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Posts Tagged ‘Madoff Ponzi scam’

Questions Left Unanswered

Posted by Larry Doyle on February 7th, 2011 7:13 AM |

Some random thoughts and questions in the midst of trying to determine what is really going on in the markets, the economy, and the world:

1. Just how healthy are our major money center banks? How many toxic mortgage related assets remain on their books? Where are those assets marked? With the housing market continuing to erode, and it is, how can those asset valuations not be eroding as well?

2. Will the American public ever truly learn what happened inside Bernard Madoff’s operations? (more…)

Mark Madoff’s Suicide

Posted by Larry Doyle on December 11th, 2010 2:44 PM |

Bernie Madoff may currently be housed in the Butner Federal Correction Complex in Butner, North Carolina but with news this morning that his son Mark took his own life is there really any doubt that Bernie ‘killed’ his own son? I think not.

I feel sorry for the Madoff family and all those impacted by Mark Madoff’s suicide. Although I believe Bernie is evil incarnate, my faith principles hold that every life is precious. The loss of life–especially a relatively young life–is truly tragic. The taking of one’s own life strikes me as the most tragic. Why do I feel that?

Anybody impacted by death knows that the healing process requires closure. With suicide, there never truly is real closure.

“Why?” “Why?” “Why?” (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! 


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CAUTION: SIPC Impostor Luring Madoff Investors

Posted by Larry Doyle on March 9th, 2010 2:22 PM |

There is never a lack of scumbags in the world who prey upon those in distress.

As if those crippled by the Madoff scam have not already gone through hell and back, today we learn that an impostor to the Securities Investor Protection Corporation (SIPC) has sprouted up targeting the investors victimized by the Madoff scam. The Wall Street Journal exposes this scum in writing, Copy-Cat Web Site Targeting Madoff Victims:

The Securities Investor Protection Corp., a securities industry group formed by Congress to help customers of failed brokerages, warned of an imposter Web site mimicking its own page to target victims of convicted swindler Bernard Madoff. (more…)

Will Wall Street Banks be Compelled to Compensate Madoff Investors?

Posted by Larry Doyle on December 15th, 2009 11:46 AM |

Will Congress hit the Wall Street banks with a one-time assessment in order to compensate Madoff investors? Why might that happen? Very simply because SIPC (Securities Investor Protection Corporation) was woefully underfunded given the fact that SIPC member-firms, including all the large Wall Street banks, paid a token $150 (yes, that is not a misprint, a token $150) annual premium from 1996 until April 2009 for SIPC coverage.

Each and every investor in America should be livid at the insurance scam perpetrated by SIPC and its member firms, but especially by the largest firms taking the greatest risks!

I will address this insurance scam in a post later today, but for now I want to highlight an engagement between Rep. Paul Kanjorski (D-PA) and Stephen Harbeck, the head of SIPC that occurred last week during a hearing on securities investor protection reform.

This interaction should have received massive coverage by the mainstream media. Regrettably, but not surprisingly, it did not. Why? If it received the appropriate coverage, it would shine a laser beam on the incestuous nature of the relationship between Wall Street firms and its regulators (SEC and FINRA) and insurer (SIPC).

From the transcript of the hearing last week: (more…)

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