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America 2012: Justice for All? Really?

Posted by Larry Doyle on August 17, 2012 7:36 AM |

“I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.”

Really? Why is it that more and more people who deeply love America now seriously doubt that justice for all is truly practiced? What would our founding fathers think?

As each and every financial scandal comes and goes (don’t make me list them, there are too many) without meaningful justice being dispensed, the sense of rage in our nation may simmer but the despair only deepens. 

The overwhelming lack of confidence in our elected officials, regulators, and judicial system to deal fairly and appropriately with financial scoundrels comes with a very real price. We all pay in terms of diminished trust in our markets and confidence in our economy. Nobody in Washington or elsewhere should be surprised that investors and consumers alike are more concerned with protecting their principal than committing it, as is necessary to generate meaningful economic growth.

As case in point, I welcome submitting and highlighting a commentary from a longstanding reader:


It’s become painfully clear that NOTHING happens to the big guys as long as they are making campaign contributions. Corzine at MF Global… off the hook ($1.2 billion), JP Morgan…. off the hook. Barclays….off the hook. In the case of Madoff, all the insiders, Picower, JP Morgan, Shana Madoff, the kids, et al, off the hook.

The SEC goes as far as to admit that they are virtually powerless against the big boys. It seems that the only people that are ever held accountable are the VICTIMS of the wrong doing by the big guys (see above) that are stealing their money.

I believe that this country has hit the tipping point where big money buys the legalized victimization of the general population; those naive enough to place their trust in the system.

As a Madoff victim, I have a front row seat to the levels of corruption in government. It goes from the very bottom (local zoning boards) to the very top (the Supreme Court). The corruption isn’t always quid pro quo (at the highest level anyway), it is often the acquiescence to the most expeditious politcally non-interuptive end. An example is the way the Supreme Court refused to hear the appeal on the definition of “net equity.”

With the appeal left in place, a customer of a SIPC membered, SEC approved broker, does not know if there is insurance until AFTER the crime has occurred and the attorney for the insurance compay decides whether the insurance company wants to pay it or not (do insurance companies EVER want to pay)?

Perhaps you saw that today the courts agreed that even AIG, which offered fraud insurance in their homeowners’ policies for EXACTLY the Madoff scenario, does not have to pay the stinking $30,000 to their few clients (probably less than 50) who have that coverage (I was one of them).

Yes Larry, from my “front seat” perch, this country looks pretty similar to Cuba and Venezuela.

I don’t know where we have any room to talk about justice.

Let this be the legacy of all those in Washington — on both sides of the aisle — and elsewhere who have presided over the destruction of any sense of fair play and trust in America.

Navigate accordingly.

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 so that investor confidence and investor protection can be achieved.

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