« California as Iraq, But Without the Exit Date | Main | Morning Reading: Oppenheimer, Leveraged ETFs, Panic of '08, etc. »
Latest Stories
- Palm Pre, Plus Roger and Me
- You Say “Recession”, I Say “Recovery”, etc.
- Quote du Jour: Marc Rich
- South Korea Arrests Barry Ritholtz
- Afternoon Reading 01/08/09
December 18, 2008
Some Madoff Must-Reading
Tonight's WSJ contains some Bernie Madoff must-reading. The story of the decade-long quest on the part of Harry Markopolos to take Madoff down is simultaneously depressing -- he had the case increasingly cold for years, and the SEC completed f**ked it up -- and uplifting -- he was indefatigable, honest and empirical in making his case.
Read the whole thing.
Mr. Markopolos argued his case: A key part of Mr. Madoff's strategy relied on buying and selling options on the Standard & Poor's 100-stock index. But Mr. Markopolos said his research showed there weren't enough S&P-100 options in existence at the time to support Mr. Madoff's stated strategy, given all the money he seemed to be managing. So something else must be going on.
And then read his entire 2005 letter to the SEC on the matter. Here is an excerpt from the intro
Sphere It
| 
Digg it
| 
Bookmark it
| 
Stumble it
| 
Facebook it
