Is anyone more qualified that Harry Markopolos to head up the SEC?
Harry Markopolos, a former investment manager who tried to warn U.S. regulators about Bernard Madoff, joined lawmakers in blasting the Securities and Exchange Commission but said he was forwarding more tips to the agency.
Markopolos told a congressional hearing on Wednesday that SEC staff were neither willing nor able to uncover Madoff, arrested in December and charged with a record-shattering $50-billion fraud.
Calling SEC staff “too slow, too young and too undereducated,” Markopolos said the regulator was hindered by lawyers, did not understand red flags, could not do the math and was captive to the financial industry.
“They looked at the size of Madoff and and said he’s a big firm and we don’t attack big firms,” said Markopolos, who became aware of Madoff when the firm he worked for tried to pursue the same kind of strategy Madoff did but never got the same steady, strong returns.
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