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I've almost finished reading No One Would Listen - by Madoff whistleblower Harry Markopolos. I read a lot of his material when it first came out, but the book is very good. I would say essential reading.
I'm not at all surprised by the incompetence he exposes at the SEC. They have also caused the industry I've been part of (accounting) tremendous cost and aggravation for little or no benefit.
The really jolting thing to read, in detail, is how every one with half a brain knew something was wrong, but still the thing lasted so long. That suggests Wall St is one bad, corrupt system. It was Burke who said "All that is required for evil to prevail is for good men to do nothing." And then they have the cheek to pay themselves millions as well.
I've listened for years to people describing a country I love (Indonesia) as hopelessly corrupt. After reading Markopolos my question is .... Compared to what?
F
Thursday, March 17, 2011
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