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Markopolos spent nine long, frustrating years trying
to get the S.E.C. to investigate Bernie Madoff, but
the Bush administration valued profit over the public
good and let Mr. Madoff and his perfidious ilk run
Mr. Markopolos has written a book about his decade-long crusade to nail this
$40 billion dollar crook, a tome called "No
One Would Listen: A True Financial Thriller". It is to be released
Tuesday, March 2nd, but it's already garnering interest from the major movie
The New York Times recently interviewed Mr. Markopolos
about his experience and here are a few juicy tidbits:
NYT: What was it like to spend nine years trying
to persuade the Securities and Exchange Commission
Madoff was a fraud, only to learn that the agency
thought he was perfectly reputable?
HM: For nine years I was the S.E.C.’s
NYT: Now you’re triumphant, a hero in investment
circles who exposes the S.E.C. as the most futile
of agencies in your new book, “No One Would
HM: It was a trip through the twilight zone.
NYT: Why do you think the S.E.C. failed to wake up
to Madoff’s $65 billion Ponzi scheme until
he turned himself in?
HM: They weren’t even asleep at the switch;
they were comatose. They didn’t respond to
heat and light, much less evidence of wrongdoing.
were not engaged in the fight.
NYT: This was when William Donaldson was head of
HM: Donaldson was too tough on Wall Street,
so he got the ax. Then you had Christopher Cox, because
wasn’t going to do his job. That’s why
he got the job.
NYT: You met last year with Mary Schapiro, the current
head of the S.E.C. How did that go?
HM: I would say she was coldly polite. Her general
counsel, David Becker, did most of the talking. He
and I did
not get along at all. He was getting ready to come
across the coffee table and strangle me.
NYT: In the year since you testified before Congress
about the S.E.C.’s failures, many of the agency’s
employees have been replaced.
HM: They’ve redisorganized. They redisorganized
the enforcement unit. I actually approve of that.
I think Robert Khuzami, the new head of the enforcement
division, has got fire in his belly.
NYT: Are you saying the S.E.C. under Schapiro is
about to catch fraud on Wall Street?
HM: She has the wrong staff. They’re
a bunch of idiots there.
You can read the rest of the interview here.
Raging Pencils salutes the
Mystery Readers of
you are, thanks for
reading my whimsical
A blast from the nostalgiac past.
The RP from 3-7-08.
Can't make sense of the news?
Try our selection of progressive nosh:
Dailykos • Crooks
and Liars • Think
Progress • Talking
What do these things have in common:
M&M's, peanuts, raisins, wasabi peas, cheese fish,
corn nuts, a Cocoa Puff, Tic Tacs, conversation hearts,
lemon drops, red hots, chocolate covered ants, Jelly
Bellys, a Grape Nut, George Bush's brain, Dick Cheney's
Answer: Things that Jesus can't hold in his hands.