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don't people like us
depend on the SEC
and the Wall street crowd
foolishly
but don't we in effect depend on them
to keep crooks honest to keep the crooks from doing crookedness
yes here's what I find so distressing
the same SEC
who failed to catch madoff
the same the agency is now
regulating
non madoff investors
they're regulating mutual funds
they're regulating %uh
and you know this is obviously an agency that has a brand new head
Mary Schapiro
rob khuzami who came out of
deutsche bank
and
you know they're trying very hard to
put in place
the suggestions you know like like a whistle blower program or
I things that other agencies have like the IRS
the IRS is famous for catching up with those of us who owe them money
and you know
Harry Markopolos
has started a
I believe he has a um
a practice where by a he's a
certified fraud examiner and
will sue
frauds on behalf of the US government in other words
if someone's defrauding the US government of money
he goes after them
for a fee
none of those are in place
yet
can we blame the SEC of course
this gets back to what I was saying before
why there's a potential tort case here of the first order against people who
in past years
for fifty a hundred years
would never have been liable to third parties
but the feeder fund yeah it's liable to its investors but never to a third party
I think that's going to come into question
because when you're dealing with the experts and the experts are
in one way or another on the table or fearful you pointed out that they were scared that
that they would lose their jobs
%uh and %uh don't you at least tell the government what's going on
the rest of are as they say in the politest of company SOL
%uh we just %uh we just invest with no possibility
well we invest
at our peril
and that's one of the things that's coming out of this
for all investors I totally agree I think um
the other thing
that investors the rest of the non madoff investor world
might want to know is that that
you know the the insurance agency behind our
our accounts is this
group called SIPC
and this is the agency that
you know at the bottom of your statements it says your account is insured by you
know SIPC the securities investors protection corporation
SIPC is broke
%uh and
the only reason that we now know that is because of the madoff fraud
that has been revealed because SIPC doesn't have the money to pay people like
you know yourself and other investors at least they claim not to have the money
so the rest of us who
you know own mutual funds
plain old vanilla investments might want to know
might want to call up your broker and find out you know if something were to
go wrong with my account
would SIPC
be behind my
my investment
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