Harry Markopolos harshly criticizes the five commissioners of the SEC in an upcoming New York Times Magazine article. He claims that the commissioners are securities lawyers who do not understand finance and that the agency is “overlawyered” in general, according to the Huffington Post.
HuffPo reports that Markopolos further states that SEC chairman Mary Shapiro “has the wrong staff. They’re a bunch of idiots there.” Markopolos does praise the SEC’s new head of enforcement, Robert Khuzami, however.
Markopolos attempted to blow the whistle on Bernard Madoff’s $65 billion Ponzi scheme, but his numerous warnings were not followed up on by the SEC. Markopolos’ new book, “No One Would Listen,” is set to be released next week.