Fund manager was right about Madoff

Michael Lewis, of Liar's Poker fame, and David Einhorn, Lehman-slayer, offer an interesting critique of what ails Wall Street in the op-ed pages of the New York Times. One of the more interesting bits of information concerns Harry Markopolos, formerly of Rampart Investment Management, who tried for nine years to explain to the SEC that Bernard Madoff's investment fund couldn't be anything other than a front-running operation or a Ponzi scheme. He was right.

He sent all this in a devastating 17-page letter to the SEC way back in 2005, in which he noted that Goldman Sachs refused to do business with Madoff's fund. This makes the SEC look even worse for the wear.

For more:
- here's the column

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