Comments on: Inspector General’s Madoff Report

By: Hedge Fund Manager Registration to Cost Taxpayers $140 Million (at least) — Hedge Fund Law Blog

Fri, 29 Jul 2011 20:14:08 +0000

[...] raised was appropriate funding for the SEC. As we have seen recently (most notably from the Inspector General’s Madoff report), the SEC’s budget is not large enough to adequately fulfill their investor protection mandate. [...]

By: Hedge Fund Investors to Sue SEC — Hedge Fund Law Blog

Hedge Fund Investors to Sue SEC — Hedge Fund Law Blog — Thu, 15 Oct 2009 00:07:32 +0000

[...] agencies cannot be sued for actions made pursuant to their legislative mandate). However, the inspector general’s Madoff report, which in no uncertain terms castigates the SEC, is likely to be the basis of many of the [...]

By: IA Compliance Fall 2009 — Hedge Fund Law Blog

IA Compliance Fall 2009 — Hedge Fund Law Blog — Mon, 21 Sep 2009 12:39:41 +0000

[...] Inspector General Madoff Report [...]

By: jcc

jcc — Mon, 14 Sep 2009 15:04:08 +0000

What should really leave investors and the public with the fury and intensity of a million white hot suns is that if you listen to the testimony of the SEC officials in front of Dodd Schumer etc Thursday the 10th, Khuzami and Walsh defend the employees as “excellent and talented” and intend to discipline or “pink slip” no one!!! Further, it is quite curious that Lori Richards, the former and only Director that the investigations and exam group (OCIE) ever had, was allowed to leave quietly of her own choice in early August and the acting Director is the Chief Counsel Walsh who was the de-facto day to day operation head anyway. Becka and Gohlke the Associates go through Walsh for approvals. Should Walsh, as seems quite likely, be left in charge of the OCIE that means the very same leadership that allowed the Madoff scandal to happen will be left in charge – unacceptable and a scar on not only the SEC but Congress, Dodd and Frank for allowing gov’t bureaucracy to prevail over the need for change and reform.

By: S JACOBS

S JACOBS — Sun, 13 Sep 2009 16:15:35 +0000

A REFRESHER ON THE FEDERAL TORT CLAIMS ACT:
HOW TO SUE THE UNITED STATES
http://www.finchmccranie.com/refresher.htm

[snip]
The Act allows monetary recovery against the United States for damages, loss of property, personal injury or death. In seeking recovery, one must show that the damages occurred as a result of the negligent or wrongful acts of government employees acting within the scope of their employment, under circumstances where the United States, if a private person, would be liable to the claimant in accordance with the law of the place where the act or omission occurred. 28 U.S.C. § 1346(b).

private person
1 : an individual who is not a public figure or in the military services
2 in the civil law of Louisiana : a juridical person governed by private law
Merriam-Webster’s Dictionary of Law, © 1996 Merriam-Webster, Inc.

negligence
: failure to exercise the degree of care expected of a person of ordinary prudence in like circumstances in protecting others from a foreseeable and unreasonable risk of harm in a particular situation
Merriam-Webster’s Dictionary of Law, © 1996 Merriam-Webster, Inc.

“Negligence is a ‘legal cause’ of damage if it directly and in natural and continuous sequence produces or contributes substantially to producing such damage, so it can reasonably be said that if not for the negligence, the loss, injury or damage would not have occurred.”