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No One Would Listen: A True Financial Thriller (view source)
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In focusing on the minutiae of the Madoff investigation — and you can’t really blame Harry Markopolos for doing that; it’s what he knows — Markopolos doesn’t ask that question: what ''is'' it, structurally, systemically, even ''sociologically'' about our financial system that can allow these “anomalies” to persist? That they can recur suggests that the [[paradigm]] in crisis; that something about our assumptions and parameters; about [[Risk taxonomy|the way we collectively look at the financial risk]], is fundamentally misconceived. | In focusing on the minutiae of the Madoff investigation — and you can’t really blame Harry Markopolos for doing that; it’s what he knows — Markopolos doesn’t ask that question: what ''is'' it, structurally, systemically, even ''sociologically'' about our financial system that can allow these “anomalies” to persist? That they can recur suggests that the [[paradigm]] in crisis; that something about our assumptions and parameters; about [[Risk taxonomy|the way we collectively look at the financial risk]], is fundamentally misconceived. | ||
The book that identifies that error is yet to be written.<ref>Actually, it turns out it ''has'' been written, just no-one pays it any attention. It is {{author|Charles Perrow}}’s {{br|Normal Accidents}}, and he wrote it in 1984.</ref> This one simply enlightens and entertains. {{author|Harry Markopolos}} is particularly scathing of the [[SEC]]. Its astoundingly poorly judged appearance before Congress, [https://www.youtube.com/watch?v= | The book that identifies that error is yet to be written.<ref>Actually, it turns out it ''has'' been written, just no-one pays it any attention. It is {{author|Charles Perrow}}’s {{br|Normal Accidents}}, and he wrote it in 1984.</ref> This one simply enlightens and entertains. {{author|Harry Markopolos}} is particularly scathing of the [[SEC]]. Its astoundingly poorly-judged appearance before Congress, [https://www.youtube.com/watch?v=8PlLCKW4zuY in which its general counsel attempted to plead executive immunity] essentially because he didn’t want to admit exactly how transparently incompetent his organisation had been — must be seen to be believed. Representative Gary Ackerman earns an honorary Hero of the Jolly Contrarian, Second Class (Markopolos himself gets the First Class award) for his eviscerating cross-examination of the hapless SEC Officials, which is a joy to behold. | ||
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