Thursday, April 30, 2009
SEC and DOJ Protect Whom?
"The [SEC] and the Justice Department asked a federal judge on Wednesday to block an effort by a group of customers to force convicted Ponzi-scheme operator Bernard Madoff into involuntary bankruptcy. ... In their filing last week, the customers raised concerns about whether the [DOJ] and the SEC would distribute to customers any funds recovered from Mr. Madoff and 'what rules would govern any such distribution.' ... Jonathan M. Landers, a lawyer representing the customers seeking to force Madoff into bankruptcy, said they were 'disappointed' by the SEC's opposition and that the bankruptcy court has well-established procedures for recovering assets", my emphasis, Chad Bray at the WSJ, 9 April 2009.
It's "well-established procedures" that the SEC and DOJ want to avoid. Who are the SEC and DOJ trying to protect?