Barry Artiste Op/Ed
Guess it is too late to have a SEC Chicken Cull.
He blew the whistle – and no one listened By PAUL WALDIE, Globe and Mail Update Harry Markopolos spent 17 years in the U.S. Army Reserve and managed troops overseas, but he has never been so scared as when he began investigating Bernard Madoff.
“I thought I was a dead man,” Mr. Markopolos told a congressional committee Wednesday. “I didn’t think I was long for this world.”
Mr. Markopolos, a former fund manager, has been hailed as a whistleblower in the Madoff case, having spent eight years probing Mr. Madoff’s New York-based investment firm and trying to persuade the Securities and Exchange Commission to get involved. During his testimony Wednesday, which included discussions about complex financial products and his fears about the Russian mob, Mr. Markopolos railed against regulators, The Wall Street Journal and some accountants for failing to pick up on the alleged $50-billion (U.S.) Ponzi scheme.
Source: ctv2.theglobeandmail.com
Tags: Crime | United States | World | Scam | Madoff | Madoff Ponzi scheme fraud hits banks worldwide | Security Exchange Commission