A Quote by Harry Markopolos
I have ... spoken to the heads of various Wall Street equity derivatives trading desks and every single one of the senior managers I spoke with told me that Bernie Madoff was a fraud. Of course no one wants to take an undue career risk by sticking their head up ... The fewer people who know who wrote this report the better. I am worried about the personal safety of myself and my family.
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The marginal people on the trading desks, there's no skill set. If they don't trade derivatives, I don't know what they can do. The next stop is driving a cab.
Wall Street is not the right career for everyone or for every woman. That is clear. But it can't be wrong for every woman. A big job in a trading house can't only be the head of Human Resources or chief operating officer in charge of overhead.
'Bernie versus Bernie,' for me, is these two extremes of capitalism. It's Bernie Sanders, the ultimate socialist, and Bernie Madoff, the ultimate capitalist.
I shouldn't have called out Will Ferrell, but I am getting a little fed up with these people.You want to support Bernie Sanders, knock yourself out. Does he know what Bernie stands for? Does he know what Bernie wants? And I submit to you, he doesn't.
Now, a lot of people didn't know him at all - it went through feeder funds, so they wouldn't even have known anything about Bernie Madoff. But everybody finds a justification for their behavior, and obviously, Bernie had a half dozen justifications in his own mind.
I heard governor Romney here called me an economic lightweight because I wasn't a Wall Street financier like he was. Do you really believe this country wants to elect a Wall Street financier as the president of the United States? Do you think that's the experience that we need? Someone who's going to take and look after as he did his friends on Wall Street and bail them out at the expense of Main Street America.
In truth, Wall Street is in for a radical makeover. Fewer people, lower margins, lower risk, lower compensation - and ultimately, fewer talented people. It is likely to change the culture of an industry that for nearly a century has been the money center of the world.
Throughout my trading career, I have continually witnessed examples of other people that I have known being ruined by a failure to respect risk. If you don’t take a hard look at risk, it will take you.
I am not competing with anyone. I am competing with myself. When I wake up every day I am only worried about how I can better myself.
Often, very talented technical people find it extraordinarily difficult to take the viewpoint of customers, who are often ignorant about the technology and who may have strong and perhaps incorrect prejudices about it. The technical people may believe, deep down, that they know better what customers "should" need. Customers, of course, have a different perspective. They want products that will solve customer problems and provide other customer benefits, and will do so without undue risk or cost. Not infrequently, customers view advanced technology itself as a risk.
There's something exhilarating about telling stories that haven't been shared before and haven't been told publicly before. The last thing I want to be doing is telling stories other people have already told. That's not to say that there isn't important work out there about people in positions of power, but I know my strength. Even when I was at the Wall Street Journal 10 years ago, this is what I wrote about.
I'm not entirely sure why I write about family, but I do know that it hasn't stopped interesting me. You meet and leave other people at different stages of your evolution, whereas family is made up of people who are constant links in your life, who know you over the course of time and have your complete curriculum vitae in their heads.
I wrote an article about the marine landing [in Haiti] right away, but barely mentioned the oil, because my article would come out two months later and I assumed by then, "of course, everybody knows." Nobody knew. There was a news report in the Wall Street Journal, in the petroleum journals, and in some small newspapers, but not in the mainstream press.
The two reasons that Bernie Sanders gave her fits was the Iraq War and her association with Wall Street. Wall Street owns Hillary Clinton. Wall Street has bought Hillary Clinton and whatever policy considerations she can give them if she gets elected. They have bought her already. That's what all the speech income is really all about.
The only sure way to stop excessive risk taking on Wall Street so you don't risk losing your job, or your savings or your home, is to put an end to the excessive economic and political power of Wall Street by busting up the big banks.
Once again, the puppets on Capitol Hill are about to slam the Muppets on Main Street. The country still hasn't recovered from the Wall Street-induced financial cataclysm of 2008, yet Congress is preparing to enact the Orwellian 'JOBS Act' - a bill that should in fact be called the 'Return Fraud to Wall Street in One Easy Step Act.'
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