Cspan3 & CNBC - Whistleblower Harry Markopolos testifies

[DemReadingDU]

Here's a link to watch
http://www.c-span.org/Watch/C-SPAN3_wm.aspx


edit

House Committee
Financial Market Investigations into Madoff Allegations
Financial Services, Capital Markets, Insurance, and Government Sponsored Enterprises
Washington, District of Columbia (United States)
ID: 283836 - 02/04/2009 - 4:21 - ns


Kanjorski, Paul E. U.S. Representative, D, Pennsylvania
Markopolos, Harry Financial Analyst

A hearing was held on the $50 billion investment scam allegedly engineered by Bernard L. Madoff that was the subject of multiple investigations. The hearing titled "Assessing the Madoff Ponzi Scheme and Regulatory Failures" focused on possible regulatory failures that allowed it to occur and the need to rewrite the laws governing the U.S. financial markets. Witnesses included an independent financial fraud investigator and a panel of Securities and Exchange Commission (SEC) officials.

http://inside.c-spanarchives.org:8080/cspan/cspan.csp?command=dprogram&record=202434195

[lamp_shade]

1. HOLY COW. I'm watching now. Caught the last 10 minutes of his

testimony and he's "on fire".

[DemReadingDU]

2. Yes, This Markopoulos is very good!

thanks for all the recs!

[lamp_shade]

5. "I'm bringing one in tomorrow. I hope they'll listen to me". He's freaking brutal.

Response: "Oh, they will!!"

[LiberalHeart]

9. And all across America fraudsters are quaking, wondering if they're the one.

[lamp_shade]

10. He needs to stay away from small aircraft and speeding cars.

[LiberalHeart]

3. msnbc.com has it streamed live, too....

I don't get C-Span3, so the live feed is a blessing. This guy is wonderful. I wonder what his two-year personal thing is that would keep him from working in government. We need him NOW.

[DemReadingDU]

4. CNBC is also showing this. n/t

[DemReadingDU]

6. At the beginning, Markopolos feared for his life

I hope to see a replay of Markopolos's opening statement. I had missed that.

[lamp_shade]

7. He even offered to go undercover, in disguise...

[LiberalHeart]

8. The detail about delivering the envelope to Spitzer was like a movie script...gloves, no fingerprint

[burythehatchet]

15. I wonder if the NSA spying was used on Spitzer at just the opportune moment..

[DemReadingDU]

17. I bet so

I think the NSA was used to spy on many people, totally unaware.

[defendandprotect]

76. I didn't hear that yet ...can you elaborate????

[LiberalHeart]

84. When he got no response from the SEC, the whistleblower put his investigative report....

...in an envelope that was a copy of the original, made while he wore gloves. Then he hand delivered, with gloves on, a copy to a place where Spitzer was appearing asking that it be given to him. He didn't see Spitzer actually receive it; doesn't know if he did. But he kept his fingerprints off it because he was so worried about his safety, his family's safety, and the safety of his co-investigators. He said Madoff was already facing life in prison for his crimes, so he had nothing to lose by eliminating his accuser.

[defendandprotect]

97. Spitzer ...

I was watching him for years, hopeful he'd be heading DOJ one day and more--!!

[DemReadingDU]

11. need 1 more rec please!

[LiberalHeart]

12. Done!

[DemReadingDU]

13. Thanks!

much appreciated!

[burythehatchet]

14. This is truly mind blowing

Chris Cox is still not behind bars.

[burythehatchet]

16. Harry Markopolus just became my new hero

[burythehatchet]

18. "Modern day Greek Hero". One of the good guys

[ThomWV]

19. I am listening to the live feed right now. If this guy is telling the truth its just too much

I realize that this guy is a zelot, but he sure seems credible to me and he seems to be able to back up everything he is saying.

[DemReadingDU]

20. If the SEC doesn't reform itself, it should be disbanded.

wow!
out of 3500 in the SEC, only 2 supported Markopolos. Did I hear that right?

[loudsue]

21. I came late to this party. I hope this is on You Tube when it's over

so the rest of us can see what you guys are talking about!!

K & R for those who are able to watch.

:kick:

[DemReadingDU]

23. hoping for a replay on Cspan too

I missed the opening statement, actually the 1st half hour.

[lamp_shade]

28. Same here. I'm willing to watch the WHOLE THING over again.

[burythehatchet]

34. Usually an explsive hearing like this is replayed on CSPAN in the evening.

[LiberalHeart]

24. You can watch it right now....

got to msnbc.com and click on the live stream link.

[DemReadingDU]

30. just switched to MSNBC.com

that cspan link kept cutting out

edit: cspan gives the name of the person talking, can't tell who is speaking on msnbc

[ThomWV]

26. It should be reshown either tonight or this coming weekend.

[lamp_shade]

22. ZERO enforcement in the last 8 years.

[DemReadingDU]

27. I heard that

:wow:

[lamp_shade]

25. Madoff is under "Penthouse Arrest"

[Ichingcarpenter]

29. He's under Penthouse Arrest with Security guards paid for by

his crimes

[Ichingcarpenter]

31. Has there been any Republicans asking questions?

I haven't seen any yet

[LiberalHeart]

32. I've been waiting for a GOPer to defend the SEC.

[Ichingcarpenter]

33. So there has been Zero so Far?

It figures though.

[LiberalHeart]

35. I don't know .... I don't know the parties of many who've spoken.

[burythehatchet]

37. Usually they send one or two to insult the witness, but this guy is unimpeachable

He is frickin amazing. He should be head of the SEC

[Ichingcarpenter]

39. So far I haven't seen one Repug speak yet

but tuned in after it started.

[DemReadingDU]

95. Rep Bachus from Alabama is asking questions to the SEC

[lamp_shade]

36. Yes... several. However, unless I missed something, NOBODY is defending the SEC.

[Postman]

38. Will this re-air?

I missed most of it....

[DemReadingDU]

40. check the cspan schedule for a replay. here's the link

http://inside.c-spanarchives.org:8080/cspan/schedule.csp

I want to see it again

edit: nothing so far, but check again later.

[LiberalHeart]

41. Here's info on the Ms. Cheung he's mentioning over & over so disparagingly....

http://www.huffingtonpost.com/2009/01/07/meaghan-cheung-secs-madof_n_155827.html

[Ichingcarpenter]

42. He tells the Russian Mob he's the good guy here

Don't do a hit on me I protected you against fraud


That was funny.

[Postman]

43. Russian Mob and Latin American Drug Cartels........

Can't possibly be any corrupt American crooks (other than Madoff) involved with this.....

Do you think any high level American politicians of both stripes were involved with this Madoff Scheme?

[lamp_shade]

44. SEC reps on next panel. I know what I'm doing all day today.

[LiberalHeart]

52. Me, too ... I wish I could get it on TV because I want to get out of this recliner & my laptop.

[DemReadingDU]

55. probably politicians were involved with Madoff

Seems like a lot of people with lots of money knew Madoff

Here's an older list
http://clusterstock.alleyinsider.com/2008/12/bernie-madoff-hosed-client-list
another article
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5375376.ece

[DemReadingDU]

45. Markopolos: If you flew the entire SEC staff to Fenway park

They would not be able to find 1st base.

Just wow!

[LiberalHeart]

48. Not only does there need to be a movie -- he needs to write it!

[Ichingcarpenter]

46. I hope they let him ask questions to the SEC and that wasn't a lame joke

His questions would be more hard hitting than most congressmen.

[LiberalHeart]

50. I think it was just a joke, but maybe he can pass notes to the panel???

[Ichingcarpenter]

56. I don't see why not he would know the questions to ask them

Its not abnormal.

Linda Thomsen did go after Enron but at the same time
went after Martha Stewart.

[Postman]

47. I say let Madoff loose in Red Square.

[lamp_shade]

49. HERE COMES THE S.E.C. PANEL

:popcorn:

[Ichingcarpenter]

58. SEC Linda Thomsen did go after Enron

but also after Martha Stewart.

[ThomWV]

51. Well, here come the goons

[lamp_shade]

54. and they're going to try to make it "all about Madoff"

I can't wait for the questioning to start. :popcorn:

[LiberalHeart]

53. "Alleged" my ass n/t

I'm surprised they didn't break for lunch.

[LiberalHeart]

57. aw sheeeet, there went the video from msnbc .... damn!

[DemReadingDU]

60. try cspan

http://www.c-span.org/Watch/C-SPAN3_wm.aspx

cspan gives the names of the people talking


we definitely need a replay of this entire testimony later today

[LiberalHeart]

61. Thanks. I'm there now, but have a question ... is there a way to enlarge the video?

[DemReadingDU]

62. right-click on the video. use the zoom option

[LiberalHeart]

63. Oooh cool! Thank you!

[Postman]

59. "Enforcement Director" at the SEC........Wolf, meet Hen House

[Ichingcarpenter]

64. Erik Sirri named new SEC director

Erik Sirri named new SEC director
August 14, 2006

WASHINGTON --Erik R. Sirri, an economist who specializes in the structure of securities markets, has been named the new director of market regulation at the Securities and Exchange Commission, the agency announced Monday.

The appointment by SEC Chairman Christopher Cox fills a high-level position at the agency, head of the division overseeing the nation's stock exchanges, which has been without a permanent director for months.

Sirri, 48, was the SEC's chief economist from 1996 to 1999. He is a finance professor at Babson College and is currently a visiting scholar at Harvard Law School.

Sirri also has been a member of the economic advisory board of the Nasdaq Stock Market and of the board of the Boston Options Exchange, and was a governor of the Boston Stock Exchange.

Before his career in finance and economics, he worked for several years on planetary astronomy missions for NASA and on space surveillance sensors in the aerospace industry.

He will assume the job on Sept. 12.

Sirri has a bachelor's degree in astronomy from the California Institute of Technology, an MBA from the University of California at Irvine and a doctorate in finance from the University of California at Los Angeles.

[Ichingcarpenter]

65. This is not gonna be informative I fear......I'm in awe of their Greenspan speak

A type of language that is gobblely gook.

[LiberalHeart]

66. Wait till the questions start. I think the Greenspan speak will cease then.

[lamp_shade]

69. Popcorn??

:popcorn:

[LiberalHeart]

70. I'm passing out some peanuts at the witness table.

[lamp_shade]

67. Blather, blather, blather. Come on.... let's get to the questions.

[LiberalHeart]

68. This just gives the panel longer to load the big guns.

[marketcrazy1]

71. this guy is blowing the lid off these scams! my HERO!!!!

Markopolois started talking about investors in Europe ... royal families, old money families, neuveau riche ... and how their losses would probably be greater than the those of the US Jewish community, but that those losses would never come out because the money was tax-dodge money hidden in offshore accounts... at which point his lawyer frantically wrote him a note and passed it over, and he stopped talking about it. HMMMM!!!???? Turning in a $1 billion mini-Madoff tomorrow. 10 more Maddof feeder funds 'hiding in the grass' in Europe... JEEESUSSSS!!!!

[Ichingcarpenter]

73. Markopolois was impressive and cspan is repeating his testimony now

no wonder he feared for his life.

The SEC panelist I have my doubts if they will really answer anything.

[DemReadingDU]

72. Replay of Markopolos on cspan3 - starting over now

http://www.c-span.org/Watch/C-SPAN3_wm.aspx


edit for correct link

[defendandprotect]

74. Think you're right.....distraction ---

[lamp_shade]

75. --- lunch break ---

[LiberalHeart]

77. Not yet .... SEC is testifying

[DemReadingDU]

78. back from lunch

sorry, should have posted sooner

[ThomWV]

79. Holy Shit! I don't know who this Congressman is but he's on fire

[libnnc]

80. *munch munch munch*

:popcorn:

this shit is getting pretty good

[DemReadingDU]

81. Congressman Ackerman to Andy Vollmer

We wouldn't be in this mess if you guys did your job!

edit - added Vollmer's name to subject

About Andrew Vollmer -
1/21/09 The Securities and Exchange Commission today announced the appointment of Andrew N. Vollmer as the agency's Acting General Counsel. Mr. Vollmer succeeds Brian Cartwright, who left the agency this week to return to the private sector.
http://www.sec.gov/news/press/2009/2009-9.htm

[snooper2]

82. YES OR NO Question!

:)

[DemReadingDU]

83. How can Vollmer cite Executive Privilege?

:shrug:


edit:
Then Ackerman: I thought Madoff was corrupt(?), I think now it is you Mr. Vollmer

[LiberalHeart]

85. Wow. I had a phone call and missed that.

[DemReadingDU]

86. Linda Thomsen SEC Enforcement Director

We get so many complaints, thousands and thousands, we can't enforce them all

Huh? Isn't that their job!!!

Congresswoman Melissa Bean to Thomsen - How do you determine which ones not to go after? Like Madoff? How did it slip thru the cracks when there were multiple complaints!

[snooper2]

87. Holy Shit

I recused myself because a former employee of mine got married into the Madoff family and I went to the wedding!

[DemReadingDU]

88. As Markopolos said earlier - We need a totally new SEC

those with experience with grey hair or no hair. lol

[lamp_shade]

89. UNBELIEVABLE. Thomsen said the IG is in the process of determining

whether Markopolos is "credible". Holy Shit.

[libnnc]

90. who appoints these goat fuckers?

:nuke:

How can they refuse to answer questions?

[lamp_shade]

91. They need to be subpoenaed (did I spell that right?).

[libnnc]

92. they need their asses kicked six ways from Sunday

I want blood.

:nuke:

[LiberalHeart]

94. It's obvious he just made a lucky guess ten years early.

[ThomWV]

93. This is truly an astounding hearing. If there had been anything remotely like this in the last 8

This is how Government keeps our contry on track - this is how regulators are supposed to be held to account.

[DemReadingDU]

96. Yes it was. Over now.

Thanks to all the participants!

[defendandprotect]

98. How simple truth is ... it's the lies that take so long ...

not to mention cover-ups ...

[loudsue]

99. kickin this one back up

:kick: