Saturday, February 07, 2009

Markopolos Testifies about Madoff Ponzi Scheme

The moving finger ... watch how Harry Markopolos tracks his written testimony to make sure it is correct. The same focus he used in tracking Bernard Madoff's $50 billion Ponzi Scheme.

See, too, the Look of Shame. Compare the look on Markopolos' face it to our earlier blog on ...


"I gift wrapped and delivered the largest Ponzi scheme in history to the SEC..."
Notice how this Jesuit-trained accountant begins by expressing his sympathy to the many people who were bilked by Madoff.

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.
His role in the Madoff saga began in 2000, when the hedge fund he was working at asked him to figure out how to match the fantastically consistent returns produced by Madoff in options trading. Markopolos studied the markets and deduced it couldn’t be done: Madoff had to be cheating — either by front-running, which would’ve involved trading on advance information about customer orders from his market-making firm, or by the good ol' doomed-to-fail Ponzi method. Before long, the world-weary numbers cruncher settled on the latter and wrote a series of whistleblowing memos to the Securities and Exchange Commission. Memos that they, as we're now painfully aware, dismissed.
Many are trying to explain why him ... and to claim his as one of their own.

Bravo, Harry! That sharp mind of Greek ancestry was doing what the Greeks do best, think, analyze, and discover! Yes, President Obama should have you in his administration overseeing the stimulus and IRS. I have a strong feeling you've always paid your taxes, and on time!A fellow Greek-American from Boston!

He's a Libra...balancing the scales of justice.

His fine Jesuit education, the finest in the land. They teach education for a purpose, for doing good. Detail and thorough study.

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