Madoff Whistleblower Markopolos Lashes Out at SEC

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.

Read the Huffington Post article

2 Comments

  • Crybabies Talking Their Book
    Posted February 28, 2010, 7:35 am 7:35 am 0Likes

    Harry missed his calling in life (in my opinion). Daytime soaps are where guys who fear for their lives carry guns around. Harry failed to get the SEC’s attention by not going up the chain of command as well as his arrogant “my poop doesn’t smell” attitude.

    Schapiro’s the one who hired Khuzami. Khuzami’s the one who hired Reisner. Doesn’t Harry “get that?” Yes, Schapiro’s got winners on staff now in enforcement. Look at the recent promotions and/or new hires in NYC (Canellos), or Miami (Bustillo). Bill Hicks just got promoted to associate regional director in Atlanta.

  • Justice
    Posted March 15, 2010, 6:14 pm 6:14 pm 0Likes

    Maybe he come across a little arrogant… i would agree..but i tell you this, the SEC is very corrupt. If you don’t believe me click on this link.

    http://finance.yahoo.com/news/CMKX-Shareholders-Coalition-iw-3194779771.html?x=0&.v=1

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