Schmuck-o-Meter Reading: 456 SPs

For a few weeks we’ve been linking to tidbits about Harry Markopolos, the Whistle-Blower That Wasn’t. Markopolos tried to out Madoff to the SEC years before Madoff confessed, but the SEC ignored Markopolos’ please. Well, today was Mr. Markopolos’ day for revenge. Markopolos went to Capitol Hill and ripped into the SEC, saying that the agency is far too understaffed to deal with financial scandal. Others have covered it far better and quicker than Madoff Files could, so we’ll let them do most of the talking since financial regulation isn’t this blog’s specialty. But some tidbits of interest: Markopolos is going to tip the SEC off to another Ponzi schemer tomorrow. This one has supposedly swindled $1 billion. That’s good news for Madoff, who gets company in the Ponzi pond (-5 SPs) . Markopolos was so terrified of Madoff and/or his associates that he went to great lengths to remain anonymous while tipping off the Feds (+10 SPs) . He refused to give the SEC his name and even wore ... (link)