Current Events IBK Style

Challah Hu Akbar: Arab Apartheid And the World Is Silent

2011-03-11T08:31:00.000-08:00

Challah Hu Akbar: Arab Apartheid And the World Is Silent

WHAT IS YOUR BROKERAGE STATEMENT WORTH? NOT MUCH

2011-02-02T09:38:00.001-08:00

Imagine yourself with a huge nest egg. You invested money with a well-respected money manager, a registered SEC broker-dealer, and watched your investment grow year after year. You took money out to pay everyday living expenses, taxes, maybe a vacation or two. You got rid of your long term care insurance because, after all, you had enough money to take care of yourself. You feel safe because the SEC has publicly acknowledged your money manager, you know that he was the chairman of an exchange. And, of course, you think, what’s the worst that can happen? After all, your money is SIPC insured – you see the SIPC logo on your statement each month.

Then, one day, you discover that the money manager was a crook and arrested for running the largest Ponzi scheme in US history. You find that the SIPC logo – a promise of insurance – is meaningless and, and finally, that SIPC, whose job it is to protect the investor, is demanding that you repay THEM for money you’d taken out in good faith over the years for such things as taxes, education for your kids, and normal living expenses. Something called a "claw back."

That is exactly what happened and is happening to former investors of Bernard L. Madoff Investment Securities. The past two years have been filled of every imaginable emotion , not dissimilar to the Kubler Ross Five Stages of grief: denial, anger, bargaining, depression and acceptance, although I haven’t met too many who have reached the final stage. Many are still in deep depressions, having had their dreams stolen, first by Bernie Madoff and now by laws that were put in place to protect investors being used against them. Madoff investors are for the most immigrants themselves, or the children of immigrants – citizens of the United States who lived the American Dream. They worked hard, raised families, built businesses, and saved.Their only crime, it seems, was trusting – trusting a man with a stellar CV and trusting that the system that was put in place to protect them would not be turned against them.

In 1970, Congress created the Securities Investment Protection Corporation. SIPC was an outgrowth of the Securities Investor Protection Act, enacted in 1970 and amended in 1978, a law put in place to restore confidence in Wall Street following some high profile broker failures and disastrous backroom troubles. There were several key elements of that bill: first and foremost, Wall Street would no longer have to keep customers’ stocks and bonds in the customers’ name – they could be kept in Wall Street’s – or “Street Name”. 2^nd – investors' reasonable expectations are and amounts shown in the statements and confirmations they receive from their brokers. 3rd - to fund this new non-profit, tax exempt corporation known as SIPC, Wall Street would be assessed fees to run the corporation; in other words, the SIPC – the organization empowered to protect investors -- would not require one tax payer dollar, not one. Wall Street has earned billions as a result of this law.

Truth be told, the SIPC does not exist protect investors. Rather, they have a long and storied history of protecting themselves and their funders – Wall Street. Over a decade ago, Gretchen Morgenson, a Pulitzer Prize winning reporter wrote “Investor Beware: Many Holes Weaken Safety Net for Victims of Failed Brokerages.” In that New York Times article, Ms. Morgenson wrote “the organization requires investors to run a gauntlet of legal technicalities that would challenge even those knowledgeable about securities law.” She further noted that “the Trustees in these cases have received far more [money] from representing the corporation than the corporation itself has paid to investors. Their critics say that trustees wanting repeat business from the corporation have an incentive to minimize payouts to investors. One trustee is the former president of the corporation.”

In the Madoff case, the Trustee is a man named Irving Picard. Mr. Picard, shortly after being appointed by the SIPC (who also pays his fees) joined the white shoe New York law firm of Baker & Hostetler. It should not come as any surprise that Mr. Picard has been the Trustee in 6 other SIPC liquidations prior to the Madoff matter. He says that customers' statements are worthless. He and his firm has billed the SIPC at a rate of $1 million per week and some estimate that total legal fees could exceed $1 billion – that is money that comes from the general SIPC fund, the same fund that Mary Schapiro, the SEC Chairman said was not solvent enough to pay all claims.

So I ask you, who do the Trustee and the SIPC really work for? If the Trustee is to prevail, we all lose ... your broker statements will be rendered worthless.

Egypt Demonstrations

2011-01-29T09:10:00.000-08:00

As the demonstrations across Egypt itensify, it is becoming clear that the protesters are not only wanting full democracy, but economic equality. The divide between the haves and have nots is large and growing. With a majority of Egyptians under 30 and a bleak job outlook those not in the corrupt ruling class are demanding what many in the West have -- hope and opportunity.

The demonstrations in Egypt -- the largest pro-democracy demonstrations conceivably in the history of the Arab world -- follow the successful deposing of the dictator in Tunisia, in what is being referred to as the "Jasmine Revolution." And we all hope that it will be replaced by a democratic government but pro democracy revolutions don't necessarily lead to democracy.

We can only hope that the Muslim Brotherhood does not rise to power.

News Flash" President Born in Hawaii

2010-12-24T13:26:00.000-08:00

Can we finally, once and for all, put this to bed?

http://www.nytimes.com/2010/12/25/us/25hawaii.html?_r=1&hp

Don't Believe Everything You Read

2010-12-17T20:01:00.000-08:00

$7.2 Billion Settlement Reached with Picower Estate in Madoff Fraud. That's a very impressive headline. But I challenge you to look behind the headlines, behind the big numbers. Friends have been calling me and my family all day saying "wow: isn't this great ... you're going to get money back." Well, the truth is that only a small fraction of investors will ever see a dime of that money. For starters, the Trustee has been largely quiet about how any recovered funds will be distributed. But let's put that aside for a moment. Any monies recovered will go only to a select few (15% of claimants). Those invested with feeder funds, fund of funds, union pension, or other retirement plans, will not see a penny. Nor will those who according to the Trustee's definition of "net equity," a unique "cash-in/cash-out definition, have a 'negative net equity." His definition has been challenged by a number of lawyers representing victims of the worst financial crime in American history. The Federal Bankruptcy judge, Judge Burton Lifland, ruled in Mr. Picard's favor last year (not surprising since Judge Lifland has, not once, ever ruled against Mr. Picard). Briefs have been submitted and oral arguments are slated for first quarter next year in the 2d Circuit Court of Appeals here in New York city.

Don't get me wrong, this is a great achievement for the Trustee, and yes, there are some victims who will recoup money; maybe it's "many" but I can assure you it is far from most.

Juan Williams v. Helen Thomas - Double Standard?

2010-10-21T06:40:00.000-07:00

So, Juan Williams is fired for saying that he fears for his life when he gets on a plane with someone in Muslim garb. Many websites are abuzz applauding NPR for taking swift action. How is it ok to have a journalist with such biased views? Right? Well, let's now back track a few months to the Helen Thomas affair. The same websites were appalled that a journalist was not allowed to express her opinion -- thus highlighting the double standard when it comes to Israel ... and Jews. Reprehensible comments about Jews, often times based on erroneous information and sometimes even lies, are lauded as protected by First Amendment rights. But, expressing an opinion about Muslims, equally as reprehensible is seen as biased. Should they not be treated the same?

Armenian Genocide: Let's Call it What it Is

2010-10-19T08:59:00.000-07:00

For years, Israel has refrained from referencing the slaughter of millions of Armenians at the hands of the Turks as a "genocide" for fear of upsetting Israel's only "ally" in the Muslim world, Turkey. However, recent current events call into question whether or not Turkey is an ally at all. Turkey has been at the forefront of the Israel bashing, whether it be their criticism of Israel during its wars against Hezbollah in 2005 or Operation Cast Lead in 2008, or its role in the so-called "Flotilla Incident." Is this a way to treat your "ally?"

Shortly after the disastrous flotilla incident, Turkey's Prime Minister, Recep Tayyip Erdogan, announced that Israel should be "punished" for its "bloody massacre" of the so-called activists aboard the so-called humanitarian ship. However, the Prime Minister all but ignored requests from the Prime Minister of Israel to help prevent any confrontation. Erdogan's attacks on Israel go back to 2002 when he called Israel a "terror state," a pretty bold statement from a country that has yet to acknowledge its role in the slaughter of over half of the world's 2.5 million Armenians.

We as Jews have a duty and an obligation to speak out against injustice in the world and to acknowledge any attempt at ethnic cleansing. Turkey can deny all they want and wish it would go away, but if it walks like a duck, and looks like a duck ...

Perhaps it's time, as Peter Balakian notes here for Israel to rethink this relationship.

On the Verge of Electing Extremists

2010-10-19T06:32:00.000-07:00

Last night, Rachel Maddow debunked the myths associated with the wacko right wing agenda. In "Nation on Verge of Electing Extremists for no Particular Reason," she speaks to why some the alleged rationale behind the Tea Party and Right Wing issues is just, well, bunk! Here are just some of the points raised. Folks, we need to be afraid, VERY AFRAID!

It's not concern over the federal deficit -- see Marco Rubio and the $3.5 trillion added by extending the Bush tax cuts.
It's not a national rejection of big government -- see Sharron Angle, Ken Buck, Rand Paul, et al advocating for federal control of every pregnancy.
It's not anger over the federal stimulus -- see the really long list of Republicans who criticized the stimulus and then trumpeted the stimulus checks.
It's not about a revolt over health reform -- see Virginia Gov. Bob McDonnell, among others, who criticized and even sued over it and then trumpeted the checks.
It's not about the Wall Street bailout -- see Pat Toomey, former derivatives trader and Republican for Senate from Pennsylvania.
Nor it is about political neophytes and outsider candidates -- see Christine O'Donnell, perpetual election/media machine, among others.

Delaware Senate Debate 10-13-2010

2010-10-13T18:08:00.000-07:00

OMG ... The debate between Senate Candidates Chris Coons and Christine O'Donnell has just concluded. And it wasn't pretty. Entertaining, maybe, but come on, people we are talking the UNITED STATES SENATE ... this was not a discussion on issues for Class President. Do the people of Delaware really want a Senator who believes that mice have "fully functioning human brains?" Do they really want a Senator that cannot name one Supreme Court case when she is running on a platform that includes not wanting justices to legislate from the bench?

My favorite moment? Probably when she spoke about how Americans did not finish the job of fighting the Russians in Afghanistan? Really Christine? Don't believe me? Read it here for yourself: http://tpmdc.talkingpointsmemo.com/2010/10/christine-odonnell-says-us-hasnt-finished-fighting-soviets-in-afghanistan.php

British Media continues its anti-Israel Bias

2010-10-08T14:55:00.001-07:00

More biased reporting.

Here's the Rest of the Story.

http://elderofziyon.blogspot.com/2010/10/how-photograph-lies.html

2 Israeli soldiers convicted for actions during Gaza incursion - CNN.com

2010-10-03T07:56:00.000-07:00

2 Israeli soldiers convicted for actions during Gaza incursion - CNN.com

Just wondering when any Lebanese or Palestinian army/militia/whatever -- will hold a similar tribunal for similar violations of "rules of war."

Racism and the Tea Party

2010-09-30T19:11:00.000-07:00

Thank you Bill Maher, for writing what I've been thinking for well, months now. I'd have a lot more respect for many in the so-called Tea Party if they would just acknowledge their racism. I don't think that most in the Tea Party even know that they are racist. I think it is so insidious that they don't even see it. Read the story for yourself; if you are a member of the Tea Party, please, explain to me how the facts can indicate otherwise?

Click here to read the full story.

If you are a member of the Tea Party and are truly not a racist please, how do you explain the discrepancies that Bill Maher points out?

Anti Semitism: Alive and Well 65 Years after the Liberation of Auschwitz

2010-01-27T12:18:00.000-08:00

In a special session of the United Nations Security Council in 2005, January 27 was designated as International Holocaust Remembrance Day, to commemorate the slaughter of 6 million Jews. The date, January 27, is symbolic. That is the day in 1945 that Auschwitz-Birkenau was liberated by Soviet troops.

Here we are 65 years later, and still fighting the ravages of anti-semitism. The "Work Will Set You Free" sign at the Auschwitz Museum is stolen by right wing thugs, a priest in Poland claims that the Holocaust was "a Jewish invention, a Jewish cemetary in France is defiled with swastikas; these are just a few of the incidents highlighted in a report issued recently by the Coordination Forum for Countering Anti-Semitism an Israeli organization that tracks anti-semitic events. The Huffington Post ran the story and the comments that followed were mind-boggling to say the very least. If I didn't read them for myself, I would not have known the visceral hatred and ignorance that exists. (For those not familiar, the Huffington Post was founded by Arianna Huffington in 1995 to provide a liberal alternative to conservative bloggers as Matt Drudge and his Drudge Report.) Comments ranged from "You reap what you sow," to "well, how can you prove it was an anti-semitic event; maybe it was just anti-Israel?" Certainly, that would not have been the response had the story been "Muslims attacked worldwide." In that instance, the response would have overwhelmingly spoken to the injustice of collective punishment.

How ironic that this "collective" punishment is used by the left to attack Israel, claiming that Israel engaged in "collective punishment" during Operation Cast Lead in 2008.(Never mind that Israel has incontrovertible proof that certain key aspects of the Goldstone Report are patently false.) I looked up the word "liberal." One of its meanings is to be "open minded and tolerant." Yet, the so-called liberal agenda seems destined to believe that anything Israel does is wrong. And to believe the Hamas-controlled Palestinian media. Is that open minded and tolerant?

Any attempt to "reason" with those wanting to demonize Israel is fruitless. I was fascinated by the posters' rationale that "jews are so sensitive," or "you can be against Israel's policies and not be anti-semitic." Well, no, you really can't. To read a story about the rise of anti-semitism and not show pure revulsion is counter any logic I know, and certainly counter to what I believe a "liberal" should believe. Where is the tolerance? Tolerance seems only to exist for a group of people who continue to threaten Israel's survival, who continually call for her destruction, and refuses to acknowledge her existence, hides amongst civilians, and routinely fires unguided missiles into southern Israel.

Sure, one can take issue with Israel's policies -- and even people within Israel do so, but to show glee at anti-Semitic behavior is unfathomable. If one can truly separate "anti-Israel" from "anti-Jews," how in the world can one justify this well-documented anti-semitic behavior? Then, there's my favorite, "well, you know, not all victims of the Holocaust were Jews." That is correct, but to quote Elie Wiesel, "not all victims were Jews, but all Jews were victims."

Of greater concern is the belief that the Huffington Post is unbiased in its coverage. One poster suggested that proof of a non-bias was that no comments were censored, and that anyone supporting Israel, or supporting the validity of the story about Anti-Semitism, were simply being too sensitive. Sins of omission are equally as problematic. Where, for instance, were the stories about the amazing Israeli response to the disaster in Haiti? They were one of the very first countries on the ground, built a state-of-the-art medical facility, treated over 1100 patients, performed over 800 surgeries, delivered almost 2 dozen babies, ensured the airlift of a 5 year old child to Miami for treatment for leukemia, and brought a 5 year old back to Israel with them for life-saving open heart surgery. (And this doesn't even include the tents, sleeping bags, and medicine left behind.)

Earlier today, Benjamin Netanyahu spoke at the Gates of the Auschwitz-Birkenau death camp. Invoking the memories of those who perished at the hands of the Nazi Amalek, the Prime Minister cautioned Jews of the perils of the new Amaleks. The Prime Minister promised, "as head of the Jewish state, that never again will we allow the hand of evil to sever the life of our people and our state... Am Yisrael Chai, we have returned to our homeland, to the land of our forefathers, to Jerusalem, our capital. We have converged from all corners of the world, Holocaust survivors, Arab Jews, Jews from former Soviet Union states, Ethiopian Jews." He concluded his remarks be by saying, “We bow our heads in memory [of Holocaust victims] and raise our heads as our flag waves with its two blue stripes and the Star of David at its center. We still haven't lost our hope."

On this day, the 65th Anniversary of the liberation of the Auschwitz Death Camp, I will leave with a quote from Civil Rights hero and martyr Martin Luther King:

"And what is anti-Zionism? It is the denial to the Jewish people of a fundamental right that we justly claim for the people of Africa and all other nations of the Globe. It is discrimination against Jews, my friends, because they are Jews. In short, it is anti-Semitism...Let my words echo in the depths of your soul: When people criticize Zionism, they mean Jews -- make no mistake about it."

"In Unity there is Strength"

2010-01-13T13:46:00.000-08:00

"Unity is Strength:" Haiti's motto that appears on her flag. Today, we are all Haitians. My heart cries for the people of Haiti. I believe there is a G'd. I believe IN G'd, and I believe s/he is a loving G'd. But I'm struggling. As the images come forth, and estimates of the dead continue to rise, I'm at a loss for words as to why G'd would bring such misery to an island nation that has known nothing civil unrest, devastation, and political corruption in and civil unrest in recent years.

Today's NY Daily News shows an iconic image on its front page of a man, probably in his forties, with a lifeless baby in his arms. You cannot tell whether the baby is just sleeping, though the man's tears are likely because the baby is dead. The images, seen on CNN, are more horrific than anything I have ever experienced. The dead bodies strewn along the street, legs or arms protruding from rubble. Bodies of babies, children, and adults. Knowing that many are probably still trapped in the rubble and may die before help arrives is heartbreaking. There is a shortage of medicines, there is a shortage of doctors. Doctors Without Borders facilities are destroyed. That means no antibiotics, no painkillers I can't image. The images of the injured children are the most heartbreaking and will be seared into my memory forever.

Disputes Over Israeli Territory Must End

2010-01-13T10:09:00.000-08:00

Disputes Over Israeli Territory Must End

Amen, Sister!

Hamas to deliver "final Shalit offer."

2010-01-10T20:43:00.001-08:00

Hamas promises to deliver final Shalit offer within days http://tinyurl.com/yzxg7m6

There's something just a little disingenuous about this headline. Almost sounds like Hamas thinks it negotiating on a used car. But of course that's always been the way that the terrorists have negotiated for prisoners. Which such little regard for human life, they demand the release of known murderers and those who plot to murder innocent men, women, and children -- terrorists to anyone with any sense of objectivity, but "militants" or "activists" to the mainstream media and Arab media.

Who can forget the images of the return of Samir Kuntar being cheered by the Lebanese President, Prime Minister, Speaker of the Parliament, and so-called religious clerics in Lebanon? Kuntar had been responsible for the "death of an Israeli father and his two children in 1979." But even that description in the mainstream media is not entirely accurate. Truth be told, Kuntar helped to carry out one of the most heinous and brutal crimes in Israel's history, admitting to murdering an Israeli policeman, another man, and the man's 4-year old daughter, who died after her head was smashed against a rock. Kuntar was also convicted of the smothering death of the child's baby - smothered when the mother tried to keep the infant from crying which would have revealed their hiding location.

But, Israel went so far as to release this monster just for the remains of the two soldiers -- Ehud Regev and Ehud Goldwasser -- whose kidnapping sparked the 2006 Lebanese War. For nearly two years, Hezbollah led the families of these two missing soldiers to believe that they were still alive. Really, what kind of monsters continue to inflict such emotional pain?

And now here we are, on the cusp of a deal to return a soldier whose kidnapping was in violation of all sorts of international law and whose whereabouts are unknown to anybody including the Red Cross/Red Crescent, suffice it to say any humanitarian agency. Once again, Hamas flaunts international law, and continues to demand more. And at the end of the day, Israel will have offered up a number of criminals that no civilized society would want on the street, will be either vilified in the media for being the reason that Gilad is not released, or seen as caving if he is.

Egypt and Hamas

2010-01-09T10:28:00.000-08:00

http://www.israellycool.com/2010/01/09/israel-needs-to-learn-how-to-talk-like-an-egyptian/

Hey ... did you hear? There's a Wall being built in the Middle East to keep a sovereign nation safe from a Palestinian onslaught. Old news? Not so fast. This wall is being erected on the Egyptian side of the border with Gaza and is intended to minimize travel between Gaza and Egypt. You probably haven't heard about THAT Wall, because only when Israel tries to protect ITself does the world media try to make them out to be the bad guys.

But wait, it doesn't stop there.

There's been quite a bit written lately in the Israeli media and Israel-centric websites concerning Egypt's wise decision to expel George Galloway, a known left wing anti-semitic Member of British Parliament. Galloway, along with other "humanitarian" activists were protesting against the Gaza Blockade. What made this a little different than other protests is that his was aimed at Egypt, but Egypt would have none of it, choosing to block the protesters and expel Mr. Galloway. But somehow that's just not sexy enough to make the mainstream media, nor does it make such bastions of the blogosphere as the Huffington Post. It seems that only similar actions by Israel are newsworthy. Can you IMAGINE the hue and cry that would ensue if Israel had taken similar actions? Front page of the NY Times, no doubt.

The attached article speaks to Egypt's strong stance against Gaza protests -- one of which killed an Egyptian border guard -- and disdain for Hamas, the terror organization that was elected into power in Gaza several years ago - "Heckuva job, W," but then again, that's a subject for another day.

Those Wacky Iranians

2010-01-02T16:58:00.000-08:00

http://edition.cnn.com/2010/WORLD/meast/01/02/iran.nuclear/

There they are again demanding that the West bow to THEIR demands? Puh-lease!

It's a Wonderful Day at Arbonne

2010-01-02T16:43:00.001-08:00

I signed my first consultant today with Arbonne! This business opportunity is really starting to pay dividends ... literally! Visit my website at www.ibkent.myarbonne.com!

2010-01-01T16:51:00.000-08:00

I've been posting news stories to my Facebook page to the great dismay of many of my friends. So, after multiple admonishments by more than one friend, \ I've taken the plunge and will now be Blogging my way through life n this blog setting. My blogging will include musings on everything from living in New York City as a middle aged single woman to Politics to the Middle East, and anything in between. Topics will sometimes be funny, sometimes morose, sometimes ironic, and sometimes angry. But all topics covered represent something that is passionate to me.

So, for my first entry, let me talk about my hopes for the New Year, which will likely give you a sense of where my future blogs might take me:

a) Gilad Shalit will be returned to Israel safe and sound, both mentally and physically, and Nasrallah will be disemboweled, oops, I mean disempowered.

b) President Obama will get the health care initiative through Congress and the Teabaggers will FINALLY realize they are just one paycheck away from needing a public option themselves.

c) Women who use public restrooms will learn to WIPE THE FREAKING SEAT before they move on (I know, doesn't quite reach the level of importance and urgency as a and b but it's been on my mind for, like, forever!

d) The American public will come to its senses and understand we are in a financial war here at home -- a classic David and Goliath -- Main Street vs. Wall Street. This will start with Bankruptcy Judge Burton Lifland will rule against the Bankruptcy Trustee in the Madoff fraud, and rule for investors with respect to "net equity."If you agree, join us at www.investoraction.org

d) I will actually have a date for New Year's Eve 2010/11.

So, good night and good luck -- for now.