The Ticker

Madoff's Red Flags

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Posted: December 18, 2008

It's been all over the place today, but you've got to read the Harry Markopolos' letter.

He once worked for a Madoff rival, and called Madoff Securities "the world's largest Ponzi Scheme" in a letter to the SEC.

In 2005.

Link is here from the WSJ.

More The Ticker posts

Cramer

Haha! Cramer as head of the SEC! Jon Stewart would be better.

Anonymous of NY @ Mar 17, 2009 12:26:58 PM

SEC

Incompetent, yes
Inept, yes
Unqualified, maybe
Unaccountable, yes (who me?)
Unaware, absolutely
Get rid of these people , now.
Appoint Cramer as head of the SEC
Someone who knows their game and has the guts to go after them.

Chris of VA @ Dec 18, 2008 23:23:55 PM

Investors deserve protection

I did not personally have money with him, but if we don't protect these investors to the limit of SIPC, then what happens if another broker dealer like Schwab or Merrill fail? Will we protect them, but not Madoff investors? They got statements and confirms just like I do. Madoff is 100% SIPC backed - it says so on the SIPC website. Let's not give up on the system.

Investorguy of AK @ Dec 18, 2008 19:27:09 PM

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