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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation? -- Ignore unavailable to you. Want to Upgrade?

To: robert b furman who wrote (4667)	10/31/2009 8:21:35 AM
From: rrufff	1 Recommendation Read Replies (1) \| Respond to of 5034

Jailhouse Interview: Madoff Rips SEC, Calls Shapiro a “Dear Friend” * October 30, 2009, 6:36 PM ET blogs.wsj.com Tonight the Inspector General of the Securities & Exchange Commission gives us Bernie Madoff in his own words — A jailhouse interview that Madoff granted to the SEC’s watchdog during his stay at Metropolitan Correctional Center in lower Manhattan on June 17. Madoff spent much of the interview slamming the SEC: “Everything the SEC did prior to 2006 was a waste.” He said that the inspectors who combed through his books found only “ridiculous violations.” Madoff adds that he never supplied false documents to the SEC, but that it was “amazing to me” that he didn’t get caught. Click sec.gov for the SEC’s synopsis of the interview. “It never entered the SEC’s mind that it was a Ponzi scheme.” He called one SEC investigator an “idiot” He also had harsh words for the celebrated whistleblower Henry Markopolos, who went to the SEC with his concerns about Madoff. The agency never followed through. “This was a guy who was just jealous” of his business, Madoff said. Madoff offered two approaches to evading investigators. Either make it hard for them to find documents by creating a convoluted and scattered paper trail. Or the approach he favored: Be as cooperative as possible. Still, he found the SEC inquiries torturous. “I wish they caught me six years ago, eight years ago.” At one point, he called the SEC’s current head Mary Shapiro a “dear friend,” but doesn’t elaborate on how he knew her. CNBC was reporting tonight that the SEC rejects that characterization. Overall, Madoff’s conclusion is that financial industry is “by and large…honest,’’ adding that “you can’t have the transparency the regulators want you to have because it’s proprietary and detrimental.” “The thing I feel worst about beside the people losing money is that I set the industry back.”