Thursday, February 5, 2009

Roadmap of Madoff's Ponzi Scheme Ignored


Roar Like A Mouse
Fight Like a Flea

Markopolos 2005 Submission to SEC Ignored
Road Map of Madoff Ponzi Scheme
The World's Largest Hedge Fund is a Fraud

Harry Markopolos, the man who tried to warn federal regulators about Bernard Madoff's $50 billion Ponzi scheme told Congress yesterday that the Securities and Exchange Commission is a totally incompetent agency that "roars like a lion and bites like a flea."

"I'm saying that if you flew the entire SEC staff to Boston, sat them in Fenway Park for an afternoon, they could not find first base," Harry Markopolos said at a hearing of a House Financial Services subcommittee.

The whistleblower said the SEC is "captive to the industry it regulates and is afraid" to bring cases against prominent individuals. Markopolos praised the New York State Attorney General's Office, saying it relies on tips "which they vigorously pursue. When the SEC gets a tip, it vigorously ignores it." Madoff's "math never made sense, his performance charts were clearly deceiving and his return stream never resembled any known financial instrument or strategy," he said.

Highlights from Markopolos testimony:

* "There was an abject failure by the regulatory agencies we entrust as our watchdog."

* "Every bit of information we obtained was in the public domain. We never had any secret insider documents or smoking gun e-mails."

* "What troubles us is that dozens of highly knowledgeable men and women also knew that (Madoff) was a fraud and walked away silently, saying nothing and doing nothing."

Who Destroyed New York? Members of the partnership and the City's establishment who think that development will fix New York should look in the mirror and blame themselves and the City's elected leaders for allowing Wall Street to turn into Organize Crime.


SEC Blew It *** HOW SEC BOZOS BLEW IT: WHISTLEBLOWER RIPS DO-NOTHING FED 'FLEAS' *** More Calls for Probe on Financial Crisis *** Wall Street Journal Ignored Madoff Story 3 Years Ago *** The World's Largest Hedge Fund is a Fraud *** Madoff Misled SEC in '06, Got Off - WSJ.com *** Lawmakers clash with SEC over Madoff probe - U.S. business- msnbc.com *** Madoff tipster Harry Markopolos assails SEC - Los Angeles Times *** Harry Markopolos attacks SEC for 'financial illiteracy' over ... *** Meaghan Cheung, SEC's Madoff Watchdog, Cries: Don't Blame Me! *** The Daily Utah Chronicle - Russian Mafia in bed with Wall Street ... *** Russian Mafia Conspiracy on Wall Street in Media and Government *** Russian Mafia in bed with Wall Street, CEO says - San Diego ... *** Russian Mafia Conspiracy on Wall Street in Media and Government *** CIA, Drugs, and Wall Street *** Ackerman: "Your Value to the American People Is Worthless"-Video.

Madoff Lawmakers clash with SEC over Madoff probe *** WATCH: Madoff Whistleblower Testifies *** SEC: "Is Busy Protecting The Big Financial Predators" *** At Madoff Hearing, Lawmakers Lay Into S.E.C. *** Madoff Witness Talks of Other Possible Cases *** BERNIE'S RIP-OFF ROLL CALL *** Are You On The List? Madoff Victims List Released In Full *** Divorcé Bids To 'ex'-tend Madoff Pain *** Man Sues for Refund After Buying Out Madoff Account From Ex-Wife *** KOUFAX, BASEBALL GREATS HIT HARD BY... Madoff *** $950M LOOT RECOVERED *** Deal Professor: How to Run a Financial Fraud *** TV HOST LARRY KING LOST OVER $1M IN BERNARD MADOFF'S PONZI SCHEME ...

More Inspector Clouseau NY's No-Investigation No-Fault Greed Dysfunctional Political System, Press and Powerless Public Allow Wrong Doers to Escape. Inspector Clouseau Investigates NYC Political Corruption.

Wall Street Mess BANK OF AMERICA tumbles on nationalization worries... *** Bank Of America Selling Some Gulfstreams... Luxury Apartment *** Moscow abandons bail-outs for bank aid... *** TIMEWARNER swings to 4Q loss on hefty writedown... *** Goldman Rejects TARP *** Treasury in plans for record debt sale... *** WYNN cuts salaries, work week to save cash... *** GOLDMAN SACHS Moves Meeting to New York From Miami as Firms Face Scrutiny... *** Wall St. Pay Is Cyclical. Guess Where We Are Now *** Scrutiny of Bankers’ Perks Will Grow, Too *** Bloomberg L.P. Cuts 100 Jobs, a First for the Company *** Profit Plunges 72% at Kraft Foods *** In Merrill Deal, U.S. Played Hardball *** Mortgage Banks Push for Federal Support *** Families Appeal to Colleges for Aid *** Average New Yorkers get their own 'Bailout Bill' *** Obama vows to shame greedy execs *** Donald Trump agrees with Obama on salary caps for Wall Street executives *** WATCH: Trump Says Obama "Absolutely Right" To Cap Pay Of Bailed-Out Executives *** BofA to sell 3 corporate jets, Merrill helicopter *** Foreign Firms Lining Up for Piece of Stimulus.



Nobody Running to Fix New York . . . Why?
JERSEY JOUST
- Christopher Christie, who served seven years as New Jersey's top federal prosecutor, began his bid for governor yesterday by saying he's the man to fix a broken state government... *** Brian's sentencing postponed again; From the Times Ledger:The sentencing of former state Assemblyman Brian McLaughlin was adjourned until April in the latest delay in the ongoing legal case of the disgraced labor chief.


Pay to Play Congress D’Amato Uses Clout to Assist Democrats *** Fundraiser: Steve Israel, gettin' tight with Alfonse *** Bailed out banks: Enough $$ for politics *** Bailed out banks: Enough $$ for politics *** TARP Recipients Paid Out $114 Million for Politicking Last Year *** Curbing Lobbyists' Influence is Obama's Most Difficult Task *** Washington Lobbying Grew to $3.2 Billion Last Year, Despite Economy ***


Albany Paterson On Hand As President Signs Healthcare Bill *** Judy Smith Was the Kennedy-Smearer *** Annals of Dave: Who is Judy Smith? *** Group urges probe of Caroline Kennedy leaks *** News Ed: He owed her better: Gov. Paterson shoulders blame for the smear campaign against Caroline Kennedy *** Pro-gun Gillibrand to visit HS of slain honor student *** Post Ed: LEAD, DAVE, LEAD *** Gillibrand's action must match words *** Gillibrand Aims to Raise $20 Million *** The first meeting of Kirsten Gillibrand’s finance committee was yesterday at the law firm Kirkland & Ellis–home of Michael Garcia and Sean Patrick Maloney *** Why Andrew Cuomo suddenly looks so good *** Video: Andrew's ruling of nothing, in or out *** CUOMO COY ON BID TO CHALLENGE PATERSON *** Governor Focuses on Plan to Limit Subway Fare and Toll Increases *** GOV'S PAROLE PICK SUDDENLY DROPS OUT - Dicker *** UNDECIDED DEMS COULD SINK SHEL'S 'WEALTH' TAX *** New York Considers Selling Wine In Grocery Stores *** DN Ed: Gutless to the core: New York Legislature evades tough, inescapable budget decisions *** Newsday thinks Albany took the "easy way" out *** Millionaires MIA as N.Y. mulls special tax for them *** State employee unions are not amenable to re-opening their contracts as Paterson has proposed *** As state leaders contemplate hiking taxes on the rich, the number of millionaires in New York is expected to drop by 10 percent *** Three state lawmakers have proposed reforming the nominating process for the Court of Appeals *** The upstate-downstate divide is becoming more evident as the budget battle heats up *** PM Assembly Speaker Sheldon Silver today announced a new line-up of leadership posts and committee chairs.

Pay to Play Union locals invested with Bruno-fee investors.


City Hall Union Rep Criticizes Ambulance Service Cuts *** Television production stalls out in NYC *** City Residents Sound Off During Final MTA Hearing *** Transit Projects On Track Despite Uncertainty In Washington - NY1 Spin *** Q74 on the chopping block *** ZOO'S BIGGER BITE *** LIFEGUARD JOBS MAY BE RECESSION LIFESAVERS *** NY UP TO THE TEST KIDS GAIN BIG ON AP EXAMS *** CITY BUS ETA SCREENS EYED *** 10 Years Later, Diallo Shooting Still Shaping NYPD *** Choice of a New Archbishop Is Near, Peaking Speculation Suggests *** From luxury condos to transient hotels Fom the Real Deal: *** Ditch Citifield *** News' sting spurs city toward safety training *** DN Winters: Mass teacher layoffs + seniority rules = bad news for kids *** Seniors beef about meal deliveries *** PM Middle Class Being Squeezed Out Of The City, Study Finds *** Bloomberg Not Keen on Capping Executive Pay *** Auditors: Ex-city HDC chief doled out med benefit 'favor'.

Race to City Hall Bloomberg Adds Republican Operatives Too *** Catsimatidis Ready For GOP Mayoral Showdown *** Who are these guys? Mayoral wanna-bes William Thompson and Anthony Weiner face a big hurdle: Average NYers don't recognize them *** Errol Louis praises the protestors who distrupted Bloomberg speech and isn't happy with Andrea Batista Schlesinger *** Council Candidate Ferreras Left Out of Matching Funds, For Now *** S.I. Front-Runner Defends Petition Challenges, Says 'It's Not Do the Best You Can' *** Watch the Video from the St. George & Van Duzer Candidate Forum *** Teamsters union slates 1st political candidates' forum ***PM 1199 For Ferreras, Rose


Washington Obama sets executive pay limits for bailout companies... *** Could Seriously Hurt New York? *** Obama Cuts Off Wall Street's Huge Packages ***
Obama Pushes Congress to Complete Stimulus Package, Not Stall Over Details... *** NO REWARD FOR FAILURE: PRESIDENT COVERS FIRMS' LARGE SALARIES WITH TARP ***
'SCREW-UP' WORKING IN PREZ'S FAVOR
*** O WARNS OF 'CATA$TROPHE': URGES STIMULUS OK AMID MOUNTING RESISTANCE *** CHENEY BLASTS O ON GITMO ***
Cheney warns of nuclear attack *** CIA nominee Panetta faces questioning by Senators *** CIA Nominee Panetta Earned $700,000 in Fees; Some payments from troubled banks... *** CIA Nominee Earned $700,000 in Fees *** Obama's Energy Sec. issues dire climate prediction: 'No more agriculture in California... I don't actually see how they can keep cities going'... *** Faith-Based Program Gets Wider Focus *** Mean Street: Why Capping Pay Won't Work *** O-pology veers from W's script *** Bam's commerce secretary voted to abolish agency *** Hillary Clinton sought to quell concern in the State Department that special envoys would elbow aside longtime diplomats *** Obama views children's health bill as step one *** Obama plans review of faith-based policies *** Obama ordering energy-efficient standards *** 30 Years of Presidential Mea Culpas ***Robert Gibbs No Smooth Talker *** Video: When Daschle didn't have a limo *** Daschle’s Ambitions Collided, Friends Say *** Defending the Stimulus Bill by President Obama *** The Stimulus Bill is a Bomb - Daniel Henninger, Wall Street Journal *** Obama's Rough Justice For Wall St. - John Gapper, Financial Times *** Can Obama Reboot After Daschle? - Joe Klein, Time *** Pros & Cons of Admitting a Presidential Error - Adam Nagourney, NYT*** PM Cabinet: Solis has a tax problem, too.

Congress Home-buyers tax cut raises cost of stimulus bill *** Senate Advances Tax Break for Homebuyers *** Dems Craft 'Buy American' Compromise... *** Rangel: Let's have a vote on Charlie! *** Embattled Congressman Rangel Leads Ways and Means with Finance Money Behind Him *** Rangel’s Financial Disclosures Omitted Data Over 30 Years, a Report Says *** NYT Ed: Cracking the Homeland Security Monolith *** What About the Census? ***
GOP Wields Influence Over Stimulus *** Health Benefits For Unemployed Stripped From Stimulus, HuffPost Readers Find *** Letterman Puts Blago in Context *** Here's audio from Rod Blagojevich's chat with Curtis Sliwa *** Switch to Digital TV Wins a Delay to June 12 *** A STEALTHY ROUTE TO DC STATEHOOD By GEORGE F. WILL ***CIG TAX TO INSURE KID HEALTH *** Senate Agrees to Dilute ‘Buy America’ Provisions *** Despite Prestige, Senate’s Allure Seems to Fade *** Palin gets cold shoulder over budget cuts *** Labor steps up pressure for union bill.

National Papers Auto execs could face pay cut with new rules - Detroit Free Press *** 400 teachers face ax in Boston - Boston Herald *** Sputtering economy changes the rules for candidates - costs going down - Miami Herald *** So many urgent projects await a budget solution - LA Times *** Council gives green light to electric vehicles - Chicago Sun-Times *** Pelosi in spotlight during battle over stimulus -San Francisco Chronicle *** 2 Ga. banks say pay cap won't affect them - Atlanta Journal Constitution.


International UK BROWN SEES DOOM: World heading for 'a depression'... *** Russia to Expand Support for Banks *** What Obama Could Learn from Germany - Gabor Steingart, Der Spiegel.


Media Mess More sort-of good news: Apparently the rough economy has actually helped television evening newscasts. So maybe someone will still have jobs to offer. [Yahoo] *** Layoffs at Bloomberg. [NYP] ***Twitter goes to Washington! Journalists are now Twittering from the White House briefing room. So if you’ve always wondered who generally wins briefing-room musical chairs, now you can find out. Journalism at its best! [Politico] *** Evening News Ratings Up... NBC Sees Biggest Audience In 3 Years... CBS Averages Best Week In Two Years... ABC Sees Best Week In A Year... Economy, Obama Credited... *** Video: NY Times Weekender Parody *** How to Save Your Newspaper - Walter Isaacson, Time.