Wall Street Journal editors complicit in Madoff cover-up? (MEDIA)
By Peter Samuel
The Wall Street Journal has been splendid in lambasting the SEC and other regulators for their failure to investigate the huge Madoff Ponzi fraud before Bernie Madoff himself confessed the game was up last December. The regulators repeatedly received detailed analysis making the case for grand fraud, and ignored it.
But editors at the Wall Street Journal themselves have some explaining to do.
Harry Markopolos the financial derivatives specialist who spotted the Madoff fraud gave the story to John Wilke senior investigative reporter at the Journal in their Washington bureau as early as December 2005.
Wilke was eager to pursue the Madoff scam but Markopolos says:
"Unfortunately as eager as Mr Wilke was to investigate the Madoff story, it appeared that the Wall Street Journal's editors never gave their approval for him to even start investigating... there were several points in time when he was getting ready to book air travel to start the story and then would get called off at the last minute. I never determined if the senior editors a the Wall Street Journal failed to authorize this investigation." (p16 Harry Markopolos testimony)
This testimony is posted on the WSJ website:
Guys it's high time you told your readers why reporter John Wilke was stopped from working on the Madoff case back in 2005/2006.
Compelling video of the testimony: