Podcast appearances and mentions of Harry Markopolos

Welcome back to Season three of Educational Alpha! In this first episode, Bill welcomes Harry Markopolos, the renowned financial fraud investigator and whistleblower best known for uncovering the Bernie Madoff Ponzi scheme. Harry shares his journey from portfolio management to forensic finance, detailing his relentless pursuit of exposing fraudulent financial schemes. The conversation covers the challenges he faced in getting the SEC to act on the Madoff case, the inner workings of Ponzi schemes, and how financial professionals failed to conduct proper due diligence. Harry also discusses the systemic weaknesses in financial regulation, the rise of new financial frauds, and the ongoing battle against deceptive investment practices.

Harry Markopolos, Michael Burry, Jim Chanos. Het zijn maar enkele namen van shortsellers die tot de verbeelding spreken. Zo ook tot die van onze centrale gast in De Beursvoyeurs, beursanalist Dieter Plas, die er een boek aan wijdde. Hij is er stellig van overtuigd dat in ieder van ons een shorter schuilt. Dieter Plas begon met beleggen op zijn dertiende en het liet hem sindsdien niet meer los. Nu verspreidt hij zijn kennis op zijn eigen platform en via zijn boek 'De verloren kunst van het shorten'. Zijn favoriete beleggingsinstrument? Opties. 'Met opties kan je op een goedkope manier voldoende bescherming inbouwen', aldus Plas.  Verder hebben onze voyeurs het ook over enkele beurslievelingen die tot nu toe rake klappen kregen tijdens het resultatenseizoen, en many more to come!En op vraag van Ellen, deze link!Ontdek meer in deze aflevering van De Beursvoyeurs.  Host: Tomas De Soete Gasten: Dieter Plas, Geert Smet  en Ellen Vermorgen.Redactie en productie: Anne-Sophie Moerman  See omnystudio.com/listener for privacy information.

During his first year at Ivey Business School, Brian's career plan changed significantly after taking an Introduction to Finance & Investing course. The insights gained from that class inspired him to pivot from a career in accounting to a focus on finance and investing. Twenty-five years later, Brian reconnects with Stephen Foerster, the professor who sparked his interest in finance, to discuss Foerster's latest book: "Trailblazers, Heroes, & Crooks: Stories to Make You a Smarter Investor". Brian and Steve discuss trailblazers Quintus Fabius and Muhammad Ali; heroes Warren Buffett and Harry Markopolos; and crooks Bernie Madoff, Sam Bankman-Fried and Tino DeAngelis; among others. You don't want to miss these stories, which could make you a smarter investor. Stephen Foerster is an award-winning author and Professor of Finance at Ivey Business School, where he has taught since 1987. He received a BA (Honors Business Administration) from Western University, and an MA and PhD from the Wharton School, University of Pennsylvania. He obtained the Chartered Financial Analyst (CFA) designation in 1997 and has taught Financial Management, Investments, and Portfolio Management courses in the HBA, MBA, and Executive MBA Programs. He has won numerous teaching and research awards. Foerster has also written two textbooks and over 100 case studies and technical notes in the areas of investments and financial management. He has published over 50 articles including in the Journal of Financial Economics, the Journal of Finance and Financial Analysts Journal. Foerster has served on pension and endowment fund boards as well as not-for-profit investment committees. Timestamps 0:00 Disclaimer and Intro 7:10 Trailblazers & Masterly Inactivity 17:17 Warren Buffet, American Express, & Salad Oil 25:12 The Unsung Hero of the Bernie Madoff Story 35:20 Stephen's Thoughts on Cryptocurrency 37:31 Investing & Tennis Strategy 43:52 Historical Lessons from Market Crashes 47:14 How Might Investing Change? 48:43 Stephen's Critical Advice for Investors 49:53 If Stephen Could Do Anything, What Would It Be?

Corporate Fraud is an unfortunate, costly and seemingly never-ending aspect of the world of business. In the best case, fraud is prevented or, at least caught before harm is done. All too often, however, these cases of deception lead to large financial losses, impacting the lives of many - shareholders, individuals and certainly those that are courageous whistleblowers.A little more than 15 years after the unwind of the Madoff Ponzi scheme, I invited Harry Markopolos back to the Alpha Exchange. Harry is often simply referred to as “the Man Who Knew”. He chased Madoff for years, serving up a comprehensive slew of evidence to the SEC that was mind boggling in its degree of logic, rigor and scope. Our conversation looks back on the lessons of this Ponzi scheme and also zooms out to consider other examples of corporate fraud including Theranos and FTX. Throughout our discussion I seek to gather Harry's insights on the commonalities in these cases, how to detect them and also, importantly, how to prevent fraud. He points to a few areas of progress on the enforcement front but makes a strong case that the penalties associated with being caught need to be considerably larger.I hope you enjoy this episode of the Alpha Exchange, my conversation with Harry Markopolos.

Aujourd'hui l'économie, le portrait, c'est celui de Nathan Anderson, activiste et spéculateur américain. Il accuse le magnat indien, Gautam Adani, d'avoir bâti son empire sur l'escroquerie. Le Fonds d'investissement norvégien en a pris acte, et a vendu les participations qu'il détenait dans plusieurs sociétés du groupe Adani (Adani Total Gas, Adani Ports, Adani Green Energy). « C'est la plus grande escroquerie de l'histoire des affaires », dénonce Nathan Anderson dans un communiqué sur le site de sa micro-société Hindenburg Research, défrayant la chronique dans tous les médias indiens.Cet activiste et spéculateur américain, a, avec ses révélations, fait perdre 200 milliards de dollars à Adani, empire qui s'étend de l'énergie, aux aéroports, en passant par les médias.« Si c'est la plus grande escroquerie de toute l'histoire, je ne sais pas, il y en a eu tellement, mais dans le cas indien, c'est la plus grande escroquerie, dont on peut dire qu'elle a deux aspects très nets : le premier c'est la relation extrêmement étroite de Gautam Adani avec le Premier ministre Narendra Modi puisqu'ils se connaissent depuis plus de trente ans et qu'en l'espace de 10, 15 ans, on a une ascension météorite de Gautam Adani qui devient la troisième fortune mondiale par l'accumulation d'un empire qui repose sur un endettement gigantesque, par le biais de prêts de banques publiques indiennes, dont on peut penser qu'il y a eu un coup de pouce du pouvoir, et, deuxièmement, des montages financiers totalement obscurs par le biais en particulier de l'île Maurice qui reposent sur des affaires qui ne sont pas rentables pour une très grande partie. Ce que ce consultant a mis en lumière, c'est qu'il y avait un phénomène de bulle spéculative qui avait été orchestrée autour de Gautam Adani et que son empire est un empire de dettes », analyse Jean-Joseph Boillot, chercheur à l'IRIS, l'Institut des relations internationales et stratégiques. Né dans les années 1980, Nathan Anderson grandit dans une petite ville du Connecticut. Son père est professeur d'université, sa mère infirmière. Il fait des études de commerce, puis un court séjour en Israël où il sera ambulancier tout en suivant des cours à la Hebrew University of Jérusalem. De retour aux États-Unis, il travaille pour une société d'analyse financière, puis pour des fonds spéculatifs. En 2017, il fonde son cabinet d'études Hindenburg Research, du nom du dirigeable allemand qui a explosé en plein vol en 1937. Son mentor n'est autre que le lanceur d'alerte américain d'origine grecque, Harry Markopolos, qui a exposé les malversations financières de l'homme d'affaires Bernard Madoff. Anderson suit les traces de son mentor et, il y a 5 ans, attaque, dans une enquête à charge, l'entreprise Aphira, spécialisée dans le cannabis thérapeutique qui détourne les fonds de ses actionnaires à son profit. Le titre d'Aphira s'effondre dans la foulée de 25%. Sa carrière est lancée. En 2020, il révèle la tromperie du constructeur américain de véhicules Nikola« Il a fait un rapport à l'époque sur Nikola, cette société qui allait lancer des camions électriques pour rivaliser avec Tesla et effectivement, il y avait eu des dénonciations, certains manquements de la part de Nikola qui se sont avérés par la suite, remarque Alexandre Baradez, responsable des analyses de marché pour le courtier IG. Le but derrière, c'est effectivement de faire de l'argent, mais aussi de dire attention, cette entreprise présente des fragilités, voire est frauduleuse et risque la faillite. »Le constructeur américain a dû alors payer une sanction de 125 millions de dollars et son action s'est écroulée de 75%. Le gros lot pour Nathan Anderson et son équipe d'Hindenburg Research, car ce lanceur d'alerte d'un nouveau genre parie aussi sur la chute des cours de la société qu'il dénonce par un mécanisme de vente à découvert.« Hindenburg Research, c'est une entreprise, comme Citron Research également qui a fait parler d'elle pendant la crise Covid avec le phénomène des actions type Gamestop qui sont des actions qui ont beaucoup bougé, poursuitAlexandre Baradez. Ces groupes jouent sur les deux tableaux : ils publient des notes sur des groupes dont on n'a parfois jamais entendu parler, et parfois, ils s'attaquent à des mastodontes. Adani, le groupe Adani est le plus puissant de l'Inde et donc là, il s'attaque à un énorme morceau en dehors des frontières américaines. L'objectif est de dénoncer certaines pratiques que le groupe Adani essaye de contrer en termes de propos, mais aussi de prendre des positions à la baisse, de faire de la vente à découvert sur des actifs qu'ils jugent survalorisés par rapport à la réalité, l'objectif étant de profiter d'une baisse des cours et plus le titre baisse, plus, vous gagnez de l'argent. C'est exactement comme une opération d'achat, mais dans l'autre sens. » Mais lorsque ces lanceurs d'alerte du capitalisme s'attaquent à un mastodonte comme Adani, prévient Alexandre Baradez, mieux ne pas se tromper, car les représailles peuvent être redoutables.

Aujourd'hui l'économie, le portrait, c'est celui de Nathan Anderson, activiste et spéculateur américain. Il accuse le magnat indien, Gautam Adani, d'avoir bâti son empire sur l'escroquerie. Le Fonds d'investissement norvégien en a pris acte, et a vendu les participations qu'il détenait dans plusieurs sociétés du groupe Adani (Adani Total Gas, Adani Ports, Adani Green Energy). « C'est la plus grande escroquerie de l'histoire des affaires », dénonce Nathan Anderson dans un communiqué sur le site de sa micro-société Hindenburg Research, défrayant la chronique dans tous les médias indiens.Cet activiste et spéculateur américain, a, avec ses révélations, fait perdre 200 milliards de dollars à Adani, empire qui s'étend de l'énergie, aux aéroports, en passant par les médias.« Si c'est la plus grande escroquerie de toute l'histoire, je ne sais pas, il y en a eu tellement, mais dans le cas indien, c'est la plus grande escroquerie, dont on peut dire qu'elle a deux aspects très nets : le premier c'est la relation extrêmement étroite de Gautam Adani avec le Premier ministre Narendra Modi puisqu'ils se connaissent depuis plus de trente ans et qu'en l'espace de 10, 15 ans, on a une ascension météorite de Gautam Adani qui devient la troisième fortune mondiale par l'accumulation d'un empire qui repose sur un endettement gigantesque, par le biais de prêts de banques publiques indiennes, dont on peut penser qu'il y a eu un coup de pouce du pouvoir, et, deuxièmement, des montages financiers totalement obscurs par le biais en particulier de l'île Maurice qui reposent sur des affaires qui ne sont pas rentables pour une très grande partie. Ce que ce consultant a mis en lumière, c'est qu'il y avait un phénomène de bulle spéculative qui avait été orchestrée autour de Gautam Adani et que son empire est un empire de dettes », analyse Jean-Joseph Boillot, chercheur à l'IRIS, l'Institut des relations internationales et stratégiques. Né dans les années 1980, Nathan Anderson grandit dans une petite ville du Connecticut. Son père est professeur d'université, sa mère infirmière. Il fait des études de commerce, puis un court séjour en Israël où il sera ambulancier tout en suivant des cours à la Hebrew University of Jérusalem. De retour aux États-Unis, il travaille pour une société d'analyse financière, puis pour des fonds spéculatifs. En 2017, il fonde son cabinet d'études Hindenburg Research, du nom du dirigeable allemand qui a explosé en plein vol en 1937. Son mentor n'est autre que le lanceur d'alerte américain d'origine grecque, Harry Markopolos, qui a exposé les malversations financières de l'homme d'affaires Bernard Madoff. Anderson suit les traces de son mentor et, il y a 5 ans, attaque, dans une enquête à charge, l'entreprise Aphira, spécialisée dans le cannabis thérapeutique qui détourne les fonds de ses actionnaires à son profit. Le titre d'Aphira s'effondre dans la foulée de 25%. Sa carrière est lancée. En 2020, il révèle la tromperie du constructeur américain de véhicules Nikola« Il a fait un rapport à l'époque sur Nikola, cette société qui allait lancer des camions électriques pour rivaliser avec Tesla et effectivement, il y avait eu des dénonciations, certains manquements de la part de Nikola qui se sont avérés par la suite, remarque Alexandre Baradez, responsable des analyses de marché pour le courtier IG. Le but derrière, c'est effectivement de faire de l'argent, mais aussi de dire attention, cette entreprise présente des fragilités, voire est frauduleuse et risque la faillite. »Le constructeur américain a dû alors payer une sanction de 125 millions de dollars et son action s'est écroulée de 75%. Le gros lot pour Nathan Anderson et son équipe d'Hindenburg Research, car ce lanceur d'alerte d'un nouveau genre parie aussi sur la chute des cours de la société qu'il dénonce par un mécanisme de vente à découvert.« Hindenburg Research, c'est une entreprise, comme Citron Research également qui a fait parler d'elle pendant la crise Covid avec le phénomène des actions type Gamestop qui sont des actions qui ont beaucoup bougé, poursuitAlexandre Baradez. Ces groupes jouent sur les deux tableaux : ils publient des notes sur des groupes dont on n'a parfois jamais entendu parler, et parfois, ils s'attaquent à des mastodontes. Adani, le groupe Adani est le plus puissant de l'Inde et donc là, il s'attaque à un énorme morceau en dehors des frontières américaines. L'objectif est de dénoncer certaines pratiques que le groupe Adani essaye de contrer en termes de propos, mais aussi de prendre des positions à la baisse, de faire de la vente à découvert sur des actifs qu'ils jugent survalorisés par rapport à la réalité, l'objectif étant de profiter d'une baisse des cours et plus le titre baisse, plus, vous gagnez de l'argent. C'est exactement comme une opération d'achat, mais dans l'autre sens. » Mais lorsque ces lanceurs d'alerte du capitalisme s'attaquent à un mastodonte comme Adani, prévient Alexandre Baradez, mieux ne pas se tromper, car les représailles peuvent être redoutables.

¡Hola! Welcome to Spanish in Five. Hoy vamos a hablar de la estafa de Bernard Madoff, el fraude más grande de la historia. Here are some of the words you will hear: inversión, which means investment; acciones, which means shares; extractos de cuenta, which means account statements; mentiroso, which means liar; fracasado, which means failure; cadena perpetua, which means life in prison; and codicia, which means greed. Bernard Madoff nació en 1938, en Nueva York, en una familia de clase media. En los años 60, con la ayuda de suegro, Madoff empezó a invertir el dinero de algunos clientes. Durante una crisis económica, las acciones que Madoff compró bajaron mucho de precio. Madoff, en vez de admitir a sus clientes que había perdido dinero, les mintió y pidió dinero prestado para pagarles. Supuestamente, cuando eso sucedió, Madoff dijo que él podía ser un mentiroso, pero no un fracasado. ¿Cómo funcionaba la estafa? La estafa era simple y compleja al mismo tiempo. La estafa era simple porque Madoff nunca invirtió el dinero de sus clientes. Lo utilizó para llevar una vida lujosa, con exclusivas propiedades en la playa, obras de arte y un yate, por ejemplo. Madoff también utilizó el dinero de los inversionistas para financiar un negocio legítimo, en otra oficina en el mismo edificio. Cuando el negocio legítimo tenía problemas económicos, Madoff usaba el dinero de los inversionistas para rescatar el negocio legítimo. Cuando los inversionistas retiraban su dinero, Madoff utilizaba el dinero de nuevos inversionistas para pagarles. Era, simplemente, un esquema Ponzi. Pero la estafa también era compleja: Madoff preparaba extractos de cuentas falsos, que mostraban transacciones que nunca ocurrieron. Estos extractos eran preparados varias semanas después y mostraban transacciones que parecían exitosas. Entonces, los clientes de Madoff pensaban que todo era verdad. No sabemos exactamente cuándo empezó el gran fraude de Madoff. Sin embargo, a finales de los años 90, por lo menos un experto financiero, Harry Markopolos, sospechaba del fraude y alertó a las autoridades. Pero las autoridades no llevaron a cabo una investigación lo suficientemente exhaustiva para detectar el fraude. La estafa continuó. Madoff decía que su estrategia era secreta y, si un cliente hacía muchas preguntas, Madoff le decía que tal vez podía retirar su dinero del fondo de inversión. ¿Cómo fue descubierto el fraude? Durante la crisis financiera en Estados Unidos en el 2008, muchos inversionistas le pidieron a Madoff que les devolviera su dinero. Obviamente, Madoff no tenía suficiente dinero para todos los inversionistas que querían su dinero. Madoff le confesó el fraude a su familia y luego fue arrestado. En el 2009, a sus 71 años, Madoff fue condenado a 150 años de prisión. A su edad, la sentencia era equivalente a la cadena perpetua. ¿Cómo terminó el drama de Madoff? En tragedia, lógicamente. Primero, la tragedia de los inversionistas, que perdieron su dinero. Una señora se jubiló y compró una casa pensando que nunca tendría que trabajar de nuevo gracias a las inversiones de su familia con Madoff. Tuvo que vender su casa y alquilar un pequeño apartamento. Un soldado británico se suicidó porque perdió todo su dinero. Un financiero francés, fundador de una firma de inversión, también se suicidó. Sus clientes perdieron 1500 millones de dólares con Madoff. Uno de los dos hijos de Madoff, Mark, también se suicidó luego de la condena de su padre, en el 2010. Su otro hijo, Andrew, murió de cáncer. Antes de morir, dijo que el estrés que había sufrido a causa de los crímenes de su padre había causado su cáncer. Incluso aquellos que pensaron que habían ganado dinero con sus inversiones sufrieron al final: el abogado encargado de liquidar la empresa de Madoff demandó a los inversionistas que habían retirado dinero antes del colapso de la empresa. ¿Qué nos enseña esta historia? Muchas cosas. Sobre todo, que la codicia nunca termina bien. --- Send in a voice message: https://podcasters.spotify.com/pod/show/spanish-in-five/message

Harry Markopolos repeatedly warned about the Bernie Madoff ponzi scheme a full 9 years before it was publicly exposed. People usually refuse to heed the warnings and today, on a whole host of issues, people refuse the see what's possibly coming.

As Certified Fraud Examiners, Janice Janssen and Susan Gunn bring you stories straight from the headlines of those who have chosen to commit fraud. These individuals believed they could get something for nothing. They believed the cost of having whatever they wanted, outweighed the cost of getting caught. But they did indeed get caught.   Episode Highlights Amtrak $31k Fraud  Chiropractic Clinic Fraud $2m+ Dentist Commits $12m Wire Fraud Dr In Office Drug Dealing  Greed in Fraud A Doctor, Dentist and NBA Player plus a few others Evaluate your community of friends Quotes “There are so many ways to commit insurance fraud.”    “Just because you haven't been arrested, doesn't mean you are in the clear”   “In order to commit fraud like this, it seems you need recruiters.”    “The stream of victims is much wider than those committing the fraud.”    “Insurance fraud comes back on all of us, because we need to pay more on our premiums because there is so much fraud out there.”    “She was billing for office visits and she was on vacation, completely out of the State - during these visits the patients met with unqualified providers.”    “She wrote controlled substance prescriptions to patients without any need.”    “It is greed. Every single time greed is the reason fraud is committed.”    “Unrelenting greed gets you into trouble every time.”    “If it sounds too good to be true…it is.”    Links & Resources  Department of Justice Press Releases: https://www.justice.gov/usao-nj/pr/four-people-charged-multimillion-dollar-health-care-fraud-scheme-defraud-amtrak https://www.justice.gov/usao-ndil/pr/suburban-chicago-dentist-charged-orchestrating-12-million-fraud-scheme https://www.justice.gov/Usao-wdmi/pr/2022_0608_Peterson https://www.justice.gov/usao-sdny/pr/us-attorney-announces-charges-against-doctor-dentist-and-former-nba-player-defrauding Harry Markopolos, No One Would Listen about how he uncovered Bernie Madoff's scam   Janice Janssen's Website:   GTSGurus.com (sign up for the newsletter) GTS Phone:  844-664-4487 Susan's Website:  https://SusanGunnSolutions.com  (sign up for the newsletter) SGS Phone:  888-994-3167 Book Money In, Money Out: Financial Organization In Your Practice  Book Getting The Most Out of QuickBooks In Your Practice   Book Advanced QuickBooks In Your Practice   Ask The Expert Online Consultation

Today's FlashBack Friday was published last August 21, 2017. Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: 02:25 Is the US a giant Ponzi scheme? 05:31 Understanding the difference between pension benefit plans and contribution plans is essential. 15:15 The financial service industry preys on retail investors. 20:49 Harry Markopolos is waiting to capitalize on a market correction. 27:09 Analyzing the patterns and mistakes of the middle-class investor. 35:27 The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. 37:49 Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Mentioned in This Episode: Be Your Bank The Wealth Standard The Wizard of Lies 401K Jail Article Venture Alliance Mastermind     Follow Jason on TWITTER, INSTAGRAM & LINKEDIN   https://twitter.com/JasonHartmanROI https://www.instagram.com/jasonhartman1/ https://www.linkedin.com/in/jasonhartmaninvestor/ Learn More: https://www.jasonhartman.com/   Get wholesale real estate deals for investment or build a great business – Free course: JasonHartman.com/Deals Free White Paper on The Hartman Comparison Index™:  https://www.hartmanindex.com/white-paper Free Report on Pandemic Investing: https://www.PandemicInvesting.com Jason's TV Clips: https://vimeo.com/549444172 Free Class: CYA Protect Your Assets, Save Taxes & Estate Planning: http://JasonHartman.com/Protect Special Offer from Ron LeGrand:  https://JasonHartman.com/Ron What do Jason's clients say?  http://JasonHartmanTestimonials.com Contact our Investment Counselors at: www.JasonHartman.com Watch, subscribe and comment on Jason's videos on his official YouTube channel: YouTube.com/c/JasonHartmanRealEstate/videos Guided Visualization for Investors: JasonHartman.com/visualization Jason's videos in his other sites: JasonHartman.com/Rumble JasonHartman.com/Bitchute JasonHartman.com/Odysee Jason Hartman Extra: https://www.youtube.com/channel/UC0qQ… Real Estate News and Technology: https://www.youtube.com/channel/UCPSy…

30 企業主的品格是企業能長期制勝與永續經營的基石。 分享者：Steve Wu講師 「眼看他起朱樓，眼看他宴賓客，眼看他樓塌了」。這是清朝曲作家孔尚任在《桃花扇》中的名句，也經常被後世很多人藉用來形容從盛極一時走向衰亡的光景。 2019年8月15日，會計專家哈利‧馬可波羅斯（Harry Markopolos）在一份研究報告中指控奇異（General Electric Company，簡稱GE）公司財務造假，掩蓋了一些嚴重的問題，並且向監管者提供錯誤和欺詐財務報告。他與他的團隊發布的175頁報告中直指奇異在財務報表上造假；除了列舉出奇異公司以下的四大罪行，更將其稱為「比安隆公司更大的欺詐行為（Enron Corporation，安隆醜聞案是美國歷史上最大破產案，也是最大的審計失敗事件）」： 公司會計違規行為涉及金額高達380億美元（約新台幣1.2兆元），相當於當時市值的54%以上 公司的保險準備缺口高達185億美元（約新台幣5,794億元） 油氣業務的會計方式有問題 營運資金情況遠比公開的還要糟 哈利‧馬可波羅斯認為奇異公司涉及的財務問題規模超過兩起美國著名的財務造假醜聞，也就是美國前能源巨頭安隆公司和前電信巨頭世界通訊公司的總和。由於這份報告的揭露，奇異8月15日當天收盤股價下跌11.4%，市值蒸發89.8億美元（約新台幣2,812億元），同時也讓美國司法部和美國證交會對其會計行為進行調查。 GE奇異公司這家百年企業除了有神一般存在的創辦人愛迪生，在80~90年代更出現了一個現代（二十世紀）管理學無不爭相吹捧、追隨的傳奇CEO傑克．威爾許。所有當時的企業前仆後繼學習奇異公司的制度與管理方式，像是六個標準差（Six Sigma）等，著實為彼時的顯學；而威爾許也被戴上了管理大師的桂冠。 如今的奇異公司，不僅光環不再，涉入這樣的醜聞疑雲，更是讓百年企業的招牌蒙塵。看著書架上一落關於奇異電器／傑克．威爾許的管理書籍，對照著這篇報導，孔尚任的名句所描述的場景隨即映入眼簾，令人不勝唏噓…… 管理技術或有高下新舊之分，然而我個人認為最關鍵的還是企業主／領導者的品格。維持integrity的完整與高尚品德，應該才是企業能長期制勝與永續經營的基石。

#30 企業主的品格是企業能長期制勝與永續經營的基石。 分享者：Steve Wu講師 「眼看他起朱樓，眼看他宴賓客，眼看他樓塌了」。這是清朝曲作家孔尚任在《桃花扇》中的名句，也經常被後世很多人藉用來形容從盛極一時走向衰亡的光景。 2019年8月15日，會計專家哈利‧馬可波羅斯（Harry Markopolos）在一份研究報告中指控奇異（General Electric Company，簡稱GE）公司財務造假，掩蓋了一些嚴重的問題，並且向監管者提供錯誤和欺詐財務報告。他與他的團隊發布的175頁報告中直指奇異在財務報表上造假；除了列舉出奇異公司以下的四大罪行，更將其稱為「比安隆公司更大的欺詐行為（Enron Corporation，安隆醜聞案是美國歷史上最大破產案，也是最大的審計失敗事件）」： 1. 公司會計違規行為涉及金額高達380億美元（約新台幣1.2兆元），相當於當時市值的54%以上 2. 公司的保險準備缺口高達185億美元（約新台幣5,794億元） 3. 油氣業務的會計方式有問題 4. 營運資金情況遠比公開的還要糟 哈利‧馬可波羅斯認為奇異公司涉及的財務問題規模超過兩起美國著名的財務造假醜聞，也就是美國前能源巨頭安隆公司和前電信巨頭世界通訊公司的總和。由於這份報告的揭露，奇異8月15日當天收盤股價下跌11.4%，市值蒸發89.8億美元（約新台幣2,812億元），同時也讓美國司法部和美國證交會對其會計行為進行調查。 GE奇異公司這家百年企業除了有神一般存在的創辦人愛迪生，在80~90年代更出現了一個現代（二十世紀）管理學無不爭相吹捧、追隨的傳奇CEO傑克．威爾許。所有當時的企業前仆後繼學習奇異公司的制度與管理方式，像是六個標準差（Six Sigma）等，著實為彼時的顯學；而威爾許也被戴上了管理大師的桂冠。 如今的奇異公司，不僅光環不再，涉入這樣的醜聞疑雲，更是讓百年企業的招牌蒙塵。看著書架上一落關於奇異電器／傑克．威爾許的管理書籍，對照著這篇報導，孔尚任的名句所描述的場景隨即映入眼簾，令人不勝唏噓…… 管理技術或有高下新舊之分，然而我個人認為最關鍵的還是企業主／領導者的品格。維持integrity的完整與高尚品德，應該才是企業能長期制勝與永續經營的基石。

Book Report: No One Would Listen: A True Financial Thriller by Harry Markopolos. Find the Book: https://www.amazon.com/No-One-Would-Listen-Financial/dp/B003A0255K/ref=tmm_aud_swatch_0?_encoding=UTF8&qid=&sr=

In this episode, podcast host and author of “Control Your Retirement Destiny”, Dana Anspach, covers part 2 of Chapter 12 of the 2nd edition of the book titled, “Whom To Listen Too.” Part 2 covers "Interviewing Advisors and Avoiding Fraud." If you want to learn even more than what there is time to cover in the podcast series, you can find the book “Control Your Retirement Destiny” on Amazon. Or, if you are looking for a customized plan for your retirement, visit us at sensiblemoney.com to see how we can help.   Chapter 12 (Part 2) – Podcast Script Hi, this is Dana Anspach. I’m the founder and CEO of Sensible Money, a fee-only financial planning firm. Fee-only means no commissions. I’m also the author of Control Your Retirement Destiny, a book that shows you how to align your finances for a smooth transition into retirement. This podcast is an extension of the material in Chapter 12, on “Whom To Listen To”. I’ll be covering the topics of avoiding fraud and how to interview potential advisors. If you like what you hear today, go to Amazon and search for Control Your Retirement Destiny. And, if you are looking for a customized plan, visit sensiblemoney.com to see how we can help. ----- We’ve all heard the saying “if it’s too good to be true….” So why do we fall for fraud, over and over? I think I know the answer. To recognize if something is too good to be true, you must know what truth is in the first place. And when it comes to investing, a lot of people have no idea what is realistic and what is a fantasy. By the end of this podcast, you will not be one of those people. I’ve got several real-life stories to tell – stories about fraud and why people fell for it. You are about to learn what to watch out for. And as a side note – for the personal stories I tell I change names and details for privacy reasons. Although details are changed, the substance of each story is true. Let’s start with the biggest financial scam in U.S. history – what is known as the Bernie Madoff scam – a 65 billion-dollar Ponzi scheme. If you haven’t heard of him, Bernie Madoff was the former chairman of the NASDAQ stock market. Naturally when he started his own investment firm, people trusted him. His scheme came unraveled in December 2008 and many families lost their entire life savings. One of the men credited with bringing down Madoff’s scheme is Harry Markopolos. He tells his story with his co-author Frank Casey in their book called No One Would Listen: A True Financial Thriller. How did Harry Markopolos figure out Madoff’s scheme? Markopolos said, “As we know, markets go up and down, and Madoff’s only went up. He had very few down months. Only four percent of the months were down months. And that would be equivalent to a baseball player in the major leagues batting .960 for a year. Clearly impossible. You would suspect cheating immediately.” Maybe Markopolos would suspect cheating immediately, but would you? Harry Markopolos was in the investment business. He knew what is and is not possible. But what about the average person who walked into Bernie Madoff’s office and was told that they could consistently earn 12% returns each year? Any one of us in the investment business would walk out and head to the authorities. But the average investor? They think that sounds great and that someone has the magic formula to make it happen. They don’t know that they should suspect cheating immediately. How can you assess what is realistic and whether someone is lying? First, you must understand that safe investments earn low returns. If a proposed investment pays more than a money market fund or more than a one-year CD, than there is risk. If someone doesn’t explain those risks and tries to assure you that your money is completely safe, they aren’t telling the whole story. You also must know that volatility, or ups and downs, are a normal part of investing. If someone tells you it will be a smooth ride with great returns, watch out. Something is not right. Despite the publicity that the Madoff scandal received, Ponzi schemes continue and people continue to fall for them. Most recently, a New York Times article chronicles “The Fall of America’s Money Answers Man” which is the story of Jordan Goodman, a well-known finance guru who has books and radio shows. As Goodman’s work became more popular, he began touting all sorts of investments and was being paid to promote these investments. That is not illegal, as long as it disclosed. But he wasn’t disclosing all these relationships. And, on one of his radio shows in about 2014, Goodman began talking about one particular investment where you could safely earn 6% returns. He was quoted as saying “There’s a way of getting 6 percent and not having to worry about capital loss. It’s very safe.” This investment he was promoting turned out to be a Ponzi scheme. How could you recognize that this was a scam? After all, maybe 6% doesn’t sound like a return that is too good to be true? Well, it’s all relative. In 2006, you could earn 6% in a money market fund, but in 2014, you were earning about zero in a money market fund. And in today’s low interest rate environment, you might earn 2.5%. So, if someone is promising a safe, stable 6% no-risk return, you should be skeptical. And if you do decide to go forward with such an investment, you most certainly would not put in more than 5-10% of your money. As a legitimate investment advisor, my job is to provide people with a realistic set of potential outcomes. What happens when I compete with someone who is lying? It’s hard. I can present all the logic in the world, but when some unscrupulous advisor promises bigger returns with no risk, it is often with a sense of helplessness that all I can do is stand by and watch someone lose money. In 2007 I watched one of my clients get sucked in by this kind lie. He came in for our annual meeting about a month before he was supposed to retire. He told me he wasn’t going to need to withdraw money from his IRA as we had planned. “Why?” I asked, intrigued. He replied that he’d invested $100,000 in a currency-trading program that was paying him $5,000 a month. He showed me the checks he had been receiving.I got a sick feeling in the pit of my stomach. I knew the math didn’t add up. At $5,000 a month, that’s $60,000 a year, on a $100,000 investment. No one can deliver those kinds of returns. But how do you explain this to someone who has checks in their hand? Within six months, the currency trading program he invested in was discovered to be a scam, and the perpetrators were arrested. I wasn’t surprised.After netting out the checks he received, and the tax deduction for the fraud loss, he ended up about $50,000 poorer. Luckily, the rest of his retirement money remained invested with me, in a boring balanced portfolio of no-load index funds, so his overall retirement security wasn’t affected. Another thing scam artists do is appeal to your ego or to your religion – or both. I saw one former client of mine lose $4 million to such a scam. After working together for several years, this client sent me a wonderful email letting me know how much they had appreciated working with me, but that they were moving their funds to a firm that shared the same religious affiliation as they did. This firm also told them they would have access to exclusive investments only available to high net worth individuals. There’s the ego appeal. And, the firm told them it would handle everything: legal work, accounting, and investments. In hindsight, this makes sense. It keeps other expert eyes from questioning what is being done. A few years later, this client came back in to see me with a stack of papers in hand, asking me to help figure out what had happened to their money. I read, and I read some more. I turned white as chalk as I kept reading. Four million dollars—nearly all of their money—was gone. I immediately sent them to see an attorney who specialized in these types of cases. How did this firm scam the client out of 4 million? They got them to sign a series of promissory notes. The notes were supposed to pay 10 – 12% returns and the money was going to be used for real estate development. The client signed the notes, wired the money, got a few interest check payments and that was it. They were told the real estate development floundered. I don’t know what really happened or where the money really went. What I do know is the client’s lifestyle was forever changed. How can you avoid such a scam? Well, legitimate advisors won’t ask you to sign a promissory note. Instead your money is placed with a reputable custodian like Charles Schwab, Fidelity, or T.D. Ameritrade. A custodian reports directly to you. For example, my firm uses Charles Schwab as our primary custodian. We can initiate transactions, but Schwab reports those transactions directly to the client. We have no ability to make up what the account statement says. In the cases we have discussed so far there was no third-party custodian. So the advisor could make up what the statements said and what they were reporting to the client. Con artists are skilled at finding people who are trusting and vulnerable. You may be savvy, but what about your spouse? This is another real-life case of mine. The story of Henrietta, who was referred to me by her CPA after her husband passed. Henrietta and her husband Frank had an impressive collection of original art-work worth millions. Frank passed away when Henrietta was about 78 years old. Frank and Henrietta had a long-term friend from the art world named Sam. Sam reached out to Henrietta after Frank’s death and offered to buy her art collection. Henrietta didn’t seek legal counsel because she’d known Sam for a long time. Why would she need an attorney? She trusted him. They negotiated a purchase price of $3 million to be paid to Henrietta on a schedule of $25,000 a month for the next 10 years. The checks arrived for about two years, then they suddenly stopped. Sam was nowhere to be found. Henrietta was finally able to track him down, at which time he told her he was going through financial difficulties, and that he would send her money as soon as he could. She waited. A few months later he sent one additional payment. Then nothing more. It wasn’t until she hadn’t received a payment for two years that I was able to convince Henrietta to hire an attorney and pursue litigation. She kept telling me that Sam was a friend. She wanted to give him the benefit of the doubt. Henrietta was now 82. Of course, she didn’t want the hassle. Eventually, Henrietta was able to recover about $1.5 million. I don’t believe she would have gotten any of that money back if I hadn’t encouraged her to take action. And I believe the family friend was counting on the fact that Henrietta was older and would just let it go. How can you avoid such a scam? Early in retirement establish solid relationships with accountants, advisors and attorneys that you trust. And if your spouse is not involved in the finances, you still want to make sure they will know who to turn to. The last story I want to tell is a story from my own family. The story of Aunt B, my dad’s aunt. Aunt B, at age 94, was a spirited and intelligent woman. She’d had a fulfilling career as a professor, had never married, and had managed to save a significant amount of money. Over the past few years, her hearing and sight had become impaired, and a medical condition developed which meant Aunt B needed 24-hour-a-day in-home care.Aunt B did not want to use an agency to provide care. She lived in a small town in rural Iowa and wanted local help. She found a group of three young women willing to provide in-home care services. They started coming around to stay with her regularly. My dad had power of attorney over Aunt B’s financial affairs and lived about 15 miles away. The first problem arose when Aunt B decided it would be a great idea to write a $60,000 check to help a local failing business stay afloat. Dad investigated—and overruled. Aunt B was furious. We found out later that the business was owned by the spouse of one of the caregivers. Dad continued to investigate and soon realized that the three caregivers had managed to drain over $300,000 out of Aunt B’s accounts within a matter of months. When Dad tried to explain the situation to Aunt B, she became angry and adamantly defended the actions of her caregivers. Dad brought in the police and an attorney. Despite clear explanations, Aunt B insisted that the caregivers were only going through a “naughty spell,” and that they should be forgiven and rehired. The attorney, who was familiar with these types of cases, explained to us how these situations develop. Homebound people often forge close bonds with their caregivers. The caregiver becomes the eyes, ears, and primary news source for the homebound person and can exert great influence. The caregivers can screen phone calls, mail, and outside information, so their patient is only exposed to the information they want them to see. Aunt B was nearly blind. They would present her with checks to sign which were supposedly for services like lawn care or house cleaning. She would sign the checks, which, in reality, were often made out directly to the caregivers. They also ordered new appliances, tools, and other household items, all delivered to their own homes, not to Aunt B’s. To perpetrate their fraud, they convinced Aunt B that Dad was out to get her money. Each time he stopped by they would tell Aunt B that he was only there to look out for his own future inheritance. They had even talked Aunt B into changing her will to make the primary caregiver the main beneficiary. Luckily that was later remedied. The scam would never have been discovered if Dad didn’t randomly stop in at Aunt B’s, ask questions, and poke around, even when she did not want him to. Unfortunately, because this type of crime is not a violent crime, the care-givers received a sentence that is about equivalent to being on probation. They could easily be back out there, doing the same thing today. We also learned from the attorney general that these care-givers had prior records and likely learned their techniques in prison, as strategies on how to defraud the elderly are passed along among the incarcerated. Someone trained to swoop in can do serious damage in a matter of weeks—then they vanish. How can you avoid a scam like this in your family? Check in on your elderly family members. Get involved. And insist on back-ground checks even if the care-giver is part of your local community or referred by someone you know. Before I wrap up this podcast, I want to cover one more thing - the topic of interviewing advisors. What questions should you ask? I’ve had prospective clients come in with a checklist where it was evident they didn’t know what they were asking. But at least they had done a little homework and arrived with some sort of screening process. In the last podcast, we covered the basics on advisor credentials and compensation. I’d suggest you don’t even meet with an advisor unless they pass your basic screening process – which you can do before you meet with them. So, when I talk about interviewing advisors, I’m not talking about questions such as what credentials do they have. I’m assuming you already screened them and now you’re down to a final round of interviews with those who passed the screening process. So, you’re interviewing, and you need to determine if this person is a good fit for you and your family. There are two questions I think are key. These two questions help you gauge the financial advisor’s communication and planning style. The first of those questions is, “What assumptions do you use when running retirement planning projections?” All financial-planning projections are based on assumptions. There are assumptions about the rate of return, the pace of inflation, taxes, and much more. If an advisor runs a financial plan projecting your investments will grow at 10% a year, you might have a problem. This assumption makes the future look rosy, but it’s probably make-believe. You need realistic projections to make appropriate decisions. You want to find someone who uses a conservative set of assumptions; after all, you’d rather end up with more than what is projected on paper, not less. All assumptions must be adjusted according to your personal circumstances and changes in the general economy. With that in mind, I am going to walk through a short list of what I consider realistic assumptions. For investment returns: Projections using returns in the range of 5–7% a year seems realistic in today’s environment. For inflation: your living expenses should be projected to rise about 3% a year on average, or maybe a little less if you’re already retired and have a higher net worth. Real estate assets such as your home may go up in value about 2–3% a year on average.And tax rates should be customized to you. For example, if you have a large sum of money in retirement accounts, you will pay taxes on that money as it is withdrawn. That puts you in a completely different tax situation than someone who has a large sum of money that is not in retirement accounts. This needs to be considered when running financial-planning projections. There are of course many valid reasons to use assumptions that may vary from my guidelines. Your job as the customer is to ask what the assumptions are and to question things that seem unrealistic. The second question I like is asking the advisor to explain a financial concept to you. You want to work with someone who can talk in language you can understand. If an advisor speaks over your head, or their answer makes no sense and they do not respond well to additional questions, move on. Here are a few concepts you should have learned in this podcast series that you could inquire about. You could ask:What do you think of index funds?Or how do you determine how much of my money should be in stocks versus bonds?Or how do you help me figure out if I should put my money in a Traditional IRA or Roth IRA?And ask how do you account for health care costs in my projections?You want to make sure you understand the answer that is provided. This is a good sign that you’re working with someone who can communicate in a way that you can relate to. To wrap up today, when evaluating investments and advisors, always keep in mind: There no such thing as safe stable no-risk returns that are higher than what you get on current money market funds. Your advisor would never ask you to sign a promissory note.Work with advisors that use large well-known third-party custodians. You should never make deposits to an entity that your advisor controls. And always interview advisors and work with someone who uses conservative assumptions and who takes the time to explain things to you. ----- That wraps it up for this podcast on part two of Chapter 12, on “Whom to Listen To”. Thank you for taking the time to listen. In the Control Your Retirement Destiny book, I provide additional resources that can help you avoid fraud and interview advisors more effectively. You can visit amazon.com to get a copy in either electronic or hard copy format. You can also visit sensiblemoney.com, to see how a staff of experienced retirement planners can help.    

Today's Flash Back Friday comes from Episode 872, originally published in August 2017. Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [02:25] Is the US a giant Ponzi scheme? [05:31] Understanding the difference between pension benefit plans and contribution plans is essential. [15:15] The financial service industry preys on retail investors. [20:49] Harry Markopolos is waiting to capitalize on a market correction. [27:09] Analyzing the patterns and mistakes of the middle-class investor. [35:27] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [37:49] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Mentioned in This Episode: Be Your Bank The Wealth Standard The Wizard of Lies 401K Jail Article Venture Alliance Mastermind

Today's Flash Back Friday comes from Episode 872, originally published in August 2017. Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [02:25] Is the US a giant Ponzi scheme? [05:31] Understanding the difference between pension benefit plans and contribution plans is essential. [15:15] The financial service industry preys on retail investors. [20:49] Harry Markopolos is waiting to capitalize on a market correction. [27:09] Analyzing the patterns and mistakes of the middle-class investor. [35:27] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [37:49] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Mentioned in This Episode: Be Your Bank The Wealth Standard The Wizard of Lies 401K Jail Article Venture Alliance Mastermind

In Episode 86 of Hidden Forces, Demetri Kofinas speaks with TeslaCharts, one of the leading members of the online community known as TSLAQ, a group of largely anonymous Twitter users who exist to expose the reality behind the Tesla façade. TSLAQ is a hive-like collective of financiers, accountants, Ph.D.’s, lawyers, pilots, and members of just about any other occupational discipline you can imagine. What unites them all is Tesla, or more specifically, their outrage at a CEO who they believe to be a carnival barker running the biggest fraud in corporate America. In the words of TSLAQ’s most prominent member Mark Spiegel, Elon Musk is responsible for “the biggest single stock bubble in this whole bubble market.” According to an article about TSLAQ published for the LA Times, Russ Mitchell writes, “the channel has emerged as a crowd-sourced stock research platform,” where “contributors divide up research duties according to personal interest and ability, with no one in charge.” The “major aim” of this collective, writes Mitchell, “is to change the mind of Tesla stock bulls and the media.” Activist investing and short selling have been around for as long as anyone can remember, but short sellers have traditionally aligned with intrepid, up-and-coming journalists and prominent media outlets in order to “talk their book” and change public opinion about the stock by sharing their proprietary research into the company. Jim Chanos was famous for having worked to expose the fraud at Enron through various media contacts like Bethany McLean, while simultaneously shorting the company’s stock. In other cases, such as with SEC whistleblower Harry Markopolos, “No One Would Listen.” What is unique in this case is the emergent nature of the network behind TSLAQ. It is not proprietary, nor is anyone in control. TSLAQ is not a conspiracy of short-sellers. Rather, it is the spontaneous manifestation of a disparate collection of disaffected people united together by their commitment to exposing an increasingly dangerous fraud that they believe is being perpetrated against investors and the general public. In this episode, we bring light to this phenomenon and help to educate you about its history, its impetus, and its prospects for bursting what may be the greatest stock bubble in our entire bubble market. As always, episodes of Hidden Forces are for informational purposes only and should not be relied upon as the basis for financial decisions. All views expressed by Demetri Kofinas and podcast guests are solely their own opinions and should not be construed as financial advice. Producer & Host: Demetri Kofinas Editor & Engineer: Stylianos Nicolaou Join the conversation on Facebook, Instagram, and Twitter at @hiddenforcespod

In a matter of hours in 1999, Harry Markopolos determined that Bernard Madoff’s returns were not real. Over the course of the next 9 years, Harry and his team assembled a trove of compelling evidence supporting this claim. He spoke to investors and market participants, studied the web of feeder funds that raised capital and built option pricing models that cast doubt that Madoff could achieve anything close to the results he purported to achieve. “How do you have over a 3 Sharpe ratio in finance over many years? You can’t”, Markopolos stated. Ten years post the collapse of the largest Ponzi scheme ever, I am thankful to have had the opportunity to engage with Harry on the various red flags he spotted, the long arc of his pursuit of Madoff and the degree to which investors remain vulnerable to Ponzi schemes and fraud in the current period. I hope you enjoy our wide-ranging, candid conversation.

Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [07:45] Is the US a giant Ponzi scheme? [10:51] Understanding the difference between pension benefit plans and contribution plans is essential. [20:35] The financial service industry preys on retail investors. [26:09] Harry Markopolos is waiting to capitalize on a market correction. [32:29] Analyzing the patterns and mistakes of the middle-class investor. [40:47] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [43:09] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Website: www.BeYourBank.com www.TheWealthStandard.com 401(K) Jail Article www.VentureAllianceMastermind.com There will continue to be a concentration of wealth and an attack on the middle class.

Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [1:15] Is the US a giant Ponzi scheme? [4:21] Understanding the difference between pension benefit plans and contribution plans is essential. [14:05] The financial service industry preys on retail investors. [19:39] Harry Markopolos is waiting to capitalize on a market correction. [25:59] Analyzing the patterns and mistakes of the middle-class investor. [34:17] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [36:39] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Website: Be Your Bank The Wealth Standard Podcast The Wizard of Lies Venture Alliance Mastermind

Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [1:15] Is the US a giant Ponzi scheme? [4:21] Understanding the difference between pension benefit plans and contribution plans is essential. [14:05] The financial service industry preys on retail investors. [19:39] Harry Markopolos is waiting to capitalize on a market correction. [25:59] Analyzing the patterns and mistakes of the middle-class investor. [34:17] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [36:39] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Website: Be Your Bank The Wealth Standard Podcast The Wizard of Lies Venture Alliance Mastermind

Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [1:25] Is the US a giant Ponzi scheme? [4:31] Understanding the difference between pension benefit plans and contribution plans is essential. [14:15] The financial service industry preys on retail investors. [19:49] Harry Markopolos is waiting to capitalize on a market correction. [26:09] Analyzing the patterns and mistakes of the middle-class investor. [34:27] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [36:49] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Website: Be Your Bank The Wealth Standard Podcast The Wizard of Lies Venture Alliance Mastermind

Jason welcomes Patrick Donohoe of The Wealth Standard Podcast to discuss the dirty details of pensions, insurance policies and Ponzi schemes. Jason describes the difficulties and common mistakes average retail investors make when investing in financial services. And, Pat gives a comprehensive overview of how to make the most of your existing policies in order to invest your money in the most historically-proven asset class, income property. Key Takeaways: [02:25] Is the US a giant Ponzi scheme? [05:31] Understanding the difference between pension benefit plans and contribution plans is essential. [15:15] The financial service industry preys on retail investors. [20:49] Harry Markopolos is waiting to capitalize on a market correction. [27:09] Analyzing the patterns and mistakes of the middle-class investor. [35:27] The Wealth Standard Podcast focuses on helping individuals understand the comprehensive nature of the economy. [37:49] Pat explains how policyholders can reduce their risk and get investment money for cash-flow properties. Mentioned in This Episode: Jason Hartman Be Your Bank The Wealth Standard The Wizard of Lies 401K Jail Article Hartman Education - Contest to win an Amazon Echo Venture Alliance Mastermind

Harry Markopolos was the lone whistleblower on Bernie Maddoff's $18 billion Ponzi scheme and, in this interview, takes the whole regulatory and accounting apparatus to task in a way that will have you thinking differently about institutions that guard the public trust. In 'Things I Got Wrong', Marin Katusa, professional resource investor and founder of Katusa Research, shares what he got wrong going all-in on a mining company early in his career. Learn more about your ad choices. Visit megaphone.fm/adchoices

HOW TO DISCOVER THE SECRETS IN LIFE The best things in life are born from coincidence. I am a firm believer in this. A year ago I was flying back from California. I started talking to the guy sitting next to me. Turns out he had  worked in almost every branch of government related to intelligence and diplomacy. Now he runs his own private intelligence company. He has information about every government in the world. He is paid a lot of money to reveal and analyze that information. But when we were on the plane, for basically four or five hours I asked him everything I could and got the most incredible detail about the state of affairs in the world. I’m almost afraid to reveal what we spoke about on the plane. Everything from “how to catch a liar” to “What is the Nigerian government specifically doing about oil prices” to “Will Trump win?” (and his answer turned out to be stunningly accurate). Then...a lost touch with him. He  was just a guy I sat next to on the plane for a few hours. We got off and went to live our separate lives. Until now. His new book is out: “Warnings” written with uber-diplomat Richard Clarke. What is he warning about? Everything. Where are the hidden potential catastrophes around the world. And how can we live with them. And how can we avoid them. And how can we figure out the warnings after these? He answers, he analyzes, he proves, and he does it from his 30 years of experience uncovering these things for the US government and now, through his company, for other governments and large institutions that can afford him.  The key is: “that  can afford him”. Because now he comes on the podcast and just like the coincidence of meeting  him a year ago, he answers all of my questions again about his book. About the “Warnings”. I love  when coincidence intersects real life. I saw his book, remembered him from our interaction, and we had the best time on the podcast. Read the book, listen to the podcast, and don’t ignore the coincidences in your life. (But he is.) R.P. Eddy is the CEO or Ergo, one of the greatest super intelligent firms in the world. Governments hire him and his firm to spy on other governments. “Hopefully, I wasn’t too indiscreet,” he said, referring to the time on his plane.   I told him not to worry. “If you’re not arrested by the end of this podcast, then you’re okay.” In his book, “Warnings: Finding Cassandras to Stop Catastrophes,” R.P. covers all the major world catastrophes that could’ve been predicted and prevented: 9/11, Madoff, Fukushima, the financial crisis, AIDS, climate change. If we can learn to predict these, or at least learn how to figure out  how the correct experts are, then a lot of pain can be avoided. Experts warned us. But no one listened to them. R.P. calls these people “Cassandras.” The name comes from greek mythology. Apollo (a god) wanted to sleep with Cassandra. She refused. So Apollo cursed her. “She could foretell any future disaster. She could see it in vivid color,” R.P said. But the curse was that no one believed her. So she burned to death in a terrible attack. (An attack she knew was coming…) These people exist in real life. And R.P. wants us to notice them. So R.P, and his coauthor, Richard Clarke, started “The Annual Cassandra Award.” They’re giving away cash prizes (up to $10,000) to motivate people to find and nominate a true “Cassandras.” This is the formula for spotting a “Cassandra…” How to detect a truth-teller (listen at [55:25]) The “Cassandras” featured in R.P’s book are experts in their field. They have been for years. He told me about Laurie Garrett, the head of global health for the Council of Foreign Relations. She’s the first person to ever win the Polk, the Pulitzer and the Peabody. “She foresaw the rise of HIV/AIDS when she was a radio reporter in San Francisco,” R.P. said. “She saw these men dying of a disease called ‘gay related immune deficiency,’ ‘GRID,’ or ‘gay cancer.’ They didn’t know what it was. Gay men didn’t think they had a transmissible disease. They thought they were sharing a cancer somehow, but just by looking at them and seeing the Kaposi sarcoma on their face, Laurie Garrett knew this was a contagious illness and started getting the media to pay attention.” This was during the time of Ryan White. He was a young, poor high school student dying of HIV caused by a blood transfusion. He was banned from school. People shot at his house. “Noted politicians called for gay people to be put in camps,” R.P. said. But Laurie could see how the pandemic was unfolding. And she came up with a plan for health care and surveillance networks to prevent the disease’s spread. The issue is that a lot of “Cassandras” are ignored. Because sometimes warnings are wrong… so how do you tell the difference between a “chicken little" and a “Cassandra.” “Cassandras” are data driven. “Everybody in our book who was right was a proven, technical expert on the topic they were speaking about,” R.P. said. “They are questioners by personality.” They ask hard questions and doubt what most believe. They have an off-putting personality (not always, but it’s common). They have a sense of personal responsibility. “When they walk into a restaurant and the fire alarm goes off, they’re the one who says to everybody, ‘Let’s get out of here,” R.P. Said. “These guys think of themselves as sheepdogs. Some people think of themselves as sheep (they probably don’t realize they’re sheep) and then we all know there are wolves out there. Sheepdogs, to some extent, think it’s their job to protect us.” They have high anxiety. “Let’s go back to our fire alarm example. These are the guys who look for the fire exits when they walk in. They’re the people who pull the fire alarm when they smell smoke. And when you think about personalities, a lot of people don’t do that.” Why we continue to let real threats slip by us: I asked R.P. why these people, “the Cassandras,” are ignored. Why aren't we trying harder to prevent terrible things from happening? “It comes down to our human biases,” he said. We pick sides. If we think someone is off-putting, we doubt them. If they confuse us (meaning they’re data goes over our head), we move on. And miss the warning. The same is true for our ideologies and belief systems. We’re quick to deny people who think differently. Madoff’s ponzi scheme is a perfect example. R.P. interviewed Harry Markopolos, a financial fraud investigator. “He knew within 45 seconds of understanding Madoff’s “hedge-fund” that it was a ponzi scheme,” R.P said. But the SEC didn’t listen to Harry’s warning because of his personality. They thought he was obnoxious. Even though he had hard evidence: Madoff claimed to trade 60 billion dollars worth of options. But that many options didn’t even exist in market. The math proves Harry right. Humans fail by emotions. I don’t know if there’s a solution. Maybe we have to unlearn. Maybe we have to judge our judgements. And ask more questions. Curiosity is a new world. And isn’t that what we want after all? See omnystudio.com/listener for privacy information.

FP catches up with award-winning journalist and author Gillian Tett of Financial Times on the streets of Toronto to talk about the 2008 financial crisis and her involvement in “Inside Job,” a new documentary on the crisis premiering at the Toronto International Film Festival. FP reporter Jonathan Ratner dishes the dirty details on how financial fraud investigator Harry Markopolos brought Ponzi scheme mastermind Bernard Madoff to justice

Harry M. Markopolos or Harry Markopoulos (born October 22, 1956 in Erie, Pennsylvania) is a former securities industry executive turned independent financial fraud investigator for institutional investors and others seeking forensic accounting expertise. He has risen to prominence as an early and unheeded whistleblower of suspected securities fraud by Bernard Madoff, tipping off the United States Securities and Exchange Commission (SEC) repeatedly both orally and in writing starting in 1999, when he argued that it was not legally possible for Madoff to deliver the returns he had claimed to deliver.[1][2]References1.^ Douglas, Craig M (December 16, 2008). "Madoff had early skeptic in Boston gumshoe". Boston Business Journal. Retrieved December 22, 2008.2.^ Wagner, Daniel; Pete Yost (December 21, 2008). "SEC has been slow to react to fraud claims". Associated Press. Retrieved December 22, 2008.DownloadSource: King World NewsAired: 3/2/10 12:00 AMThis podcast is an aggregate of audio files freely available online. Please visit the original source and subscribe to the host website.