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The Little Old Lady Suing The SEC Over Madoff Scheme

by daltronator (Orangutan, 317 Banana Points Points) on 12/23/08 at 11:52am
Charles Ponzi

One 61-year-old woman, who lost her life's savings in the Bernie Madoff Ponzi scheme is taking her revenge out on the SEC, who she says should have protected her from this horrible, horrible man.

WSJ wrote:

A New York woman who lost nearly $2 million investing with Bernard Madoff has filed a claim against the Securities and Exchange Commission alleging the agency was negligent in failing to detect an alleged decades-long fraud.

The administrative claim for relief was filed with the SEC on Monday and is believed to be the first attempt by an investor to recover lost money from regulators. Phyllis Molchatsky, a 61-year-old retiree from Valley Cottage, N.Y., is seeking $1.7 million in damages from the agency.

Go get'em lady. But does she honestly have a chance? Isn't this a bit like Suing the local police department for "letting" your house get robbed?

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Ladies' Night At The SEC

by daltronator (Orangutan, 317 Banana Points Points) on 12/19/08 at 12:19pm
Mary Schapiro

Mary Schapiro, the first woman ever to be nominated for the position, will head up the SEC as Obama's latest appointment.

But there are some questions as to the strength Schapiro could muster to bust some skulls over at SEC HQ and get that ship back on course. After some recent high-profile screw-ups, most notably letting Bernie Madoff run amok for so many years, there are calls for a disciplinarian in the position.

http://online.wsj.com/article/SB122955639309716037.html

Could the creator of cutesy advocacy group like FINRA really do the position justice?

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SEC Bans Shorting of Financials

by aachimp (Gorilla, 611 Banana Points Points) on 9/19/08 at 9:03am

Whoever said China, the largest communist country in the world, has a free-er market than the US was dead on. The last time the NYSE banned short-selling, they had to repeal it two days after because it was artificially raising prices (no fucking way!).

What next? Reinstate the uptick rule?

Better yet, why not just follow Pakistan's lead in forbidding the market to drop?
http://www.cnbc.com/id/26439444

For SEC announcement:
http://sec.gov/news/press/2008/2008-211.htm

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