent agency that "roars like a lion and bites like a flea.""I'm saying that if you flew the entire SEC staff to Boston, sat them in Fenway Park for an afternoon, they could not find first base," Harry Markopolos said at a hearing of a House Financial Services subcommittee.The whistleblower said the SEC is "captive to the industry it regulates and is afraid" to bring cases against prominent individuals. Markopolos praised the New York State Attorney General's Office, saying it relies on tips "which they vigorously pursue. When the SEC gets a tip, it vigorously ignores it." Madoff's "math never made sense, his performance charts were clearly deceiving and his return stream never resembled any known financial instrument or strategy," he said.Highlights from Markopolos testimony:* "There was an abject failure by the regulatory agencies we entrust as our watchdog."* "Every bit of information we obtained was in the public domain. We never had any secret insider documents or smoking gun e-mails."* "What troubles us is that dozens of highly knowledgeable men and women also knew that (Madoff) was a fraud and walked away silently, saying nothing and doing nothing."Who Destroyed New York? Members of the partnership and the City's establishment who think that development will fix New York should look in the mirror and blame themselves and the City's elected leaders for allowing Wall Street to turn into Organize Crime.SEC Blew It *** HOW SEC BOZOS BLEW IT: WHISTLEBLOWER RIPS DO-NOTHING FED 'FLEAS' *** More Calls for Probe on Financial Crisis *** Wall Street Journal Ignored Madoff Story 3 Years Ago *** The World's Largest Hedge Fund is a Fraud *** Madoff Misled SEC in '06, Got Off - WSJ.com *** Lawmakers clash with SEC over Madoff probe - U.S. business- msnbc.com *** Madoff tipster Harry Markopolos assails SEC - Los Angeles Times *** Harry Markopolos attacks SEC for 'financial illiteracy' over ... *** Meaghan Cheung, SEC's Madoff Watchdog, Cries: Don't Blame Me! *** The Daily Utah Chronicle - Russian Mafia in bed with Wall Street ... *** Russian Mafia Conspiracy on Wall Street in Media and Government *** Russian Mafia in bed with Wall Street, CEO says - San Diego ... *** Russian Mafia Conspiracy on Wall Street in Media and Government *** CIA, Drugs, and Wall Street *** Ackerman: "Your Value to the American People Is Worthless"-Video. Madoff Lawmakers clash with SEC over Madoff probe *** WATCH: Madoff Whistleblower Testifies *** SEC: "Is Busy Protecting The Big Financial Predators" *** At Madoff Hearing, Lawmakers Lay Into S.E.C. *** Madoff Witness Talks of Other Possible Cases *** BERNIE'S RIP-OFF ROLL CALL *** Are You On The List? Madoff Victims List Released In Full *** DivorcĂ© Bids To 'ex'-tend Madoff Pain *** Man Sues for Refund After Buying Out Madoff Account From Ex-Wife *** KOUFAX, BASEBALL GREATS HIT HARD BY... Madoff *** $950M LOOT RECOVERED *** Deal Professor: How to Run a Financial Fraud *** TV HOST LARRY KING LOST OVER $1M IN BERNARD MADOFF'S PONZI SCHEME ...More Inspector Clouseau NY's No-Investigation No-Fault Greed Dysfunctional Political System, Press and Powerless Public Allow Wrong Doers to Escape. Inspector Clouseau Investigates NYC Political Corruption.Wall Street Mess BANK OF AMERICA tumbles on nationalization worries... *** Bank Of America Selling Some Gulfstreams... Luxury Apartment *** Moscow abandons bail-outs for bank aid... *** TIMEWARNER swings to 4Q loss on hefty writedown... *** Goldman Rejects TARP *** Treasury in plans for record debt sale... *** WYNN cuts salaries, work week to save cash... *** GOLDMAN SACHS Moves Meeting to New York From Miami as Firms Face Scrutiny... *** Wall St. Pay Is Cyclical. Guess Where We Are Now *** Scrutiny of Bankers’ Perks Will Grow, Too *** Bloomberg L.P. Cuts 100 Jobs, a First for the Company *** Profit Plunges 72% at Kraft Foods *** In Merrill Deal, U.S. Played Hardball *** Mortgage Banks Push for Federal Support *** Families Appeal to Colleges for Aid *** Average New Yorkers get their own 'Bailout Bill' *** Obama vows to shame greedy execs *** Donald Trump agrees with Obama on salary caps for Wall Street executives *** WATCH: Trump Says Obama "Absolutely Right" To Cap Pay Of Bailed-Out Executives *** BofA to sell 3 corporate jets, Merrill helicopter *** Foreign Firms Lining Up for Piece of Stimulus.

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