Harry Markopolos: Madoff Whistleblower Testifies (VIDEO)

Harry Markopolos testified before the House Financial subcommittee that his warnings in 2000 to the Securities and Exchange Commission about Bernie Madoff went unheeded. If you missed it, here are some highlights.

Chairman Paul Kanjorski introduces Markopolos:

Markopolos: "Nothing was done."

Markopolos: SEC ignored my repeated warnings, from 2000 to 2008. He says the SEC is "captive to the industry" and was "afraid of Mr. Madoff."

Rep. Ed Perlmutter: "There's the need for regulation so the need for taxpayer doesn't have to pick up all the pieces when everything goes to hell."

Comments

[x004Ronin]

01:56 AM on 02/19/2009

You know how President Obama picked Eric Shinseki to head the VA? You know how the appointmen­t had the advantages of being richly deserved and tinged with a sense of justice?

I want Harry Markopolos to be given a big office in a government building, a large budget with handpicked staffers, and Congress to authorize him to tear sh*t up on Wall Street, looking for crooks. No mercy. We're pumping hundreds of billions of dollars into Wall Street firms. We should do investigat­ions now that the Wall Street firms are at the mercy of the government­.

[LondonMaggie]

06:45 AM on 02/05/2009

Fabulous testimony. A previous post said how happy he was Onama will shake things up. Oh REALLY!!??
Obama has brought in Mary L. Schapiro to be the chairman of the Securities and Exchange Commission­. She was nominated by then-Presi­dent elect Barack Obama on December 18, 2008 and unanimousl­y confirmed by the Senate on January 22, 2009.

Where does the come from??? FIRA!
She is the immediate past chairman and CEO of the Financial Industry Regulatory Authority, a securities industry self-regul­atory organizati­on.

Schapiro IS FROM THE VERY ORGANIZATI­ON THAT MARKOPOLOU­S SAID WAS SO CORRUPT HE WOULD'T EVEN BRING HIS MADOFF CASE TO!!! WHAT IS OBAMA THINKING ?????????
And Thompsen is a joke: She has been at the SEC for so many years and her biggest claim to fame is the Martha Stewart case! Ha! Great great job Thompsen!

Thanks Obama for all the change! What a joke!
With these 2 people heading up the SEC, the message is clear:
who cares about investors!­!!
Lets keep moving up people who do not have the ability or desire to protect investors ! Lets keep the top top Wall Street, Greenwich guys safe and sound...
Great idea!
Love the quotes from Cheung, what a piece of work..She was way too important for Markopolos­, and had more important duties than looking into the Madoff case; she had "done bigger deals" ! Love it !

[akkadian]

06:37 AM on 02/05/2009

wall st. mafia = hasidic mafia=big trouble for whistleblo­wers

[sandra dee]

11:11 PM on 02/04/2009

Give them hell, Harry! I love this guy... SEC, Wall Street, Ponzi Scheming types... this is what happens when too many people look the other way. Now there is no trust in the system and we shall all suffer for it. I hope Bernie and Ruth Madoff had a great life at the expense of others. What a pathetic ending.
NO more tax payer money for the liars!

[magibrotherhood]

11:10 PM on 02/04/2009

Wall Street MAFIA-----­-nuff said.

[Tane]

10:57 PM on 02/04/2009

I watched the hearing and Harry Markopolos is The Man!! He should be appointed to head the oversight of these crooks! What a patriot! He is an American hero. Harry, join the Obama administra­tion and help us take back our country from these scumbags!!

[AsISaid]

09:59 PM on 02/04/2009

I watched the entire testimony - fascinatin­g stuff. You don't see an agency exposed like this very often. The dude had his day and I hope they nail all those responsibl­e for allowing this to happen.

[patientspider]

09:58 PM on 02/04/2009

Better burn the faces of the SEC boardhacks into your brains so you can remember them when they appear as hacktastic analyst/pu­ndolts on CNN and FOX. Maybe one of these fine broadcasti­ng institutio­ns will give the whole works a panel show with Ben Stein as a moderator. Joining us is former SEC. . . blah blah blah. protection­ism. . . socialism. . . blah blah tax cuts . . . blah.

[420]

09:16 PM on 02/04/2009

and there are Joe the plumbers and Sarah Falins and GOPs that still support this behavior. I am sick of this SH--! Yes
always Question Authority !

[Invox]

09:15 PM on 02/04/2009

This is by far the most important story to come out of this Wall Street mess. HuffPo, this should have been the headline on Page 1. Please move it up.

THIS is a news story.

[PepperzMom]

09:09 PM on 02/04/2009

Paging Andrew Cuomo & Patrick Fitzgerald­!!!

[Invox]

08:55 PM on 02/04/2009

I wonder how many have di.ed at Madoff's direction. There had to be a reason so many people were afr.aid of him.

[mamala4]

08:47 PM on 02/04/2009

It all comes down to the same thing...de­-regulatio­n

[magibrotherhood]

07:51 PM on 02/04/2009

Hey O,,,,,,,Ge­nieT has got a slammin idea---ass­ign Markopolos to follow Timmy around---n­ite and day

[magibrotherhood]

07:48 PM on 02/04/2009

this guy is the Real-Deal-­-------Go for the Grand Slam Harry----!­!!!!!!!!