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Those Uncle Sam Failed, Violated, and Left Behind

Posted by Larry Doyle on April 3, 2012 8:31 AM |

They are going to forget about me.

I have heard that line and iterations thereof from too many of our fellow citizens. Uncle Sam in the personage of Ben Bernanke, Tim Geithner, Henry Paulson, Mary Schapiro, John Boehner, Nancy Pelosi, Barack Obama and many others can talk about the actions they have taken and will take to save our economy and our nation; however, in the midst of their supposed efforts they have failed, violated, and left behind tens of thousands of our fellow citizens in their wake.

Of whom and to what do I refer? 

Please take a few minutes to gain an appreciation for the passion and frustration expressed by the Madoff victims who commented the other day on my post, Open Letter to NY Times’ Joe Nocera re: Madoff. As a representative example I share the pain expressed by LW:

Not knowing if I can pay the bills each month is my new lifestyle as I put in 16-18 hour days 7 days a week trying to stay above water. Forget ever going to a movie or a restaurant or even a store to purchase a new article of clothing once in awhile. Forget buying a child or a grandchild a birthday present ever again. Forget owning a car or having any credibility with banks. Ahhh, the pleasures of living like a prisoner with limited access to partake of the real world.

Where is the justice for LW and the thousands like her trapped in a life with little hope to realize their dreams? Make no mistake, the pain felt by this individual is a direct result of the failures and violations of Uncle Sam.

There’s more. . . lots more. Stay with me please.

Let us never forget those whose lives are forever changed by the travesty which continues within the world of auction-rate securities. I highlighted their largely forgotten anxiety a year ago in writing, Auction Rate Comments Reflect Real Pain.The comments posted are truly excruciating but oh so real. One ARS victim wrote:

I have been stuck in Ars for over 3 yrs and have not seen one penny back from Oppenheimer & Co. I have learned a few things about where I stand in the financial world. Nowhere. Only after you have been lied to, manipulated out of your money, and robbed do you find out there is no recorse or protection for you out there.

What about those victimized in the MF Global scandal? Going on 6 months and they wait for justice and the return of THEIR money. Will they ever be made whole and will justice be served? Let us never forget the comment embedded in MF Global Makes Impassioned Plea:

February 25, 2012 at 7:53 PM
i am a 75 yr old grandmother my husband is 76 we take care of a brain injured 55 yr old son all of our investment money we saved in our lifetimes was invested in mf global for a monthly income to live out our lives now we are broke living on a pittance social security checks this is such a crime against all the people who lost through the greed of corzine and all the rest of his cronies isn’t there anything that can be done to help us we are suffering and i don’t think we deserve this they should all be punished severely for this just like madoff is

I could continue with comments from those trampled in the Stanford scam and the robo-signing mortgage scandal, but I hope you get my point. Uncle Sam directly failed, violated, and has left behind many tens of thousands of our fellow American citizens. How did this happen and why won’t it change? The aforementioned Washington heavyweights lack the political will, courage, and character to expose the systemic issues embedded in the Wall Street-Washington incest that lies at the heart of all these scams.

Let me leave you with one final comment from a long time reader. Nora wrote a year ago:

It seems like we are living in a world of total mafia ruled organizations, where if you can come up with a smart enough scam you can get away with it. the fact that the very same organizations that we trust with our finances and lively hood are the very same criminals that rob us is unfathomable, but it is our reality today in this great country of ours.

My main concern and I am sure many others like me feel that way, is not just the fraud by banks, wall Street, or the many Madoffs out there with their ponzi schemes, is that there’s no one out there wants to prosecute theses criminals. Unless the crimes become public on a major scale that the government officials tries to look into the crime and may be if there’s enough outcry from the public that any crime gets to be addressed.

Our system is so much into wasting time and efforts and tax payers money in fighting small criminals and rubbers on the streets then getting to the big crimes because those big criminals have bought our government officials with their dirty money, no I mean our good money that they made dirty once their hands got on it.

Powerful, very powerful. I could not have stated it better myself.

Just as we should never forget those who have given their lives and served our nation on fields far away , let us also NEVER forget all these individuals whom Uncle Sam has left behind. Let us fight the fight on their behalf. That is the American spirit I treasure unlike the artifice practiced by the crony and incestuous capitalists masquerading as our political leaders and titans of finance.

Comments, questions, constructive criticisms encouraged and appreciated.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets, our economy, and our political realm so that meaningful investor confidence and investor protection can be achieved.

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