Quote:
Originally Posted by Fulcrum525
I didn't watch the video but I just read the article and this passage certainly stands out....
" "What I found out from my dealings with the SEC over eight and a half years is that their people are totally untrained in finance; they're unschooled; they're un-credentialed. Most of them are just merely lawyers without any financial industry experience," Markopolos said.
"Well, if the people there aren't trained in securities work, what are they trained in?" Kroft asked.
"How to look at pieces of paper that the securities laws require. They can check every piece of paper perfectly and find misdemeanors, and they'll miss all the financial felonies that are occurring because they never look there," Markopolos replied. "Even when pointed to fraud, they're incapable of finding fraud."
No one at the SEC would talk to 60 Minutes on the record about Markopolos' allegations. "
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Gee. An untrained lawyer. Whuda thunk it!
Seriously, you always have to step back from the trees (the paper shuffling) and look at the forest.
My forest: The fact that this guy rarely showed down years and consistently posted 12% returns year in and year out. Consistently beating EVERYONE. In other words, he's the best in the world.
That and the fact that his auditor was the only practicing accountant in a three person audit firm (including the secretary) located in a suburban shopping mall.
Red flags all over that one.
Nobody did their own due dilligence. Not investors, not his "auditor" and not the regulators. Lots of blame to go around.
Bernie was "ZZZZ BEST".......for a while. ...and nobody was watching.
http://www.youtube.com/watch?v=JydqCyFsmS8
http://www.youtube.com/watch?v=UXrZEVKTUrI&feature=related