FAZ going up... especially once this info becomes more public... then again, we knew this all along.
Harry Markopolos: CDS Fraud Will Make Madoff Look "Small-Time"
Lawrence Delevingne|Aug. 12, 2009, 2:01 PM|comment38
Harry Markopolos MadoffMemo to regulators: be forewarned about frauds in the credit-default swap market. They'll make Bernie Madoff's $65 billion fraud "look like small-time."
That's what Harry Markopolos -- Madoff's whistleblower ignored by federal investigators -- is saying, anyway.
New York Post: [Markopolos] says there are evildoers out there who will make the Ponzi scum "look like small-time." Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. "To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor's house and then burning down the house," he said.
It's not clear if there are frauds that he knows of, specifically, that he's not disclosing publicly, or if it's just his how the market works -- in which case, he's basically just parroting what a lot of people who hate "naked" CDS have been saying. Either way, we suggest Mary Schapiro or the CFTC pay him a call and get a clarification.
Fascism is Socialism that looks like Capitalism.
