Am I the only one who's fascinated by the unravelling of Madoff's ponzi scheme? Its like Star Magazine meets the Financial Times, except without the Financial Times part. For those that can't get enough Madoff, I offer a roundup of Madoff-specific blog posts.
The New York Times has turned the Madoff client list into a searchable database. I sh*t you not. Among Madoff's victims is his lawyer Ira Lee Sorkin. I don't even know where to start talking about that.
Harry Markopolos is in Boston and the Boston Globe has a good profile of the scandal's new star. Markopolos has provoked strong positive and negative reactions. It seems weird to me that many of the comments are so personal, especially considering how little has been said about Madoff's diagnosis (and you know he has one).
My conjecture is that in subtle ways Markopolos is making this about him: he's talked about his Army training and his fears for the safety of his family. He heightened the drama of his appearance by making Congress wait to hear from him (he had a cold).
It seems to me that commentators have, perhaps, fallen into the same trap as the SEC: they're having trouble focusing on his conclusions because of his personality. Even in his written submissions Markopolos comes off as self-dramatizing, "Very few people in the world have the mathematical background ... but I am one of them," and a bit of a crank, "I am worried about the personal safety of myself and my family." Read past that and you'll find concise language and irrefutable logic.
Next time - fashion police at the Madoff hearing.
Wednesday links: the shelf life of a stock
4 hours ago
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