Harry Markopolos: CDS fraud will make Madoff look “small-time”

“To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor’s house and then burning down the house,” Markopolos said. He is the investigator who repeatedly told the SEC, starting as early as 2003, that Madoff was a fraud. They ignored him. I doubt anyone will ignore this warning about credit default swaps.

  • Folks need to step back, splash some water on their face, and recall that in spite of the health care reform hoopla we’re still in a serious financial crisis, and that the banks we’re bailing out and the insurance companies are one and the same. Health care reform is the bailout for the rest of us.

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