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.
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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
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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.
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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.
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UPDATE, PART 2: GRASSROOTS, OUTREACH, STRATEGIC COMMUNICATIONS & SOCIAL MEDIA
Dear Friends –
In our last update we discussed the activities taking place on the legislative and legal fronts and some of the great headway we’ve been making [link here]. In this part we’re updating people on our important grassroots and communications efforts. (click here to continue reading…)
UPDATE, PART 1: LEGISLATION
Dear Friends –
Since we have much to tell, this will be a two-part update. The information below pertains specifically to updates on the legislation and legal fronts, and we will provide you with the balance of the update – grassroots, communications, and social media – by week’s end. (click here to continue reading…)
Dear Friends –
In the hope that this finds you well, I present this update, focused on the legislative front. With Congress just back from its Easter break, and after months of wrangling over budget issues, we’re cautiously optimistic that it will begin to take up some of key SIPC and tax issues in earnest. We’re particularly energized by Congressman Garrett’s involvement as Chair of the House Subcommittee on Capital Markets. (click here to continue reading…)
Hi All –
Now that we’ve survived the oral arguments and the Appellate hearings, we can turn back to some of the legislative issues. Here it goes. (click here to continue reading…)
GARRETT ASKS SIPC: WHERE’S THE MONEY GOING?
Chairman of the Subcommittee on Capital Markets, Congressman Scott Garrett (R-NJ), has requested a detailed breakdown (click here to continue reading…)
UPDATE: A NOTE FOR INDIRECT INVESTORS….
Dear Friends –
With the introduction of the Garrett legislation, I wanted to take a moment to address the concerns of indirect investors who feel that NIAP has not properly supported their issues. First, we do understand your concern and request that all sides pursue a level of respectful discourse as we try to move forward on several fronts. NIAP has, and will continue to advocate for indirect investors in our lobby efforts, and the introduction of Garrett’s HR 757 legislation is only a step in a process of change in investor protection and relief. (click here to continue reading…)
