https://www.richardcleaver.com/wp-content/uploads/2015/02/rcdotcomlogo.png 0 0 Richard Cleaver https://www.richardcleaver.com/wp-content/uploads/2015/02/rcdotcomlogo.png Richard Cleaver2009-01-05 18:22:152009-01-06 06:56:29Harry Markopolos
Slideshare has the 2005 SEC submission authored by Harry Markopolos. An absolutely fascinating read. Markopolos, a securities analyst, once worked for a competitor of Madoff. He could not figure out mathematically how Madoff was generating such levels of return. And he came to two major conclusions:
Unlikely: insider trading.
Highly likely: Madoff Investment Securities was the world’s largest Ponzi scheme.
His lengthy memo, available at Slideshare, offers a compelling example of the corruption taking place within the financial services industry in the United States. This op-ed piece in the New York Times provides more context.
Where on earth were the regulators during all of this nonsense?