HARRY Markopolos — the whistleblower on Bernie Madoff who proved to be much smarter than the SEC — says there are evildoers out there who will make the Ponzi scum “look like small-time.” Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. “To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor’s house and then burning down the house,” he said.
Somewhat stating the obvious init? But anyways you have to love corporate media, yes he was ‘smarter’ than the SEC, not in any way were the SEC colluding in the scams, God forbid! And the approved hatred of Madoff (‘scum’) is always interesting, hoping the vehemence for an exposed scapegoat will deter further scrutiny of the casino. Even though they know the whole barrel is rotten they dream of the booming good life of denial, where only a few bad apples were the exception that proved the rule, of capital.