Sunday, February 08, 2009

Could whistleblower blogging have widely revealed the Madoff Ponzi Scheme?

Yes. Absolutely yes.

At the end of 2003, I sent email to Instapundit and he put it up on his blog. B/c even big bloggers do keep up with their blogs, I've received personal emails from 6 or 7 big names in blogging, and from 15ish medium big names. If whistleblower Harry Markopolis had emailed some medium big bloggers with his info, Madoff absolutely would've been stopped by at least mid 2003.

Markopolis did everything in the prescribed right way: he repeatedly contacted the SEC with math which proved Madoff was crooked. The SEC was created to protect investors, yet did not. This is a classic example of government failing to protect citizens where private initiative (blogs) would've gotten the job done. Private initiative is consistently faster, more agile, more adaptable, more efficient. I do note the internets originated w/the U.S. Army. Government does have a role - a limited role.

Ace of Spades

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