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Madoff Investors Sue SEC for Negligence
CNBC ^
| October 14, 2009
| Mary Thompson
Posted on 10/14/2009 11:12:37 AM PDT by CutePuppy
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Was bound to happen. This legal mess will go on for years, and cost everybody, including taxpayers. The big winners here will be lawyers.
1
posted on
10/14/2009 11:12:39 AM PDT
by
CutePuppy
To: CutePuppy
Hell hath no fury like a rich person whose been made a fool of.
2
posted on
10/14/2009 11:13:52 AM PDT
by
the invisib1e hand
(Isn't the Golden Mean the secret to something," I parried? "Yes," Blue replied. "Mediocrity.")
To: Liz
Hopefully, the discovery process will be more thorough and enlightening and “transparent” than internal audit by inspector general Kotz.
3
posted on
10/14/2009 11:14:56 AM PDT
by
CutePuppy
(If you don't ask the right questions you may not get the right answers)
To: the invisib1e hand
Hell hath no fury like a formerly rich person whose been made a foolishness of made them go broke.
4
posted on
10/14/2009 11:19:15 AM PDT
by
Lonesome in Massachussets
(The People have abdicated our duties; ... and anxiously hope for just two things: bread and circuses)
To: the invisib1e hand
Or, forgive my plagiarism, Hell hath no fury like a rich person who's been Mad-off'd.
5
posted on
10/14/2009 11:20:13 AM PDT
by
CutePuppy
(If you don't ask the right questions you may not get the right answers)
To: Lonesome in Massachussets
if you can make coffee, you can be my editor.
To: CutePuppy
This will have as much success as suing the federal government for mistakes made by Obamacare.
7
posted on
10/14/2009 11:22:14 AM PDT
by
E. Pluribus Unum
(Ask not what the Kennedys can do for you, but what you can do for the Kennedys.)
To: the invisib1e hand
Not a correction, just an alternate reality.
8
posted on
10/14/2009 11:22:44 AM PDT
by
Lonesome in Massachussets
(The People have abdicated our duties; ... and anxiously hope for just two things: bread and circuses)
To: the invisib1e hand
9
posted on
10/14/2009 11:23:13 AM PDT
by
Buckhead
To: the invisib1e hand
Hell hath no fury like a rich person whose who's been made a fool of.You asked for an editor. :)
Whose is the possessive form of who (or, occasionally, which). It means "belonging to whom or which."
Who's is a contraction of who is or who has. Notice the apostrophe replacing the missing letters.
To: CutePuppy
I guess the investors bear utterly no culpability for believing one could get the same solid rate of return year after year after year.
11
posted on
10/14/2009 11:36:39 AM PDT
by
dirtboy
To: E. Pluribus Unum; the invisib1e hand; Lonesome in Massachussets
This will have as much success as suing the federal government for mistakes made by Obamacare. Well, they are correct on the "serial, gross negligence" part, at the very least. I think the idea is, if the court allows the suit, to start a discovery process and see if there was more than just "negligence".
I don't think it's an accident that the suit was filed just after log-awaited SEC IG Kotz report, which while being generally a whitewash and blaming "inexperience" and "incompetence" of SEC staffers, hinted that there may be at least more than one problem with relationship between Shana Madoff and SEC Assistant Director Eric Swanson.
FINRA failure on Madoff
12
posted on
10/14/2009 11:42:06 AM PDT
by
CutePuppy
(If you don't ask the right questions you may not get the right answers)
To: CutePuppy
SEC Assistant Director Eric Swanson. Sounds like trying to get blood out of a turnip. He's hardly worth going after for his person worth.
13
posted on
10/14/2009 11:44:19 AM PDT
by
Lonesome in Massachussets
(The People have abdicated our duties; ... and anxiously hope for just two things: bread and circuses)
To: TruthShallSetYouFree
sometimes you screw up from muscle memory, sometimes you screw up because you don't know what's proper, sometimes you have a headache and aren't entirely there...either way, your editor makes you look good.
thanks.
To: CutePuppy
Please. Haven’t you heard the FINRA radio ads, complete with the folksy, homespun guitar track? And their website, it’s “FINRAPROTECTS-dotcom”, isn’t it? FINRA protects. It’s OK. They’ll take care of you. Uncle FINRA. Always there. For you. Now go to sleep.
To: CutePuppy
This may have merit and legs. The incompetence of the SEC in dealing with this yahoo has been simply stunning. And should be actionable.
To: CutePuppy
WTF has taken so long?
SEC should be closed down. . .
No, not the South Eastern Conference. . . . The other SEC. . .
17
posted on
10/14/2009 11:56:56 AM PDT
by
DeaconRed
(Barack Insane Obama-Wrong Place Wrong Time. Replacing Jimmah as worst CIC Ever)
To: CutePuppy
And the big loser will be the, now wait, think about it, now run and look in a mirror and hold the picture of your grand kids in front of you.
18
posted on
10/14/2009 12:34:48 PM PDT
by
org.whodat
(Vote: Chuck De Vore in 2012.)
To: Voter#537
The South Eastern Conference would have done a much better job at nailing Madoff.
19
posted on
10/14/2009 12:36:12 PM PDT
by
dfwgator
To: CutePuppy
I wish it were possible to bet on lawsuits on InTrade.com. Immunity will stand, and the suit will be thrown out. Maybe I skimmed too quickly, but I didn’t see the names of any attorneys involved. If this is being filed pro se, it because an attorney would know:
1) The suit is a loser, plus,
2) The attorney would additionally get sanctioned by the court for bringing a frivolous suit, and,
3) The plaintiffs’ attorney would thereby suffer a subsequent loss of reputation and income.
20
posted on
10/14/2009 12:36:49 PM PDT
by
BCrago66
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