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Media On Trial: Did the Media Fail us with reporting Madoff? Part 6

By Steve Lombardi

Today we continue to analyse and ask why the media missed this softball and how over a ten year period there were no questions being asked in the print and electronic media.

The questions I have about media coverage begins with why weren't the doubts about Madoff's investment scheme aired in the news until after he admitted his investment group was nothing more than a Ponzi scheme? It isn't as if there weren't people and evidence to support a news story. So why wasn't it deemed news worthy?

Look today at Harry Markopolos' testimony; this guy wasn't hiding from the media, yet he received no attention; why not?

February 4, 2009 – Harry Markopolos testified before the House Financial subcommittee that his warnings as early as 2000 and on four subsequent occasions to the Securities and Exchange Commission about Bernie Madoff's fraud went unheeded, despite his having given them evidence. They could have confirmed as easily as asking Madoff for trade certificates to prove that he was actually making the trades he was representing to his clients - and discovering that he didn't have any. Markopolos said of the SEC investigators, "If you took a busload of them up to Fenway Park - they couldn't find first base."

Rep Gary Ackerman got only a stonewall from the SEC reps after Markopolos testified.

http://www.youtube.com/watch?v=YbeNO_H4GEg

February 22, 2009 - Brian Ross ABC News: Bernie Madoff Investigation part 1

Bernie Madoff is on the web and commiting a bigger Ponzi!. Also Bernies scheme is way organized. 2nd of all Bernie got the Bailout money and will get away with it. 3rd of all where are all the Scambaiters at? All the 419 scambaiters seems to blame China, Philippines and Nigeria for ponzi schemes but not Wall Street? Eliot Spitzer and the SEC should have been the wall street scambaiters who stopped Madoff

http://www.youtube.com/watch?v=QLXmmnM0-to

February 22, 2009 - Brian Ross ABC News: Bernie Madoff Investigation part 2

http://www.youtube.com/watch?v=LyYpRhqRrZM

What is wrong with us that this all escaped our media's attention? Are there conflicts of interest that impede the reporting of news? Or is it the litigation climate? Or have news reporters become complacent, scared or just looking for the hairspray desk job? Whatever conclusions we may suspect one thing is certain, there is a problem.

Originally posted at InjuryBoard by Steve Lombardi

Full post as published by Des Moines Personal Injury Lawyer on April 29, 2009 (boomark / email).