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Madoff Victim Makes Impassioned Plea

Posted by Larry Doyle on August 12, 2009 6:10 AM |

I recently received an e-mail from the head of a Madoff Victims Coalition. The e-mail was in response to a post I had written about Madoff CFO Frank DiPascali. The e-mail truly moved me.

With the permission of the writer, I share it with you. There is nothing more for me to add to the message embedded in this communication. America has failed these brothers and sisters of ours. Will we allow our elected representatives to permit this failure to go unheeded or merely be glossed over? Please read, ponder, and share this post with those whom you believe love this country. These people deserve our support.

Larry,

I feel the sincerity in your email. Thank you. It’s been a tough struggle for the last 8 months. I don’t think anyone, no matter how empathetic, can fully understand what it means to have everything you ever worked for taken away in the blink of an eye. Initially, we reeled from the loss of money, but as time goes on we realize that it wasn’t just a financial loss. Many victims feel betrayed by our country, unprotected by the alleged laws that are in place, and helpless because of those in charge of executing the laws. That’s a huge loss. Then there’s the loss of homes, medical care, legacies to children and grandchildren. The list of horrors goes on and on.

There are so many aspects of our battles. We have the failure of the SEC to find the fraud. Then we have their failure to recognize it when Harry Markopolos handed them the facts. They even missed warnings from their own internal counsel. This must be addressed so that no one else will ever have to experience the devastation we are feeling.

Another aspect, and one I think is more applicable now is the fact that one man (Irving Picard) has unilaterally opted to change the SIPC protection by arbitrarily changing the basis for payment of claims. I’ve researched past SIPC cases, and am in contact with my counterpart in the Stanford case and see the SIPC pattern-their rules are so vague (intentionally?) that they can be interpreted any way that suits SIPC’s needs. This is also a complaint issued by the GAO in an report they issued. Picard Is literally robbing people of money they are owed. The travesty continues with the fact that the SEC has oversight over SIPC and is standing by an letting this happen. Where is the justice? Where is the trust? How can an investor have confidence?

The SEC failed, SIPC is lying and the law is in place. So, if I remember my high school civics’ lesson, it is the responsibility of congress is to ensure the laws that are in place are enforced properly. As a group, we have contacted every congressman and senator as explained our situation (regarding net equity and IRS payment of taxes on phantom income) and asked for help. We did our homework and have secured the name of every chief of staff, counsel and/or legislative aid in each office. We have a committee calling the offices asking for support. To date, we only have a handful.

I don’t get it.

These are stories that need to be told so that the entire Investment community knows the facts. We need restitution. We deserve recovery. We did nothing wrong and yet we are being forced into fighting to defend ourselves. This is America – how can this happen?

We have an online petition (http://madoffcoalition.petitionhost.com). We’re out there and trying!

It’s been my feelings that this information must be shared so others can learn and be forewarned. I look forward to pursuing any avenues that might help.

Thanks,

Ronnie Sue Ambrosino
Coordinator,
BernardMadoffVictims.org Coalition

There are a host of issues highlighted by Ms. Ambrosino which need to be more fully investigated. The Madoff victims are duly concerned that their efforts are losing focus and attention.

I am thrilled that Ms. Ambrosino will join me this Sunday evening, August 16th from 8-9pm on No Quarter Radio’s Sense on Cents with Larry Doyle to address all of these topics….and more. Please share.

LD

  • robertsgt40

    I’m moved alright. Too bad. Live by the sword…die by the sword. Our whole financial system is one big ponzi scheme. I learned the hard way after losing 500k in the .com bust. Then I did my homework. This is all about harvesting wealth. The nation is bankrupt. Life support is about to be turned of by the oligarchs. Keep your powder dry.

  • SJ

    Welcome to THE UNITED STATES corporation, not Republic.

    I refer you to the UNITED STATES CODE (note the capitalization, indicating the corporation, not the Republic) Title 28 3002 (15) (A) (B) (C). It is stated unequivocally that the UNITED STATES is a corporation. Realize, too, that the corporation is not a separate and distinct entity from the government. It IS the government. YOUR government. This is extremely important. I refer to this as the “corporate empire of the UNITED STATES,” which operates under Roman Civil Law outside of the Constitution. How do you like being ruled by a cheesy, sleazy corporation? You’ll ask your Congressperson about this, you say? HA!!

    Congress is fully aware of this deception. You must be made aware that the members of Congress do NOT work for you and me. Rather, they work for the Corporation known as THE UNITED STATES. Is this really any surprise to you? This is why we can’t get them to do anything on our behalf or to answer to us — as in the case with the illegal income tax — among many other things. Contrary to popular belief, they are NOT our civil servants. They do NOT work for us. They are the servants of the corporate government and carry out its bidding. Period.

    The great number of committees and sub-committees that the Congress has created all work together like a multi-headed monster to oversee the various corporate “departments.” And, you should know that every single one of these that operates outside the District of Columbia is in violation of the law. The corporate government of the UNITED STATES has no jurisdiction or authority in ANY state of the Republic beyond the District of Columbia. Let this sink into your brain for a minute. Ask yourself, “Could this deception REALLY have occurred without the full knowledge and complicity of the Congress?” Do you think it happened by accident? You are deceiving yourself if you do. There are no accidents or coincidences. It is time to confront the truth and awaken from ignorance.

    Your legislators will not apprise you of this information. You are presumed to know the law. THEY know you don’t know the law, or your history for that matter, because this information has not been taught to you. No concerted effort has been made to inform you. As a Sovereign, you are entitled to full disclosure of the facts. As a slave, you are entitled to nothing other than what the corporation decides to “give” you — at a price. Be wary of accepting so-called “benefits” of the corporation of the UNITED STATES. Aren’t you enslaved enough already?

    I said (above) that you are presumed to know the law. Still, it matters not if you don’t in the eyes of the corporation. Ignorance of the law is not considered an excuse. It is your responsibility and your obligation as an American to learn about the law and how it applies to you. THEY count on the fact that most people are too uninterested or distracted or lazy to do so. The People have been mentally conditioned to allow the alleged government to do their thinking for them. We need to turn that around if we are to save our Republic before it is too late.

    The UNITED STATES government is basically a corporate instrument of the international bankers. This means YOU are owned by the corporation from birth to death. The corporate UNITED STATES also holds ownership of all your assets, your property, and even your children. Does this sound untrue? Think long and hard about all those bills you pay, all those various taxes and fines and licenses you must pay for. Yes, they’ve got you by the pockets. Actually, they’ve had you by the ass for as long as you’ve been alive. In your heart, you know it’s true. Don’t believe any of this? Read up on the 14th Amendment. Check out how “free” you really are.

    With the Act of 1871 and subsequent legislation such as the purportedly ratified 14th Amendment, our once-great nation of Sovereigns has been subverted from a Republic to a democracy. As is the case under Roman Civil Law, our ignorance of the facts has led to our silence. Our silence has been construed as our consent to become beneficiaries of a debt we did not incur. The Sovereign People have been deceived for hundreds of years into thinking they remain free and independent, when in actuality we continue to be slaves and servants of the corporation.






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