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Home« Larry Fink Warns CalPERS; Sense on Cents Warns America
Madoff Ruling: More Reason Not to Trust Wall Street or Washington »
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.
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LD
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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
List of Ponzi schemes
http://en.wikipedia.org/wiki/List_of_Ponzi_schemes
Nothing like a book release for Harry to get his mojo back.
He still needs to explain his comment about FINRA.
Hero of the year!
Social security is noticeably absent from that list.
Why did he never go to the “press”…..they love dirt.
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.
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
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
Harry is my hero … he persisted for NINE YEARS … I’ve only been at it for SIX YEARS:
PrintcafeSecuritiesFraud.com
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.
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?
Well he says “don’t trust your government”. Where’s the news… what logical person trusts a government…
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
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.
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.
Let it burn!
This system is not worth saving.
We have not been able to trust our governmentsince they killed John F. Kennedy.