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Madoff Whistleblower Calls SEC "Bunch Of Idiots"
By
Jen Chung
Published Feb 28, 2010
Modified Feb 28, 2010
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By
Jen Chung
Published Feb 28, 2010
Modified Feb 28, 2010
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Harry Markopolos, who told the SEC that Bernard Madoff was a fraud in 2000 only to be ignored, is the subject of a NY Times Magazine Q&A—and he really hates the SEC. He calls them a "bunch of idiots," says their changes are really a "redisorganization," and points out, "The five commissioners of the S.E.C. are securities lawyers. Securities lawyers never understand finance. They don’t have the math background. If you can’t do math and if you can’t take apart the investment products of the 21st century backward and forward and put them together in your sleep, you’ll never find the frauds on Wall Street." In his new book, he also reveals he was prepared for a standoff if the SEC came to his Boston-area home.
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Bernard Madoff
fraud
Harry Markopolos
ponzi scheme
SEC
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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