The Reasoned Review

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Voices of an SEC Whistleblower

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Harry Markopolos tried for nine years to convince the Securities and Exchange Commission that Bernie Madoff was a fraud and his company a giant ponzi-scheme. But, as he titles his book, “No One Would Listen”. Now, vindicated, he gives The Times an illuminating, if too short interview:

Why do you think the S.E.C. failed to wake up to Madoff’s $65 billion Ponzi scheme until he turned himself in?
They weren’t even asleep at the switch; they were comatose. They didn’t respond to heat and light, much less evidence of wrongdoing. They were not engaged in the fight.


This was when William Donaldson was head of the S.E.C.?
Donaldson was too tough on Wall Street, so he got the ax. Then you had Christopher Cox, because he wasn’t going to do his job. That’s why he got the job.


You met last year with Mary Schapiro, the current head of the S.E.C. How did that go?
I would say she was coldly polite. Her general counsel, David Becker, did most of the talking. He and I did not get along at all. He was getting ready to come across the coffee table and strangle me.

I definitely recommend reading his book. But in the meantime, shouldn’t somebody… uh.. you know, do something about this?

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Written by pavanvan

March 6, 2010 at 2:17 pm

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