The fraud perpetrated by Bernie Madoff cost investors at least $50 billion. His brazen ponzi scheme went on for years as the SEC concentrated on things like forcing companies to predict the effects of global warming on their companies in annual reports. They also let former Countrywide scum Angelo Mozilo walk away unscathed as the housing market imploded due to his significant input. In the end, a guy off the street was blowing the whistle so loudly that Madoff turned himself in. Still, there are those at the SEC that were rewarded handsomely for their incompetence.
A little known investment analyst named Harry Markopolos took a look at Bernie Madoff’s hedge fund and saw immediately that something wasn’t right. The incredible gains were just beyond reality. A few math calculations showed that indeed, they really were beyond reality. Markopolos voiced his concerns to the SEC several times, but they never took any action. Check that, the New York branch of the SEC looked into Madoff’s activities, and after 11 months found nothing and closed the case. Markopolos found something in five minutes. He was pretty detailed in what he suspected, but his pleas to the bumbling SEC fell on deaf ears. Continue reading SEC Hacks Rewarded for Incompetence








Recent Comments