As Tyelr Cowen comments about one observation:
Ray Pellecchia is right: if Harry Markopolos had taken all of his evidence about Bernie Madoff and put it on a blog, instead of submitting it to the SEC, there's a good chance that would have been the end of Madoff right there. All the time Markopolos was talking to the WSJ, trying to get them to run a story about Madoff, would have been much better spent setting up an anonymous Wordpress blog and just putting the information and analysis out there himself.
Maybe, but I doubt it. The SEC new about it, and just did not care, so some lady resigned and they hired another. Plenty of other shysters still running around yet anyways. This is America, first they stopped caring about deficits, now balance sheets.
ReplyDeleteBest thing for us all to do is get rid of our materialistic tendencies. Get rid of anything that is not tied down, then sell what's tied down. Buy gold, get a camper and vacation for the rest of our lives.
ReplyDeleteImagine what the government would do if we all stopped NEEDing everything they said we did.
Hey RW,
ReplyDeleteDo you know if HM's old firm (where he was working when he dug up the dirt on Madoff) is getting more clients now? And are the money managers who went with Madoff getting a bunch of withdrawals?
I'm wondering how the market is enforcing a meritocracy in the wake of these revelations, versus the SEC getting a bigger budget (no doubt).
From anecdotal info in different news reports I have read, Markopolos, himself, is being contacted by many for all sorts of work.
ReplyDeleteMost of the money managers that went with Madoff were strictly directing money to Madoff. They are persona non grata everywhere. I saw a report where one of them out of Palm Springs doesn't get a manicure anymore because he is afraid to run into investors. He is doing his own nails!
To the degree it has been majors that put money with Madoff, they are definitely suffering withdrawals from those that were involved.
The fascinating situation now is the Stanford Investment Bank, where it looks like it will be the internet will take them down versus the SEC that has been "investigating" them for at least three years.