60 Minutes - June 14, 2009

60 Minutes - June 14, 2009
Harry Markopolos on Harry Madoff
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Kroft: how many times did you
alert the SEC about Madoff

Markopolos: eleventy times

Kroft: what happened

Markopolos: they gave him an award

Kroft: how long did it take you to figure
out he was a fraud

Markopolos: five minutes

Kroft: why so long?

Markopolos: i used a slide rule

Kroft: maybe he was just naturally good

Markopolos: yeah just like Sammy Sosa

Kroft: you wanted a whistleblower award

Markopolos: i discovered this in 2001 and
by 2005 - i was waving semaphores in front
of SEC headquarters

Kroft: what happened

Markopolos: they said Ayn Rand told
them to leave Bernie alone

Kroft: who knew he was cheating?

Markopolos: oh everyone knew

Kroft: really?

Markopolos: oh yeah in the men's bathroom
at Goldman Sachs it said "Bernie Madoff
is a Big Cheat"

Markopolos: the SEC investigated
Madoff for a whole year

Kroft: what happened?

Markopolos: they found out he wore
brown shoes with a blue suit

Kroft: bastards!

Madoff: it's impossible to cheat
with the SEC watching you

SEC: Zzzzzzzzzzzzzzzzzzzzzzzz

Kroft: what's wrong with the SEC

Markopolos: it's full of lawyers

SEC Lawyer:
[ removes shoes and socks, counts to 20 ]

Markopolos: it was a big 'affinity scam'

Kroft: so who would you scam for example

Markopolos: the Greeks

Kroft: but you didn't

Markopolos: oh no those fuckers will kill you

Kroft: so who are the biggest suckers in America?

Markopolos: people in Greenwich Connecticut

Kroft: what do the brilliant
feeder funds guys do?

Markopolos: they research and vouch for funds

Kroft: how did that work out

Boies: they gave all their client's money to Bernie Madoff and it vanished

Kroft: but they lost too

Markopolos: yes they were forced sell their homes and move to luxury homes in the Caribbean

Kroft: oh noe

Kroft: well at least the SEC finally
caught Bernie and stopped him

Markopolos: no he turned himself in

Kroft: that's odd

Markopolos: no that's how the SEC works - they like to wait until evildoers show up on their doorstep

Kroft: so it's like Bush and Bin Laden

Markopolos: right
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Posted by Culture of Truth