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: The Buck Stops Here

Lone Letter-Writers and the SEC

By Stuart Buck, Esq.

A long and interesting article by Michael Lewis and David Einhorn making a good case that the SEC has suffered from regulatory capture. One thing in particular jumped out at me, because it resembled an earlier NY Times story on a 2004 SEC rule change: To that end consider the strange story of Harry Markopolos. Mr. Markopolos is the former investment officer with Rampart Investment Management in Boston who, for nine years, tried to explain to the Securities and Exchange Commission that Bernard L. Madoff couldn?t be anything other than a fraud. Mr. Madoff?s investment performance, given his stated strategy, was not merely improbable but mathematically impossible. And so, Mr. Markopolos reasoned, Bernard Madoff must be doing something other than what he said he was doing...continue to full post

Full post as published by The Buck Stops Here on January 04, 2009 (boomark / email).