Harry Markopolos: CDS Fraud Will Make Madoff Look “Small-Time”

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Memo to regulators: be forewarned about frauds in the credit-default swap market. They’ll make Bernie Madoff’s $65 billion fraud “look like small-time.”

That’s what Harry Markopolos — Madoff’s whistleblower ignored by federal investigators — is saying anyway.

New York Post: [Markopolos] 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.

It’s not clear if there are frauds that he knows of, specifically, that he’s not disclosing publicly, or if it’s just his how the market works — in which case, he’s basically just parroting what a lot of people who hate “naked” CDS have been saying. Either way, we suggest Mary Schapiro or the CFTC pay him a call and get a clarification.


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2 thoughts on “Harry Markopolos: CDS Fraud Will Make Madoff Look “Small-Time””

  1. The only way to make the CDS market and Enegy market ‘worthwhile’ is – in fact – through massive conspiratorial fraud, insider trading & price-fixing. Just ‘connect the dots’ in each market and you have a totally ocrrupt, manipulated Ponzi Scam.

    Price, quality, quantity mean nothing in either market. What does mean everything is blatant manipulative illegality and dishonest conspiracy.

    Unortunately, those in and wanting to be in both markets have no integrity, ethis or morality. But they get off scott free because neither market has any kind of SEC-style oversight and ontrol – with heavy penalties!

    More pointedly, the WEALTHY Old Whiteboys run both markets an have BOUGHT the would-be ‘regulators’ and the Congress thar would write an impose he appropriate regulations.

    You see, Politicians see their road to WEALTH and repeated election to be wrapped up in weak meanless laws hat benefit their prime contibutors (the
    FIRE BOYS!). WHY DO YOU FOLKS THINK THE GOLDMAN SACHS THIEVES, LIARS & CHEATS are still running America after they LOOTED, ROBBED & PILLAGED
    the World Finncial System?!

    You make more money letting the THUGS run free than by NAILING THEM!

  2. mary shapiro sounds like a jew to me, what makes you think she
    is going to do anything against her people???? all these scams are run by the zionst jews and the money that can’t be found is sitting in banks in jerusalem and switzerland.

    when are the people of this country going to wake up and start looking at the real evidence? connect the dots, trace the connections, and wake up to the fact that this is a global game!!!
    stop thinking local and start thinking global thats what the corperations want isn’t it? a global economy? well so is the corruption and the zionst jews are behind most of it!!!!

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