Ray Pellecchia is right: if
Harry Markopolos had taken all of his evidence about Bernie Madoff and put it on a blog, instead of submitting it to the SEC, there’s a good chance that would have been the end of Madoff right there.
All the time Markopolos was talking to the WSJ, trying to get them to run a story about Madoff, would have been much better spent setting up an anonymous WordPress blog and just putting the information and analysis out there himself. As Pellecchia says:
It’s a small Street, as the saying goes, and an analysis raising questions about the investment results of a prominent name such as Madoff would have sent e-mails flying.
Those who had money invested with Mr. Madoff — or who were thinking of investing — would have done the same math that Mr. Markopolos had done, undoubtedly reaching the same conclusion. The resulting rush to pull money out and the avoidance of adding new money would have meant a faster end to the alleged Ponzi scheme.
Wonderfully, Pellecchia is saying this on Exchanges, the official blog of the NYSE. Maybe his old boss, John Thain, should take note, and start a blog of his own instead of hiring Ken Sunshine to stage-manage his PR. If you’ve got something to say, whether you’re Harry Markopolos or John Thain or anybody else, just blog it. Don’t try to get someone else to say it for you.