NoQuarter Radio’s Sense on Cents with Larry Doyle Interviews Head of Bernard Madoff Victims Coalition
By Larry Doyle on August 16, 2009 at 7:30 AM in Economy, NoQuarter Radio, Sense on Cents (Larry Doyle blog)
Aug 16th show concluded. LISTEN to the archived show at any time.
Has our government ever failed us to the extent involved in the regulatory oversight connected to the Bernard Madoff Ponzi scheme? How could these failures have perpetuated for such an extended period? How are these failures and their impact on the victims being handled? Is insult being added to injury?
Can the victims possibly receive real justice in terms of restitution and retribution? Where did the system falter? How are the victims of this travesty being treated by the powers that be on Wall Street, Washington, and in the media?
I am thrilled to address all these issues on my weekly program, No Quarter Radio’s Sense on Cents with Larry Doyle, this evening from 8-9pm as I welcome Ronnie Sue Ambrosino, head of the Bernard Madoff Victims Coalition.
As a sneak preview, Ms. Ambrosino was interviewed by Charlie Rose on June 29th, the day Bernard Madoff was sentenced to 150 years in prison. Ms. Ambrosino appears in the video clip at the 3 minute, 5 second mark.
The issues I will address with Ms. Ambrosino run well beyond the immediate concerns of the Madoff victims. The integrity and transparency of our financial regulatory system and legal process remain very much in question.
Don’t miss this important discussion Sunday evening on NQR’s Sense on Cents with Larry Doyle.
LD
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My take:
1. FINRA, an outgrowth of the NASD, is a very profesional organization, taking on the heavy detailed regulatory work away from the SEC, wherein they monitor to the nth degree, particularly broker dealers & individuals of same. They are tough, like the NFA [National Futures Assoc.] is for futures.
2. The fact that FINRA missed Madoff was, IMHO, largely because he was one of them, as was his brother, in terms of setting FINRA policy & regs, at times, and by way of good reputation.
3. The suspect portion of FINRA’s lack of a Madoff investigation, and SEC nonfeasence, is whether the Madoff operation was sanctioned by Executive Order 12333 (1981) of President Reagan, wherein the US intelligence services were authorized to operate what became known as Title 18, Section 6 USG corporations for intelligence purposes, and to deny any intelligence community connection.
http://www.tscm.com/EO12333.html
http://en.wikipedia.org/wiki/Executive_Order_12333
Hence, there need NEVER be any revelation of what Madoff, just “a cog in the corrupt financial wheel,” was up to, e.g., criminal money laundering, black ops financing, intelligence gathering, under the cover of “National Security … need to know, compartmentalized.” Unless someone inside leaks the info — under penalty of up to death due to Treason — there’s no way to confirm same.
The fact that so many Madoff investors lost money in one swoop was just unintended blowback from, IMHO, the upwards of $14 trillion in sovereign funds placed into ‘lockdown’ between 10th and 12th September 2008, that were not usable by the USA or its banks due to USA policy decisions, USA Basil III intransigence, and refusal by the USA to honor its “Settlement” payables worldwide, in the $trillions, which all would have, by happenstance, continue to finance Madoff’s operation. Such lockdown was way beyond FINRA, the SEC, the U.S. Treasury, the Dept. of the Justice, and the POTUS.