Posted by Larry Doyle on June 5th, 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? (more…)
Posted by Larry Doyle on March 9th, 2010 12:04 PM |
That simple piece of wisdom is both timeless and precious. Regrettably, too many in our media fail to uphold it. Where do I see evidence of it today?
The Wall Street Journal today runs a book review of Harry Markopolos’ recently released No One Would Listen. The reviewer is Richard J. Tofel of ProPublica, a nonprofit investigative-journalism newsroom. Tofel does not denigrate Harry’s work, but he emasculates Harry from a personal standpoint. (more…)
Posted by Larry Doyle on March 1st, 2010 10:38 AM |
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. (more…)
Posted by Larry Doyle on August 12th, 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.
Posted by Larry Doyle on April 11th, 2009 1:00 PM |
With everything else going on in the world of global finance these days, I have been remiss in not commenting on Bernie Madoff. I saw a clip a week or so ago showing the “hellhole” in which he currently exists in Lower Manhattan. Even for a hellhole, he deserves worse.
Aside from that, I have heard speculation from a variety of sources that his wife Ruth was very deeply involved in the masterminding and execution of the scam. In addition, there have been clips – although not widely broadcasted – openly speculating that Bernie was closely connected to organized crime.
This story certainly goes beyond Bernie Madoff, and I can only hope that our authorities get to the bottom of it. The authorities would do well to engage Harry Markopolos in the process.
The FT provides a fabulous overview of the Madoff list of victims: Where Is Madoff’s $50 Bln Loss?
For my newer readers, you may be interested in reviewing my piece when the Madoff story broke: How Bernie “Madoff” With $50 Billion.
Posted by Larry Doyle on March 9th, 2009 5:40 PM |
On the heels of the Bernie Madoff fiasco, there was massive pressure on the gross incompetence displayed by the SEC. Not unlike a police department that is under fire, the SEC needed a high profile case to gain a measure of vindication. Enter Allen Stanford and Stanford Financial.
I am not here to defend Allen Stanford nor any of the activities that transpired in his offshore bank located in Antigua. However, the SEC also froze the assets of all clients housed in Stanford Financial’s brokerage operation based in Houston. Unlike Bernie Madoff, who did not employ a custodian, the bulk of Stanford Financial’s assets were housed at Pershing Financial, one of the largest custodians in the business. While the concerns revolving around Stanford are in the Caribbean, the SEC’s act of freezing ALL customer accounts has been the death of this brokerage entity. Hundreds of legitimate jobs have been eliminated. Thousands of customers have faced unnecessary and undue financial hardships since February 17th as a result. (more…)
Posted by Larry Doyle on March 9th, 2009 10:38 AM |
All indications point to a plea deal this week with Bernie Madoff. In my opinion, Bernie Madoff seems to have been treated with kid gloves to this point. House arrest for a purported crime of this magnitude defies logic. One can only assume the government
utilized this approach, even after Bernie shipped jewels and assets overseas, as they were trying to extract as much information as possible. This week’s news will give the public the first hint as to what kind of information the government has extracted.
My father was an assistant district attorney in Suffolk County, MA and has often made the point that white collar crime never received the degree of justice it deserved. The crime that Bernie and team propagated not only directly impacted his investors but also massively impacted the public at large. How is that? Bernie’s Ponzi scheme, perpetrated over such an extended period of time, has caused a crisis of confidence in our markets, our regulatory system, and ultimately our country.
It defies logic that this Ponzi scheme was not executed without enormous cooperation and involvement by a number of individuals both inside and outside the Madoff organization. There is no doubt in my mind that many of those individuals have information, that if revealed, can and will be extremely embarrassing for some high profile people within our regulatory bodies and our government. (more…)
Posted by Larry Doyle on February 6th, 2009 5:30 AM |
The world of professional sports has adapted to the wonders of modern technology over the course of the last ten to fifteen years. Professional hockey and basketball have used video reviews for a while. Professional and college football have more recently utilized video reviews to “get the calls right.” Major league baseball only last year accepted the fact that it is a better game when certain key plays are ruled properly. Few if any lovers of the games do not fully appreciate the benefits of this review process. If our country were only so fortunate that the powers that be at the Securities and Exchange Commission had an equal appreciation for a series of red flags requesting a similar review.
On November 7, 2005 Harry Markopolos threw 29 red flags on the field for the purposes of reviewing Bernard Madoff Investment Securities. The fact that the SEC did not more fully investigate given this OVERWHELMING body of evidence leaves any individual of sound mind and body speechless and dumbfounded. The questions that need to be answered are whether “the reviewers in the box along with the referees on the field” at both the SEC and FINRA were in some way conflicted. Did they have a stake in the game being played? Were there other kinds of action going on away from the field of play that need equal review?
The MSM has given Mr. Markopolos’ tireless work and pursuit of the truth in this fraud a less than thorough review. To be perfectly frank, I am shocked and appalled that we have not seen greater focus on this story. I was sent a copy of Mr. Markopolos’ November 7, 2005 Submission to the SEC and reviewed it today. This submisson is a matter of public record. While I could write at length on the evidence presented, I will do my best to summarize and highlight items that may not have received as much public disclosure as others.