Below is a short transcript of a letter from Senator Vitter to Sharon Bowen acting chairman of the Securities Investor Protection Corporation’ asking the SIPC board to re-vote on the Stanford case.
Ms. Sharon Bowen
Securities Investor Protection Corporation
805 Fifteenth Street, NW, Suite 800
Washington, DC 20005-2215
Dear Ms. Bowen:
When Congress created the Securities Investor Protection Corporation (SIPC) it mandated that SIPC’s Board of Directors provide unbiased governance that represents the public’s interests. The Board was structured this way to avoid SIPC’s inherent conflict of interest of protecting its member firms’ financial interests versus protecting investors. My fear is that a result of this conflict of interest is that SIPC is not fulfilling its Congressional mandate to protect investors who entrust their savings to a registered broker dealer. SIPC exists to give investors confidence. It was not set up to pick and choose which investors to protect based on cost. Given recent testimony at a House Financial Services hearing, I request that you reconvene the SIPC Board of Directors to fully examine the evidence supporting a liquidation of Stanford Group Company (SGC) and to vote again on the issue.
The full transcript of the letter can be read here
For a full and open debate on the Stanford Receivership visit the Stanford International Victims Group – SIVG official forum http://sivg.org.ag/
Here is the latest update from Grant Thornton regarding payment date for claims….
We had some hold up with some disputed claims which required applications to Court – which are now done and past the appeal date. We are therefore making distribution arrangements with one of two banks – which we hope to have complete in the next two weeks. While there is a remote chance of having a the distribution out by Christmas realistically it will be early in January.
Receiver files 7th Schedule of Payments to be Made Pursuant to the Interim Distribution Plan – On December 4, 2013, the Receiver filed his 7th Schedule of distribution payments with the United States District Court for the Northern District of Texas, Dallas Division. The 7th Schedule will be followed by others, each of which will be submitted by the Receiver on a rolling basis as additional responses to Certification Notices are received and processed.