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HomeHelen Davis Chaitman Reviews In Bed with Wall Street
Posted by Larry Doyle on August 14th, 2014 9:16 AM |
I truly appreciate reading the thoughts of highly intelligent professionals. I appreciate even more reading the thoughts of those highly intelligent professionals who stand up and speak out in courageous fashion on the serious issues of the day.
Very few individuals with whom I have crossed paths since launching Sense on Cents in early 2009 embody these character traits more than Helen Davis Chaitman.
Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation’s top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants’ malpractice case. Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC. She has lobbied in Congress for statutory changes to assure Madoff investors of the protections of the Securities Investor Protection Act.
Ms. Chaitman is truly tireless in fighting for justice and recently launched the site JPMadoff to expose the relationship between JP Morgan and Bernie Madoff that facilitated the perpetration of Wall Street’s largest Ponzi scam.
I am honored that Ms. Chaitman would review my book In Bed with Wall Street. Her review is currently being widely disseminated throughout the blogosphere. I welcome sharing her thoughts here: (more…)
JPMadoff: New Site Hits JPMorgan Hard in re: Madoff
Posted by Larry Doyle on August 12th, 2014 11:46 AM |
In early January of this year, JP Morgan was hit with a $2 billion fine and a deferred prosecution agreement for its failures to properly manage and monitor its 20-plus year relationship with the Sultan of Swindle Bernie Madoff.
In my opinion, that settlement had little meaningful correlation with what most in our nation would define as justice. I wrote as much in my commentary, JP Morgan – Madoff: Lots of ‘CYA’ But Little ‘KYC’.
After this settlement was finalized, I can only assume that many of the folks at FINRA, the SEC, DOJ, SIPC (Securities Investor Protection Corporation), and certainly JP Morgan exhaled a welcome sigh of relief to see the JPM-Madoff affair fading into the rear view mirror.
Not so fast!! (more…)
HR 757: “We the People” for Real Investor Protection
Posted by Larry Doyle on July 31st, 2012 10:06 AM |
In the same spirit as that which inspired those who signed our Declaration of Independence, I welcome attaching my name to the following proclamation in support of HR 757 for real investor protection. What makes the proclamation highlighted below so special? It is truly a grass roots effort. As noted attorney Helen Davis Chaitmain asserted:
People are contributing money for these ads in order to educate the electorate that our representatives (and the SEC) have forgotten that they represent the people. They have allowed Wall Street (“SIPC”) to renege on its statutory obligation to insure each brokerage account up to $500,000. Why would any honest hard-working American vote for someone who doesn’t support this bill?”
Sense on Cents Supports HR 757
Posted by Larry Doyle on July 31st, 2012 6:05 AM |
Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then,
Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements.
Did you just spill your coffee and think I must have mistyped that figure. I didn’t. I highlighted that ridiculous figure in November 2009.
$150 annual premium paid by each and every Wall Street brokerage house to put a stamp of investor protection on their statements. What type of insurance do you purchase for a $150 annual premium? Seriously. (more…)
Support H.R. 757 for Real Investor Protection
Posted by Larry Doyle on March 5th, 2012 8:47 AM |
All too often I have heard over the last few years from investors violated by the Wall Street-Washington incestuous process and feeling totally disenfranchised as a result. Why have investors gotten trampled?
Great question and worthy of widespread debate and discussion. In an attempt to narrow our focus today, let’s zero in on the Securities Investor Protection Corporation, the organization designed to:
restoring funds to investors with assets in the hands of bankrupt and otherwise financially troubled brokerage firms. The Securities Investor Protection Corporation was not chartered by Congress to combat fraud.
From where does SIPC raise its funds in order to offer this protection to investors? (more…)
What’s Really Going on at the SEC?
Posted by Larry Doyle on March 10th, 2011 9:44 AM |
How do you view the local cops on the beat within your hometown? I recall fondly looking up to the ‘men in blue’ as a young boy in Boston. The general admiration and respect for our law enforcement back then certainly did not mean that there were not improprieties occurring. We should not be that naive. That said, the institution of law enforcement itself definitely commanded respect. Can we say the same for those enforcing financial regulations today? Regrettably the record over the last number of years shows significant shortcomings.
These shortcomings at the SEC were supposed to change under the leadership of Mary Schapiro. (more…)
Helen Davis Chaitman Plans to Sue the SEC
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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SEC and FINRA Sued in Luxemburg re: Madoff Fraud
Posted by Larry Doyle on April 19th, 2010 5:04 PM |
In the midst of all the noise surrounding the Goldman Sachs charges of fraud brought by the SEC, another interesting suit was brought. This suit puts the financial regulators, the SEC and FINRA, on the defense. Bloomberg reports, SEC, FINRA Sued in Luxembourg Over Madoff Fund Losses:
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority were accused of being liable for losses in a Luxembourg fund tied to New York money manager Bernard Madoff. (more…)
Madoff Ruling: More Reason Not to Trust Wall Street or Washington
Posted by Larry Doyle on March 1st, 2010 1:03 PM |
On the heels of my commentary this morning addressing why Harry Markopolos feels America’s citizens should not trust the government, we receive more fuel for the fire.
The timing of this release is truly uncanny:
MADOFF JUDGE’S RULING REDUCES PROTECTIONS AGAINST PONZI SCHEMES FOR ALL SECURITIES INVESTORS
Judge rules SIPC does not have to insure every account up to $500,000, shifts burden of Madoff losses to American taxpayer. (more…)
Madoff Investors Sue SIPC = Main St. Sues Wall St.
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…)
