AUGUST 18, 2019
shocking is often unbelievable until it’s believed. Does an historic track record of truth matter? Not really. It’s more fun to simply scoff and knife the messenger. There’s plenty of time to back up and act as if you were professional from the start. No apologies for a failure to investigate prior to spiting will be forthcoming. That’s how arrogance works.
Harry Markopolos has a track record. Have you heard? Nonetheless Markopolos was attacked like some wandering shepherd spouting stories of invisible monsters. He was encircled and swiped at by contemptuous CNBC “hosts.” Never mind that the man clearly came with a seven month investigation, while providing a bullet-point breakdown.
Charges are just that, until proved. Skepticism is human and healthy. Brute contempt upon first hearing is known as arrogance. “Do We Have a Witness? GE.”
Madoff resides deep within the confines of Fa King federal prison. Madoff’s there to stay. Madoff was the biggest predator in U.S. history. Blood letting isn’t required. Age old fraud is enough. When you take from people the ability to sustain themselves you’ve taken life. The entire notion of “white collar crime” is a misreading of that precise reality.
No one smart chooses to appear on CNBC to call out one of the largest corporations on Earth as a fraud. There is no unringing of that bell. When that person has a track record of success perhaps a reasonable hearing is in order. Harry Markopolos alone brought the largest fraud in American history to light. The SEC fought him all the way.
Harry Markopolos single-handedly uncovered the largest , longest-running securities fraud in U.S. history. As the SEC slept at the wheel, Markopolos attempted to gain their attention. Not even a 30 page blow-by-blow map of the crime could wake them.
claim of major fraud should be treated lightly. Hard charges deserve hard questions. Part of modern America now is a constant diet of bogusness. Political columns exist on such utter nonsense. The press is derelict. The press has a responsibility to serve truth.
Empty charges deserve outright contempt. Yet Markopolos brought reasons for the charges he made. “How is it that all the auditors and accountants going over GE’s books missed the?”–Morgan Brennan, CNBC. “I’m trained to look for fraud. I had a team, that do nothing but go over the books for seven months.” Harry Markopolos.
emerges over time. Meanwhile, we see the precise initial reaction to difficult charges as usual. History shows that the Madoff fraud was lightly questioned multiple times over the years but continued unabated in large part due to an inability to believe. That inability bred contempt for the messenger and prolonged inaction on the part of regulators. That precise pattern is again unfolding now.