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The man who waged a decade-long campaign to alert regulators to problems in the operations of now-disgraced financier Bernard Madoff is assailing the Securities and Exchange Commission for ignoring his warnings and saying he feared for his physical safety.
Originally posted by Leo Strauss
Harry Markopolos repeatedly tried to warn the SEC Madoff was running a ponzi scheme was ignored costing investors billions. Sound like a familiar story for the deregulated Bush years!
"There was an abject failure by the regulatory agencies we entrust as our watchdog," he said in testimony prepared for the hearing that was posted Tuesday night on The Wall Street Journal's Web site."
Due to the inaction on the part of the SEC he became fearful for his life and his family.
finance.yahoo.com
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Originally posted by tjeffersonsghost
Guy....since the inception of the SEC they have allowed so many criminals to swindle people out of money its not even funny. The SEC is a failure and should be abolished. We should just uphold the law that is on the books and sentence this prick accordingly. Keep in mind a lot of the inner circle was told Madoff was front running which is why he was making profits and no one else was. They in turn were telling their clients who laughed and gave the wink and nod. In other words people thought profits were coming from illegal activities against others and not from themselves. So I dont feel to sorry for a lot of the investors....not all however...
Originally posted by Leo Strauss
Harry Markopolos repeatedly tried to warn the SEC Madoff was running a ponzi scheme was ignored costing investors billions. Sound like a familiar story for the deregulated Bush years!
Originally posted by Leo Strauss
Listen Pal...I don't think your idea of getting rid of the SEC will solve the problem of Wall St swindlers feel free to drop it in the suggestion box. Also I don't recall the last administration which forced the American taxpayers to hand over a trillion dollars at gunpoint with no plan or oversight...oh yeah that was Bush. We need a real government watchdog give it what ever alaphabet name you like!
Originally posted by Crakeur
reply to post by tjeffersonsghost
it should also be noted that Madoff helped write some of the laws which the SEC operates under.
He's even got The Madoff Exception in the naked short selling arena.
I'm guessing he paid off people left and right and that is why he's not in prison and under such heavy security. He's singing like trailer trash bimbos at an american idol tryout
Originally posted by tjeffersonsghost
Pal? First off the SEC is and will never get rid of Wall Street swindlers. As long as there is greed there will be swindlers period. We have laws for swindlers and they should be prosecuted to the fullest extent. The SEC generally does not bring these people in the free market does. Look at Enron, Worldcom, Madoff, and on and on it wasnt the SEC who did them in it was the free market when they could not sustain the scam anymore.
I have a feeling if there was no SEC people would be a little more careful with their money instead of relying on some government bureaucracy to do it for them. Your mentality is the same mentality as the victims of hurricane Katrina. Dont worry the GOVERNMENT will save us and protect us. PUHLEASE! I know people lost their butt including friends of yours crakeur but that is the risk of investing. There is no such thing as easy money.
Regarding handing over trillions you wont hear me argue with you there. Its disgusting and unconstitutional to save failed banks and make no mistake they are paying this ransom money because the government KNOWS they are the cause of this mess with artificially low interest rates, huge increases in the money supply, then giving it to people who shouldnt have them. Please dont throw the it was Bush out there. Bush can rot in hell. I dont buy into the two party crime family Im sorry and I dont want to rely on the government for anything including protecting my investments. As you will see throughout history the government will let you down everytime. Got that Pal?
Originally posted by Leo Strauss
Guy? You remind me of that famous Reagan quote "The 9 most frightening words I've ever heard is, ' I'm from the Government and I'm here to help.'
Hardy Har Har!
Using your logic we should get rid of the FDA. We should all be careful when we buy our food. Let me just run over to the slaughter house and make sure my beef is ok for dinner this week. Let's all start our own firehouses in case we need them and we can rotate weekly being policemen too!
I hate duh gubmint if dem revenuers come on my property they'll be in for a big surprise!
Originally posted by tjeffersonsghost
*Eating a jar of salmonella peanut butter* Mmmm good....oh wait were you talking to me? Oh the FDA? Real good track record they have as of lately too huh? How many more illnesses is the FDA going to let us have by eating tainted crap food?
[edit on 4-2-2009 by tjeffersonsghost]
Just a quick note on the Madoff victims. A closer look of supposed victims reveals his co-conspirators. They are framed as victims by a subservient press that has no desire at all to publicize where the stolen money is stored. It is in the banks of an allied nation that is beyond reproach, bordering the Mediterranean.