Politicians blow off about anything and everything with almost no knowledge of what they are talking about: Good sound bites, fluent sounding (Obamaesque) speech, are the desiderata, not competent opinions.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

My writing having been taken up entirely by l'affaire Madoff for almost a year, it is a pleasure to turn to a very short posting on another matter. Here it is: We now live in the United States of Goldman, Sachs.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Having read the opening briefs filed by the Trustee and by SIPC on the net equity question, I thought to set down a few of what I believe are my most important impressions.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In reading what little the Trustee has said in the past to justify his cash-in/cash-out position on net equity, a couple of thoughts struck me that, as far as I can recollect, have thus far not been made by opponents. I shall set them forth here.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In this essay, I shall not attempt to summarize Kotz's 457 page report. What shall be done instead is to discuss a particular perception the report induced in me, plus some points in the report that struck me forcibly and contributed to the perception but often seem not to have generally been picked up elsewhere or to have received only brief or minor mention elsewhere.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

On September 21st, the Government made a motion for forfeiture and remission proceedings in the criminal case against Madoff. The motion plainly would result in serious injury to many victims of Madoff, and seemed to me highly objectionable.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The SEC -- though it ironically is one of the governmental or quasigovernmental bodies most responsible for allowing Madoff to succeed -- has put together what one thinks the best description to date of the methods used by Madoff to fool victims, agencies, feeder funds, and huge organizations or immensely wealthy individuals who sought to do due diligence, and others.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

If readers do not remember anything else written in this post or in its continuations, I beseech them to remember this: the IRS now appears to have surely admitted, in the letter of August 21st, that its review of Madoff was a paper-only-review -- was a review that was an open invitation for any liar, any Madoff, to receive IRS approval as a non-bank custodian by means of egregious fraudulent misstatements, and to thereby receive aid from the IRS in defrauding victims.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Let me begin with a matter that leaps off the page. Picard's brief does not so much as mention matters that should be the determinants of net equity:

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I congratulate you on your excellent article on custodians on Saturday, July 25th.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In this fourth segment, let me discuss an argument made by Harbeck and Picard in support of their cash in/cash out position.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

When David Sheehan attacked Helen Chaitman by a letter of June 12th, he accused her of making statements for which she could have no evidence. She responded, among other ways, by writing on June 16th that she would be able to prove various of her statements from SIPC's own files after discovery. My personal view is that she was right on.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

If readers remember not one other thing of what is written in this four- part posting, I urge them to remember -- and therefore am repeating yet again -- the possibility that Picard's definition of net equity may deprive them not just of $500,000, but also of any share in the estate. This possibility should be cleared up, one way or the other, as quickly as possible.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

This post is being published in four parts. Let me start it with some comments that will surprise a lot of people.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

We are currently in a place (so to speak) where a simply fantastic amount about the Madoff scam remains unknown; more remains unknown than I can ever remember being true at the time of the plea and sentencing of the lead culprit in any other major fraud case.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

On Thursday, June 11th this author posted an article canvassing and presenting many of the criticisms that are raised. I don't want to bore you by repeating the canvas, but nonetheless shall recapitulate some of the criticisms in summary fashion because this is important to a full understanding regarding a demand SIPC made to me that the entire article of June 11th be taken down -- or at least an asserted mistake in it be corrected.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Time Magazine posted an online article saying that SIPC "Trustees are paid well, receiving personally 3% of anything over $1 million they recover for victims. For example, if $2 billion is ultimately recovered in the Madoff case, Picard stands to make personally $60 million in fees, provided the New York federal judge overseeing the case, the Hon. Louis agrees to it."

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Now that the government is in effect taking over major industries -- is "freely interposing itself in the management culture of industry after industry," said Brooks-- "CEO's are forced to adopt the traits of politicians"

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

It seems to me clear beyond peradventure, as they say, that what Obama is doing with regard to torture, the pictures and Afghanistan is that he is temporizing, is playing both ends against the middle, is trying to ward off opposition from the conservative to right wing side of the political spectrum as much as possible.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

It seems obvious that it is illegitimate in the extreme for Picard and Harbeck to use a rigged definition of net equity in order to lessen the amount people receive from SIPC and to create clawbacks where they otherwise would not exist.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I recently read the 2009 book by Neal Bascomb called Hunting Eichmann. I learned a lot I had not previously known.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Law Professor John Q. Barrett of St. John's (barrett@stohns.edu) is writing a biography of Justice Robert Jackson, perhaps the greatest writer ever to sit on the Supreme Court and the first American Chief Prosecutor at Nuremberg.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I have read the four memoranda that were recently released by the DOJ and authorized torture. Permit me to invent a similar but short memo that will allow the reader to grasp their style, their character, their techniques, their aims, and inherently and avoidably, the nature of the people who wrote or signed off on them.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In this connection, though I personally am a direct investor, I am one of those who have never understood the morality or the decency of denying SIPC recovery to those who invested through feeder funds.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

If the possibility raised here turns out to be true, as I suspect will be the case, this would be a disaster for the country. For it would mean that what is perhaps the one agency which above all others must be kept competent and clean as a whistle, was instead a witting or unwitting facilitator of the worst kind of fraud.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Unless and until the government uncovers and discloses that there was a tie to organized crime, the idea that the Italian, Jewish, Irish, or more lately, Russian Mafia were involved must remain mere speculation, speculation that might be right or wrong. But here are some facts and ideas fueling the speculation.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Appended below are two documents that were not initially posted on my site (Velvelonnationalaffairs.com) or on OpEd News.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Forget about tax refunds. Forget about tax deductions. Forget about SIPC. Waive them all. Instead, the government should give all victims government bonds whose principal is payable at the end of ten years, and whose interest rate, payable annually, is either approximately seven percent tax free or approximately ten percent taxable.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

This country may now have arrived at a Robert Welch moment, a moment when it must show it has a sense of decency and must declare itself to be on the side of decent men like Robert Welch or it must show it has no decency and is on the side of bums like Joe McCarthy.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Last Friday I received a phone call from a friend of 45 years standing. I'll call him Deadeye. Deadeye is a brilliant fellow. He finished first in his class in a significant eastern law school, and has spent 47 years as a tax lawyer. Deadeye wanted to talk. Deadeye's point was tax-profound, albeit simple.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The 16th Amendment to the Constitution gives Congress power to levy an income tax on all "incomes, from whatever source derived." It turns out that, to the extent that people did not physically withdraw appreciation in their accounts from Madoff, they never had any income from him.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Let me describe some of Joe Nocera's tricks in last Saturday's article before getting to the meat of his argument. Read the piece yourself and you will see these tricks in full flower.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Reading the transcript with a lawyer's eye, it seems evident that Judge Chin had made up his mind as to what he was going to do before he walked into the courtroom.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Just as an orthodox blogger might, I am writing this post on an airplane. Several points will be made, each with relative brevity - at least for me.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The hearings before Congress on the Madoff scandal on February 4th put one in mind of some pertinent, hopefully salient, ideas.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I wish to conclude by discussing possible legislative action in congress.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Two things should be said with regard to potential suits against the SEC.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

They are victims of Madoff. They are not the billionaires, huge international funds, or gigantic banks that the media focuses on. They are plain Americans who worked like dogs all their lives. They are selling their houses to raise money to live, they are trying to unretire and get back into the workforce at a time of depression and high unemployment caused by the barons of Wall Street. They are desperate and in agony.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The courses of action discussed here previously all have major shortcomings: they leave people very short of money to live on, they harm the innocent, they take way too long, they are uncertain. There is a different course of action, however, which would avoid most of these pitfalls.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I turn now from preliminary comments to specific courses of action. As you will see, each course of action being generally discussed in the media today will be insufficient, will be too little, too late, especially because the law is not designed to handle a disaster of this magnitude.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In the final three installments of the posts on the Madoff mess, I will discuss how much was stolen, where did it go, and what can be done for victims.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

In the final three installments of the posts on the Madoff mess, I will discuss how much was stolen, where did it go, and what can be done for victims.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The SEC's failure to investigate and put an end to Madoff's crime, its announcing in 1992 that there was no problem with Madoff and its failure ever to correct that statement, its consequent sabotaging of thousands of investors with the literal impoverishing of countless numbers and the crippling of many charities, medical research organizations and injury to pension funds, must be one of the greatest regulatory failures in American history, if not the single greatest failure.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

A foremost red flag was that Madoff apparently was not even making the trades of securities shown on the monthly statements. The trades shown on the monthly statements were fictitious, a fact which still seems unbelievable a month after the scandal broke. Experts who checked this got out of Madoff. The expert SEC apparently checked out none of this however, so the average investor was again left completely in the dark.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

I first heard of Bernie Madoff at some point in approximately the early 1990s. I think it must have been sometime around 1992 or 1993 because one of the points that made a big impression when I heard of him was that the SEC had investigated and had publicly said it found nothing wrong with what Madoff was doing.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

An extensive complaint seeking federal prosecution of American officials who ordered, authorized, approved or committed war crimes is currently being prepared. While the complaint is in preparation, the Steering Committee of the Justice Robert H. Jackson Conference is issuing this preliminary memorandum setting forth several of the points to be presented more extensively in the complaint itself.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

The year started bad, it stayed bad, it had a temporary uptick because of Obama's victory, but it ended bad. Bad, bad, good, bad. On balance that's bad.

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes

Given that the crookedness Blagojevich is accused of has been an everyday matter in American politics for scores upon scores of years, why did Fitzgerald bring a case?

This is the audio version of Dean Lawrence R. Velvel's blog, www.velvelonnationalaffairs.com
For more information on The Massachusetts School of Law, log on to www.mslaw.edu
And to hear (and see!) the history of MSL, please visit "Against the Tide" on www.podiobooks.com or in the podcast section of iTunes