By Bill GlynnI am certain the Billionaire’s Boys club is using every tool - social, political and economic - to wrangle the SEC into a position to help them recover their pilfered monies from the Madoff scam. The recent announcements of negligence and incompetence in uncovering the Madoff ponzi scheme leaves the door wide open for a shareholder class action suit against the SEC for certain.
It already appears to me the powers to be are at work. Having the SEC spit up words like incompetence is a strong indication that behind the scenes pressure has begun to soften the government for another bailout. Powerful people lost huge amounts of money and so did the little guy. The little guy is in good company. I am certain if mom and pop (who also lost millions) stood up, and they have, to cry "foul!" the words would go largely unnoticed. That is one thing. If a billionaire stands up and cries "foul!" that is an entirely different dynamic.
Money and power go hand in hand. Lucky for all the investors the big boys are playing hardball and for certain pressure on the political machine that they have probably paid millions into has their head in a vice to do something. It is not some revelation that the SEC missed all this but it is a revelation to see them set themselves up for a fall. It is really unheard of. I strongly believe this has been brought about at least in part from tremendous pressure worldwide to position a recovery of the monies lost. Heck, you would be shot in the streets these days for a pair of sneakers! In this case the fall guys are being lined up against the wall in front of a firing squad and I bet we will see the SEC in court and forced to cut a deal to pay the investors back. [more...]
Posts
No comments:
Post a Comment