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Madoff on Markopolos: “He Was an Idiot” . . . Really?

Posted by Larry Doyle on June 5, 2013 1:19 PM |

What an as&*%le!!

I try not to write about those who have committed financial crimes and especially after they have been put away.

I figure why should I give a crook or his comments any of my time or any degree of credibility. To that end, I have welcomed highlighting the ineptitude and corruptible behavior of our financial regulators in dealing with financial crooks while staying away from commenting on the crooked scumbags themselves.

Today I take a break from this discipline as perhaps the largest POS of all, that being Bernie Madoff, made a statement that is deserving of a response. What did this slimeball have to say in the midst of a discussion with a reporter from MarketWatch?

MW: You say the individual investor is facing an unfair market environment, what can be done to level the playing field?

B.M.: The SEC needs more resources to protect investors. It’s grossly undercapitalized and it doesn’t have money to hire the right people. Basically it’s a training ground, by the time people are qualified they leave and work for private firms. They didn’t catch me because the whistleblower, Harry Markopolos, was leading them down the wrong alley. He was an idiot.

I repeat, “what an as&$#@le!!

Markopolos laid out 29 red flags on Madoff’s scam over close to a decade and Madoff thinks Harry is the idiot. Madoff has clearly not lost any of his vanity within the cushy confines of his prison life.

I would maintain that the idiots include:

1. The folks at MarketWatch and elsewhere who give Bernie a mouthpiece. Who really cares what this loser might think?

2. The regulators who still have not come fully clean on the Madoff scam.

3. The co-conspirators on Wall Street who facilitated Bernie’s scam.

When judgment day comes, if those in any way connected to the Madoff scam have not meaningfully and publicly cleansed their hearts, minds, and souls, I believe there will be a special place in hell for them.

The idiots who knowingly and corruptedly failed to uphold their responsibility to protect investors deserve to hear the same prison echoes that end each and every day for the biggest idiot of all, that being Madoff himself.

Larry Doyle

Isn’t  it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Russ


    Thanks for saying this. It needed to be said.

    Anyone who read “Nobody Would Listen,” by Markapolis, knows that Harry intimately understood why Madoff was a crook, simply based on lack of monthly volatility. Markapolis could not determine whether it was front running or a ponzi, however, he knew it was one of them. He gave the people at the SEC a direct roadmap and step by step instructions of how to determine the source of the fraud. The first thing he told them was to compare his confirmations with DTC reports. As we now know, the SEC didn’t even do that.

    Madoff is trying to get an “atta boy” from the group that he so wanted so badly to be an esteemed member of back in the day. What a horrible piece of scum.

    What’s even sadder is that the government doesn’t give a shit.

  • Peter Watts

    Chances are Larry that there is no heaven and there is no hell. As such keep up your efforts to ensure that the recalcitrants receive their due deserts before they shuffle off this mortal coil.

  • SBD

    Well, at least we can get SOME straight talk from convicted felons. The comments from the SEC enforcement division came across as being extremely defensive.

    The SEC and FINRA all but paved the way for Madoff to perpetrate his fraud for decades. The only reason that regulators are not referred to as criminals (dereliction of duty, criminal negligence- as in the case of Markopolos, etc.) is that kids are raised to trust authorities and avoid strangers. Society is geared toward ridiculing people like Harry Markopolos. It is all a matter of cultural linguistics.

  • It all doesn’t matter. Who you blame, whom you name – the con games shall remain the same.

    We’ve been fighting a scam/scheme much larger than Madoff (because it also is connected to Madoff, Marc Dreier, Tom Petters, Rothstein/Discala, Palm Beach Links, Frank Vennes, Stanford) –

    and the battle has continued for over a decade now
    WSJ July 2005 – “Etoys investor finds conflict at law firm”
    Rolling Stone Sept 2012 “Greed & Debt”
    NY Times March 2013 “Rigging the I.P.O. Game” “Meet the man battling Romney for 12 years”

    Yours truly is the source of all those stories. A whistleblower, victim and defender of our Constitution;

    The organized crime sprees such as Dreier, Petters, Madoff etc., transpire

    UNTIL THEY REACH THE PRECIPICE of their schemes end.

    When the cash flows stop – that’s when arrests transpire.

    Which is why our Racketeering case against Goldman Sachs & Bain Capital (YES – they are involved HEAVILY) – will never see light of day; because GSachs & Bain are STILL flowing the greenbacks.

    Mr. Markopolos got ridiculed – so did Dov Avni (Pointed out Romney/Traub frauds in Stage Stores). As did eToys shareholder Robert Alber in Kingman AZ (who had to shoot & kill a career criminal after Abramoff’s (YES THAT Abramoff) self-proclaimed partner told Alber

    People like you who turn down bribes Wake Up DeaD!

    For the fact of the matter is, NONE of you really gives a damn about U.S. victims of these organized criminals.

    That is, until you become their victim.

    Then – you are now on my side of the fence.

    Where NObody gives a flying f—– About YOu!

  • By the way – the REAL name for the SEC (who has tossed our case over a dozen times – in spite of the fact that we have CONFESSIONS)

    is the SEC – Selective Enforcement Commission!

  • BTW – Larry Doyle (and forgive me for ranting if you would)

    THANKS for the candid remark on those who breached their fiduciary duty (such as SEC destroying Madoff case files) – should hear the same daily clank of the jail house door.

    Those who betray the public’s trust – failing to protect the Constitution of the United States from enemies foreign and DOMESTIC for the sake of veiled agendas (while receiving our tax paying dollars at their above average American salaries)

    THEY are the TRUE bandits.

    And there’s a name for what they are doing;
    which almost never is spoken in main stream.

    When you betray your public oath for the sake of veiled agendas at the material adverse harm of your sworn client


  • Ray

    Proverbs 24:19-20

    Hi Larry,

    In light of the scope of evil around the world today – not limited to the financial markets – I am learning from God’s word how to respond in a biblical way.

    The caption Proverb sheds some light on this matter (limited but noteworthy).

    “Be not enraged on account of evil-doers, envy not the godless; For the wicked men shall have no future, the light of the godless is extinguished.”

    One can either be constantly angry at the sophisticated schemers (like a friend of mine who has lost sleep over this) or one can be envious of all the crooks’ riches and fame (or infamy) and possibly follow in their footsteps or be distracted from following Jesus. This proverb appears to say to me that there is no meaningful future in God’s Kingdom (whether working with Him for His purposes here on earth or doing life with Him in a glorious Heavenly eternity).

    The evil-doer’s light may shine here via their McMansions, their bank accounts, their TV appearances etc. but one day God will extinguish it all and mete out the appropriate justice.

    Here is a quote from Keil-Delitzsch commentary on vs. 19-20: “This anger at the apparently unrighteous division of fortune, this jealousy at the success in which the godless rejoice, rest on short-sightedness, which regards the present, and looks not on the end. …His (wicked) light burns brightly on this side, but one day it is extinguished.” Volume 6, p.137

    I applaud your work (just don’t be enraged) for you are doing what Paul wrote in Ephesians 5:11: “Do not participate in the unfruitful deeds of darkness but instead even expose them.”

    Blessings . . .

  • Randee

    Give Madoff his due. He is a financial genius. Doyle, you don’t have the stones to pull off what Madoff did.

    • Always Learning

      Do you have children, Randee? I sure hope not because it scares me to think you are teaching (or have taught) a new generation of citizens to lie, cheat, and steal. Sad that you are impressed by Bernie Madoff.

  • LD


    I have had over 10 thousand comments left here at Sense on Cents since launching the blog in early 2009 and your comment here takes the cake for being the most asinine, ludicrous, ridiculous, stupid, comical, and pathetic. In fact there is no other comment that even comes close to this in these regards.

    I would chuckle and pay you the compliment for making me laugh but given that I view much of what you write with little regard I will pass on that. I guess that you are actually trying to break my balls here. Congrats. Hope you enjoy that.

    I was not aware that it took stones to be a thief. Not by my measurement.

    Good luck.

  • Actually, it takes “stones” to be a ganef; but it also goes hand in hand with a total disregard of the harm done to others. Some rogues actually live on the thrill of it.

    One guy told me he admires Paul Traub and Romney for being able to game the system; because he loves things like going to an auction and manipulating a person who was a successful (highest bidder) and convincing them to take a loss before they leave the auction house (persuading them they made a BAD buy).

    That being said, Randee’s premise that Madoff is a genius is absurd. Doesn’t take brilliance to understand the concept that – in America – if you steal big and bribe a little the wealth of Alvaraz might be yours.

  • There’s an old country joke, a guy goes coon hunting and goes up in the tree to shake one out, turns out it is a mountain cat and he begs his friends to shot in the tree.

    But we might hit you.

    One way or the other, I’m gonna get relief.

    I’m about to file a Fed Court Racketeering Complaint against Goldman Sachs, Bain Capital and POTUS wannabe himself.

    They are gonna bring out the big guns when I do.

    We;ll see then, whether the inflexible sword of truth will slay the schemers who are part of Enron, Adelphia, Madoff, Petters, Dreier, Discala/Rothstein, Palm Beach Links and other frauds.

    Or I’ll get relief the ole fashion way.

    Elimination of their Laser Haas problem.

    Stay Tuned!

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