This morning, the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises is holding a hearing to assess the alleged $50 billion investment fraud engineered by Mr. Bernard L. Madoff. This is the second in a series of hearings that will help to guide the work of the Financial Services Committee and the Capital Markets Subcommittee in the 111th Congress in undertaking the most substantial rewrite of the laws governing the US financial markets since the Great Depression. Harry Markopolos, an independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise, as well as a Chartered Financial Analyst and Certified Fraud Examiner, testifies. Learn more at: www.speaker.gov
Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC
Posted by admin on December 4th, 2010
Posted in Depression Videos 
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@AnomalousAppendages dont buy shares in it, Its a scam.
Madoff rubbed the shoulders of some very powerful and very dangerous people and he pissed off 40 countries, the only safe place would be a prison cell.
Markopolos has my respect.
This guy is organized. his room is probably really neat.
He, and all the people that helped him determine that Madoff was fraud, could immediately replace the incompetent morons that failed to catch the fraud. And You didn't even have to catch it. They did ALL the work for the SEC. SMH!
Madoff is a scumbag. But the bigger scumbags are the SEC regulators who would not investigate and shutdown the Madoff ponzi scheme. Shame on them.
@kpcmg Almost like cops.
this guy could easily being kill by hired gun man if madoff know about it...
Markopolos and his co have my highest respect
boy harry dont fuck around lol he for real...
man he sounds fucking pissed as fuck
I just read Harry Markopolo's book. Fantastic reading.
Is there any reason NOT to commit massive fraud? All I get out of this is that anyone with the balls to pull off a major scam has nothing to fear from the authorities.
Wall Street has proven time and again beyond a shadow of a doubt that it is utterly incapable of self-regulation. Unfortunately, the Madoff case suggests that the government's capability for effective regulation is dubious at best.
He's wearing a wig?
Even a year later, this is powerful TV. With the Nov elections coming up, it's time for the American People to speak. Sweep our leadership with a wide broom because Congress was in charge of the SEC and did not properly oversee it, therefore, they didn't do their jobs either and shouldn't earn a paycheck at our expense.
Read his book. It's pretty terrifying. Also most people on Wall street had a hunch something was going on but don't question anything when they're making money.
All these times SEC was entirely addicted to Porn paradise that is why everybody was so busy surfing or watching porn rather than checking a boring papers submitted by a guy with funny name that might be found in highschool text books.
@abetterplayer It basically just boils down to the SEC being financially incompetent. If there are any payoffs going on, I would suspect they would be to the congressmen who are opposing reform to institutions like the SEC, and allowing them to continue operating at the unsatisfactory level they have been in recent years. you should check out markopolos's book "no one would listen" if this stuff interests you, it was a really good read, and it goes really in depth into this stuff.
@abetterplayer It basically just boils down to the SEC being financially incompetent. If there are any payoffs going on, I would suspect they would be to the congressmen who are opposing reform to institutions like the SEC, and allowing them to continue operating at the unsatisfactory level they have been in recent years. you should check out markopolos's book "no one would listen" if this stuff interests you, it was a really good read, and it goes really in depth into this stuff.
@abetterplayer
it's easy to think that pay offs are the reason the SEC didn't move on madoff sooner, that's what I thought at first too. It's actually (surprisingly) not the case. Even Mr. Markopolos doesn't believe there were any pay offs to the SEC directly. If there were, the SEC would have given up his name to Madoff, and Mr. Markopolos probably would have either been killed or intimidated into putting an end to his whistle blowing.
That's because the entire SEC staff was PORN SURFING!!!
He paid homage to his Army Special Operations background and used those skills wisely. Awesome.
ALL STOCK MARKE'TS ARE PONZI ~!!!
a genuine hero.
Madoff made 40 countries and very dangerous people angry. He had to turn himself in for the safety of a prison cell.
If they were more Markopoloses out there.