Thread: Is anyone watching the Madoff hearing right now?

On CSPAN3. The SEC is getting slammed. Jesus, what a bunch of incompetent/corrupt assholes.

You might be able to watch it here:

http://www.c-span.org/Watch/C-SPAN3_wm.aspx

They adjourned, but I think they are having a deriviatives hearing next.

Anyway, this guy was a trip.

The witness, Harry Markopolos of Boston, said at a House subcommittee hearing that he would alert the Securities and Exchange Commission to the fraud, a $1 billion Ponzi scheme he has uncovered. Neither he nor his lawyers would provide any additional details.

Mr. Markopolos also said he would tell regulators about a dozen private foreign funds — which he said were “hiding in the weeds” in Europe — that raised money for Mr. Madoff and have sustained major losses.

These funds have not yet been publicly identified, he said. And their silent victims most likely include investors of “dirty money,” including Russian mobsters and Latin American drug cartels, he said.

A lawyer for Mr. Markopolos said later that his client would meet with the agency’s inspector general and detail his concerns at that meeting and “through other channels.”

Mr. Markopolos repeatedly referred to his fear that he would be killed if Mr. Madoff learned of his investigation. At one point, noting his experience in military intelligence, he described an offer he made to “go undercover” for the S.E.C. — a proposal that was rebuffed.

And he recalled wearing gloves as he assembled a package of information he planned to slip to Eliot Spitzer, when he was New York’s attorney general, so he would leave no fingerprints.

While one lawmaker asked whether this all wasn’t “a little paranoid,” others agreed that Mr. Markopolos was wise to be cautious given the scale of the fraud he was trying to bring to light.

http://www.nytimes.com/2009/02/05/bu...madoff.html?hp

Great video - 4 min. 15 sec.:

YouTube - Rep. Alan Grayson Questions Whistleblower Harry Markopolis on Financial Fraud

Video of the entire Markopolis testimony - 52 minutes:

C-SPAN Video Player - House Hearing On Madoff

I'm sorry. I've given up the news for my health.

Originally Posted by Davocrat

I'm sorry. I've given up the news for my health.

:laughing:

I hear ya, Davo!

Nothin' but bad news.... but you're kinda damned if you do, damned if you don't - if you don't listen you won't know when to run "fast".

This is interesting as hell. This guy's scam was actually so simple even I can understand it.

C-SPAN Video Player - House Hearing On Madoff