HARRY Markopolos -- the whistleblower on Bernie Madoff who proved to be much smarter than the SEC -- says there are evildoers out there who will make the Ponzi scum "look like small-time."Markopolos gave a speech to 400 of the faithful at the Greek Orthodox Church in Southampton and predicted major scandals will soon be revealed about the unregulated, $600 trillion, credit-default swap market. "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.
I've read a bit about this on some financial sites. Add to that the coming housing meltdown and we're not in good shape. Oh, did I say, 'Coming housing meltdown?' Yeah, I did. The worst part of the housing crisis, Alt A and ARM loans are coming due. They are the rich people who did the exact same thing the poor people did with subprimes, so the bad mortgages will be worth more.
Epic fail coming.