About a month ago, independent financial analyst Harry Markopolos testified before the House Financial Services Committee about Bernie Madoff -- a financial player who reportedly cheated his clients out of some $50 billion.
Mr. Markopolos said that he had -- some years back -- given to U.S. Securities and Exchange Commission officials detailed information about what questions they should be asking about Mr. Madoff's schemes.
Mr. Markopolos testified that SEC officials simply did not follow up. How many of Madoff's victims might have been spared huge losses had the SEC simply done its job?
Mr. Markopolos found that under President Bush, there was essentially zero enforcement against securities fraud. Below is a YouTube video clip of Mr. Markopolos exchange with Rep. Alan Grayson (D-FL). It's well worth watching and only about four minutes.
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