For years Harry Markopolos tried to warn the Securities and Exchange Commission about Bernie Madoff. The regulators never took any action, and the $50 billion fraud never came to light until the mega-swindler himself confessed. On Wednesday, Markopolos—a former financial executive and competitor of Madoff’s who first noticed his suspiciously steady returns in 1996—will finally get a chance to tell a House subcommittee about the SEC’s alleged lack of oversight, as the agency’s internal watchdog probes its conduct in the case. Markopolos, who was too ill to attend a House hearing in January, will testify alongside SEC officials as Congress tries to figure out how to improve regulation.
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