Harry Markopolos rips the SEC

This is his opening statement when he testified before the House Financial Services Subcommittee. Give’em hell Harry.

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He did. But the ugly truth is this behavior is not just systemic to the SEC but to most ALL government regulators. The MMS and the BP oil well being the most recent.

In his book, “No One Would Listen“, he tells how he postponed his testimony until after the Obama administration was in charge. Well, he is from Boston, a blue city in a very blue state. And he didn’t come out and blame Bush. It is possible that it was a strategy to get more response from the executive and legislative branches.

Some of his recommendations were incorporated into the reform bill. Specifically, a whistleblower provision that pays them a portion of any fines or fund collected.

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