I can’t believe I missed this, but its from a month ago! Read below, this is not just an attention grabbing headline. The story is about Harry Markopolos, who exposed Madoff while the SEC was watching you know what, thinks two huge banks have been committing massive fraud for decades.
In a King World News exclusive interview, the man who brought down Bernie Madoff’s $65 billion Ponzi scheme informed KWN, “Bank of New York is going to go down, Eric. Between Bank of New York Mellon and State Street, these two institutions have stolen between $6 to $10 billion from tens of millions of Americans retirement savings accounts. It’s been a hell of a crime spree for the bank, but now they are being brought to justice.”
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John Buckingham's presentation titled, 'Busting the Myths & Seven "Valuable" Themes for 2021'. The webinar for ValueWalk Premium members took place on 2/23/2021, and was followed by a Q&A. Stay tuned for our next webinar, Q4 2020 hedge fund letters, conferences and more John Buckingham Principal, Portfolio Manager, Kovitz Editor of The Prudent Speculator newsletter Read More
Harry Markopolos has lead the team that spearheaded this investigation from the beginning. Harry and his team were the first to expose this fraud. Markopolos also told KWN, “The New York Attorney General filed suit on Tuesday (against Bank of New York Mellon) for stealing money from pension funds on currency transactions. This theft has been from tens of millions of Americans, policemen, firemen, librarians, municipal workers, judges and the list goes on and on and they’ve been doing it for decades.
Every day, every time a state pension fund traded, the bank would steel approximately three tenths of one percent from every transaction. As an example, every time a pension fund bought a currency what the Bank of New York would do is look back twenty hours and assign all of the state pension funds purchase transactions at the high of the day.
Every time a state pension fund tried to sell a currency they would assign them a price at the lows of the day and the bank would pocket the difference. The bank has done this for not years, but for decades, every business day for decades. This bank didn’t learn to steal just ten years ago, they’ve been doing it for many decades.
Rest of interview here-here
Make sure to check out Harry Markopolos’ best seller on the Madoff fraud, No One Would Listen: A True Financial Thriller (Wiley, 2011).