Harry Markopolos is the man who blew the whistle on Bernie Madoff’s $60 Billion Ponzi fraud. He recently joined Today’s Matt Lauer to discuss his new book No One Would Listen, in which he detailsÂ his eight year struggle with the SEC to expose the scam. (Video follows excerpts and commentary)
On blowing the whistle:
They [SEC] didn’t understand. They had lawyers there not finance people. They weren’t capable of understanding what I had written and presented to them. I had gift wrapped this case and delivered it to them on a silver platter.
Advice to average investors:
Don’t trust your government. Do your own research. Use common sense. If you don’t understand the strategy, don’t invest in it.
Mr. Markopolos’ advice to investors should be translated to the non-financial world as well. If you rely solely on the information being presented to you by our government then you’re not getting the full story – ever.
Take responsibility for building your own knowledge base, independently of traditional sources, and implement strategies specifically designed by you, for your own benefit.
Watch the Interview: