- Oct 30, 2004
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If you enjoy news talk radio, then you should listen to this compelling story about the private securities trader who investigated Bernie Madoff and tried to warn the SEC numerous times, but "No One Would Listen". The interview was conducted by Tom Ashbrook on his radio show On Point. (No One Would Listen is also the name of his recently published book and hence the impetus for the interview.)
I think he essentially said that Madoff had to turn himself in to keep from getting whacked by European organized crime. I think he also said that he feared for his life and knew that Madoff had connections to organized crime and thought he himself could get whacked. He had even contemplated killing Madoff himself before Madoff ordered a hit on him.
Oh, btw, he reveals that the SEC was completely incompetent and retarded. (A regulatory agency that does everything it can to keep from noticing criminal activity? Nah, couldn't be.) (I suspect that the real story is that someone inside the SEC or even higher up was in on the scheme.) He described the Madoff operation as a bright red wagon in the snow that should have really stood out to any regulator looking at it, especially after he pointed it out to the SEC numerous times.
You can find the 46 minute show here:
http://www.onpointradio.org/2010/03/markopolos-no-one-would-listen
Was the Bush Administration partially responsible?
Paul in Newton, Massachusetts: "I represent the SEC employees and the Board of the National Treasury Union. I spent a career working for the FDIC. I know that the real cause of this problem was the political guys at the top. It was Chris Cox who was an anti-regulation Congressmen. He came in, he took over the SEC and he handcuffed these guys. Now Harry may have talked to two or three, I don't know how many, maybe half-a-dozen. But I can tell you that there was a whole group of employees who wanted to do their jobs but they were handcuffed."
I think he essentially said that Madoff had to turn himself in to keep from getting whacked by European organized crime. I think he also said that he feared for his life and knew that Madoff had connections to organized crime and thought he himself could get whacked. He had even contemplated killing Madoff himself before Madoff ordered a hit on him.
Oh, btw, he reveals that the SEC was completely incompetent and retarded. (A regulatory agency that does everything it can to keep from noticing criminal activity? Nah, couldn't be.) (I suspect that the real story is that someone inside the SEC or even higher up was in on the scheme.) He described the Madoff operation as a bright red wagon in the snow that should have really stood out to any regulator looking at it, especially after he pointed it out to the SEC numerous times.
You can find the 46 minute show here:
http://www.onpointradio.org/2010/03/markopolos-no-one-would-listen
Was the Bush Administration partially responsible?
Paul in Newton, Massachusetts: "I represent the SEC employees and the Board of the National Treasury Union. I spent a career working for the FDIC. I know that the real cause of this problem was the political guys at the top. It was Chris Cox who was an anti-regulation Congressmen. He came in, he took over the SEC and he handcuffed these guys. Now Harry may have talked to two or three, I don't know how many, maybe half-a-dozen. But I can tell you that there was a whole group of employees who wanted to do their jobs but they were handcuffed."
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