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House Proceeding 07-07-09 on Jul 7th, 2009 :: 0:23:10 to 0:29:15
Total video length: 1 hours 50 minutes Stream Tools: Stream Overview | Edit Time

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Ileana Ros-Lehtinen

0:23:06 to 0:23:27( Edit History Discussion )

Ileana Ros-Lehtinen: unheavele. now we must give them a hand in their new country. we have a moral obligation to act. i yield back. he speaker pro tempore: ms. ros-lehtinen of florida. without objection. ms. ros-lehtinen: thank you, madam speaker.

Ileana Ros-Lehtinen

0:23:10 to 0:29:15( Edit History Discussion )
Speech By: Ileana Ros-Lehtinen

Ileana Ros-Lehtinen

0:23:28 to 0:23:49( Edit History Discussion )

Ileana Ros-Lehtinen: my remarks are entitled, "madoff victims are victimized again." this time by our own government. americanare he lie on the security and exchange commission, -- rely on the security and exchange commission to safeguard their stock transaction through registered broker dealers. the s.e.c., however, did not do that in the case of bernard madoff.

Ileana Ros-Lehtinen

0:23:50 to 0:24:11( Edit History Discussion )

Ileana Ros-Lehtinen: irrespective of his receiving 150 years in prison for life-damaging financial crimes, many americans who lost their life savings, who were first victimized as a result of the s.e.c. failures, are being today victimized a second time by our own judicial system and its quart-appoint -- court-appointed trustee.

Ileana Ros-Lehtinen

0:24:12 to 0:24:33( Edit History Discussion )

Ileana Ros-Lehtinen: the victim's plight is compelling. think about this, madam speaker, irrespective of numerous warnings the s.e.c. received dating back 17 years, all of our federal agencies stood by and did nothing while thousands of investors deposited their money, usually their life savings, with bernard l. madoff, investment

Ileana Ros-Lehtinen

0:24:34 to 0:24:55( Edit History Discussion )

Ileana Ros-Lehtinen: securities. in fact, after supposed investigation in 1992, the s.e.c.ssued a clear cut and definitive statement of innocence about madoff's businesses. this was an unusual occurrence. indeed it may be the only time in history that the s.e.c. went as far as issuing a statement of

Ileana Ros-Lehtinen

0:24:56 to 0:25:17( Edit History Discussion )

Ileana Ros-Lehtinen: innocence to clear a business that it was investigating. then starting in 2002 the s.e.c. continued to ignore seven individual and specific fraud warnings by a credible financial whistleblower. again in 2004 in another government failure the i.r.s.

Ileana Ros-Lehtinen

0:25:18 to 0:25:40( Edit History Discussion )

Ileana Ros-Lehtinen: approved madoff to be one of only 260 nonbank i.r.a. custodians, the very he place that people put their retirement money -- the very place that people put their retirement money for safe keeping. why would the i.r.s. have approved madoff if it had the legal right and the fiduciary obligation to inspect the books

Ileana Ros-Lehtinen

0:25:41 to 0:26:01( Edit History Discussion )

Ileana Ros-Lehtinen: and the records of all nonbank i.r.a. custodians? the approval process which the i.r.s. shirked was specifically designed to prevent this exact type of fraud. as madoff's downfall exposed, both the i.r.s. and the s.e.c. failed to inspect madoff in even

Ileana Ros-Lehtinen

0:26:02 to 0:26:23( Edit History Discussion )

Ileana Ros-Lehtinen: the most basic fundamental fashion. unfortunately two different u.s. government agencies both seem to have given their approval for americans to invest with madoff. they indicated that he had a financial clean bill of health. now that madoff scheme has imploded, the government seems to convey the appearance of serving justice on behalf of

Ileana Ros-Lehtinen

0:26:24 to 0:26:44( Edit History Discussion )

Ileana Ros-Lehtinen: those who were duped. through the federal bankruptcy court the government has hired a private sector attorney to act as the madoff bankruptcy trustee and will pay the trustee a fee based on his hours extended to claw back money. well, this is not what it appears to be.

Ileana Ros-Lehtinen

0:26:45 to 0:27:05( Edit History Discussion )

Ileana Ros-Lehtinen: justice is not being served. while it is true that the trustee cannot ask for a spific percentage of the total claude back, he can ask for any specific amount he desires and it can be based on his own internal computation using a percentage. since the trustee won't have

Ileana Ros-Lehtinen

0:27:06 to 0:27:27( Edit History Discussion )

Ileana Ros-Lehtinen: enough man power to sue thousands of people at the same time, he will also hire society firms to assist in it -- associate firsts -- firms to assist in this litigation. all the fees charged by the law firms who are handling this case will first be paid and then the trustee will receive his fee. the government should instead

Ileana Ros-Lehtinen

0:27:28 to 0:27:48( Edit History Discussion )

Ileana Ros-Lehtinen: offer tax or financial relief to those who were victimized. not under an arcane equity basis but based on their statement as of november 30, 2008. the i.r.s. should compute tax refunds so as to return 100% of each individual's first loss of

Ileana Ros-Lehtinen

0:27:49 to 0:28:09( Edit History Discussion )

Ileana Ros-Lehtinen: $2 million, then 90% of their loss between $2 million and $4 million, 80% of their lost dollars between $4 million and $6 million and so forth until a 20% return level has been reached and at that point turns should remain at 20%. this would be most beficial to

Ileana Ros-Lehtinen

0:28:10 to 0:28:30( Edit History Discussion )

Ileana Ros-Lehtinen: smaller inveors who are most impacted by their losses. if private citizens are required to reimburse other private citizens for harm they caused, why should the government be able to drastically injure people and have no responsibility to restore those individuals' positions or pay

Ileana Ros-Lehtinen

0:28:31 to 0:28:51( Edit History Discussion )

Ileana Ros-Lehtinen: restitution to them? the sipc or the quasi-governmental body that offers insurance to those defrauded by the s.e.c. al stands to gain greatly by not paying the issue insurance. even to the casual observer, this is a potential conflict of interest. a mistake has been made and it

Ileana Ros-Lehtinen

0:28:52 to 0:29:13( Edit History Discussion )

Ileana Ros-Lehtinen: must be corrected, madam speaker. the speaker pro tempore: for what purpose does the gentleman from massachusetts rise? >> mad desk two privileged reports from the committee on rules for filing under the rule. the speaker pro tempore: the clerk will report the titles. the clerk: report to accompany house resolution 609, resolution providing for consideration of

Ileana Ros-Lehtinen

0:29:14 to 0:29:15( Edit History Discussion )

Ileana Ros-Lehtinen: the bill, h.r. 2997, making

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