It began innocently enough, in the late 1990's. Harry Markopolos worked for a Boston investment firm that kept losing customers to Bernie Madoff. Bernie was consistently, almost spookily, outperforming them, and Harry's bosses wanted him to find out how. They wanted to him to model Bernie's operation, so they could go and do likewise.
In under thirty minutes, Harry had bad news: They couldn't replicate Bernie, because Bernie was running a huge Ponzi scheme.
Thus began a decade-long journey in pursuit of Bernie and his sixty-five billion dollar scam.
Not surprisingly, he's now on a book tour.
Harry is not, shall we say, a riveting interview. He's a nerd, actually. But listen to what he has to say.
No one at the agency tasked with preventing stock fraud could understand the math he presented on four different occasions. No one was fired as a result, only promoted.
Had the meltdown not occurred in the fall of 2008, Bernie would still be at it. He turned himself in to the FBI. When they arrived to interview him, he greeted them with the classic line: 'There is no innocent explanation.'
He was speaking for himself, but as so often happens at crucial moments, his statement took on a universal tone.
Showing posts with label Madoff. Show all posts
Showing posts with label Madoff. Show all posts
Wednesday, March 3, 2010
Monday, June 15, 2009
Monday Morning Morality Moment
Always good to begin the week with a strong cup of coffee laced with a dose of sober reality.
It's the account of one Harry Markopolos, the financial analyst from Boston who uncovered the Madoff Ponzi scheme a decade before Bernie turned himself in to the FBI.
Culture creates economy...
It's the account of one Harry Markopolos, the financial analyst from Boston who uncovered the Madoff Ponzi scheme a decade before Bernie turned himself in to the FBI.
Culture creates economy...
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