Harry Markopolos (the whisleblower who relentlessly went after Bernie Madoff) is my kind of hero. And now finally, we will be able to view a new upcoming film that tells the entire story of how one man would not give up the fight to bring down one of Wall Street's most notorious criminals.
I began following this amazing story many years ago, when I saw Harry Markopolos give his testimony before Congress. This story is simple staggering and unbelievable. For nine long years Markopolos wrote to the SEC (who ignored him), proving beyond a shadow of a doubt that Bernie Madoff was running a huge Ponzi scheme.
Markopolos feared for his own life, and for his families life because the all powerful hands of our fully corrupt government made it clear, that they were not interested in the truth. More down below:
The upcoming film is described thus by the Director:
Chasing Madoff is a non-fiction narrative film that reveals the shocking true story of Harry Markopolos, securities analyst turned vigilante investigator, and his team in their hunt to bring a covert network of financial predators to justice. Markopolos risked everything for the truth only to be ignored for nearly a decade. Facing incalculable personal risk and fighting against seemingly insurmountable obstacles, this is the classic story of the lone man who stood up for what he believed in. As the team describes their harrowing journey, the story reveals the banksters that continue to feed on the public, the lack of government oversight, and the lack of ethics in the financial services industry.
I was stunned when I found out about this story, and the ramifications that only proved to me over and over again, as to what I would call 'the tip of the iceberg,' as to the massive Fraud and continued cover-up in our key financial markets.
The investment manager turned financial investigator, whose tireless research uncovered the Bernie Madoff ponzi scheme, the biggest such scheme in American history, insists that he was ignored by the SEC and other government officials for years despite his massive catalog of evidence.
A suburban Boston man who began researching Madoff's incredible profits after receiving an assignment from his boss, he railed against the government in SEC hearings following Madoff's $50 billion collapse in 2008, saying the agency's employees "proved to be a systemic disappointment, and lead me to conclude that the S.E.C. securities lawyers, if only through their investigative ineptitude and financial illiteracy, colluded to maintain large frauds such as the one to which Madoff later confessed."Markopolos even submitted an official report to the SEC in 2005, titled, quite bluntly, "The World's Largest Hedge Fund Is A Fraud."
http://www.huffingtonpost.com/...
As to the 'tip of the iceberg,' let's take a good look at the other 'big fish' that got away with blatant FRAUD and big, big bucks (on your dime Americans) who knowingly destroyed our national economy:
Angelo Mozilo, the former head of Countrywide Financial, isn't going to jail. In fact, he won't even face a trial in which there's a chance of going to jail -- nor will he experience the stress of being charged.
Countrywide's vast numbers of fraudulent mortgages -- which were created to feed a securitization machine, not to secure repayment of properly underwritten loans -- may still doom Bank of America (BAC), which purchased Countrywide in 2008. Countrywide was such a bad actor it was sued by 11 attorneys general, leading to an $8.7 billion predatory lending settlement.
Sufficient evidence of Mozilo's knowledge of -- indeed, his direction of -- Countrywide's bad deeds existed for him to accept a record $67 million settlement with the Securities and Exchange Commission. As large as that was, from the point of view of anyone looking for justice, the deal was entirely unsatisfactory. First, because Bank of America picked up most of the tab. Second, because even if Mozilo had paid the full amount, it would only have been about half of the $132 million he took home in 2007.
http://www.dailyfinance.com/...
Robert Rubin received a total of more than $126 million in cash and stock compensation over a ten year period at Citigroup (C) for serving as a board member and as a “strategic advisor” to senior management.
http://seekingalpha.com/...
Pin AIG woes on Brooklyn boy: Joseph Cassano walked away with $315 million while company staggered
In our fury over the bonuses at AIG, we should not forget the PIGs there who pocketed millions while endangering the global economy.
At the top of the list is 54-year-old Joseph Cassano, a Brooklyn cop's kid made good who went oh so bad. As head of the Financial Products unit, Cassano racked up billions of losses while assuring investors it was nearly impossible for his unit to lose.
http://articles.nydailynews.com/...
Richard Fuld of AIG:
Before Lloyd Blankfein of Goldman Sachs (GS) took his place, Richard S. Fuld Jr.'s face was the universal symbol of Wall Street greed. On Oct. 6, 2008, three weeks after Lehman Brothers filed the largest bankruptcy in U.S. history, Lehman's former CEO found himself before Representative Henry A. Waxman, the California Democrat who chaired the House Committee on Oversight and Government Reform. Waxman has stared down plenty of CEOs over the years, yet this had to be one of the most intense confrontations of his career.
"Mr. Fuld will do fine," Waxman said. "He can walk away from Lehman a wealthy man who earned over $500 million. But taxpayers are left with a $700 billion bill to rescue Wall Street and an economy in crisis."
Fuld said he was a victim, not an architect, of the collapse, blaming a "crisis of confidence" in the markets for dooming his firm. Reckless management had nothing to do with it. "Lehman Brothers," he said, "was a casualty."
http://www.businessweek.com/...
I won't even go into Goldman Sachs or Jamie Dimon. What's the point? For a full article on what I call the Greedy Bastards Hall of Shame: Read this article:
The 25 People to Blame for the the Financial Crisis:
http://www.time.com/...
The horrifying truth is that approximately 95 percent of these same crooks, liars and thieves (some of which got a slap on the wrist) are walking around free today with millions of (OUR) dollars stuffed into their pockets, while AG Eric Holder looked the other way as did our entire corrupt government.
If there is one amazing statement or quote that reminds me day in and day out (like an ice cold bucket of water waking you up out of a deep sleep) is this this great, great quote from Matt Taibbi:
"Everything's fucked up, and nobody goes to jail," he said. "That's your whole story right there. Hell, you don't even have to write the rest of it. Just write that."
http://www.rollingstone.com/...
I suppose that is why I felt compelled to let you know about this new upcoming film (Chasing Madoff) on Harry Markopolos. It is in fact, people like Mr. Markopolos that help me to keep my faith in our nation, that there are still hard working, diligent Americans out there willing to put everything on the line, because as Mr. Markopolos says in the above trailer and video:
'You have to stand for something and you have to be willing to fight for it.'
Harry Markopolos
And later on today I watched as Senator Bernie Sanders was being interviewed on the MSM: He was very clear, and he implored President Obama to 'Stand Tall' and not to allow the Rethugs to hold the Middle Class/poor/children/elderly hostage any longer so that Medicare and Social Security would be off the table (as they should be).
And that is exactly what Harry Markopolos was talking about:
Mr. President, you have to stand for something, and you have to be willing to fight for it.
That Americans have already paid, and paid and paid again and again as 95 percent of these Wall St. crooks have gone free with billions of our dollars in their pockets is disgusting enough.
I will keep you up to date in the near future, as to when this new film is coming out, and I hope you will take the time to view it and to tell others about a great, great American who still had the guts for almost a decade of his life to go after at least one of these crooks. This new film to me, is yet another great eye opener, as was 'Inside Job,' by Charles Ferguson and I have a feeling that this film will inspire all of us to know that there are still strong and amazing Americans that are still out there, just doing the 'right thing,' because they believe in our nation.
Thanks as always.
Ms. B.