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January 7, 2009

Michael Lewis / David Einhorn article in NY Times

Michael Lewis and David Einhorn recently wrote a two part Op-Ed article in the NY Times titled "The End of the Financial World as We Know It" and "How to Repair a Broken Financial World." In it they discuss the precarious position of the status of US financial markets as the bastion of high financial thinking in the global economy and how current events have permanently impaired that image. 

However, I believe the most interesting aspect of the article is the amazing story of Harry Markopolos who for the last decade has tried to get the SEC to investigate Madoff because as he stated in a November 2005 letter to the SEC, "it is highly likely that Madoff Securities is the world's largest Ponzi scheme."  To backup his case he outlined 29 RED FLAGS!  With this detailed case in hand, the SEC let repeated attempts by Markopolos to blow the whistle slip by.


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