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Both CBS and NBC assigned their investigative reporters to cover Harry Markopolos' appearance at House hearings where he "blistered" the Securities & Exchange Commission, in the words of NBC's Lisa Myers. Markopolos, described by Myers as "an independent financial analyst and fraud examiner," is the author of the 2005 memo to the SEC concerning Bernard Madoff's investment fund entitled The World's Largest Hedge Fund is a Fraud. Madoff is currently confined to his apartment on bail pending trial for running his $50bn fund as a Ponzi Scheme. Armen Keteyian's Investigation for CBS noted that Markopolos claimed he had discovered money from Russian mobsters and Latin American narcotics cartels being laundered through Madoff's fund as early as 2002.
The SEC did nothing, Markopolos claimed: "If you flew the entire SEC staff to Boston, sat them at Fenway Park for an afternoon, they would not be able to find first base." And later: "I gave them a road map and a flash light to find the fraud and they did not go where I told them."
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