Reuters reports:
Markopolos, a former investment manager who warned U.S. regulators about Bernard Madoff, criticized the Securities and Exchange Commission and said on Wednesday that Madoff had help in running his alleged $50 billion fraud.
Markopolos told Congress that the SEC staff was neither willing nor able to uncover what Madoff, accused of having run the world's biggest Ponzi scheme, was really doing. He also said that he knows the names of a dozen other so-called feeder funds that helped Madoff raise money from pension funds and wealthy investors and that he would turn these over to regulators this week.
Calling SEC staff "too slow, too young and too undereducated," Markopolos said regulators "did not understand the red flags and could not do the math."
Here's a great quote:
"There are no incentives for the SEC to find fraud,"
They'll still get there paycheck even if they don't find any fraud.
