Saturday, March 14, 2009

Master Madoff!

Master Madoff by Don Cooper:
"One disgruntled former student, Boston money manager Harry Markopolos, appeared on 20/20 four years ago commenting on the simple investigation he had undertaken regarding master Madoff’s activities and the facts unequivocally indicated fraud: Madoff didn’t make buys or sells, he was making consistently above average returns for his clients, etc.. . He implied that the SEC should have caught those simple, basic aspects of trading in securities. He even had the audacity to suggest that they didn’t because either the SEC was an over-bloated, inefficient bureaucracy and/or so incompetent they couldn’t do the simplest things and therefore a waste of taxpayer’s money and/or – and this is just mean-spirited and obviously a product of Mr. Markopolos’ resentment – the SEC was bought off by a billionaire. Oh right. Please, like that can happen. What would Mr. Markopolos suggest? We get the SEC out of the securities markets so there’s no moral hazard and people will take responsibility for doing the necessary due diligence themselves before investing? Hah! Then what would the master’s like master Madoff do? Freak."
Who will regulate the regulator? Sigh!
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