The first alarm was in 1999... Clinton was President, and his man was at the SEC... My point, just like generations of bad intel from our Intel agencies, the problem here is institutional not partisan... One can point to the coming problem of Social Security and Retirement & Pension funding (under-funding of defined benefit plans)... I will also note that during the campaign McCain was trashed for jumping on Mr. Cox of the SEC... Now of course those who ridiculed him and outraged... Is this not also like the Fannie and Freeddy warnings of the 90's (up yo 2004) when the now loudest critics were pushing Freddy and Fannie to go deeper into the Sub Prime Housing market???
if we demand 20/20 hindsight truth makes idiots of all, either we error to be condemned later or become so risk-free that no solution is possible... On Dec 19, 2:53 pm, studio <[email protected]> wrote: > AP, updated 11:17 a.m. ET, Fri., Dec. 19, 2008 > Madoff whistleblower went unheeded for years > Mathematical analysis in 1999 showed Madoff's returns were unreal > > http://www.msnbc.msn.com/id/28310980?GT1=43001 > > Harry Markopolos complained to the SEC's Boston office in May 1999, > saying it was impossible for the kind of profit Madoff was reporting > to have been gained legally. > > But Madoff continued to thrive, even as Markopolos continued to > pursue the case. > Markopolos waged a remarkable battle to uncover fraud at > Madoff's operation, sounding the alarm back in 1999 and continuing > with his warnings all through this decade. The government never acted. > > "He followed through on everything he ever did. He never let up," > said his mother, Georgia Markopolos, in an interview Thursday. > "Some kids just let it go if it's too hard, but he wouldn't do that." > > In 2005, he submitted a report to the SEC saying it was > "highly likely" that "Madoff Securities is the world's largest > Ponzi scheme." In the report, he says he knew his research > could ruin people's careers and asked the SEC be discreet > about circulating the report and his name. > > "I am worried about the personal safety of myself and my > family," he wrote. > > The report highlights 29 "red flags" about Madoff's business, > among them the returns of a third-party hedge fund managed > by Madoff's firm which had negative returns in just seven on > the 174 months Markopolos analyzed. > > "No major league baseball hitter bats .960, no NFL team has > ever gone 96 wins and only 4 losses over a 100 game span, > and you can bet everything you own that no money manager > is up 96% of the months either," he said. > --- > > So there you have it; government asleep at the helm, > and/or giving a nod and a wink for Madoff to keep bilking > people of billion$. > Aside: > The SEC Chairman is a appointee of Bush Jr. > Thank your daddy state kids! --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
