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Bush SEC declined to investigate Madoff; Huge overhaul needed
Topic Started: Feb 4 2009, 02:20 PM (160 Views)
dumblonde
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Let's hope Obama gets to work cleaning this rats nest out

Quote:
 
Madoff whistleblower blasts SEC
A fraud investigator told Congress that he'd warned the agency about Madoff's Ponzi scheme years ago.
By Allan Chernoff, Sr. Correspondent, CNN
Last Updated: February 4, 2009: 1:29 PM ET


NEW YORK (CNN) -- A whistleblower who repeatedly warned the Securities and Exchange Commission that Bernard Madoff was perpetrating a massive investment fraud testified Wednesday that the regulatory agency that oversees financial markets is inept, "financially illiterate" and far too cozy with the financial titans it is supposed to be regulating.

"The SEC is also captive to the industry it regulates and it is afraid of bringing big cases against the largest most powerful firms," said Harry Markopolos, an independent financial fraud investigator. "Cleary the SEC was afraid of Mr. Madoff."

Markopolos began contacting the SEC at the beginning of the decade to warn that Madoff was a fraud. He sent detailed memos, listing dozens of red flags, laying out a road map of instructions for SEC investigators to follow, even listing contacts and phone numbers of Wall Street experts whom he said would confirm his findings. But, Markopolos' whistle-blowing effort got nowhere.

"I gift wrapped and delivered the largest Ponzi scheme in history to them and some how they couldn't be bothered to conduct a thorough and proper investigation because they were too busy on matters of higher priority," Markopolos told the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises.
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The Punisher
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dumblonde
Feb 4 2009, 02:20 PM
Let's hope Obama gets to work cleaning this rats nest out
I agree, he should start with barney "The Lisp" frank & chris "The Crooked" cox.
Than nancy "I can't feel my Face" pelosi and harry "the personality" reid.
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Hello again
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Gee, who is the Chairman of House Financial Services Committe and who is the Chair of the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises?

Yes, it's Barney Frank - D ! and Paul Kanjorski -D

http://financialservices.house.gov/members.html

http://en.wikipedia.org/wiki/United_States_House_Financial_Services_Subcommittee_on_Capital_Markets,_Insurance,_and_Government-Sponsored_Enterprises

There are more democrats on the subcommittee than Republicans...

Edited by Hello again, Feb 4 2009, 07:12 PM.
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Hello again
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House Financial Services Committee
Democratic Staff
2129 Rayburn House Office Building
Ph: (202) 225-4247
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Hello again
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Notice the Year stated in today's Markopolos020409 statement....

Quote:
 
I started the Madoff investigation in late 1999 and early 2000 as a result of Frank Casey,


http://financialservices.house.gov/markopolos020409.pdf
Edited by Hello again, Feb 4 2009, 07:18 PM.
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Hello again
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Interesting how all the Democraps are avoiding this discussion thread.

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