Get Ready for Bigger, Badder Bernies

Ponzi schemer will soon look small-time
By Evann Gastaldo,  Newser Staff
Posted Aug 12, 2009 8:32 AM CDT
Independent financial fraud investigator Harry Markopolos testifies on Capitol Hill in Washington, Wednesday, Feb. 4, 2009.   (AP Photo/Susan Walsh)
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(Newser) – If you think you’re mad at Bernie Madoff, just wait. Harry Markopolos, who blew the whistle on Madoff, says there are more baddies out there who will make good ol’ Bernie “look like small time.” While speaking at a Southampton church, the fraud investigator predicted scandals related to the $600 trillion credit-default swap market will soon come to the surface.

“To put it in simple terms, it is like buying fire insurance policies from five different insurance companies on your neighbor's house and then burning down the house,” he said.