Tuesday, January 06, 2009

red flags

usually anything about finance bores me out of my skull, but this report is fascinating. even though it only leaked out into the news recently, it's a report that harry markopolos submitted to the SEC, pointing out a series of red flags that bernard madoff investments may have been a ponzi scheme.

the creepy part? this was written in 2005, and followed up a complaint that markopolos made to the SEC in 1999, arguing that madoff couldn't have made such consistently high returns based on the methods he publicly claimed to use.

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