Yesterday Harry Markopolos (the guy who handed Madoff to the SEC on a silver platter, but was shooed away) warned of an impending CDS disaster that will, in his words, make Madoff’s $50b ponzi scheme look “small-time”. He continued,

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

The CDS warning came during a speech at his SouthHampton church, and was reported in the NY Post. Can he really not get a bigger pulpit to speak from? He should be on 60 Minutes, FrontLine, bubblevision, Bloomberg talking about this. Give the man some respect. Better yet, ask him to head the SEC. Not likely, I know. Maybe mainstream outlets are waiting for the Post piece to get confirmed, or something. It was on Page Six of the NY Post… Will keep this post updated.