WATCH: Madoff Whistleblower Testifies, WSJ Blew Chance To Break Story

03/07/2009 05:12 am ET | Updated May 25, 2011

***UPDATE 2:20PM***
The Wall Street Journal blew its chance to break open the Madoff ponzi scheme three years ago, according to whistleblower Harry Markopolos. Buried deep in his testimony to Congress earlier today, Markopolos said editors at the newspaper squashed attempts by reporter John Wilke to publish the story.
Says Gary Weiss:

A bombshell is buried in Harry Markopolos' prepared testimony to a House panel today: he contacted the Wall Street Journal on the Bernie Madoff fraud three years ago, and the newspaper did nothing.

It seems that the Journal missed an opportunity to achieve one of the biggest scoops ever, win a Pulitzer Prize and all that other good stuff--and extinguish the biggest fraud in financial history.

EARLIER: Harry Markopolos testifies before the House Financial subcommittee.

His warnings in 2000 to the Securities and Exchange Commission about Bernie Madoff went unheeded.