I think the Executioner has a few heads at SEC on his schedule...

"Scenario # 2 (Highly likely) Madoff Securities is the world's largest Ponzi Scheme*" -- Harry Markopolos, 2005-nov-07

On another note, I read a good article yesterday saying the US should first care for their own dirty laundry instead of "bringing freedom and democracy" to the rest of the world. I must say the existence of the Madoff fraud is another extraordinary slap in the face of the whole US system. A few years ago, the CIA did nothing with urgent warning signs coming from european intelligence services. Result was 9/11. The Federal Adminitration did nothing with warnings about New Orleans' levees. Result was Katrina. SEC did nothing with Markopolos' warning signs. Result is 50B$ vanished. And apparently, Markopolos started warning about Madoff ten years ago... Are all US governmental organizations so incompetent?

European readers, another excerpt of this document is a must-read for you:

"During a 2002 marketing trip to Europe every hedge fund FOF I met with in Paris and geneva had investments with BM."


"The French and Swiss Private Banks are the largest investors in Bernie Madoff"