Madoff Investigator : We feared for our lives...

[lxlxlxl]

Brilliant testimony to read through at http://online.wsj.com/public/resources/documents/MarkopolosTestimony20090203.pdf

In his initial testimony the person who led an analysis of Madoff's ponzi scheme/theft feared for his life and the lives of the people he worked with for NINE years.

[w4rma]

1. These super-wealthy financial industry con-artist scumbags make me sick. (nt)

[SlowDownFast]

2. Markopolos to deliver another fraud to sec thursday

He said this about an hour ago, and said it's at least a billion dollar fraud.

Market starting to tank right now.

Madoff tipster Harry Markopolos assails SEC
By MARCY GORDON, AP Business Writer Marcy Gordon, Ap Business Writer –
4 mins ago

WASHINGTON – The man who waged a decade-long campaign to alert
regulators to problems in the operations of fallen money manager
Bernard Madoff told Congress Wednesday that he had feared for his
physical safety.

Harry Markopolos also assailed the Securities and Exchange Commission
in his first appearance before lawmakers. The SEC failed to act
despite receiving credible allegations of fraud from Markopolos about
Madoff's operations over a decade.

Because of the agency's inaction, "I became fearful for the safety of
my family," Markopolos said at the hearing of a House Financial
Services subcommittee.

"The SEC is ... captive to the industry it regulates and is afraid" to
bring big cases against prominent individuals, Markopolos asserted.
The agency "roars like a lion and bites like a flea" and "is busy
protecting the big financial predators from investors," he said.

He spoke as several top-level SEC officials, including the agency's
enforcement director, sat three rows back in the packed hearing room,
awaiting their turn to testify before the panel.

more:
http://news.yahoo.com/s/ap/20090204/ap_on_bi_ge/congress_madoff

[Joanne98]

3. He blew everyone away. If it replays tonight everybody must watch it.

Or at least record it... Highlights..

There are 12 more feeder funds nobody knows about yet..Investors include some of the richest people in Europe.

Madoff ripped off the Russian MOB!

The SEC is stupid, lazy, incompetent, cozy, won't investigate the big guys, scared and idealogically opposed to doing their job! LOL

It's a MUST MUST MUST SEE!

[tosh]

4. Indeed. CNN had a fairly long cut of Markopolos' testimony.

It was riveting. I checked both C-Span channels, but alas, the house & senate floors, more repug drivel.

[Joanne98]

5. I know. And there's no schedule. I think the derivative hearing is on next

on c-span 3.. after the military suit protection hearing. I'm going to record it.