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Harry Markopolos Pulls the Fire Alarm

Posted by Larry Doyle on August 12, 2009 1:38 PM |

When Harry Markopolos speaks, I listen. Harry spoke at a recent gathering on Long Island. Why isn’t Harry’s message being widely disseminated?

Harry has unquestioned credibility and integrity given his Congressional testimony this past February 4th. While listening to Harry’s testimony, I knew he was truly special and wrote “Riveting Testimony from a Great American, Harry Markopolos”:

This morning I have been witnessing the Congressional testimony of a great American, Harry Markopolos, in regard to the specifics of the Bernie Madoff debacle and the state of the regulatory world at large. His service and commitment are truly heroic. I hold him in the highest regard. America needs more men like Harry Markopolos!! Mr. Markopolos and three of his colleagues dedicated thousands of hours to investigating the Madoff fraud over the course of more than ten years. His comments and condemnations are riveting.

What does Harry have to say now and why is it that Page Six of The New York Post seems to be the only media coverage of his comments? The Post reports Scandal Bigger Than Bernie:

HARRY Markopolos — the whistleblower on Bernie Madoff who proved to be much smarter than the SEC — says there are evildoers out there who will make the Ponzi scum “look like small-time.” Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. “To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor’s house and then burning down the house,” he said. After his lecture, Hampton Sheet publisher Joan Jedell reports Markopolos was feted at a dinner at Nello Summertimes hosted by John Catsimatidis and his wife, Margo, who were joined by Al D’Amato and Greek shipping magnates Nicholas Zoullas and Spiros Milonas.

Where to start?


2. What is the correlation or connection between Harry making these comments and the Obama administration releasing word on regulation within the derivatives space? The Wall Street Journal reports Derivatives Overhaul Seeks to Reduce Risk.

Will regulators profess that risks and improprieties within the derivatives space have been addressed with the new regulations? In the process, will they try to muzzle Harry’s assertions?

3. I want to hear more from Harry. He can’t pull the fire alarm with this sort of statement without pointing to the flames and the arsonists.

Thoughts and insights appreciated.


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