Word: congression
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...airlines are obviously under severe economic pressure and are clearly trying to reduce the amount of time their personnel spend on the phone with unhappy customers. Still, in an era of burgeoning complaints about service, four-hour waits on the tarmac and renewed pressure in Congress for a passenger's bill of rights, this seems counterproductive, to say the least...
...consulting firm LECG, founder of Market Platform Dynamics and editor of FinReg21.com, says there's no doubt the SEC was asleep at the wheel during the Madoff crisis. However, he believes it's next to impossible to sue a government entity and thinks it would be better if Congress stepped up to help out the victims similar to the way it assisted the automakers and others. He suggests financial assistance be limited to victims that are either nonprofit organizations or have income under a certain threshold...
...There would be a backlash to Congress bailing out billionaires who lost a few hundred million as a result of the Madoff scandal," says Evans. "But there are people who are affected by the Ponzi scheme who I think we all agree are deserving of a helping hand...
...Still, some legal eagles believe Congress could set a dangerous precedent if it approved a bailout package for Madoff victims...
...fraud, it's difficult to find a justification to treat Madoff's victims different than the victims of the Worldcom fraud or Enron," says Chris Clark, a partner at Dewey & LeBoeuf LLP. "I don't mean to sound unsympathetic, but it's difficult for me to imagine that Congress would legislate relief for one group of aggrieved investors when people lost billions of dollars in Lehman Brothers. Are they going to pass a statute that says you get your money back if you lost it at Lehman...