Obama's SEC Chief Comes from, "Very Corrupt Organization"
Harry Markopolos, the man who warned the SEC about Bernie Madoff, said the Agency headed by Mary Schapiro before Obama named her head of the SEC was "very corrupt".
Markopolos said he had discovered a dozen additional funds that funneled money to Madoff, "hiding in the weeds" in Europe. Managers of investment "feeder" funds that relayed money to Madoff willfully turned a blind eye to his improprieties because they were paid generous fees, Markopolos said.
While the SEC is incompetent, the securities industry's self-policing organization, the Financial Industry Regulatory Authority, is "very corrupt," Markopolos charged. That organization was headed until December by Schapiro, who has said Madoff carried out the scheme through his investment business and FINRA was empowered to inspect only the brokerage operation
Well, what did they find when they investigated Madoff's brokerage operations? Dozens of news stories have made it clear that the brokerage operations were phony as hell. Even a cursory look would have discovered that. Is Schapiro corrupt or just incompetent?