Posts Tagged ‘Bernie Madoff’
Posted by Larry Doyle on August 1st, 2010 11:41 AM |
Does the SEC believe it needs to restrict the public’s access to information in order to gain the favor of those from whom it is requesting the information in the first place (that is banks, hedge funds, and money managers)? Is ‘looking toward the future’ a convenient line of reasoning when, in fact, the SEC is actually more concerned with skeletons from its past? Which skeletons might these be? Can you say Bernie Madoff and Allen Stanford? Is America supposed to take the SEC’s own internal reviews of these frauds as sufficient explanation as to the SEC’s failures on these frauds?
While many in the financial industry have little interest in ever again hearing the name Bernie Madoff, one individual in our nation continues the fight for justice from this massive fraud. To whom do I refer? Helen Davis Chaitman of Becker & Poliakoff.
Some may recall that last November I interviewed Ms. Chaitman, pro bono legal representative for a large number of Madoff investors. She provided riveting insights then and she did not disappoint on a recent interview on Fox Business. Helen is not bashful in highlighting that she plans on suing the SEC for its failings in the Madoff scam.
Is the SEC looking to restrict access to information because of Helen’s pending lawsuit? Let’s listen . . .
Helen is not only speaking up on behalf of Madoff investors, but she is truly standing up on behalf of all American investors. I commend her. No surprize that Helen is a decorated member of the Sense on Cents Hall of Fame!
LD
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Tags: Bernie Madoff, freedom of information request, Helen Davis Chaitman, Helen Davis Chaitman of Becker & Poliakoff, Madoff, Madoff Group for Investors Protection, Madoff investors, Madoff Ponzi scam, Mary Schapiro, SEC, SEC FOIA, SEC Madoff investigation, SEC restricting freedom of information
Posted in General, SEC | 1 Comment »
Posted by Larry Doyle on July 18th, 2010 7:55 AM |
America is full of financial writers who have 20-20 hindsight. While I am fully respectful of writers everywhere who legitimately try to help investors, I have limited regard for those writers who are less than thorough in their pursuit of truth and transparency in the process. I witness just such a syndicated writer, Julie Jason, this morning. I welcome sharing a letter I just wrote to her in response to her weekly commentary:
Julie,
I truly appreciate your desire to help people but I also believe you provide a false impression as to the integrity and effectiveness of the financial regulator FINRA. (more…)
Tags: Amerivet complaint against FINRA, Amerivet Securities, Bernie Madoff, FINRA, investor protection, Julie Jason, Julie Jason article July 18 2010, Madoff scam, Madoff victimization, Online Tools Gauge Investor Risk, Ponzi scheme, Scam Meter Risk Meter, who is Julie Jason, www.finra.org
Posted in FINRA, General, Madoff | 3 Comments »
Posted by Larry Doyle on April 6th, 2010 10:50 AM |
Making promises that can’t be kept.
Garnering support via payback, if not kickbacks.
Effectively misrepresenting expected returns.
Am I talking about Bernie Madoff and every other con artist who has ever perpetrated a Ponzi scheme? No, although I could be. I am addressing the reality of the public pension system in our country. Those participating in public pensions can rail on me all they want. The simple fact is the power and leverage of the public unions combined with the willingness of public officials to sell their souls, while mortgaging our children’s futures, have created a massive gap in the funding of public pension liabilities in our nation today. (more…)
Tags: Arnold Schwarzenegger, Bernie Madoff, Calpers, calstrs, Democratic party and public unions, entitlement programs, expected returns on pension holdings, financial frauds, financial promises, government control of retirement accounts, government entitlement programs, government IOUs, is California broke?, Larry Fink warns Calpers, mortgaging our childrens future, Obama administration takeover of retirement accounts, pension gaps, pension liabilities, pensions, Ponzi schemes, public officials, public pensions, public unions, Shortfall Awaits California's Big pension Funds, Social Security, Stanford University pension report, underfunded state pensions, University of California Retirement System i, will Uncle sam takeover my IRA
Posted in California, General, IRAs, pension obligations | 9 Comments »
Posted by Larry Doyle on March 27th, 2010 4:51 PM |
PLEASE READ and ENDORSE THIS CALL for an INDEPENDENT INVESTIGATION. PLEASE SHARE. Thanks!! LD
I have publicly stated time and again that I believe the Wall Street self-regulatory organization, FINRA, did sit and likely still sits at the nexus of the Wall Street-Washington incest that has brought our nation’s economy to its knees.
Regrettably, we have had no Congressional inquiries into the failures at FINRA. Dare I say, we have had no public pressure from the media to drive a Congressional inquiry.
I am tremendously sickened by Congress not working for America’s citizens interests by investigating FINRA. Please recall that FINRA not only failed to protect investors, but there are strong allegations that FINRA itself participated in some of the greatest frauds on Wall Street via its own internal investment portfolio. Which frauds?
We know they dumped $647 million auction-rate securities in mid-2007 and likely front ran the ARS market while doing it. I unearthed the fact that FINRA owned these ARS in January 2009 when reading FINRA’s 2007 Annual Report. Meanwhile, $150 BILLION held by thousands of investors remains in frozen ARS investments.
There is an outstanding allegation that FINRA invested its own funds in Bernie Madoff. We know they failed to properly regulate and monitor Lehman, Bear Stears, and Merrill Lynch. How much more should Congress need to know?
FINRA needs to be introduced to the American public and investigated by Congress. FINRA has not even received direct focus or attention in Senator Dodd’s proposed Financial Regulatory Reform.
We can sit idly by and allow Wall Street and Congress to dictate to us or we can do something. I choose the latter. I want this post and this site to be the lightning rod to bring attention to how Wall Street’s self-regulation, embodied in FINRA, drove our economy into the ditch.
Please add your support by leaving a comment endorsing this investigation. I intend to keep a focus on this topic until FINRA’s failures are fully exposed and people are held to account. Get your friends and colleagues to do the same. If we can create a groundswell of support, I feel confident I can get some selected media friends to pick this up. From there, I welcome leading this march to Washington.
The American public and American investors deserve nothing else.
Any questions. Please do not hesitate to ask here or write me at senseoncents@aol.com.
Who’s with me?
FINRA must be independently investigated. America needs to learn how the Wall Street cop was not only asleep, but also in bed with the financial industry as Wall Street brought America to the brink of disaster.
LD
Tags: ARPS, ARS, Bear Stearns, Bernie Madoff, BMIS, Bob Errico, Financial Industry Regulatory Authority, financial regulation, Financial Regulatory Reform proposal, FINRA, fraud on Wall Street, Lehman Brothers, Madoff, Mary Schapiro, Merrill LYnch, Rick Ketchum, self-regulation, Sense on Cents, Susan Merrill, Wall street fraud, what is Finra
Posted in General | 30 Comments »
Posted by Larry Doyle on March 8th, 2010 8:12 AM |
Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country.
The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for his recent settlement with Oppenheimer Holdings. Rather than reading my opinion of Cuomo’s settlement, let’s listen to an investor (who remains nameless for obvious reasons). In my opinion, this individual’s letter speaks volumes and echoes the sentiments of thousands of investors who continue to hold the $150 BILLION in frozen ARS. (more…)
Tags: Andrew Cuomo, ARPS, ARS, ars investor unloads on ny ag cuomo, Auction rate preferred securities, Auction Rate Securities, Bernie Madoff, cash surrogate ars, fees earned on auction rate securities, fraud on Wall Street, insider trading ars, marketing of ars, New York AG Andrew Cuomo, Oppenheimer CEO Albert Loewenthal, Oppenheimer Holdings, Wall Street, Washington, Washington D.C.
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 4 Comments »
Posted by Larry Doyle on March 1st, 2010 10:38 AM |
Harry Markopolos
In an interview on the Today show this morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t.
Markopolos’ biggest bombshell this morning is his warning to America, “don’t trust your government.” No surprise that Today host Matt Lauer did not probe deeper. I am not confident that other outlets will delve deeper into Harry’s statement, either. I wonder why Harry himself is reticent to specifically point out the individuals and the instances which lead him to make that statement.
Recall that a year ago Harry defined the SEC as merely incompetent while simultaneously defining FINRA (Financial Industry Regulatory Authority) as ‘in bed with the industry’ that is Wall Street. Well, it does not take an advanced degree to connect Harry’s grenade toss into FINRA’s backyard a year ago with his volley this morning. (more…)
Tags: Amerivet Securities v FINRA, Bernie Madoff, Don't trust your government, FINRA front running the ARS market, Harry Markopolos, harry markopolos comments on SEC March 1 2010, Harry Markopolos don't trust your government, HArry MArkopolos interview on Today, Harry Markopolos Madoff organized crime, Harry Markopolos No One Would Listen, Lauer interview with Markopolos, Madoff, Madoff scam, Markopolos bought a gun, Markopolos interview Today show March 1 2010, Markopolos interview with Matt Lauer, Markopolos Schapiro, Mary Schapiro's relationship with Bernie Madoff, organized crime involved in Madoff scam, Ronnie Sue and Dominic Ambrosino Today show March 1 2010, Today show March 1 2010
Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, SEC, regulation | 18 Comments »
Posted by Larry Doyle on February 28th, 2010 12:23 PM |
Harry Markopolos has become a household name in the realm of financial regulatory oversight. Harry earned his stripes for his dogged pursuit of the Madoff scam, especially in light of the lack of support from the SEC.
Harry characterized the SEC as incompetent during his initial Congressional testimony addressing the Madoff scam early last year. During that testimony, Harry characterized FINRA as “in bed with the industry.”
Who in America did not view Harry as a hero for his determination and drive in exposing the Madoff scam?
In light of Harry’s work over the years, I was somewhat befuddled by Harry’s excessively complimentary remarks directed toward Mary Schapiro last fall during Congressional testimony highlighting SEC Inspector General’s David Kotz’ review of the SEC’s handling of the Madoff affair. Harry seemed to lose his disdain for Mary and the SEC.
Well, Harry has regained his edge and his contempt for the SEC. (more…)
Tags: a bunch of idiots, Bernie Madoff, Christopher Cox, David Becker, David Kotz, FINRA, harry Markopolos calls SEC A Bunch of Idiots, Madoff, Markopolos interview in New York Times, Markopolos interview in New York Times February 28 2010, Mary Schapiro, Math is Hard, No One Would Listen, SEC, SEC failures, william donaldson
Posted in General | 3 Comments »
Posted by Larry Doyle on February 25th, 2010 11:35 AM |
I highlighted yesterday the fact that Madoff investors planned to sue SIPC. Further details on this suit are in a press release today. I view this lawsuit as nothing short of Main Street suing Wall Street.
Game on!!
MADOFF VICTIMS SUE SIPC DIRECTORS FOR PERPETRATING MASSIVE INVESTMENT INSURANCE FRAUD AGAINST AMERICAN INVESTORS
Suit charges SIPC fraudulently induced Madoff investors to believe they had up to $500,000 insurance coverage on securities and seeks compensatory and punitive damages
New York, NY – Three New Jersey Madoff investors have sued the directors and key officers of the Securities Investor Protection Corporation (SIPC) for what they allege is a massive investment insurance scam. (more…)
Tags: Armando Bucelo, Bernie Madoff, david nason, david stockton, Helen Davis Chaitman, josephine wang, judith kalman, leslie goldsmith, lissa canavan, Madoff, madoff investors sue sipc, madoff victims sipc lawsuit, main street sues wall street, mark shelton, net equity, new jersey investors sue sipc, sipc mission, stephen harbeck, todd farha, william heyman, william jasien
Posted in General, Madoff, SIPC | 4 Comments »
Posted by Larry Doyle on February 24th, 2010 2:39 PM |
You can rest assured that the powers that be on Wall Street would just as soon have the Madoff saga over. The Madoff scam perpetrated on investors is an ugly reminder of the non-existent financial regulatory system during the better part of the last twenty years.
I also believe many in Washington also might like to see the Madoff saga quietly pass by. The failures of the SEC, FINRA, and SIPC in this greatest of scams are an ugly reminder of the Wall Street-Washington incest.
Well, while many of the incestuous partners would like to turn the page, there remains a lot of filth that still needs to be cleaned up and a lot of individuals and institutions that need to be held to account. (more…)
Tags: Bernie Madoff, Bernie Madoff Investor coalition sues SIPC directors, financial regulation, financial regulatory system, fraud, investor protection, Madoff investors suing SIPC, SEC FINRA SIPC, SIPC, Stephen Harbeck of SIPC, Wall Street, Wall Street regulation, Wall Street-Washington incest, Washington
Posted in Bernie Madoff, General, Madoff, SIPC | 7 Comments »
Posted by Larry Doyle on February 23rd, 2010 2:04 PM |
Are the days of Wall Street’s self-regulatory organization known as FINRA numbered?
In the opinion of the very credible Project on Government Oversight, they should be. Why? Significant failures, massive conflicts of interest, and more. POGO’s comprehensive and scathing letter to four separate House and Senate committees touches upon every failing within FINRA, with the exception of the integrity of the proxy statement used in the formation of the organization itself. Strong allegations in a current lawsuit against FINRA make the case that Mary Schapiro lied verbally during roadshows and in the proxy statement. (For details on this lawsuit read here.)
Despite not addressing the issues embedded in that lawsuit, POGO touches all the other bases and covers all the other issues surrounding this organization. (more…)
Tags: Amerivet Securities vs FINRA, Anna Driver, ARPS, ARS, Bernie Madoff, Bernie Madoff Mark Madoff Peter Madoff, Bernie Madoff's relationship with FINRA, compensation at FINRA, Danielle Brian's letter about FINRA, Darrell Preston FINRA, Davis Polk Wardwell, did FINRA protect investors, financial regulation, financial regulatory reform, FINRA, FINRA and NASD Annual reports, FINRA conflicts of interest, FINRA failings, FINRA oversight of Stanford, FINRA's board, FINRA's failure in auction rate securities, FINRA's formation, FINRA's future, FINRA's oversight of Madoff, FINRA's oversight of Wall Street, FINRA's track record, Frederick Fram, incest on Wall Street, John Coffee, Lena Stinson, Madoff relationship with FINRA and NASD, Mary Schapiro, Mary Schapiro compensation and severance, merger creating FINRA, Michael Smallberg's letter to Congress and Senate on FINRA, NASD, NASDAQ, National Adjudicatory Council, POGO, POGO FINRA, POGO investigates FINRA, POGO letter on FINRA, POGO letter to House and Senate committees, POGO letter to House Committee on Oversight and Government Reform, POGO letter to House Financial Services Committee, POGO letter to Senate Banking, POGO letter to Senate Finance, project on Government Oversight, Richard Ketchum, Robert Errico, self-regulation on Wall Street, Shana Madoff, Susan Merrill, Tom McGinty kara Scannell Randall Smith FINRA, Wall Street employees working at FINRA, Wall Street's SRO, Wall Street-Washington incest, watchdog group investigates Wall Street regulator, what does Finra do?
Posted in FINRA, General, POGO | 10 Comments »
Harry Markopolos: “Don’t Trust Your Government”
Posted by Larry Doyle on March 1st, 2010 10:38 AM |
Harry Markopolos
In an interview on the Today show this morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t.
Markopolos’ biggest bombshell this morning is his warning to America, “don’t trust your government.” No surprise that Today host Matt Lauer did not probe deeper. I am not confident that other outlets will delve deeper into Harry’s statement, either. I wonder why Harry himself is reticent to specifically point out the individuals and the instances which lead him to make that statement.
Recall that a year ago Harry defined the SEC as merely incompetent while simultaneously defining FINRA (Financial Industry Regulatory Authority) as ‘in bed with the industry’ that is Wall Street. Well, it does not take an advanced degree to connect Harry’s grenade toss into FINRA’s backyard a year ago with his volley this morning. (more…)
Tags: Amerivet Securities v FINRA, Bernie Madoff, Don't trust your government, FINRA front running the ARS market, Harry Markopolos, harry markopolos comments on SEC March 1 2010, Harry Markopolos don't trust your government, HArry MArkopolos interview on Today, Harry Markopolos Madoff organized crime, Harry Markopolos No One Would Listen, Lauer interview with Markopolos, Madoff, Madoff scam, Markopolos bought a gun, Markopolos interview Today show March 1 2010, Markopolos interview with Matt Lauer, Markopolos Schapiro, Mary Schapiro's relationship with Bernie Madoff, organized crime involved in Madoff scam, Ronnie Sue and Dominic Ambrosino Today show March 1 2010, Today show March 1 2010
Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, SEC, regulation | 18 Comments »