Word: fraud
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...Preliminary results, to be released on Feb. 5, are expected to garner some controversy, however. In one Shi'ite province, a candidate who is unofficially leading the polls has been accused of serving as a top official in Saddam Hussein's Baathist regime. In other regions, allegations of voter fraud have been made...
What about the spending? Again, there has been an Alice in Wonderland quality to much of the criticism, as if economist John Maynard Keynes were a fraud and government spending couldn't possibly create jobs--especially spending on biomedical research, education about sexually transmitted diseases or other programs that sound vaguely liberal and exotic. Jobs in biomedical research and sex education are real jobs. Granted, some spending proposals would work faster and better than others. But it's telling that House minority leader John Boehner ridicules programs to weatherize low-income homes--which would create jobs in a hurry, save...
...metaphorical humor into his charge, describing the SEC as a regulatory agency that "roars like a mouse and fights like a flea." With the sober, academic look of an accountant, the former investment manager for Rampart Investment Management in Boston (he is currently an independent certified fraud examiner) detailed Madoff's phony split-strike conversion strategies and oddly "unsophisticated portfolio management." Markopolos said Madoff's "math never made sense" and his "return stream never resembled any known financial instrument or strategy...
...index options and from the Chicago Board Options Exchange as reported in financial media. "There were not enough index options in existence for Madoff to be managing the split strike conversion strategy he purported to be running," he said. But the biggest tip-off of a fraud was that Madoff reported his fund was down only three months out of 87, whereras the S&P 500 was down 28 months during the same period...
...equivalent of Major League Baseball player batting .966 and no one suspecting a cheat." In the hearing, he used his arm to show the straight upward growth of Madoff's funds, up 45 degrees without any down ticks. "This was the first sign that this was a fraud," Markopolos said...