Harry Markopolos: “Don’t Trust Your Government”

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video at link, embed doesn't work
http://www.msnbc.msn.com/id/26184891/vp/35642626#35642626

Harry Markopolos: “Don’t Trust Your Government”

Originally published in March 2010.

Today Show Video - Markopolos with Matt Lauer - March 2, 2010

From Sense on Cents

By Larry Doyle

In an interview on the Today show this morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t.

Markopolos’ biggest bombshell this morning is his warning to America, “don’t trust your government.” No surprise that Today host Matt Lauer did not probe deeper. I am not confident that other outlets will delve deeper into Harry’s statement, either. I wonder why Harry himself is reticent to specifically point out the individuals and the instances which lead him to make that statement.

Recall that a year ago Harry defined the SEC as merely incompetent while simultaneously defining FINRA (Financial Industry Regulatory Authority) as ‘in bed with the industry’ that is Wall Street. Well, it does not take an advanced degree to connect Harry’s grenade toss into FINRA’s backyard a year ago with his volley this morning.

Who is the central figure coarsing across the landscape of the NASD (FINRA’s predecessor), FINRA, and now the SEC?

Mary Schapiro.

Why doesn’t Harry get very specific in making these statements?

Why doesn’t the media probe deeper?

When will Mary Schapiro be compelled to answer questions not only about her relationship with Bernie Madoff, but about her tenure at the NASD and FINRA?

At that point, would Harry think we might be able to trust our government?

I certainly would like to get answers to a whole host of questions surrounding Ms. Schapiro. What questions? As I wrote last December and repeat today, “Mary Schapiro Owes America Some Answers”:

[ COVER UP OPERATIONS ]

Mary Schapiro, the current SEC Chair and formerly the head of FINRA, possesses a wealth of information on a number of topics for which America would like greater detail. What are some of these topics?

1. Did FINRA possess material, non-public information and act upon it in the liquidation of its $671 million auction-rate securities position in mid-2007 as the ARS market was failing?

2. Did FINRA invest its own funds in Bernard Madoff, as alleged in the complaint Amerivet Securities vs. FINRA.

3. What was the nature and full depth of Mary Schapiro’s relationship with Bernie Madoff? Bernie himself characterized Mary as a ‘dear friend.’

4. Did Mary Schapiro and her fellow FINRA execs lie verbally and in a proxy statement regarding the merger of the NASD with NYSE Regulation to form FINRA?

Are these some of the questions leading Harry to make his statement this morning about not trusting our government? In my opinion, they are a good start. America deserves these answers.

Is FINRA's Future In Doubt?

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Bernie Madoff's son, Mark, commits suicide
http://www.nypost.com/p/news/local/manhattan/bernie_madoff_son_andrew_found_dead_41QZ5xHZ2Ifq2I BmRtZgLK

Bernard Madoff’s son Mark was found dead in the living room of his SoHo apartment this morning — hanging from a black dog leash on the two-year anniversary of his father’s stunning downfall, officials said.

Officers were called to 158 Mercer St. at 7:28 a.m. after Mark’s father-in-law reported the grisly find — the 46-year-old Madoff hanging fully clothed from a pipe in the apartment ceiling, police said.

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The video is very different than the article.
http://www.msnbc.msn.com/id/26184891/vp/35642626#35642626

" don't trust your government, do your own research "

European money involved, tax evasion of elite, money laundering, Russian [ Jewish ]
organized crime involved, big banks helping him.

There is congressional video out there, $65 Billion in USA , $65 Billion in Europe.

[TheNocturnalEgyptian]

European money involved, tax evasion of elite, money laundering

Royal Family of England paid taxes for the first time in history in 1992. Previous to that, all their money was invested over and over again, tax free. The monarch is also immune to accusations of insider tading ;)

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Madoff Trustee's Suit Says J.P. Morgan at 'Very Center' of Fraud - WSJ.com
http://online.wsj.com/article/SB10001424052748703652104576122300990479090.html?m od=djemalertNEWS

Madoff To NY Newspaper: Banks 'Complicit' In Fraud
http://www.clickondetroit.com/money/26881130/detail.html

Madoff: Banks Knew I Was a Crook (NYT Interview)
http://dailybail.com/home/madoff-banks-knew-i-was-a-crook-nyt-interview.html

Citigroup Saw Warning Signs, Knew Of Madoff Fraud; Picard Suit Wants $430M In Damages
http://dailybail.com/home/citigroup-saw-warning-signs-knew-of-madoff-fraud-picard-suit.html

Bernie Madoff accuses Chase, UBS, HSBC of knowing about his fraud
http://www.dailymail.co.uk/news/article-1374974/Bernie-Madoff-accuses-Chase-UBS-HSBC-knowing-fraud-jailhouse-interview.html

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European money involved, tax evasion of elite, money laundering

Royal Family of England paid taxes for the first time in history in 1992. Previous to that, all their money was invested over and over again, tax free. The monarch is also immune to accusations of insider tading ;)


And what does this have to do with the information presented, and ...

This is a real Jewish swindle, stick to that.

Intelligence agencies are also involved. Israel is involved.

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THE BIG STORY, nobody is talking about.

NASDAQ CHAIRMAN and MARKET MAKER.

NASDAQ are swindlers, crooks, 1997 $1.7 Billion dollar fine, just for starters, it goes on and on ...

Former Nasdaq chairman arrested for fraud
http://news.mobile.msn.com/en-us/articles.aspx?afid=1&aid=28183375

A Wall Street powerbroker for nearly 50 years who built an influential firm has confessed to a massive fraud scam that will cost investors at least $50 billion, federal authorities say.

Bernard L. Madoff, 70, facing a single count of securities fraud, declined to speak with reporters after a federal magistrate judge in U.S. District Court in Manhattan ordered him released Thursday night on $10 million bail.

Andrew M. Calamari, associate director of enforcement in the Securities and Exchange Commission's New York office, said the SEC had filed a civil securities fraud charge as well and was alleging "a stunning fraud that appears to be of epic proportions."

The SEC said it was seeking emergency relief for investors, including an asset freeze and the appointment of a receiver for the firm. A hearing was scheduled for Friday.

If the allegations contained in a criminal complaint are true, it may be the largest fraud ever blamed on a single individual. Nearly all of the allegations stem from an FBI agent's recounting of what Madoff told two FBI agents and three senior employees of his firm, Bernard L. Madoff Investment Securities LLC.

It would be a steep fall for Madoff, a former Nasdaq stock market chairman who founded his business in 1960 with $5,000 he earned in part working as a lifeguard on Long Island beaches.

His firm was a market maker, handling trades in some of the largest securities on various stock exchanges, matching buyers and sellers. Investigators say Madoff's crime originated in a separate and secretive investment-advising business that served between 11 and 25 clients and had a total of about $17.1 billion in assets under management.

Stephen A. Weiss, a lawyer for several dozen investors, said there are many more investors. He said he "personally spoke with over 30 investors" who are believed to have invested more than $1 billion with Madoff.

The criminal complaint signed by FBI Agent Theodore Cacioppi said Madoff told at least three senior employees at his Manhattan apartment Wednesday that the investment adviser business was a fraud and had been insolvent for years, losing at least $50 billion.

Madoff told the employees he was "finished," that he had "absolutely nothing," that "it's all just one big lie" and it was "basically, a giant (pyramid) scheme," according to the complaint filed in court.

The employees understood Madoff's admission to mean that "he had for years been paying returns to certain investors out of the principal received from other, different, investors," said the complaint, which did not identify the investors impacted by the scam.

Cacioppi said one of the employees told him that Madoff was "cryptic" about the firm's investment advisory business and kept its financial statements locked up. The FBI agent said another employee told him that Madoff last week said clients had asked for about $7 billion in redemptions and he was struggling to meet those obligations but thought he could do so.

Cacioppi said two senior Madoff employees told him that Madoff said during the Wednesday meeting that he planned to surrender to authorities in a week but first wanted to distribute $200 million to $300 million he had left to certain selected employees, family and friends.

Cacioppi said he and another FBI agent arrived Thursday at Madoff's apartment, where Madoff invited them in and acknowledged knowing why they were there.

"Madoff stated, in substance, that he had personally traded and lost money for institutional clients, and that it was all his fault," Cacioppi said.

The agent wrote that Madoff said he had "paid investors with money that wasn't there" and that he was broke and insolvent and had decided that "it could not go on" and that he expected to go to jail.

Defense lawyer Dan Horwitz called Madoff "a person of integrity" and said he intends to fight the charge.

If convicted, Madoff could face up to 20 years in prison and a maximum fine of $5 million.
Bernard L. Madoff Investment Securities LLC ranks among the top 1 percent of U.S. securities firms, according to the company's Web site.

In 2001, Barron's reported that Madoff's firm was one of the three top market makers in Nasdaq stocks and the third-largest firm matching buyers and sellers of securities on the New York Stock Exchange.

Shortly after leaving law school, Madoff founded his firm in 1960. It was one of five broker-dealers most closely involved in developing the Nasdaq Stock Market, where he served as a member of the board of governors in the 1980s and as chairman of the board of directors.

In the 1990s, Madoff was viewed as a maverick. He angered leaders of the New York and American stock exchanges by taking away some of their business by paying brokerage firms a penny a share to route orders through his system.

[ this too is a lie, a penny a share, more like huge spreads, no efficient market, deliberate,
customers being fleeced by a lot, this rigging was part of Nasdaq crimes that were outed, he was a
leader here, and nobody is talking, this is an old article that touched on it. Nasdaq was huge scandal
in late 90's, SOES was opened up to public to punish them, for one, and $1.7 Billion fine.]

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