Prof. Kotlikoff:Now, however, it is SIPC and the SIPC-controlled trustee who are deciding. SIPC decided that all customers will lose because it failed to fund the insurance fund. Not a single Madoff customer has been compensated for the loss of the use of his money, in many cases for decades,and the return it would have produced in legitimate investments. If SIPC had used the last statement balance, as the law required it to do, every customer would have received SIPC insurance up to $500,000 based on his last statement. Using the last statement balance would have required SIPC to do what its homepage says it does — protect investors in brokerage account fraud — up to $500,000, i.e., honor its insurance commitment. It would have also required SIPC to act as a proper fiduciary in checking that all brokerage accounts it insured were being properly custodied. From hereon, if H.R.3482 is not passed, ALL future victims will suffer at the hands of SIPC. Here is the link to stand up for your rights as investors:
Posted on: Thu, 26 Jun 2014 00:28:51 +0000
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