Sense on Cents

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

This entry was posted on Wednesday, August 12th, 2009 at 6:10 AM and is filed under Bernie Madoff, General. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.