Madoff Whistleblower

[juice]

He's on CNBC at the moment absolutely slamming the SEC at the moment. He claims that they are fractionalised, by having separate enforcement arms and in fact corporations act in many different markets that he reccomended these disparate databases be combined to one 'all encompassing database' so that a clearer picture of a firms infractions could be seen. Lastly - some bombshell's

1) The SEC would NEVER have caught madoff, he would only have been found out when he ran out of money
2) There are 12 firms with big exposure to Madoff that have not been reported - many are in Europe.
3) There is another $1Bn Ponzi Scheme yet to be reported, he's going to name it tomorrow (I think)

Have to say - about bloody time someone said this, the OTC market is supposedly regulated by the SEC but is so full of scam artists, pump and dump and ponzi scheme's its untrue.

Edited to ad - Forgot to type this - apparantly he reported his suspicions to the SEC about Madoff in 2000 ! Yet he got the impression that the SEC's MO was not to go after "Big Firms".

Edited by juice on Wednesday 4th February 15:59

[FourWheelDrift]

juice said:

3) There is another $1Bn Ponzi Scheme yet to be reported, he's going to name it tomorrow (I think)

Gordon Brown's budget from 10 years ago?

[ShadownINja]

Wikipedia was useful there.

Madoff: why would he do such a thing if he can make money legitimately?

Ponzi schemes: brilliantly simple. Why didn't I think of that?

[Grey Ghost]

juice said:

the OTC market is supposedly regulated by the SEC

I didn't think any OTC market was regulated as OTC deals are done entirely between 2 parties and not through any exchange or intermediary. That is why you need to be 100% sure who you are writing the option with and how secure they are when it comes time to call in your profits.

It wouldn't surprise me at all if another super large ponzi scheme was revealed. The days of paying large sums of money to "hedge fund" operators to get a substantial return in a short period are largely over. People are now becoming very aware of the short comings of this type of investment vehicle and how difficult it is to get money out of them in a tough market place where they cannot liquidate any of their assets that they use in their promotional material - nuclear power plants don't sell quickly or often do they now, neither do large tracks of Russian farm land !!!!

[Marf]

Watch live - http://www.cnbc.com/id/24596546

[ianash]

"revenge is a dish best served cold"

[ShadownINja]

Marf said:

Watch live - http://www.cnbc.com/id/24596546

Thanks.

Crikey. That Markopolos' days are numbered... all to do with Russian etc mafia.

[Marf]

ShadownINja said:

Marf said:

Watch live - http://www.cnbc.com/id/24596546

Thanks.

Crikey. That Markopolos' days are numbered... all to do with Russian etc mafia.

I was in a meeting and missed a chunk, has he named the Russian Mafia directly?

[juice]

Marf said:

ShadownINja said:

Marf said:

Watch live - http://www.cnbc.com/id/24596546

Thanks.

Crikey. That Markopolos' days are numbered... all to do with Russian etc mafia.

I was in a meeting and missed a chunk, has he named the Russian Mafia directly?

Alluded to..

"Representative Jackie Speier calls Mr. Markopolis “a modern Greek hero” and asks why he was so afraid for his life. He responds that the Russian mob and Latin American drug cartels were investors with Mr. Madoff and if he was responsible for wiping out their investors, “I would not be long for this world,” Mr. Markopolis said."

[ShadownINja]

Sounds like the plot from Eraser (Arnie film).

Some achievements there for him!