Henry Markopolos testifying in Congress about Bernard Madoff's
$50 billion ponzi scheme
Today, an executive,
Harry Markopolos, testified in Congress stating he
repeatedly tried to warn the S.E.C. that Madoff was engaging in
massive fraud. He stated he
tried to warn them when the financial damage in the Madoff case was much lower
than the $50 billion it has grown to, but they ignored his findings.
Bernard Madoff (left)
Just as I thought. I wondered and stated the same thing almost
two months in the December 22.
2008 Madoff's Madness article regarding the government
and Madoff:
"They could have stopped this guy at $1 billion in losses, but
sat back thinking the problem was going to correct itself and
was someone else’s problem, when they are legally empowered to
investigate and halt such misconduct."
Markopolos had been warning the S.E.C. since 2000, when the
losses were much lower ($3-$7 billion). The government has no
excuse for what transpired, as they allowed things to get this
far out of hand.
Henry Markopolos (photo courtesy of the New
York Times)
Markopolos stated,“With repeated and credible warnings to the SEC that started
in May 2000 when the Madoff ponzi scheme was only a three to
seven
billion dollar fraud. We knew then that we had provided enough
red flags and methodical proof to the S.E.C. for them, where they
should have been able to shut him down right then and there, with
under seven billion dollars..."
STORY SOURCE
Madoff Witness Talks of Other
Possible Ponzi Cases
Published: February 4, 2009 - WASHINGTON — The private fraud
investigator who tried for years to ignite a federal
investigation of Bernard L. Madoff told lawmakers on Wednesday
that he had discovered another possible fraud that he would
report to regulators on Thursday...
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