Comments on: The Madoff Whistleblower http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Sat, 21 Nov 2009 16:26:41 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: AGG http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138470 AGG Sun, 11 Jan 2009 23:00:13 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138470 If Bernie Madoff, at least, can still revive what remains of our deadened capacity for outrage, so can those who pulled off Washington’s Ponzi schemes. The more we learn about where all the bodies and billions were buried on our path to ruin, the easier it may be for our new president to make the case for a bold, whatever-it-takes New Deal. © 2009 The New York Times Frank Rich is a regular columnist for The New York Times. He is the other author of many book, including The Great Story Ever Sold: The Decline and Fall of Truth from 9/11 to Katrina. If Bernie Madoff, at least, can still revive what remains of our deadened capacity for outrage, so can those who pulled off Washington’s Ponzi schemes. The more we learn about where all the bodies and billions were buried on our path to ruin, the easier it may be for our new president to make the case for a bold, whatever-it-takes New Deal.
© 2009 The New York Times
Frank Rich is a regular columnist for The New York Times. He is the other author of many book, including The Great Story Ever Sold: The Decline and Fall of Truth from 9/11 to Katrina.

]]> By: AGG http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138468 AGG Sun, 11 Jan 2009 22:10:08 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138468 Sorry, I meant "the system is now DESIGNED ...". Sorry, I meant “the system is now DESIGNED …”.

]]> By: AGG http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138467 AGG Sun, 11 Jan 2009 22:08:44 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138467 Steve Barry Says: January 11th, 2009 at 11:22 am I have the perfect solution for all involved…name Harry Markopolis, mad dog whistleblower, new head of the SEC…give him TARP money to staff up the group. I AGREE! This is a brave and honest man. The press and hollywood will make him a hero but we shouldn't forget the systemic nature of what he has exposed. The system is noe DESIGNED to thwart oversight. You don't need a new system. You need honest, responsible, unbuyable people to comb the system for the thwarting mechanisms and remove them. Then you need a hierarchy (watchers and watchers of the watchers) of watchers to identify future attempts at re-insertion of said thwarting mechanisms as well as identification and prosecution with strong penalties to the perps. The corruption on congress would be smashed as well. President Obama, shut the crooks down or we'll believe you are one of them. Steve Barry Says:

January 11th, 2009 at 11:22 am
I have the perfect solution for all involved…name Harry Markopolis, mad dog whistleblower, new head of the SEC…give him TARP money to staff up the group.

I AGREE! This is a brave and honest man. The press and hollywood will make him a hero but we shouldn’t forget the systemic nature of what he has exposed. The system is noe DESIGNED to thwart oversight. You don’t need a new system. You need honest, responsible, unbuyable people to comb the system for the thwarting mechanisms and remove them. Then you need a hierarchy (watchers and watchers of the watchers) of watchers to identify future attempts at re-insertion of said thwarting mechanisms as well as identification and prosecution with strong penalties to the perps.
The corruption on congress would be smashed as well.
President Obama, shut the crooks down or we’ll believe you are one of them.

]]> By: Tahoe http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138458 Tahoe Sun, 11 Jan 2009 19:48:17 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138458 Thank you for sharing this. Very interesting. I found the aspect relating to his continued vigilence and reporting to the SEC despite the deaf (dumb and blind) ears. I look forward to his testimony. I hope for him that he is able to reclaim some of his anonimity. For someone uncomfortable with the attetnion, I expect it is not a fun place to be at all. Like he says, all he cared about was figuring it out. Thank you for sharing this. Very interesting. I found the aspect relating to his continued vigilence and reporting to the SEC despite the deaf (dumb and blind) ears. I look forward to his testimony. I hope for him that he is able to reclaim some of his anonimity. For someone uncomfortable with the attetnion, I expect it is not a fun place to be at all. Like he says, all he cared about was figuring it out.

]]> By: AndrewShaw http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138454 AndrewShaw Sun, 11 Jan 2009 16:38:45 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138454 just remember kids, it almost never pays to be a whistleblower. be careful before dreams of heroism. CYA or be destroyed just remember kids, it almost never pays to be a whistleblower. be careful before dreams of heroism. CYA or be destroyed

]]> By: Steve Barry http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138451 Steve Barry Sun, 11 Jan 2009 16:22:45 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138451 I have the perfect solution for all involved...name Harry Markopolis, mad dog whistleblower, new head of the SEC...give him TARP money to staff up the group. I have the perfect solution for all involved…name Harry Markopolis, mad dog whistleblower, new head of the SEC…give him TARP money to staff up the group.

]]> By: TheReformedBroker http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138450 TheReformedBroker Sun, 11 Jan 2009 16:15:57 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138450 Facts about Harry Markopolos you may not be aware of: http://thereformedbroker.com/2009/01/11/things-you-should-know-about-harry-markopoulos/ Facts about Harry Markopolos you may not be aware of:

http://thereformedbroker.com/2009/01/11/things-you-should-know-about-harry-markopoulos/

]]> By: jpm http://www.ritholtz.com/blog/2009/01/the-madoff-whistleblower/comment-page-1/#comment-138443 jpm Sun, 11 Jan 2009 15:00:19 +0000 http://www.ritholtz.com/blog/?p=15772#comment-138443 Best line from Markopolos' report to the SEC: <b>As far as I know, none of the hedgefund, fund-of-funds (FOF's) mentioned in my report are engaged in a conspiracy to commit fraud. I believe they are naive men and women with a notable lack of derivatives expertise and possessing little or no quantitative finance ability.</b> And hilariously, nothing has changed in the past decade, except perhaps that there are fewer sheep to fleece. http://www.ritholtz.com/blog/2008/12/detailed-and-ignored-sec-madoff-complaint/ Best line from Markopolos’ report to the SEC:

As far as I know, none of the hedgefund, fund-of-funds (FOF’s) mentioned in my report are engaged in a conspiracy to commit fraud. I believe they are naive men and women with a notable lack of derivatives expertise and possessing little or no quantitative finance ability.

And hilariously, nothing has changed in the past decade, except perhaps that there are fewer sheep to fleece.

http://www.ritholtz.com/blog/2008/12/detailed-and-ignored-sec-madoff-complaint/

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