Forensic Accountant and Bernie Madoff whistleblower Harry Markopolos discusses his 175 page report claiming General Electric committed $38 billion in accounting fraud.
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He’s the batman of accounting
Ben Affleck’s character in “The Accountant”
@Eric Tsoi Exactly what I was thinking, your problem is right here…. We don’t want you in our employ anymore…..
jameshisself the SEC didn’t understand the problem until Madoff’s sons turned him in. And even then, they still needed someone to explain it to them. Over lawyered and not financially savvy.
Sure, but it’s the corporate fraudsters who are Robin…
Did even read his report?
You can tell this guy is really trying to protect people and we need more people like this taking down these corrupt corps
@dementeduncle I like the way China does it. They execute these corporate criminals. We reward them with $100,000,000 golden parachutes.
@Douglas young – I’ve been wondering why Bill Clinton needed to ‘borrow’ Epstein’s private jet to ‘do Foundation business’ when he had a $200,000,000 personal fortune after being on the govt dole and in govt housing most of his life… Bill Clinton is such a slimeball and so is his harpie wife.
@signalfire6 If he is really trying to not letting criminals steal all the money, it should not be now, when GE is running out of cash and nothing left to steal. He should have done years or ten years ago when GE has a lot of money. The timing and intent are just too obvious…
Jasper Yu
Exactly.
@Jasper Yu
This nonsense that you wrote is the most disgusting communist propaganda that I did not hear even during TITO in Yugoslavia to the communist lair in which I was unfortunately born !!That’s how communists work! Whoever fights against thieves and fraudsters in companies goes to prison !! Instead of the real criminals he discovered and exposed !!
These were extremely hard questions… Markopolos knows his stuff… GE is in trouble…
@Phi Tech Ge is not a good company. They can’t even make a tv intenna that works as advertised
@Phi Tech so you think the best course of action is to let a company participating in fraud just continue with it?
@Phi Tech have you read the report? Can you read the report? Can you understand accounting principles? Before shooting names, could you, at least, do your homework? How hard is it?
I sense another Government bailout coming in 10, 9, 8 ……
@Phi Tech Funny how the people who use the term ‘libtard’ seem to have trouble typing out a few simple coherent sentences.
I love this guy. The corporate fraud bounty hunter. GE is going to zero.
@MrManuel1329 The stupid money left GE ages ago and with the U.S. economy going down the toilet they’ll be forced to let GE go chapter 11. A wake up call to all the zombie corporations still floating around due to low interest rates.
@MrManuel1329 A bailout for a China-owned company in this political environment. Don’t count on it. Haier acquired GE Appliances in 2016, sold their industrial side to ABB around 2017 – 2018, I think. It will be sad to see this company fail, but if these allegations are true then there needs to be accountability.
@Blaine Potskin Why should they pay pensions when the CEO can go home with $100 million for gladhanding the right people at parties all year long?
signalfire6 your right! Never thought of it that way.
I remember Harry Markopolos. If he says there is fraud you can bet your behind there is.
@gfdsaasdfg1 letourn you should take a peek at your spelling, numbskull
With all due respect to this man, dieifying anyone is never a good idea.
Markopolos Really!!! Like Marko Polo hide & seek of money laundering!
@Harry Balzak I strongly suspect that he is of Greek background so his name should be spelled “Markopoulos” and pronounced “Markópulos”. It is a very common name. When the interviewer said “Mr. Marko-Polos” I was laughing out loud.
@Nickos1b
Of course, he is of Greek origin. Not only by his last name, but also by his physiognomy.
Every year I go to Greece for a summer vacation. Every other Greek looks like him.
In addition, the Greeks are known as a trading nation that has been bookkeeping for two thousand years
This man is a legend. He needs his own movie or a documentary that focuses on him.
@Milled Steel I know, that’s actually where I learned about him from. What I was trying to say was, that I would enjoy a movie/doc that goes over his life and other companies he took down. His book goes over his life briefly but not in any real detail and it focuses mainly on his attempts to expose Bernie Madoff.
@The Artist Formerly Known As Mr. Furly “Rituals” He didn’t do it before his involvement with Madoff and he didn’t didn’t do it after. “your attempt to make him seem interesting” I didn’t make it up that’s really what happened. And also the tone of the movie will dictate how much the screenwriters embellish. I can understand that you find him dull but his personality isn’t what makes him interesting. It’s the things he does. If he was to be wrong about GE that’s going to be interesting, if he is right about GE and no one else could see it then that going to be interesting.
there will be in the future, for sure. Calling it now, it’s gonna be on Netflix
I think The Accountant was illegally copied his biopic minus the violence and too much autism …
Markopolos is *good!* I have never heard of him but this interview shows how sure he is of the data he using and his straight forward answers to the questions impress me.. The fact he’s using public statements from GE is very damning.
Get his book No One Would Listen: A True Financial Thriller, he explains in nonthreatening language how Madoff’s scam went and how he OVER TEN YEARS investigated him. There’s also the documentary Chasing Madoff based off of it (there’s some humor in it, if you’re a math head you’ll appreciate it), and if you get the book on Audible it’s abridged, but Harry does some of the reading.
He warned people about Madeoff for years and no one listened
On his end, it’s very damning. It means, he’s being paid to destroy his reputation.
Like he said, he used their public financial statements as any investor or auditor would and he dug deep into it. I can’t seem him doing it for a payday only. The dude actually cares for the public and hes right GE is fucked. They have a negative cash flow which is death. CASH FLOW IS KING YOU NEEE MONEY COMING IN OR YOURE DONE. Their current liabilities are greater than their current assets meaning they dont have enough cash to pay things like wages, current portion of long term debt like loans etc. They are the Titanic after hitting an iceberg and a U boat is taking aim to launch a torpedo at them.
Stone cold finance nerd! Talks like an engineer or Friday from Dragnet.
Wish more public figures talked like that.
If only politicians would get straight to the point like him
Becoming an expert at anything takes time. Speaking as an expert in my field, we feel spending time talking is a waste of time that could better be spent improving our expertise. Inversely, people who talk all the time have no time to do actual work, and so they suck. That’s just how it is. Only 24 hours in a day, no matter who you are and how rich you are.
@Jean Roch But when it comes to complicated fraud , then the public needs some clear , honest talk from experts to make us understand how rotten many CEO’s CFO’s and politician’s are. Why is Mr. Trump so afraid of anybody seeing his tax-returns ? Give them all to Mr. Markopolos and let him explain to the public what is going on , to give people an idea of who is governing them.
@Lennart Krantz come on, let’s be real for a second. Anyone dumb enough to be fooled into voting for trump would never understand anything coming out the mouth of a forensic accountant. Those people already have trouble understanding the Earth isn’t flat. They think Alex Jones is a credible source of news.
@Jean Roch how’s Joe Biden working out for you? At least no mean Tweets, no peace in the Mid East or Gas in the south east either.
Protect this man at all costs.
Man, what a character this Harry fellow is. Notice, how the interviewers are left dumbfounded at his swift, direct, honest responses.
If anybody’s interested in knowing more about how impressive Harry is you can see the documentary film Chasing Madoff .
There’s also a number of interviews by that same title .
Harry Markopolos is not to be underestimated .
@gardensofthegods I would also recommend his book ” No one would listen ” which he dedicated to all those who lost their money with Madoff. He cared about others, while most only care about lining their pockets.
@EngleHump yes … I’m one of those people who will be reading it at some point. … no doubt if it’s written by Harry Markopoulos then obviously it will be excellent .
you all probably dont give a damn but does anyone know a way to log back into an instagram account??
I stupidly lost the account password. I would appreciate any tips you can give me!
@Jensen Quincy instablaster 😉
“Rule number one of investing is never buy into an accounting fraud” legitimately made me lol
That leaves about nothing to invest in…. Save maybe BTC,ETH,EOS
mark traver those are all frauds as well. Gold and silver are the only safe investments rights now.
@J White except governments have and could again take the gold away from people but you will NEVER get my MONERO crypto
He said the CEO probably can’t read the financial statements! Lol, that’s why he bought shares!
“… in this country it is considered useful now and again to shoot an admiral, to encourage the others”.
always better to act stupid
Of course he can . What they show as write downs are bullshit . The Corporate elites receive the overspent money on the other side of the ocean.
No he did it to keep the fraud going because he was leaving with a $400 Million pension!
He wrote in his book: “If [Madoff] contacted me and threatened me, I was going to go down to New York and take him out. At that point, it would have come down to him or me, [and] I felt I had no other options: I was going to kill him.”
Yep its official hes a badass
“The next chapter in GE’s history is Chapter 11.” Thug Life
And all of GE’s appliances new and used in the city dumps.
@parkerbohnn Didn’t they sell off most of the appliance properties?
Savage
This is a direct result of the disastrous Six Sigma philosophy! Remember Six Sigma, DMAIC, & Black Belts kills innovation and destroys companies. Friends don’t let friends use SIx Sigma!!!
Its almost 2 years now. There is still a GE. No bankruptcy. I think he got it right with Enron but with GE? Meh. Not clear yet now is it?
Also can we assign him a personal body guard? This mans doin the financial Lords work lol he needs to be protected
Not necessary Harry is a former us special forces officer!!!!
He’s Greek. He has the Titans watching over him
Brock Corb absolutely
If they go for him they will have to get his whole team, At this point, it’s bigger than him
I just think it’s awesome to have a guy like this around truly cleaning the corporate swamp.
Make this guy a Senator, Hunt out the corrupt politicians lol.
@david arriola Maybe a harder task to find the non corrupted ones – all democrat candidates (except for Sanders and Warren) are taking large donations from private donors on Wall St., even though they virtue signal with not taking PAC money.
@david arriola He is more effective checking the numbers.
As long as it’s not Your swamp, right? Hey, loads of people are gonna get hurt so a few, very few, hedge funds reap profits. Say what you will; unless these employees are shipped overseas tax payers will suffer.
I like that guy! “Who wants to talk to the fraudsters.” Great line.
Hahahahha I AGREE..
This guy needs to go after healthcare/hospital corporations.
bjxxx – Lets hope so!
Stare Kotlety – They ( the hedge fund) are not a client, he said in this clip that they asked to see his report, and so he let them.
He said the hedge fund did not pay for the work, that makes the hedge fund neither an employee nor a client. However once they saw the report they agreed to pay him a %.
but I’m sure that he and his team knew that someone somewhere would approach them.
Faldegast – Agree, the problem with most corporations now is that they produce very little value, they put far too much effort in juggling figures!
got that right i have filed complaints myself for fraud more that three times
@j p In any given state, 30-60% of contracted professional clinics that provide medical and mental health care for referred clients form the VA refused to serve those clients due to inadequate reimbursement from Tricare. The problem is not the VA, but Tricare and the insurance companies that make trillions of dollars worldwide per year and do not want to pay for adequate healthcare for veterans and their families and then turn around and say they don’t have money for it, which is a total lie. They don’t want to make less money, always more year over year.
He’s like Rambo with his lethal calculators!
*GE: Those allegations are wrong*
*Also GE: the CFO is resigning because need more family time*
Yeah, just like the Enron cfo was out right before the ship sank
I need more family time. But I work for a living
DB Edwards why not just run a Ponzi scheme? Way better way to make money