Sunday, March 1, 2009

60 Minutes: Harry Markopolos - The Man Who Figured Out Bernie Madoff

We need people like this as the head of the SEC - of course it would never happen because that would mean we'd have actual regulation & oversight. Of those same folk who put tons of money towards funding political campaigns...

My favorite statement in this video (13 minutes) is the following

'Madoff is suspected of being a fraud by some of the world's largest, most sophisticated financial services firms.' And then you list some of the firms," Kroft said. "The biggest firms on Wall Street. And conversations with people high up in those firms."

"That is correct. And the SEC ignored that," Markopolos said. "All the SEC had to do was pick up the phone. They never did."

"If you had executives at the biggest investment houses on Wall Street that knew something was wrong, why do you think they didn't go to the SEC?" Kroft asked.

"Because people in glass houses don't throw stones. And self regulation on Wall Street doesn't work," Markopolos said.

Watch CBS Videos Online

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