Madoff Help News & AssistanceThe source of news, information and community - your one-stop shop for everything Madoff. ** ANNOUNCING NIAP - NETWORK FOR INVESTOR ACTION & PROTECTION ** Click Here For More Information on NIAP and How To Join |
||
| LATEST MADOFF NEWS |
 BLOG ISSUES SPOTLIGHT
HEY SIPC! SO WHAT IS INSURANCE ANYWAY?!! Ron Stein March 4, 2010 So let’s start getting to the meat of the issue: investor protection. Not just Madoff investors, Stanford investors, Petters investors. All investors. Which brings us to the issues of insurance, which the Trustee and SIPC spend enormous time asserting is not the case with SIPC protection. Aside from the probable fact that 99 out of 100 investors who have heard the letters “SIPC” before would put the words “SIPC” and “insurance” together, it is, by any definition, insurance. Lousy insurance, to be sure. Misrepresented insurance, certainly. Not insurance of the FDIC variety, okay. But I’ll go further. Let’s put aside the fact that millions of investors have been led to believe that SIPC is insurance; put aside as it has been asserted in various briefs that government institutions such as the SEC, FINRA – the entity that audits and regulates broker-dealers, court cases, heck, even President Nixon in his short speech when signing the bill into law called, and even continue to call it (though not Nixon) insurance. For SIPC to continue to assert that it is not insurance is akin to Bernie Madoff now insisting that he ran an honest operation. Read Full Post
ON JUDGE LIFLAND, NOT SO GREAT EXPECTATIONS, "CRAZY HE CALLS ME" AND STUCK IN SIPC Ron Stein February 15, 2010 As Madoff victims hang on tenterhooks awaiting Judge Lifland’s decision on “net equity”, I thought it to be a good time for some modest ruminations. For those of you too confused on this (or have spent too long in a cave) it boils down to this: are Madoff investors entitled to SIPC protection based on the values reflected on their final accounts and confirmation or on some arithmetic calculation that dismisses any validity to the investment statmenet . To those who care – and most everyone should – don’t get your hopes up, I’m sorry to say. But it’s also not a slam dunk for the Trustee, either. Read Full Post
WINDS OF CHANGE Part One – The SEC-Madoff Scandal Ron Stein September 26, 2009 Stunned! So here we are a few weeks after the release of the stunning Kotz report. No less than six times, from 1992 on, the SEC flubbed its examination of Madoff. Reading the original Executive Summary left me in disbelief. Reading the actual document has been shocking. The bungling is so comprehensive and confounding it’s akin to a Keystone Cops reel. Read Full Post
Ron Stein July 23rd, 2009 Finally. Some Madoff victims are starting to see IRS refunds, and some really lucky folks are even starting to receive their SIPC claim payments. So it stands to reason that if you’ve got a valid IRS and/or SIPC claim you, too, will be receiving perhaps a substantial refund. If not, chances are that you’re looking to protect what you still have. Most folks have already given some thought about these funds, yet many are wondering what to do? Read Full Post
Meet The Pros - The First in a Series of Interviews Battling Giants - An attorney takes on the SEC... Ron Stein June 9th, 2009 Howard R. Elisofon, partner in the New York law firm Herrick, Feinstein LLP is the securities attorney known most recently for his willingness to go after the SEC. Representing Madoff victim Phyllis Molchatsky and several others in this action, Elisofon has spoken at great length about his efforts in this case, and has been interviewed on many broadcasts and been quoted extensively in the press about this action and other issues pertinent to Madoff victims. We’re fortunate to have an opportunity to get some insight as to what motivates an attorney to take on the US government, and how. Read On-Line Interview
ALERT: Tax Refunds Coming – 30 Days and Counting! Are you ready? Part of a series of articles on planning and safe investing… Ron Stein May 7th, 2009 Yes, friends, thanks to Mr. Shulman and Company at the Internal Revenue Service, your tax refunds will be coming any day. We’ve heard that several have already received their refunds, and our communications with Internal Revenue confirmed the IRS’ intention to make sure that they complied with the 45 day timeframe normally allotted. This is great news! Question…What are you planning to do with your refund? Read Full Post
DEAR IRVING – WILL THE REAL IRVING PICARD PLEASE STAND UP? A FANTASY LETTER…. Ron Stein May 2nd, 2009 April 30, 2009
BEYOND THE IRS – A PONZI PUNCHLIST FOR CHANGE! Ron Stein April 9th, 2009 Clearly, the IRS has chosen to offer a mostly beneficial, practical, and also self-serving avenue for Madoff and other Ponzi fraud victims. With their recent “Safe Harbor” revenue and procedure rulings, they’ve made life easier for a fair number of anxious victims. Unfortunately, while many victims will receive some restitution through IRS refunds in addition to SIPC claims, many others will receive little or none at all. Read Full Post
Madoff Justice? Not by a Long Shot! Ron Stein March 12th, 2009 “OK” you’re saying. “Madoff is going to jail. How does that help me?” Unless you get some kind of bizarre satisfaction that penthouse living for several months followed by less-than-gruesome jail-time is sufficient punishment for maiming the lives of thousands of unsuspecting victims, you’re not jumping for joy. I’m sure not. “Is justice being served?” the media asks. I say “No, justice is not served until justice is done.” And justice cannot be done until a broad effort is made to restore to normal the lives of so many devastated by this, history’s greatest swindle. Read Full Post
A Place to Start: Six Steps to Sanity Ron Stein February 23rd, 2009 Being a Madoff Victim is not a pleasant place to be. It’s a nasty situation, and it can feel like a lonely and confusing one as well. With lives turned upside down, many folks are wondering what to do and anxious about the future. People are looking for help, for information, for support. If you’re one of these, you’ve come to a good place. Welcome to the community of Madoff Help – we’ll try to provide insight, clarity, and even a bit of humor. You’re not alone anymore. Read Full Post
GRANT ME THE SERENITY: Helpful Words for Challenging Times
Bobbie Comforto, LCSW, CT, February 12th, 2009 No one wants to hear that loss, change and suffering are inevitable… No one wants to be reminded that life is a series of losses, small & large, starting from birth & ending in death… No one wants to realize that we all suffer loss & change in one way or another. Yet behind every door is someone adjusting to change, adapting to crisis or coping with unsettling loss or tragedies. READ FULL POST |
Check out the newly posted SIPC Misconduct Top Ten List on our letter-writing webpage -if you haven’t yet written to your representative, we urge you to do so now. Simply click here, select one of the sample templates, print and mail. (If you prefer, you can write your own letter). And don’t forget to forward the link to your friends asking them to write too.
We now have 15 video segments of individual testimony and the Q&A sessions available on NIAP’s YouTube Channel. Please feel free to share these videos with others to help educate and promote awareness of the issues and risks affecting investors today, and don’t forget to tell them to write their representatives – Click here for letter templates and representative contact information.
J.P. Morgan Chase & Co.’s trading losses of more than $2 billion centered on a complicated three-step strategy that could raise new questions about whether the bank was hedging its risks or making a big bet. The size and complexity of the trades suggest to some critics that the bank might have been seeking to generate profits rather than to simply protect its giant portfolio of corporate loans and other holdings from losses. More in the Wall Street Journal here.
Jamie Dimon, CEO of JP Morgan, is a great survivor, which is why we believe the hoopla over the loss he reported will be forgotten. He will take all the hearings, attacks and investigations in stride. He will duck, bob and weave. And, most importantly, he will live to fight another day. It’s important that all leaders learn to survive attacks and walk away unscathed. In survival training, you learn you don’t have to win every battle, just endure them. But you do have to take some calculated risks to advance your career. To be triumphant in promotions at work, you don’t have to be the most glorious warrior or the most beloved saint. You have to succeed in testy skirmishes and you can’t annoy anyone too badly. More in Forbes here.
We think that because Bernie Madoff is in jail the world is safe for investors. Retirees think so and are looking for ways to produce income from savings. Scammers know this and think up ways even Madoff hadn’t, according to the FBI’s website. Investment schemes all have one thing in common: they promise large returns on investments with very little risk. Such offers usually arrive unsolicited, and their potential targets are contacted by email, phone or even by U.S. mail; but the “prime caveat” still applies: “If it sounds too good to be true, it probably is.” More on Tulsa World here.
CtW Investment Group, a labor-backed shareholder group, last year warned JPMorgan Chase & Co that its risk management committee was not up to the task and sought to remove one of its members, Ellen Futter, who had been a director at American International Group Inc (AIG) before its near-collapse in 2008. “We are deeply concerned that the current three-person risk policy committee, without a single expert in banking or financial regulation, is simply not up to the task of overseeing risk management at one of the world’s largest and most complex financial institutions,” an April 1, 2011, letter from CtW said. More on CNBC here.
Reverberations from JPMorgan Chase’s multibillion-dollar trading loss deepened in Washington on Tuesday, with the Democratic leader of the Senate blasting the nation’s largest bank for “gambling” and congressional Republicans putting the brakes on a plan to soften Wall Street reforms. Both Republicans and Democrats are still trying to understand the political implications of the trading debacle at one of Wall Street’s highest-profile banks as they gauge how it will play in the election-year debate. Read CNBC report here.
|
|
Brought to you by the good folks at Good Harvest Financial Group - www.goodharv.com ACCESS TO THIS WEB SITE IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND WITHOUT ANY WARRANTIES, EXPRESSED OR IMPLIED, REGARDING THE ACCURACY, COMPLETENESS, TIMELINESS, OR RESULTS OBTAINED FROM ANY INFORMATION POSTED ON THIS WEB SITE OR ANY THIRD PARTY WEB SITE LINKED TO THIS WEB SITE. GOOD HARVEST FINANCIAL GROUP DOES NOT MAKE ANY REPRESENTATIONS AS TO THE ACCURACY, TIMELINESS, SUITABILITY, COMPLETENESS, OR RELEVANCE OF ANY INFORMATION POSTED BY ANY UNAFFILIATED THIRD PARTY, WHETHER LINKED TO THIS SITE OR INCORPORATED HEREIN, AND TAKES NO RESPONSIBILITY THEREFORE. ALL SUCH INFORMATION IS PROVIDED SOLELY FOR CONVENIENCE PURPOSESONLY AND ALL USERS THEREOF SHOULD BE GUIDED ACCORDINGLY. Copyright © 2012 - All Rights ReservedPowered by WordPress · Atahualpa Theme by BytesForAll |
||
