Madoff & the Ponzi

[philcski]

Originally Posted by Kasept

Mass. investor saw inside Madoff scam

http://news.yahoo.com/s/ap/20081219/...wcSuI7.1iyBhIF

BOSTON – His repeated warnings that Wall Street money manager Bernard Madoff was running a giant Ponzi scheme have cast Harry Markopolos as an unheeded prophet.

But people who know or worked with Markopolos say it wasn't prescience that helped him foresee the collapse of Madoff's alleged $50 billion fraud. Instead, they say diligence and a strong moral sense drove his quixotic, nine-year quest to alert regulators about Madoff.

Here's his letter to the SEC from 2005. Unbelievable that they tossed this aside like yesterday's salad.

http://online.wsj.com/documents/Mado...s_20081217.pdf

[Quiet Chris]

I don't feel sorry for people that invested with him directly. Only an idiot didn't see there was something shady going on.

I feel terrible for people that invested in feeders funds. They basically were screwed.

The fact that this guy is still living in his $7M apartment is disgusting.

He should be in jail right now and he should never get out again. He ruined thousands of people's lives and he should never have any enjoyment in his life again.