Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC
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- Опубликовано: 3 окт 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 was my classmate at Cathedral Prep in Erie, PA. He was a smart guy who wasn't afraid to challenge teachers if he thought a test question was improperly posed or just plain wrong. When you aim at a big target, it's often hard to get help; or even appreciation.
Wow! You knew him?? Cool!!!
Thats awsome dude. To see a former classmate doing great and historic things
Yeah and if you get the Edward Snowden narrative pawned off on you, motherfuckers try to kill you more than twice.
Investigate that.
You FBI faggoty faggots.
You heard me.
Fascinating.
Oh that's awesome
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.
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 should be given the medal of freedom.
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.
Even after all these years this whole thing is mind blowing
Yes!
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
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.
Harry Markopolos is an american hero
Harry is the man
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.
We Greeks are very proud of you … A real Hercules of our times …
.. one can guess what you could have done here in Greece if only you could be allowed to look into the accounts of all the corrupted officials . Your family must be very proud of you !
@tristosmitty5848ah yeah sure, where you born wipes out all previous history your family name has completely and must be forgotten and never spoken about again
I’m proud of Greeks for you :) 🏴 ❤ 🇬🇷
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.
This case has always intrigued me and this guy is amazing
Same here.
Yeah no doubt
Same.
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.
Harry Markopolis should get the largest civilian award in the United States. Medal of Honor. SEC personnel should be put in jail.
ONLY the United States Armed Forces service members can receive the Medal of Honor. The Presidential Medal of Freedom is an award bestowed by the president of the United States to recognize civilian people who have made an especially meritorious contribution to the security or national interests of the United States, world peace, cultural or other significant public or private endeavors.
"They were not listening then, they're not listening still, perhaps they never will."
I love that song too.
Amazing group of people with an enormous amount of integrity.
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".
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
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!
Bravo, Mr. Markopolos, for outing the incompetents (criminals?) at the SEC. You, your team, and the Boston SEC are heros. My thanks to you.
Inspirational. His diligence, courage, and objective reprimand motivates me. Now, I strive to emulate his personal character, because I respect what he has accomplished.
Harry Markopolos is brilliant.. If only the SEC would have listened to him, they could have stopped Madoff at 7 billion. The damage that was perpetrated by Madoff and the SEC, will be felt for generations.
The SEC, CFTC and FDIC need to clean house and have a complete restructuring. Markopolos is right, most of the employees do NOT understand the complex instruments being traded in the 21st century financial markets. It was Greenspan who said, "If you had a doctorate in math, you wouldn’t be able to tell which was good for you and which wasn’t" in regards to derivatives and credit default swaps.
I love this man!! Brilliant!!
they should make a movie about this guy, with this exact scene word-for-word being the crowning moment.
Man of the year! Don't you mean Man of the Century. He has just exposed what Madoff & his cronies were doing. Definitely Man of the Century
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!!
I just read Harry Markopolo's book. Fantastic reading.
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 should be running the SEC at any price he want's ... he is worth his weight in gold a million times over. A man of integrity and honesty with enough balls to go public and question what should be questioned. But of course someone that good would never work for an ineffective government organisation. That would be too logical.
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!
What a great human being, people should support his business that goes after financial fraud.
First of all, he tried for 9 years to get the SEC to investigate Madoff with the first warnings were sent in 1999. By 2005, he submitted a 21 page report to the SEC listing 2 dozen red flags. The SEC could not determine, for unknown reasons, that Madoff was committing fraud. The SEC is the appropriate authority to report securities fraud.
Second he submitted to others like the Wall Street Journal who did pursue a story. MAR/Hedge did write a story.
Harry Markopolos for Secretary of Treasury.
This dude took a flamethrower to the SEC
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.
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.
This Man deserves a medal of honor.
Harry is the damn best!
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!
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.
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!
Can invite him to investigate Malaysian PM najib razak
Eddie Vader Problem is, he might be blown into bits by C4..
Whistle blowing takes guts.
He's a LEGEND!
One man, one team - BRAVO - More please!
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.
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.
My man Henry went OFF on these fools.
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
Thank you Harry for the whistleblowing. You did your best.
This man seems a little autistic . A little abrasive . But he knows his stuff . He's factual , determined and really quite brilliant .
And I read his book . He's dry and funny and made me laugh out loud . Great Respect to you sir !!!
I would rather have an autistic and abrasive person save me from being swindled than be robbed by a sweet-talking and smooth individual.
@@SnowyCountryChicken like a Michael Jackson song....
@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.
I sleep so much better knowing the SEC has changed its ways. errrrrp. As woody Allen said ..... I feel so much better since I've abandoned hope.
damn! my man laid the hammer down. I wish it didn't end there.
The securities and exchange commission is like an organization for criminal activity.
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.
So why were the victims not able to sue the SEC when they allowed it to happen?
Mr. Markopolo is my new hero.
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.
Sad but there are few men in Washington like this Man
This guys is my Hero. Math fucking Rocks.
It is the language of the Universe. Only math can create life. Math is everything.
Take the SCC TO COURT, mandamus is the legal priciple in which one forces the SCC to act and then take a private prosecution against the fraud.
God bless Harry Markopolos. American Hero, clear and simple
2018?
Except that he's no nerd. He's a way cool guy.
kudos to Mr Markopolos. You've done the nation good service.
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...
So hire this man to head the SEC and let him clean house.
Was the SEC incompetent or was someone being paid off?
GEnron?
I would like this video if it wasn't on the Nancy Pelosi channel
Who else is here after watching the Netflix documentary about Bernie Madoff?
Man the guy was pissed off
SEC really failed the taxpayers here!
SEC hasn’t learned anything from Madoff. Ripple is the equivalent of Harry here. The SEC needs another wake up call!!
Unfortunately, the FCC of 2021 is just as inept as it was then.
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.
Roar like a mouse & bite like a flea lol
Markopolos, a real American Patriot!
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 ❤❤
All he had to do was cc a few major newspapers city desk attn head editor with every single letter he sent to the SEC.
Once again, i applaud!
I have a new Greek hero, this man on the screen.👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿👏🏿😍
i admire what Markopolos did but ultimately he and his team didn't bring Madoff down, it collapsed on it's own.
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.
This dude is AMAZING!!!!!!!
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...
This guy deserves a Nobel Peace Prize.
What an absolute debacle this thing is.
An embarrassment to the funds management industry, and an unfathomable failure by the SEC...
be good if this guy could look at the fed and the big banks.
but i would fear for his wellbeing.
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.
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.
SEC was sitting in their arse as the biggest ponzi scheme kept on going hahaha
Excellent presentation. Thank you from Oslo.
Sad that tooked 9 years and still the banks nobody went to jail they should be in jail too.
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.
Agree with all who think Harry is the man! I CAN'T SAY ENOUGH ABOUTH THIS PATRIOTIC AMERICAN.