The man who uncovered Bernie Madoff’s ponzi scheme almost a decade ago—but was ignored by the Securities and Exchange Commission—says the SEC is incapable of uncovering financial fraud. The staff just doesn’t know enough about finance to avoid getting snookered.
60 Minutes has landed the first ever television interview with Harry Markopolos, and it airs this Sunday.
But you don’t have to wait until then to hear his revelations. We’ve got them right here. The juicier quotes.
- Lots of people knew Bernie was a fraud. “I would say that hundreds of people suspected something was amiss with the Madoff operation. If you look at who the victims were not, you’ll notice that the major firms on Wall Street had no money with Mr. Madoff.”
- Too many lawyers ruining the SEC. “What I found from my dealings with the SEC over eight and a half years is that their people are totally untrained in finance. Most of them are just merely lawyers without any financial industry experience.”
- The SEC’s job is paper pushing. “They can check every piece of paper perfectly and find misdemeanours and they’ll miss all the financial felonies occurring…even when pointed to fraud they are incapable of finding fraud, that’s how bad they are.”