Congress & Regulators Need to Hear From Us!!
Over time, there will be much debate and decision making as the litigation of this scheme progresses. We need to ensure our rights and best interests are fought for. And we need the support of our legislation to stand up and fight for us. Our voice needs to be heard. I encourage everyone to write to their congressmen/congresswoman and the legislative advocates that we need to rely on to see us through this mess. There are many debates in play and many more to come, whose resolutions will determine the extent of recovery we victims will be entitled to. The key players in these debates NEED TO HEAR FROM US !!
Click Here to access govtrack.us, an easy to use link to find the Congressperson/Representatives in your district.
Here is a link to the House Committee on Financial Services.
This site contains information about the committee and sub-committee jurisdiction, as well as member and contact information.
Additionally:
The Senate Banking Committee investigating Madoff.
To find your local congressman, go to the United States House of Representatives Website and enter your zipcode.
To contact your state senators, go to the U.S. Senate Website and select your state.
For U.S. Department of Treasury contacts, visit the U.S. Treasury website .
To assist in getting you started, here are two templates that can be used as a guideline for your letters requesting action to our Congress and regulators.
Everything I read on your web site is old.
The work that NIAP is great but I would like to be informed about current issues.
IE: current bills is congress, the next court hearing re “net income”, discussion on definition of “customer”, the potential increase in carry back theft loss.
In case the attached may be of value…sent today
YOUR IMMEDIATE ATTENTION REQUESTED
To: The Honorable Barak Obama, President
The Honorable Mel Martinez, U.S. Senate
The Honorable Bill Nelson, U.S. Senate
The Honorable Vern Buchanan, U.S. House of Representatives
The Honorable Barney Frank, Chmn, House Committee on Financial Services
The Honorable Christopher Dodd, Chmn, Senate Banking Committee
The Honorable Max Baucus, Chrmn, Senate Banking Committee
The Honorable Paul Kanjorski, Chrmn, House Financial Subcommittee
From: Ralph Cohen, 3455 Byron Lane. Longboat Key, FL 34228. Email: rhc1121@yahoo.com
Date: July 30, 2009
Re: The Madoff Fraud, the U.S. Government & FINRA
FINRA (Financial Industry Regulatory Authority)
“independent organization empowered by the federal government”
It boggles the mind how little attention has been paid to FINRA for its moral/legal accountability for completely mishandling its responsibility to adequately monitor Madoff Securities.
From the FINRA website
· “FINRA’s highest priority is serving investors”. (Flunked this!)
· “Our chief role is to protect investors…”. (Flunked this!)
· “We carry it out by examining firms for compliance with the rules…”. (Flunked this!)
· FINRA’s EVP of Member Regulation has “responsibility for the ongoing surveillance and annual examination of firms for financial and operational compliance…”. (Flunked this!)
From the 2008 FIMRA Annual Report, issued 6/24/09
· “Investor Protection. Market Integrity.” (Flunked this!)
· Letter from the Chairman and CEO talks about 2008 financial crisis, market turmoil and instability but contains no mention of Madoff fraud. (Maybe it just wasn’t important!)
· Assets of $1,990 million. (Is this vulnerable to lawsuit?)
· Expenses for Compensation & Benefits jumped $97 million (22%) from $446 million in 2007 to $543 million in 2008. (Obviously not spent to monitor Madoff!)
· Expenses for Professional Contract Services jumped $15 million (8%) from $199 million in 2007 to $214 million in 2008. (Obviously not spent to monitor Madoff!)
· Income from Fines dropped $21 million (45%) from $47 million in 2007 to $26 million in 2008. (How much could they have fined Madoff?)
And to rub it in further, FINRA is tax exempt!
And the ultimate abomination – Mary Schapiro from FINRA CEO to SEC Chairman
THE GOVERNMENT GAVE FINRA EMPOWERMENT. IT CAN TAKE IT AWAY… AND/OR HIT FINRA WITH A HUGE FINE THAT CAN GO TOWARD VICTIM COMPENSATION.
MADOFF VICTIMS ASK FOR YOUR HELP
In case its of any value I’ve sent the attached out today.
Dear T Voss
Currently there is no legislation being proposed regarding IRAs. The two pieces of legislation — the Meek and Ackerman efforts — are focused on IRS deductions but as there is no “tax basis” for IRAs, the IRS has taken the position that these are not deductible.
Having said that, there is strong support for changes to be made via legislation, and Madoff-Help — and many Madoff victims as well — are hopeful that sufficient lobby pressure will result in efforts to find a method of deduction. This holds true as well for pension plans and other retirement investments.
We fully recognize the further plight of the indirect investor (please see the indirect investors group), and hope that changes can be made in how indirect investors are penalized through lack of SIPC coverage. The SIPA governing rules were created at a time when hedge funds and other indirect investments were simply not on the radar.
Let’s work together to change these as well! Let you and your fellow victims’ representatives know. We must all speak loudly. (see sample template letters).
Ron Stein
Is there any effort in the legislation to give relief to those indirect investors who invested thru IRAs ?