Madoff update: Markopolos tells SEC white collar criminals worse than the mob

February 4, 5:17 PMSF Financial Fraud ExaminerPaul Springer

Previous Next

1 comment Print Email RSS Subscribe

Subscribe

Get alerts when there is a new article from the SF Financial Fraud Examiner. Read Examiner.com's terms of use.

Email Address   Include other special offers from Examiner.com Terms of Use

Harry Markopolos, the Madoff whistle blower ignored by the Securities and Exchange Commission for a decade, gave Capitol Hill a good piece of his mind the other day on what he calls the Commission's "financial illiteracy."

In the video above, he explains how he offered his services to the SEC in a plan to go undercover and infiltrate the Madoff operations.

The full text of his remarks is available from the Wall Street Journal.

Noteworthy overview:

Government has coddled, accepted, and ignored white collar crime for too long.

It is time the nation woke up and realized that it's not the armed robbers or drug dealers who cause the most economic harm, it's the white collar criminals living in the most expensive homes who have the most impressive resumes who harm us the most.

They steal our pensions, bankrupt our companies, and destroy thousands of jobs, ruining countless lives. 

Indeed, some of those billions poured into the Quixotic War on Drugs might be more advantageously deployed in the War on Ignorance.