Word: madoff
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...David Evans, managing director at 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...
...Lots of people lose lots of money due to frauds every year - and so aside from the magnitude of the 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...
...free chapter of the Madoff whistleblower's story No One Would Listen: A True Financial Thriller...