Madoff Ponzi Scheme is “Chump Change” according to Harry Markopolos

HARRY Markopolos — the whistleblower on Bernie Madoff who proved to be much smarter than the SEC — says there are evildoers out there who will make the Ponzi scum “look like small-time.” Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. “To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor’s house and then burning down the house,” he said. After his lecture, Hampton Sheet publisher Joan Jedell reports Markopolos was feted at a dinner at Nello Summertimes hosted by John Catsimatidis and his wife, Margo, who were joined by Al D’Amato and Greek shipping magnates Nicholas Zoullas and Spiros Milonas.

http://www.nypost.com/seven/08122009/gossip/pagesix/scandal_bigger_than_bernie_184160.htm

Madoff Whistleblower: “I gift wrapped and delivered the largest Ponzi scheme in history to the SEC”; They had no clue what to do with it!

     Harry Markopolos, of Independent Financial Fraud, testified before Congress today about Bernie Madoff, his Ponzi schemes, and the research that he presented to the SEC, of which all was ignored until the economy caused Madoff’s house of cards to begin to crumble. The video, from CSPAN, shows that the SEC was not capable of handling the information that was presented to them, even as well “gift wrapped ” as Mr. Markopolos made it for them. The video is 12 minutes long, but worth listening to Mr. Markopolos.

It seems that, according to Mr. Markopolos, only the “tip of the iceberg” has been uncovered in the Madoff schemes.