LolliaBlack
New member
What are your thoughts on this quote about the Financial Industry?
"People in glass houses don't throw stones. Self-regulation in Wall Street doesn't work" - Harry Markopolos (Madoff whistleblower) when asked why didn't leading banks on Wall Street that knew Madoff was a crook report him to the SEC - instead, they simply chose not to do business with him.
I kind of agree, Mad Max. I heard this quote on the interview he did last year on 60 minutes and that was the only statement he made that stuck. He's a numbers guy, though, just not a quant. He also acted in self-interest... Reporting insider trading comes with a large reward. He never got that, of course.
And well, according to Markopolos, lots of people suspected Madoff's scam.
http://www.youtube.com/watch?v=s68FR1MXT8Q&feature=fvsr
A nobody, do you work on "the street"?
Markopolos makes the same point about the SEC being mostly unqualified (or paid off?). However, self-regulation doesn't always work, hence Enron, Worldcom, et al. Insider trading runs rampant on Wall Street, too. There are certainly not enough whistleblowers.
"The market is broken."
"People in glass houses don't throw stones. Self-regulation in Wall Street doesn't work" - Harry Markopolos (Madoff whistleblower) when asked why didn't leading banks on Wall Street that knew Madoff was a crook report him to the SEC - instead, they simply chose not to do business with him.
I kind of agree, Mad Max. I heard this quote on the interview he did last year on 60 minutes and that was the only statement he made that stuck. He's a numbers guy, though, just not a quant. He also acted in self-interest... Reporting insider trading comes with a large reward. He never got that, of course.
And well, according to Markopolos, lots of people suspected Madoff's scam.
http://www.youtube.com/watch?v=s68FR1MXT8Q&feature=fvsr
A nobody, do you work on "the street"?
Markopolos makes the same point about the SEC being mostly unqualified (or paid off?). However, self-regulation doesn't always work, hence Enron, Worldcom, et al. Insider trading runs rampant on Wall Street, too. There are certainly not enough whistleblowers.
"The market is broken."