Madoff on Markopolos: “He Was an Idiot” . . . Really?
Posted by Larry Doyle on June 5, 2013 1:19 PM |
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.
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.