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That is remarkable enough a story, and Mr. Markopolos deserves your money to tell his story for that service alone. | That is remarkable enough a story, and Mr. Markopolos deserves your money to tell his story for that service alone. | ||
While we might shake our heads in wonder, we also might harbour some suspicions: Markopolos was from an unfashionable firm based in unfashionable Boston under the jurisdiction of the unfashionable Boston branch of the [[SEC]] | While we might shake our heads in wonder, we also might harbour some suspicions: Markopolos was an unfashionable chap from an unfashionable firm based in unfashionable Boston under the jurisdiction of the unfashionable Boston branch of the [[SEC]]: none of this can have helped his credibility. But neither that, nor the fact that the [[SEC]] was under-staffed, under-skilled or over-populated with financially illiterate lawyers, comes ''close'' to explaining why Markopolos’ warnings were systematically ignored. If you read Markopolos’ submission to the SEC from 2005 — see the footnotes below — you will see that one didn’t need to be an expert on option split-strike conversion strategies to realise something must have been dreadfully wrong with Madoff’s operation. | ||
Yet while these shortcomings are not good answers, they are the best Markopolos can offer (or be expected to). For all his studied outrage (if ever there were a dictionary definition of “studied outrage” this is it) throughout this entertaining and readable book, Markopolos is happy to accept that this is just a case of good, old-fashioned, incompetence. The system itself is O.K.; it’s just that significant parts of it (such as the [[SEC]]) happened to be asleep at the switch. Hire a few more analysts, fire a few lawyers, and all will be well. | Yet while these shortcomings are not good answers, they are the best Markopolos can offer (or be expected to). For all his studied outrage (if ever there were a dictionary definition of “studied outrage” this is it) throughout this entertaining and readable book, Markopolos is happy to accept that this is just a case of good, old-fashioned, incompetence. The system itself is O.K.; it’s just that significant parts of it (such as the [[SEC]]) happened to be asleep at the switch. Hire a few more analysts, fire a few lawyers, and all will be well. |