Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- 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 U.S. 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...
Harry Markopolos should have been Time Magazine's "Man Of the Year."Of course, the power moguls out in the media did not want too much fan fare. He not only exposed the inept SEC, but another sociopath in the world of money and greed. His approach was logically flawless and complete.
Smart man, he has taken every CALCULUS course on this planet plus Linear algebra, he should have been listened to!!!!
+Spock vs Khan I agree with a mighty HARUMP !
Spock vs Khan I agree
By the way love your username
HARRY IS THOROUGH KNOWLEDGEABLE TO THE FULLEST AND THE ULTIMATE MASTER Of FOLLOW THRU
Exactly. He didn’t legally prove Madoff was a fraud, he MATHEMATICALLY proved it. Law can be interpreted in many ways, numbers never lie.
Harry Markopolos is a good man.
This world needs people just like him.
***** The world has plenty of people like him, but bureaucrats like the SEC and FINRA will always shut them down.
Andy M
Yep, I'll bet there's somebody just like Markopolos who's been looking into FIFA recently.
let me guess
you hate edward snowden
Not always.
He was just trying to beat Madoff not necessarily to try and help people.
Assuming a lot of people will be here after the new Netflix doc, fantastic guy and so well articulated. Lets hope the SEC have learnt a few lessons
That documentary was great, learned even more things I didn't even know.
I am not for sure, but I don't think anyone at the SEC lost a job for not listening to this man. No oversight. Most (if not all) of the people at the top of the SEC are political appointees so our elected officials refuse to allow their friends and allies to lose their earning power for incompetence.
I had to find this video after watching it
yeah lol the clips they showed were crazy, i had to see more
Yep, that's why I'm here.
Harry Markopolos should be given the medal of freedom.
perhaps this man and his team should replace the sec
Perhaps?
The govt is too stupid to pursue such an idea
And markopolous is too smart to take on such a thankless, challenging position
Even after all these years this whole thing is mind blowing
Yes!
Markopolos is one of the greatest individuals of our time, he should be head of the SEC.
NOBODY NOWHERE agreed
excellent suggestion
Agreed. Why does SEC hire incompetent and stupid people? Why not hire someone who has already proven competency like Markopolos?
@@SnowyCountryChicken Why indeed? Interestingly, Markopolos himself can answer that question. To be fair, someone as smart as Markopolos makes much more money in private firms.
@@SnowyCountryChicken the SEC knew what Madoff was doing. They have been bought off. Madoff was buddies with many people at the SEC. The same is still true for many of the elite at the stock exchanges. Its all a big sham.
Most insightful part of his book is the chapter on the media not listening. Great line: "I always wonder in conspiracy movies why the hero just doesn't go to the press, get the truth out and it'll all be okay. Now I know, it doesn't work at all." And his heading of the chapter: "Did No One Want a Pulitzer?" The SEC is one thing but you'd think some reporter in nine years would want to blow this open.
Absolutely destoyed the SECC in this plea.
The best part was that the committee agreed with almost everything he said then proceeded to tear the SEC a new one.
Wow, Markopolos is a brilliant and articulate man. The whole situation is just sad. There are people who lost everything from the greed of Bernard. The question remains: why did the SEC ignore Markopolos? The way he describes it, by 01 a full investigation could have been warranted... Bernard occupying a jail cell for 150 years will not help any of those affected, sadly. There is a story of a English veteran who took his own life over this mess, really brings a tear to the eyes. My condolences for all those affected.
"They were not listening then, they're not listening still, perhaps they never will."
I love that song too.
This case has always intrigued me and this guy is amazing
Same here.
Yeah no doubt
Same.
It must be hard sometimes for guys like him to constantly be the smartest guy in the room but get ignored and/or overruled by people with far less expertise and intelligence.
I guess you should know that feeling, right Chris?
This situation is happening all over America, still. Why? Because Americans became a people who determined their choices, business, personal, and poltical on what and who they "like". Not on facts, logic, experience, talent, effort, wisdom, or education, no, all that is out, old school. Decades of toxic and hyper consumerism has created an entire nation who actually believes they always know best because "the customer is never wrong".
Harry Markopolos is an american hero
Harry is the man
This Man is a HERO!
First week of "Auditor's School." we learned that the best way to determine the validity of Assets such as Accounts Receivable or Investments is through the use of Independent External Confirmations. As soon as ONE of the Investment House's responses to such a confirmation request resulted in "Bernie Who?! Never heard of him, and he doesn't have as much as one penny invested with us," Madoff's entire House of Cards would have started imploding. That's how easy it would have been. Whichever firm performed his Annual Independent Audit is as guilty as Madoff is, and the Partner-in-Charge should be in the cell right next to him.
DJ: Madoff's "auditor" was one man CPA in a strip mall office who signed off the books without any examination. He went to jail too.
@@KB4QAA Didn't know that...thanks! That makes sense. I don't care how good an Auditor is (and BTW, CPAs are not necessarily the Superstars that some people make them out to be), but there is NO Way that a one-man shop, or even a small office, can properly audit an Entity of that magnitude.
May Madoff spend the Rest of Eternity in a Lake of Fire that burns, but does not consume, right next to Jim Jones. IMO they have something in common. Both of them destroyed more Lives and Families than we will ever be able to definitively ascertain.
Auditors are trained by banks and hedgefunds In what to look for! 😆
@@joshcougar5551 That's the line of blather that the auditing firms say to the public. Reality clearly indicates otherwise.
One of the Madoff documentaries claimed that the SEC sent in new auditors who WERE NOT properly trained. I can absolutely believe this.
I was an auditor for 13 years of my Career. About one year (The WORST) of that was in Public Accounting. I do not know how they operate today (the tribulations of Arthur Andersen may have scared them straight), but in the early 1980s, when I started my career in that AWFUL Arena, we used to say that Management's Idea of Training was to push us into the deep end of a pool and yell "SWIM!!!"
@@domjervis they sent inexperienced auditors because they weren't interested in the truth coming out! Maddoff was the darling of wall street
Here to see Markopolos’ full testimony after catching bits of it in the Netflix Madoff docuseries. Markopolos “read the SEC for filth.” 😂 Kudos to him for all his hard work, bravery, and willingness to speak truth to power!
Always been really interested in the Madoff scheme but never knew about this guy. Thank you Netflix for shining a light on him. What a legend. Would love to work with this man, imagine how much you would learn from him
Bravo, Mr. Markopolos, for outing the incompetents (criminals?) at the SEC. You, your team, and the Boston SEC are heros. My thanks to you.
Hey... uh.... USA? Could we in Sweden borrow this guy as a CPA? We.... kinda need it.
+TheBigH, we need him here in the states, too!! On our way to 22 trillion in debt, I think we need some checks and balances of our own!!
they should make a movie about this guy, with this exact scene word-for-word being the crowning moment.
I love this man!! Brilliant!!
I just read Harry Markopolo's book. Fantastic reading.
Obviously the SEC needs to be strip mined and replaced with people who ACTUALLY want to serve the people of America and PROTECT the American public from people like Madoff. We need people who want to do their jobs!
This dude took a flamethrower to the SEC
What a great human being, people should support his business that goes after financial fraud.
Define exclusive. you were a client with money, or a hedge fund manager representing a client, and if you wanted to invest with Madoff, you had access to enough data. That is, enough data for a financial analyst like Harry Markopolos to figure out just in few hours that it was impossible to replicate, aka a fraud. Many people on Wall Street knew Madoff was a fraud. That's why none of the major US banks invested with Madoff. You should read Harry Markopolos' book.
Having watched the Netflix doc, the fact that Mr. Markopolos’ detailed and repeated warnings about the Ponzi madness kept on being shrugged off by the powers that be was just plain infuriating.
Harry Markopolos is a national hero. He deserves both the Presidential Medal of Freedom and the Congressional Gold Medal.
As Rep. Kanjorski already stated, we should "just do away with the entire regulatory system as its presently constructed and start anew." Harry Markopolos would make a great head for an SEC-type Federal regulator. Unfortunately, Federal regulators have consistently failed to perform at enforcement.
He never said it was out of the goodness of his heart! He was trying to bring down a crooked competitor! He's said this explicitly!
My man Henry went OFF on these fools.
During this time SEC managers kept surfing po-rn websites even sometimes nonstop 8 hours straight during their office hours which is why these crimes often happen at wall street.
Where any members of the sec sent to prison over the negligence?
You don't send people to prison for negligence. That's a civil standard of liability, not a criminal one. For sure, several SEC members should lose their jobs over this, at a minimum
I'm surprised he didn't take this to 60 minutes earlier anonymously. Why did he wait for the SEC to do something all those years?
I guess he took the case to the SEC because the Securities Exchange Commission is the agency responsible for catching irregularities in financial securities. Hindsight is 20/20 and if he knew the SEC wasn't going to act on his tips, he would have taken the case to smarter people.
He tried. The press failed as well. They blew him off.
I came here after the Madoff series on Netflix. Great series. This speech is like one you give before you play a superbowl or a world cup match. Goosebumps!
Who else is here after watching the Netflix documentary about Bernie Madoff?
The securities and exchange commission is like an organization for criminal activity.
Sad but there are few men in Washington like this Man
Truly, they need to reinstate the Glass-Steagall Act which separates Institutional from Retail banking. I also truly believe that all of these hedge funds need to be shut down. Go back to simple stocks and bonds and mutual funds. These derivative products are ridiculous and simply a means for Wall Street to make money off of the innocent public.
So why were the victims not able to sue the SEC when they allowed it to happen?
Whistle blowing takes guts.
He's a LEGEND!
This man is a true hero.
....SHOULD'VE been a true hero.
@@michaelmccorquodale3288 Not quite - in truth, he was not really given a chance to be a hero.
Harry is the damn best!
SEC really failed the taxpayers here!
damn! my man laid the hammer down. I wish it didn't end there.
I can tell you for sure that there are people in Ireland (that if the real truth came out about the Irish bankers) that their cards are marked. I was told by a senior here in my University that if I wrote a paper about the sociology of a particular banker that my Ph.D scholarship would be terminated.
So hire this man to head the SEC and let him clean house.
This guys is my Hero. Math fucking Rocks.
It is the language of the Universe. Only math can create life. Math is everything.
I would like this video if it wasn't on the Nancy Pelosi channel
Was the SEC incompetent or was someone being paid off?
This individual testifying is, in fact, Robert Mueller's mouth-breathing kid.
I worked with him starting March 2000 at Gresham Olive Garden.
He was hired and went through training with Jeremy Scriber, who was Johnny Hendricks, UFC, welterweight champion for a time, Jimmy, who became Chris Pratt, and Georgia, who was Aubrey Fisher from the Los Angeles area.
I go into detail about this elsewhere.
Robert Mueller is the former FBI Director 2001-2013, and currently poses as Merrick Garland, Attorney General of this country, head of the Department of Justice.
🎶And the wheels of Justice go round and round...
what I would like to know is who was Harry Markopolos benefactor?
I find it very hard to swallow that any person out of goodness of their hart would labor for 9 years creating complicated math models documenting them and fighting with bureaucrats out of the goodness of their heart...
SEC hasn’t learned anything from Madoff. Ripple is the equivalent of Harry here. The SEC needs another wake up call!!
i admire what Markopolos did but ultimately he and his team didn't bring Madoff down, it collapsed on it's own.
Man the guy was pissed off
be good if this guy could look at the fed and the big banks.
but i would fear for his wellbeing.
Mr. Markopolo is my new hero.
So the last 20 years of SEC work you can basically claim as a loss on the government P/L statement. People at the SEC should go to Jail as well. Pay offs, Pay offs, Pay Offs.
God bless Harry Markopolos. American Hero, clear and simple
the stock market is a ponzi thats what maddoff knew, it needs more and more ppl with money coming in or else it collapses so what he did wasnt a crime its just the same without the same risk it goes in linear fashion, while markets have more risk
INTERESTING VIEWPOINT!!!!! I LIKE IT!!!!!!
You fucking know it
Great point!! It is ALL CORRUPT - he was the fall man
Marxist bunkum.
kudos to Mr Markopolos. You've done the nation good service.
Markopolos, a real American Patriot!
@SamAndPatrick The problem is the SEC is not "responsible, agile, or effective" and it never will be. It is a wasteful, ineffective, inefficient bureaucracy as are nearly all govt agencies. Why? because nobody has any stake, nobody is responsible. People work there so they can get paid to read the newspaper and play on the internet all day. No work jobs factories, like the SEC, the EPA, the DOC, the DOE, etc, which liberals love, do not move the country forward, just the opposite.
its feb of 2023...this man would not last a day in politics now...hes too honest...
You are totally right! Give this man a medal!
You know there'll be a movie about this in the coming years. If you think about it, it has the making of a blockbuster.
Hi after 13 years mate.
Hope you doing well
Hello there chaps
2018?
It's been more than a week i finished watching the Bernie Madoff documentary. Since then i have been following on this guy. He truly is a gem, i'm in love with him ❤❤
here in canada we have a decentralized regulatory structure (at the provincial level) that is reasonably effective. hearing this testimony really gives pause to thoughts of a federal regulatory body like the SEC in canada.
This guy deserves a Nobel Peace Prize.
Harry, modern-day Greek hero. The Recession of 2008 is what caused this scheme to collapse under its own weight... everyone's financial world imploded.
Madoff even admitted being close wit SEC officials. It's on TH-cam. Mad off is just a fall guy
Markopolos has to respect for Mr. Bernard L. Madoff. He was the head of NSE and old man. I think he is renegade juvenile
Sad that tooked 9 years and still the banks nobody went to jail they should be in jail too.
Wow, guys. It's a crime called assault. Everyone's sore (except those who took the money and ran). Don't go to jail threatening each other in here. Is it worth it? If you want to be a REAL man, learn what this man knows. Grow some really big ones, and do what he does. Don't threaten to kill someone on youtube. Use your rage to learn.
The sooner people recognize that the government has become useless, the sooner we can get rid of these people who are drawing a salary to do a job they don't actually perform.
I share your sentiment that Mr. Markopolos is good guy, but ultimately he did nothing. He didn't actually stop the ponzi scheme.
He did plenty, but no one would help. Amazing incompetence.
A gatling gun has less shots fired than this statement!
A small , inconsequential aside to this outrageous piece of history-
Its MADE OFF
MADE
MADE
MADE
OFF
NOT MAD OFF
Once again, i applaud!
Now I know the Libertarians think that we should eliminate all federal regulatory agencies and institute the laissez-faire markets and by doing so the rivers will run with candy, the streets will be lined with gold and everyone will be jumping and skipping because the absolute free-market is here! Please, we saw what laissez-faire led to in 1929, 1987, 1998, and 2008 just to name a few.
All of this would have never happened if you had God-fearing people who know that after we all die, we will all be held accountable for our actions, regardless if someone gets away with a crime or not. God is the All-Seeing and He Alone is the Ultimate Witness. Thank God for Judgement Day.
There is no God
There is no "Judgement Day"
@@theThinkerator... said a nobody who has no purpose in this life but to eat, sleep, drink and act like an animal.
He destroyed every single investigator within minutes.. good for him.
Your comment is outrageous. Absolutely unbelievable!
Agree with all who think Harry is the man! I CAN'T SAY ENOUGH ABOUTH THIS PATRIOTIC AMERICAN.
Excellent presentation. Thank you from Oslo.
if you think government doesn't control press you are mistaken.
There is also another thing to think about as in the current media age the sources of information are so numerous that media actually makes it impossible to find the facts about anything unless you are willing to spend extraordinary amount of time comparing the source material.
I've also noticed that overseas media usually paints a more fact based picture.
What?? He did everything he could do to stop Madoff - it was the bureaucracy and SEC red tape that kept the SEC from acting.
Markopolos isn't to blame for the failure to act - he's the lone prophet who foretold that "the emperor had no clothes."
@abetterplayer where ever theres money being made there will always be impropriety and even criminal conduct, that avenue is created with an unregulated market or rather the DJIA and brokers are self regulated. regulators like SEC , ASIC etc do not have the professional capacity or adequate facilities to examine financial market matters.
I think Markopolo is a Greek Christian. He needs to be Sainted.
This guy is organized. his room is probably really neat.
Now I know why they ignored this guy, listen to his quivering voice and scripted sounding tone. He reads from notes, not from his own experience, that my friends explains why he was ignored, he sounds too emotional and fearful to actually get things done, hence why this problem was ignored. If somebody can't just remember all of this then one has not made a persuasive argument, at least not one that comes from experience but from reading books and documents, which explains why Madoff got away.
An honest man in an scc world...
hegemonies, if anyone tells you you're not an idiot, do NOT believe them.
I doubt thats true it would take him more than just to gather data needed to plot anything. He himself says and so do other sources Madoff documents were very exclusive and hard to come by. He also would have to gather relevant market data for comparison
Roar like a mouse & bite like a flea lol
@bilaczenko with hedge fund practises Failure of delivery in naked short selling, the intension of hedge funds is to bankrupt a company and ruin lives, it is likened to selling and collecting payment for blocks of land sold to persons who wished to build a new home, all except these major global hedge funds had no actual physical blocks of land to be had
"Army special operation background" that's pretty cool I guess they do teach them something.lol
@pismo10 "A classic liberal Obama type organization"
This statement doesn't move political discussion forward. The SEC in principle is a very necessary entity. We both agree that it does not currently work, but this fact attributes no blame to the current administration.
There is nothing wrong with responsible, agile, effective oversight. There is too much money changing hands to leave the financial industry unchecked. Help solve the problem by supporting a much needed reformation of the SEC
More taxdollars and enforcement powers should be given State regulators with proven performance like the Office of the New York Attorney General and the Massachusetts Securities Division. Andrew Cuomo (another current hero of mine) could hire out Mr. Markopolos and his team when appropriate.
Or maybe U.S. Congress could just have Madoff's legal team write up another bailout for his investors. I am certain he kept the campaign spigot flowing (to both parties). What's $50bn more?
GE?
yes!yes! its sad and frustrating to learn he tried and tried to reveal the scheme yet money and connections played the better side of people; I do believe the SEC was in it wih B.M.