Madoff, Stanford, Ponzi and the Media
Few had heard the name Bernard (Bernie) Madoff, as recently as two months ago. An equally small group was familiar with the term “Ponzi Scheme” when the Madoff scandal broke. And now there is the Sir R. Allen Stanford scandal. Now, in this era of keen observance to rules of fiscal prudence where the public is more highly engaged and less likely to trust the “experts”, the media is focusing on stories of corruption. But where were these stories when we needed them? Is it correct to assume that the financial pages of our mainstream media dropped the ball on this? Or are we finally at a place in America’s evolution where newspapers and other mainstream media no longer serve as the country’s primary source for information.
Turns out, there were reports of Madoff’s Ponzi scheme long before the corruption exploded onto the front pages of mainstream media and resulted the the economic loss to millions. The video here gives insight into how corruption that leads to economic collapse and financial meltdowns can go unchecked even when it is brought to the attention of the powers that be. Harry Markopolis is being questioned by Rep. Alan Grayson (D. Fla)
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