Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Harry Markopolos: “Don’t Trust Your Government”

Posted by Larry Doyle on March 1, 2010 10:38 AM |

Harry Markopolos

In an interview on the Today show this morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t.

Markopolos’ biggest bombshell this morning is his warning to America, “don’t trust your government.” No surprise that Today host Matt Lauer did not probe deeper. I am not confident that other outlets will delve deeper into Harry’s statement, either. I wonder why Harry himself is reticent to specifically point out the individuals and the instances which lead him to make that statement.

Recall that a year ago Harry defined the SEC as merely incompetent while simultaneously defining FINRA (Financial Industry Regulatory Authority) as ‘in bed with the industry’ that is Wall Street. Well, it does not take an advanced degree to connect Harry’s grenade toss into FINRA’s backyard a year ago with his volley this morning.

Who is the central figure coarsing coursing (h/t to sj) across the landscape of the NASD (FINRA’s predecessor), FINRA, and now the SEC?

Mary Schapiro.

Why doesn’t Harry get very specific in making these statements?

Why doesn’t the media probe deeper?

When will Mary Schapiro be compelled to answer questions not only about her relationship with Bernie Madoff, but about her tenure at the NASD and FINRA?

At that point, would Harry think we might be able to trust our government?

I certainly would like to get answers to a whole host of questions surrounding Ms. Schapiro. What questions? As I wrote last December and repeat today, “Mary Schapiro Owes America Some Answers”:

Mary Schapiro, the current SEC Chair and formerly the head of FINRA, possesses a wealth of information on a number of topics for which America would like greater detail. What are some of these topics?

1. Did FINRA possess material, non-public information and act upon it in the liquidation of its $671 million auction-rate securities position in mid-2007 as the ARS market was failing?

2. Did FINRA invest its own funds in Bernard Madoff, as alleged in the complaint Amerivet Securities vs. FINRA.

3. What was the nature and full depth of Mary Schapiro’s relationship with Bernie Madoff? Bernie himself characterized Mary as a ‘dear friend.’

4. Did Mary Schapiro and her fellow FINRA execs lie verbally and in a proxy statement regarding the merger of the NASD with NYSE Regulation to form FINRA?

Are these some of the questions leading Harry to make his statement this morning about not trusting our government? In my opinion, they are a good start. America deserves these answers.

Now let’s listen to Harry’s 7-minute clip.

Visit msnbc.com for breaking news, world news, and news about the economy

LD

Please subscribe to all my work via e-mail, an RSS feed, on Twitter, or Facebook!!

  • Jack Roe

    Good Article. I would add question #5. Why is the SEC being sued for US$3.87 Trillion? #6. Why did she personally accept the lawsuit filed on behalf of CMKM/CMKX Plaintiffs on 8th January 2010 put forth in Case Number CV10-00031 JVS (MLGx)?

    SERVICE OF CMKM/CMKX $3.87 TRILLION SUIT VS. SEC

  • WOLF
    • Blinding light

      The SEC.

      Some might ask the question:

      Has the SEC learned anything?

      Personally, I believe that there is far too much corruption within our government system already.

      I don’t think it will be long before the entire shit-house caves in?

      I hope that I am wrong, but I know first-hand that the SEC and DOJ are still puppets to a greater authority.

      How do I know this?

      Because I am a whistleblower.

      The SEC and PCAOB rules and regulations are only worth the paper they are written on, and unless they begin holding CEO’s and CFO’s accountable nothing will change!

      The Corporations pay a hefty fine that is made up in profits in a couple days.

      In the end the corporations doesn’t end up paying any SEC fines, it’s the shareholder that does.

      The Sarbanes-Oxley Act and Dodd-Frank Act will truthfully remain to be a weak and ineffective tool of law, especially if they are only going to be applied against the small company instead of the big corporation.

      Was not this the reason it was drafted in the first place.

      Ie. Enron, Athur Andersen, AIG, Lehman Brothers…

      Big corporations will continue to be found EXPEMPT from these so called finance reform laws as long as the PEOPLE of this country remain doped up on Coca Cola, Justin Bieber, Sports and reality television.

      Unless more American people begin losing their dope or become threatened with losing this type of dope, the country will remain the same.

      However more and more people have had their dope taken away and more and more people are actually facing the threat of losing their dope in the very near future.

      Besides the SEC knows fully well that the country can’t afford to have another one of the remaining BIG FOUR accounting firms go belly-up like Arthur Andersen did years ago.

      I suspect this may be the number one reason the SEC has remained idle on my case.

      A return to compliance and a purge of all senior executives is much more acceptable than a full blown SEC audit, de-listing of a major public corporation and the take down of another major U.S. accounting firm.

      ~ I SUPPORT CHANGE, NOT THE ILLUSION OF CHANGE ~

      I SUPPORT THE OCCUPY MOVEMENT, and PEACEFUL PROTEST.

      Stay tuned.

      FREMEN GUARD

  • Duke

    Nothing like a book release for Harry to get his mojo back.

    He still needs to explain his comment about FINRA.

  • Political Atheist

    Hero of the year!

    • Subjugator

      Social security is noticeably absent from that list.

  • s. farrar

    Why did he never go to the “press”…..they love dirt.

  • Booklover1102

    I was all set to buy this book until I discovered that whoever priced it thinks an electronic file is worth the same thing as a printed book.

    Sorry, you lost a sale. I can guarantee I’m not the only one.

  • Funado

    Lots more info on the $3.87 trillion lawsuit filed by CMKM Diamonds against Mary Schapiro, Christopher Cox, and past and present SEC commissioners:

    http://www.ireport.com/docs/DOC-414387

  • chrob

    I’m glad there are some brave people like Harry who are willing to stand up to the government like this. And I agree that for investors they should not trust their government and do their own research. I also think putting some money in gold and gold stocks is a good idea to protect against all the money printing the government is doing. I read a good article about the Fed’s policies and the consequences for the dollar and gold at:

    Gold Alert

  • Eliot Ness

    Harry is my hero … he persisted for NINE YEARS … I’ve only been at it for SIX YEARS:

    PrintcafeSecuritiesFraud.com

  • http://www.acclaiminvesting.com/ Investor Fred

    Generational Dynamics is the key here. Read “The Fourth Turning” by William Strauss and Neil Howe to see how this all built up. It is not over. The people are beginning to understand how corrupt our government and leaders are while those in power are grabbing all they can get because they see the end is in sight, though some certainly believe they can keep it going forever. They can’t.

  • Aridzonan

    Jim Rogers recently quipped “That we should jail the regulators and give the CEO bonuses in stock. So we could discover what it’s really worth.” We need to investigate the SEC. The Congressional white wash was not sufficient. States need to step up where FedGov.Inc (please note the domain suffix) has failed on purpose or by accident has yet to be discovered. Demand RICO charges be filed where applicable. The guy printing $20′s in the basement went to jail. Madoff and Standage operated for a decade untouched. How many more of these guys are there and who else was involved?

  • Lefteris

    Well he says “don’t trust your government”. Where’s the news… what logical person trusts a government…

    • BLINDED LIGHT

      I agree, who can trust our government, when it’s controlled by the corporations and the super rich!

      Corporations have control of our justice system.

      I am not saying every federal and state judge is crooked and corrupt but certainly those who make up the judicial counsel or what is also known to be called the Executive Committee certainly are corrupt.

      In order for the powers that be to remain in control, they would only have to control the judicial counsel and executive committee, because then you would have control of the ultimate destination and assignment of a lawsuit…which would include control of the final outcome of any federal case.

      The painful reality is that this is the truth!

      I fully agree with your comment about President John F. Kennedy, the powers that control our media and our banks control our government as well.

      This power control is at its highest peak ever in all of America’s history and I don’t think when the entire shit-house caves inwards that it’s going to fall softly…

      A catostrophic event appears to be headed our way, and I am not talking about a financial event.

      I hope that I am wrong, but I have dreamt otherwise.

      ~ FREMEN GUARD ~

  • john w

    A good article on how Wall Street has stacked the deck completely against any one that dares tread into its shark infested waters}

    8 Reasons Wall Street Loses Another 20% in This Decade

    • LD

      John W,

      Good read. I think the main point in the article is the very point I highlighted in my interview on CNBC the other day (Media Appearance on CNBC)

      What is that? Goldman Sachs’ greatest risk and Wall Street’s greatest risk is that from a reputational standpoint people decide they no longer want to play the game. I do believe this has already started to happen and is reflected in lower trading volumes across a wide swath of the markets.

      Good link. Thanks for sharing.

  • sj

    if you vet comments, please do not publish this

    in your text, ‘coarsing’ should be spelled ‘coursing,’ like the horse — a ‘courser’

    Markopolos’s book is a little difficult to read because when he means to say ‘principal’ he says ‘principle.’ He also seems to think that diamonds are made of silicon.

  • Anon Omous

    Let it burn!
    This system is not worth saving.

  • Steven R. Isham

    We have not been able to trust our governmentsince they killed John F. Kennedy.






Recent Posts


ECONOMIC ALL-STARS


Archives