Justice!

" On the false witness. Is a victim. And also a lawyer and a woman that is organizing. Other victims. Alan Davis treatment is on the line column thanks for. Join major with a firm Phillips -- are you represented 97. Victims. So your reaction to the 150 years."

" Well I'm very impressed with judge -- I think that he did a magnificent job but the hearing today."

" Yeah I think -- it's on the audience before you joined is this is a real message out there to the financial world. Don't -- don't even try this and yet at the same time there are Ponzi schemes going on go lower. Across the country in your efforts. I ask you I I asked the audience couple questions all I ask you -- question -- and probably more appropriate to you. I'm looking at all is a look I think people in this country right now element of bailout fatigue where Baylor now everybody were bailed out AIG in GM on the new name and wily -- run the country. But if there was ever a group. That looked like the government owes them for basically not doing what their supposed to be doing namely protecting does as investors that's a whole goal. Of the SEC is don't they have. Some liability. To pay you."

" Well there's no question about that and you may recall that President Obama in his inauguration address said that is the period when we have to accept responsibility for our own conduct. But apparently that doesn't extend -- And exchange commission which has. Allowed -- to the card -- atrocity to rewrite history -- protection act in order to avoid paying. 500000 it -- to -- the insurance to which their entitlement that the."

" What's a delay on that one what's this is a more complex than it looks -- from the surface."

" No it very simply that can't pick which controls mr. Picard. Is it a representative of the security industry candidate not increase in churn for the last 38 year and they don't have to want to have to hang out now that is the claim -- have to pay -- They they kind of liked the idea that they were being enriched at the expense of the public."

" But the firms have paid antiseptic for as long as I was in the in business for thirty years Howland and we all paid our sipping dues and that money was supposed to be there in case of this exact situation where there was fraud."

" Yup but yeah I agree -- you -- apparently only purpose -- insurance was to print. Protect against it -- honest broker and no it didn't protect against the market -- But here's the problem. Goldman Sachs paid 150 dollar a year Pacific insurance. Goldman that stamp on hundreds of billions of the trade confirmation that the -- in Stewart Upton hit by other dollars. And the price that was one cap per year per 150 dollars. -- be called we don't have enough money in effect. -- Now under the statute. Look at them one billion dollar line of credit with the FTP and it had a one billion dollar line of credit with the US treasury would be probably enough to pay the claims. But and they have to go back with their constituency. And -- retroactively. The rate on the insurance."

" Won't -- toward FDIC's doing right now they're going back and raising the rates on banks. -- are these simply because of the fact that the running low because of all the problems but this but does but even -- on simply because 500000 isn't going to cut of for a lot of these accounts out there. It's one it seems like it's one of those things where if I do something. It within the scope of my employment my -- I'm protected. But if I do some been out over and beyond. I'm not and that the sings in this case where the SEC went out of their way not to follow up because it was Bernie made off. That that was outside the protection area for even a government agency."

" I would love that it that was a lot but unfortunately it isn't and I would also love it if Mary Schapiro and deputy commissioner. Would at least stand upright snapped that the security can -- Day. You have to back up the picnic insurance but -- should not have been doing that. I'm right down the line for the securities industry and I think that what this teaches -- it is Everyman for himself."

" And and protect in the industry so how do you love. What do you do this Helen you've got 97 people who have been substantially. Either wiped out or substantially damaged financially I mean. You do this on some sort of boy if we get some the later mobile mobile -- because they don't have any money."

" I now. I've worked first six months on a program base to help them about 315. -- investors. And when all of my efforts to get the -- to do the right thing sales. One of the investors that we're not going to be able to accomplish anything that we can go to court and at that point it said. My permit is very supportive of me giving away my time at the last six months but I can't in good conscience -- litigation. Unless I have some. Coverage from Mikey. And so 97 people put together on their money. We were hoping you -- 800000 better acrimony late 66000. And we'll lead on -- back forty -- one complaint that my ideas without. At least 234. Complaint. To try to bring before the court the very issues that are raised by mr. Picard conduct. And some people -- to 25 dollars and and of the note saying it -- well they could afford but that they were looking to meet to help them. Get some money from it -- and it has really gratifying losing grassroots effort."

" I'm glad you're doing it MM one guy in my view would think that's a big would be out. Trying to find all of view and say how can we help. Because there are people I've written a number of the victims' stories and listen to them and there are people the literally board -- we're living off of the dividend income for -- that was sent to them. From made off from their Madoff account every month they're out they have they have nothing no wind come. Nothing I mean they're having to sell their properties."

" Devastating yeah I think they're people who are in their eight. These two relied upon this income which represented the income on their hard -- The work of rural -- And these people have been forced to sell their possessions some people are selling pieces of furniture day by day in order to the food on the table. And that fund their chemotherapy care if it's heartbreaking."

" It is. Bruce Madoff gets to keep two and a half million dollars your reaction."

" No that's the smallest part and that the bigger crime in the federal government. The bigger crime than the FTC's. Failure to enforce that statute against -- back. Because what it teaches Latin that the security industry controls the FAA. And that's why it's so important for people to take care of themselves. I've been advising people if they want to avoid being in the position that they made up about it CNN. They cannot leave their security in street name because his invitation. To operate. If you buy under Kansas by the end and you insist that you be directly registered and IBM as the owner -- note broker can get your money. And that's have to turn over key is that registered securities when it liquidate that Brokeback. But if you leave your security in street name it's an invitation to some -- some."

" Yeah and I like is that I would I did this for thirty years Helen so. What you're talking about I saw over that thirty year spam I saw it change from where a lot of clients would keep them in their own name. And the certificates will be delivered to them. To the point where because of today's automated world and because of the fact that. If you wanted to sell your securities you had to get them delivered and all the hassles ago with that. I don't I can't think of two people that kept them in anything but. The firms and a street name is you if you will. And that's where I think -- register without anybody asking any questions."

" Both these securities investor protection act was passed in 1970. With the support. Of the securities industry and -- motivation was to make people believe that they had 500000 more than it was last but I'd -- insurance. And that wouldn't do that pretty for the public support hundreds of billions of dollars in their life savings into Wall Street firm to be held in street name. Well I'm being wound to the investors. The Wall Street firms would you. Well using about security for their -- it true that lending them out to them by them borrow against them and they didn't. They didn't attribute any of that profit. After it and the -- it would doing that they reliant on an insurance and now they have to ensure."

" So how well how long do you think this will for somebody is destitute out there that was completely wiped out by Bernie Madoff how many. Days weeks months years will take for them to get money."

" Well. There are -- it has kept people -- day picnic here at. Eight hit. Try to. -- there's -- in -- hit during they had dot net from inception. They have tried to cheat investors out of -- that the insurance and people attacked -- to pick here as report that it would pay back. -- absolute outrage."

" Well it's one other part of this story that is. An amazing stories all by itself Helms a thank you for taking the time -- Davis tried men of the organizers are firm. Appreciate you representing those people and helping the victims thank you give them."