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Old 02-04-2009, 10:56 AM   #1
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I posted this on Bogleheads forum today. Thought it would work here.

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Is anyone other than me watching Harry Marcopolos testifying before a congressional committee that is investigating the Madoff case?

Probably the best television that I have watched in 20 years.

I have no idea if this guy is legit or not, I presume that he is, but he is well informed and fascinating to listen to.
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Old 02-04-2009, 11:37 AM   #2
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Some of his testimony was on CNBC, although they kept cutting away. He sure sounded legit to me.
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Old 02-04-2009, 01:29 PM   #3
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I watched on the CNN feed to my Notebook. Looked like the guy knew what he was talking about. But, of course the dodo's in Congress do not like to be chastised for what they "did not do" so it will probably not change anything.
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Old 02-04-2009, 02:22 PM   #4
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At one time Marcopolos said that he had volunteered to go undercover and only his wife would know about it, however the feds (SEC?) turned him down. He said that he was sure that it would only take him a few days to get enough evidence to put a lot of folks in jail. When asked about his ability to be a spy he said that he had been a special ops officer in the army for many years and had considerable experience at it prior to getting into his current line of work.

He also said that he believed that Russian mafia and drug dealers had a considerable amount invested with Madoff as he probably had quite a few "offshore clients."
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Old 02-04-2009, 02:40 PM   #5
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Watched Markoplos on Cspan3. He pretty well damned the SEC, the panel which was to follow him, sitting three rows behind him.

His credentials are pretty impressive, both in finance and special ops. Yet still feared for his life in view of russky mafia's involvement.
Though, Madoff is likely a marked man by now. Well deserving of a drink like given to Litvinenko, who by the way did not deserve it.

Sadly the SEC and congress are superb at closing and padlocking doors after the horses have bolted. As usual probably nothing but hot air and dead trees will be left after all is said and done.
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Old 02-04-2009, 03:09 PM   #6
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Here is the link to this morning's meeting of the House Financial Services Subcmte featuring Mr. Marcopolos. You may find it worth your while to fast forward through all of the congressional hot air and listen to just what the witness has to say.

C-SPAN Video Player - House Hearing On Madoff
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Old 02-04-2009, 03:26 PM   #7
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He also said that he believed that Russian mafia and drug dealers had a considerable amount invested with Madoff as he probably had quite a few "offshore clients."
Ripping off greedy investors: $50B.

Ripping off drug dealers, Russian mafiya, and Russian mafiya drug dealers: priceless...
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Old 02-04-2009, 03:45 PM   #8
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Old 02-04-2009, 05:42 PM   #9
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His testimony was riveting. He went beyond the Madoff fraud and discussed the regulation of other financial instruments. No wonder we are in difficulty!!!

As a former Fed Investigator (DOL) I can assure you that if we had enough jurisdiction to look at the books we didn't hesitate to test an employer's claims by looking at original records and interviewing employees. We found contractors paying ghost employees and not only followed the money but looked at the underlying contracts for services. (Maybe is was just coincidence but the salad oil fraud blew up the day that one of my colleagues walked in.) The lack of curiosity stunned me.

Funny that Forbes has an article claiming that the limit on executive compensation for TARP entities might prolong our grief. Good Grief!!! If those executives have the talent to be paid more than $500T/yr then they have earned the right to receive stock options that they can exercise after the TARP money is paid back. That is incentive placed where it will do the country the most good.
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Old 02-05-2009, 10:34 AM   #10
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Thanks for the link. I saw bits and pieces of his testimony. My favorite part was when he talked about delivering a report to Elliot Spitzer who was the NY governor at the time. He knew Spitzer was an investor and he used gloves to handle any of the copies he was handing over so that he left no fingerprints.

He never got results from this, but we all know what Spitzer's priorities were.....
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Old 02-05-2009, 02:38 PM   #11
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Is anyone other than me surprised Madoff is still walking around?
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Old 02-05-2009, 03:19 PM   #12
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Is anyone other than me surprised Madoff is still walking around?

I wonder what his security arrangements are? With the Russian mob and South American drug cartel folks included in his list of victims, we can only assume that there is probably a pretty high price on his head so those guards have their work cut out for them.
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Old 02-05-2009, 04:12 PM   #13
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I wonder what his security arrangements are? With the Russian mob and South American drug cartel folks included in his list of victims,....
Really?? If so that is proof that is not only a thief but stupid.
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Old 02-05-2009, 05:52 PM   #14
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I wonder what his security arrangements are? With the Russian mob and South American drug cartel folks included in his list of victims, we can only assume that there is probably a pretty high price on his head so those guards have their work cut out for them.
My bet would be an emergency physician. I wonder if Ken Lay was using security guards...
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Old 02-05-2009, 10:04 PM   #15
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Being from Houston at the time, and seeing so many people on tv that Ken Lay and his crooked crew shafted out of their retirement money, I always have suspected Lay killed himself somehow just so his wife would be left with money. It would have been more honorable than what his actions were previously.
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Old 02-05-2009, 10:14 PM   #16
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My thought as well.
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