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New York - Whistleblower On Madoff: Next Bigger Scandal On Its Way

Published on: August 12, 2009 11:18 AM
By:  NY Post
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Harry MarkopolosNew York - 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



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1

 Aug 12, 2009 at 10:28 AM What to do about credit market Says:

For apparently no reason my credit cards companies sent us a letter indicating that our interest rate instead of being fixed will fluctuate. does anybody have a clue why would they do that now? has anything to do with new legislation about credit cards that is coming up soon? why would they do that what could they gain and what should I do?

2

 Aug 12, 2009 at 10:41 AM Anonymous Says:

Reply to #1  
What to do about credit market Says:

For apparently no reason my credit cards companies sent us a letter indicating that our interest rate instead of being fixed will fluctuate. does anybody have a clue why would they do that now? has anything to do with new legislation about credit cards that is coming up soon? why would they do that what could they gain and what should I do?

Consumers have very little power against credit card companies. You can try to find a card with a fixed rate but even a fixed rate is subject to change with prior notice and frequent cancelling and opening of new cards can hurt your credit rating. Even with a fixed rate, the fine print will say somewhere that if you go over your limit or are even one day late with a payment, then your rate will skyrocket, not to mention lots of fees that get added on. The only safe thing to do is not charge anything if you can't afford to pay the full bill on time (absent a true dire emergency -- new clothes for yom tov or summer camp are not dire emergencies ) and always pay your bill on time -- I make sure to pay mine a few days early and use on-line bill payment so they can't say the check didn't arrive.

3

 Aug 12, 2009 at 10:37 AM Anonymous Says:

To 1
Simply stop using credit cards they are here to rip you off if 1000000 people would do this the companys will be out of buseness.

4

 Aug 12, 2009 at 11:26 AM Anonymous Says:

The credit default swap market referred to in the article has nothing to do with credit cards

5

 Aug 12, 2009 at 11:16 AM Hate em Tatem Says:

Reply to #1  
What to do about credit market Says:

For apparently no reason my credit cards companies sent us a letter indicating that our interest rate instead of being fixed will fluctuate. does anybody have a clue why would they do that now? has anything to do with new legislation about credit cards that is coming up soon? why would they do that what could they gain and what should I do?

The issue here in not really about credit. Although it is called a "credit-default swap," it is more about insurance.

6

 Aug 12, 2009 at 11:49 AM For Real! Says:

Anyone know what this guy is referring to?? What does he mean by credit-default swap??

7

 Aug 12, 2009 at 12:55 PM Anonymous Says:

Reply to #6  
For Real! Says:

Anyone know what this guy is referring to?? What does he mean by credit-default swap??

It was how lenders insured a pool of mortgages.

8

 Aug 12, 2009 at 12:54 PM Anonymous Says:

Typical, yell wolf enough times and you are bound to be right once or twice. To #1: that's like someone talking about babba basra and you ask him about your bubby Esther

9

 Aug 12, 2009 at 12:35 PM Anonymous Says:

Reply to #6  
For Real! Says:

Anyone know what this guy is referring to?? What does he mean by credit-default swap??

the CDS market btw this is y AIG was bailed out by the ....

10

 Aug 12, 2009 at 12:25 PM Askupeh Says:

Reply to #1  
What to do about credit market Says:

For apparently no reason my credit cards companies sent us a letter indicating that our interest rate instead of being fixed will fluctuate. does anybody have a clue why would they do that now? has anything to do with new legislation about credit cards that is coming up soon? why would they do that what could they gain and what should I do?

Opt out. They will close your account on the current terms. Credit cards as we knew it has/will come to an end. The Credit card companies are on the way out and they want to squeeze you by changing the terms. If you won't close it then in another few months THEY will close it for you. Besides changing from fixed to fluctuate, they are also raising interest rates for everyone and cutting the limits too. IMO credit card companied are cruel and they desrve to all go bankrupt. Many people are paying over 30 percent on old loans. I would call it "Credit Sharks".

11

 Aug 12, 2009 at 01:16 PM Anonymous Says:

Typical, yell wolf enough times and you are bound to be right once or twice. To #1: that's like someone talking about babba basra and you ask him about your bubby Esther

12

 Aug 12, 2009 at 01:44 PM MAYER FREUND Says:

Does this mean that when the shamesh goes around with the pushke for tzdoko and I give him a dollor I can not ask him to give be back 75 cents? is this also money laundering?

13

 Aug 12, 2009 at 03:28 PM Anonymous Says:

Reply to #6  
For Real! Says:

Anyone know what this guy is referring to?? What does he mean by credit-default swap??

I am sure that somewhere, there is a Chusid who knows more about this(or who thinks he knows more about this) than this guy and already has the scheme plotted out.

14

 Aug 12, 2009 at 05:58 PM Avrohom Abba Says:

Mr. Markopolis is extremely interested inMr. Markopolis. See? he got the headlines again, just like he wanted.

15

 Aug 13, 2009 at 03:39 PM puzzled..... Says:

Reply to #10  
Askupeh Says:

Opt out. They will close your account on the current terms. Credit cards as we knew it has/will come to an end. The Credit card companies are on the way out and they want to squeeze you by changing the terms. If you won't close it then in another few months THEY will close it for you. Besides changing from fixed to fluctuate, they are also raising interest rates for everyone and cutting the limits too. IMO credit card companied are cruel and they desrve to all go bankrupt. Many people are paying over 30 percent on old loans. I would call it "Credit Sharks".

I know this article has nothing to do with credit card accounts, but I see this discussion has become about it so I have to ask this question. This has been bothering me for a very long time.
When people apply for a credit card and use it to make purchases and they consistently pay only the minimum, don't they read the small print and doesn't it state what the interest rate and terms are? If one borrows money from someone doesn't the lender have the right to decide the terms of payment? Can the borrower have a taaneh to the lender when the lender demands payment based on agreed terms? Why does everyone hate the credit card companies? When you decided to live this hefker lifestyle, spending more than you have, didn't you realize you will soon be in debt up to your eyeballs? What am I missing here? If people would live responsibly, and only buy what they can afford to buy and this means to spend less than they earn, not more, what would be the problem?

16

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