“We are on the precipice of the greatest retirement crisis in the history of the world. And that makes perfect sense because, first of all, we have the largest elderly population in the history of the world. Just focusing on the United States: our elderly are woefully unprepared to retire. And in the decades to come we will witness millions of elderly American’s, Baby Boomers and others, slipping into poverty. ‘Too frail to work, too poor to retire’ will become the new normal for many elderly Americans.” So warns pension fraud whistleblower Ted Siedle.
Siedle’s firm, Benchmark Financial Services, Inc. has pioneered over $1 trillion in forensic investigations of the money management industry. He’s nationally recognized as an authority on pensions and investment management matters, having testified before the Senate Banking Committee regarding fund scandals and is an expert in various Madoff-related and other litigations. In 2017, he secured the largest SEC whistleblower award in history of $48 million, and in 2018, the largest CFTC award in history at $30 million.
Ted Siedle: The Greatest Retirement Crisis In The History Of The World
As equity long/short hedge funds have struggled this year, managed futures funds have been able to capitalize on market volatility and generate some of the best returns in the hedge fund industry. The managed futures sector refers to funds known as commodity trading advisors, or CTAs, which generally use a proprietary trading system to trade Read More
Pensions, we’ve discussed them here at peak prosperity over the years pointing out that they are kind of a mathematical nightmare for everyone involved but is bad as the pension nightmare seems on the surface it’s even worse below the covers. I recently had the chance to hear a true pension expert talk about how America’s pension system is ripe for fraud and abuse and mismanagement. Sure pensions routinely over promise but it’s actually worse than that. They also routinely under deliver because the people on the pension boards are often underqualified outgunned outmaneuvered by slick operators from sometimes predatory operations that simply cannot resist the honey pot of money tied up in pensions. Our experts today is Ted Seitel. He’s been called the Sam Spade of money management the financial watchdog and even the pension detective. Born Edward Ahmad Hamilton Sidel he grew up in Trinidad in Venezuela Panama Peru England Uganda Egypt and the US certainly a very well-rounded world traveled individual. He is a former FCC attorney and former legal counsel into excuse me. He is a former U.S. attorney and former legal counsel and director of compliance to Putnam Investments. For over 20 years he has owned securities trading and investment banking firms. His firm benchmark Financial Services Inc. Has pioneered over 1 trillion in forensic investigations of the money management industry. He is nationally recognized as an authority on pensions and investment management matters. Having testified before the Senate Banking Committee regarding the mutual fund scandals and as an expert in various Madoff and other litigations in 2017 he secured the largest SEC whistleblower award in history of forty eight million dollars in 2013. The largest CFTC award in history at 30 million dollars. Welcome.
Ted thank you very much for inviting me on your podcast.
Very excited to have you here so let’s start here. You know by way of background Ted I discovered that you two are a graduate of Simon’s Rock early college. I got out of there with an associates back in 1982. It really it gave me a start there was otherwise unavailable and I just had to point that out because I haven’t ever interviewed another graduate of Simon’s Rock.
Well not only did I go to Simon’s Rock I am being awarded an honorary degree by Simon Rockett commencement a month from now.
Really. So like you I did not graduate with a Bachelor of Arts and so they are awarding me the honorary Bachelor of Arts degree.
The the first one they’ve awarded to 35 years. I believe the last one was awarded to Idzik Assman are given. You know it was a very noted writer and scientists well congratulations.
And what what are they awarding this for.
I gather for my lifetime work investigating forensically Wall Street abuses and really looking at working as an expert for the public to decode what Wall Street and its legion of experts have been foisting on the American public. I think you know I’ve written about on Forbes that we are on the precipice of the greatest retirement crisis in the history of the world and that makes perfect sense because first of all we have the largest elderly population in the history of the world. And those our elderly in this country and in other parts of the world as well. But let’s just focus on the United States our elderly are woefully unprepared to retire and risk in the decades to come. We will witness millions of elderly Americans baby boomers and others slipping into poverty too frail. We’re too poor to retire will become the new normal for many elderly Americans so our demographics suggest that tensions and the lack thereof lack retirement security is a major national issue. And I have one of the top experts speaking on behalf of the public on that issue.
So let’s divide this into two pieces. First I.