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SPOTLIGHT ON LEGISLATION:
Congressman Garrett Driving New SIPC Effort in House; NIAP, Stanford Victims Coalition Working Closely In Support
Dear NIAP Member –
The new year brings with it a new Congress – the 113th. We can only hope that the paralysis that marked the prior Congress will ease and permit bipartisan SIPC legislation to move forward in both the House and Senate. Despite the justifiable and extreme frustration experienced by so many Madoff victims, my feeling is that at no time has SIPC legislation had a better chance to move forward. Let me be clear – it won’t be easy: Madoff victims will need to work coherently – something we’ve thus far struggled to do, work effectively with the Stanford victims as part of the new Investor Protection Alliance, find the economic and staffing needs to manage an effective campaign, and generate national grassroots support at the appropriate time. The existing team of lobby and media professionals will need to remain in place. All this is doable, but we’ll be looking to all of you – both existing members, non-members and their friends to help move this boulder up the hill.
Ron
ALSO IN THIS ISSUE – THE COURTS:
• Madoff and Stanford Victims Anticipate Garrett Timeline to Initiate Major Grassroots Effort
• Judge Rakoff Rules District Court – Not Bankruptcy — Has Final Say on Clawback; Victims Still Await Other Rakoff Decisions
• US Court of Appeals to Hear SIPC Lawsuit Against SEC in Stanford Case
(click here to continue reading…)
Legal Update
Dear NIAP Member,
In last week’s update, I brought Madoff victims up to speed regarding HR757, and its movement forward in the House Capital Markets Subcommittee. This week’s update will focus on the Court actions taking place. Legal activity is occurring on two major fronts: the Supreme Court of the United States (SCOTUS) on Net Equity, and the District Court before Judge Jed Rakoff, who will be ruling on various clawback-related actions. (click here to continue reading…)
LEGISLATIVE & GRASSROOTS UPDATE
HEADLINES:
• SIPC legislation moving forward as support gains in Congress
• Grassroots efforts asked to step back and wait until legislation moves to markup
• Request for those with close relationships with Congressional members (“Grasstops”)
Dear Friend –
I realize it’s been some time since our last update, sent out shortly after the March SIPC hearings. Don’t mistake the quiet for lack of activity, however, as a significant amount of activity has been going on behind the scenes the entire time and four co-sponsors added. We have not only been waiting for something substantive to report on, but we were asked to keep things close to the vest until the appropriate time. Thanks for your patience and efforts thus far and please know that NIAP has continued to work extremely hard on everyone’s behalf. (click here to continue reading…)
Congress Holds Hearing on H.R. 757, Ron Stein Testifies on Behalf of Victims
MESSAGE FROM THE NIAP PRESIDENT
I recently testified on behalf of victims before the U.S. House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises. This hearing marked an important milestone in our advocacy and policy efforts congruent to H.R. 757. Below you’ll find a brief summary on the hearing and my testimony. For a full length summary, including comments of several of the Congressmen who understand our issue and continue to support innocent victims, please click here. While this hearing was a great stride in the right direction for sound investor protection, the crucial next step is to continue to capitalize on this momentum and surge our efforts. I ask you to join us in our grassroots letter-writing campaign urging Congress to pass H.R. 757. We’ve included all the information below the hearing summary that you need to fully engage in the campaign. (click here to continue reading…)
Third Anniversary Update, Part Three: Year End Media Headlines
Note: House Hearings on HR757 tentatively scheduled for week of March 5th.
Stay tuned….
Media Highlights:
Media outreach increasingly successful in 2011.
Media hits slam Trustee’s fees – GAO now investigating Trustee and SIPC
Trustee denied right to sue banks
SEC fails to fire one employee after Madoff debacle
Media increasingly supportive of Madoff investors and attacking SEC, SIPC, and Trustee
Stanford & MF Global regulatory failures attracting media and Congressional attention
Summary of Where We Stand:
Greater support needed for success
NIAP seeking donors and volunteers as Congressional hearings approach
Message from the NIAP President:
While the Courts have yielded mixed results at best in 2011 for Madoff victims, the Media has become increasingly supportive and is helping to drive public opinion and action in Congress. This is the third part of a Three Part Anniversary Update. (click here to continue reading…)
Third Anniversary Update, Part II: Legal Landscape
MESSAGE FROM THE PRESIDENT:
The Courts have yielded mixed results at best in 2011 for Madoff victims. This is the second of a Three Part Anniversary Update. If you haven’t already done so, I encourage you to read Part One – which focused on legislative action, while next week, Part Three will address The Media and Where We Stand.
(click here to continue reading…)
Third Anniversary Update
Part One: Washington DC
Year End Washington DC Headlines:
Congressmen Garrett prepares for upcoming hearings on HR757, now tentatively expected in January
GAO, in response to requests from Garrett and other Congressional members, prepares to issue preliminary info on actions of SEC, SIPC, and Trustee
SEC continues to weather massive pressure from Congress on multiple fronts, and recent NY District Court judge overturns SEC settlement with Citigroup
Message from the NIAP President:
We recently passed yet another anniversary, the third, and this is a good time to take stock of where Madoff investors stand. There’s simply too much to include in a single year-end update, so this will be sent in three parts. Thanks in advance for your patience.
It has been another difficult year for many Madoff victims, in both Congress and the Courts. Despite that, the evidence tells us that the pendulum, particularly in Washington, is swinging in our direction. We – and the experts behind us – remain hopeful that Madoff victims will see significant milestones reached in the coming months, as important positive developments continue in DC, and in the press. Given the difficulties encountered in the courts for many victims regarding Net Equity and “Customer” definitions, not to mention the painfully slow pace of a legal system as legal bills mount, many consider Congress to be the Madoff victims’ best hope. We strongly agree.
(click here to continue reading…)
IN WASHINGTON… CONGRESSIONAL CHAIRMAN SENDS STRONG LETTER TO SEC CHARGING VIOLATION OF SIPA STATUTE AND CONFLICT OF INTEREST BY SIPC, TRUSTEE
IN THE COURTS… RECENT DECISION REGARDING METS’ OWNERS TOSSES MAJORITY OF TRUSTEE’S COMPLAINTS. TRUSTEE TO APPEAL
(click here to continue reading…)
Greetings-
Congress is back in town after the August recess, and action important to investors is picking up both in Congress and in the Courts. Moreover, as Congress seeks to alter the increasingly strong perception of dysfunction, it is hoped that it will finally move to provide relief. The fact that the court decisions and legal process have been damaging to thousands of victims puts greater emphasis on NIAP’s actions in Congress.
(click here to continue reading…)
Dear Friend -
Welcome to our new NIAP Update format. Along with other helpful changes, look for regular bi-weekly updates as part of our efforts to streamline communications to our membership. We hope you appreciate the new look and value the information. It is especially important that you pass it along to friends and family, as most of this information is important for all investors.
(click here to continue reading…)
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