the committee, thank you for holding these hearings and looking into the sec's complicit 8 with bernard madoff investments. my name is jeannene langford and i live in san rafael, california as one of the more than 16,000 victims of the madoff ponzi scheme. i am grateful to have the opportunity to present how financially devastating the scandal was to me personally. it shattered my trust in my government's ability to serve and to protect us. i hope is that congress will choose to recognize and protect all indirect investors such as myself who were victimized by the scandal. i have worked for 30 years as an art and design professional and the stationery and craft industry. the past 17 years had been as a single payer, working to provide for myself and my daughter. in the areas where i have little expertise, i recognize the necessity to hire a specialist. personal investment was one of those areas. i knew that there were systems such as the sec in place to protect me. from my research, there was no reason to believe that this investment was not a viable place to put my life savings. i had no way

the committee, thank you for holding these hearings and looking into the sec's complicity with bernard madoff investment. my name is jeannene langford and i live in san rafael, california. as one of the more than 16,000 victims of the madoff ponzi scheme, i am grateful to have the opportunity to present how financially devastating scandal was to me personally. it shattered my trust in my government's ability to serve and protect us. my hope is that congress would choose to recognize and protect all indirect investors such as myself who were victimized by this scandal. i have worked for 30 years as an art and design professional in the stationery and craft industry for the past 17 years have been as a single parent working to provide for myself and my daughter. in the areas where i have little expertise, i recognize the necessity to hire a specialist. personal investment was one of those areas, and i knew that there were systems such as the sec employees from my research, there was no reason to believe that this investment was not a viable place to put my life savings. i had no way of knowing

the committee, thank you for holding these hearings and looking into the sec's complicity with bernard madoff investment. my name is jeannene langford and i live in san rafael, california. as one of the more than 16,000 victims of the madoff ponzi scheme, i am grateful to have the opportunity to present how financially devastating scandal was to me personally. it shattered my trust in my government's ability to serve and protect us. my hope is that congress would choose to recognize and protect all indirect investors such as myself who were victimized by this scandal. i have worked for 30 years as an art and design professional in the stationery and craft industry for the past 17 years have been as a single parent working to provide for myself and my daughter. in the areas where i have little expertise, i recognize the necessity to hire a specialist. personal investment was one of those areas, and i knew that there were systems such as the sec employees from my research, there was no reason to believe that this investment was not a viable place to put my life savings. i had no way of knowing

the committee, thank you for holding these hearings and looking into the sec's complicity with bernard madoff investment. my name is jeannene langford and i live in san rafael, california. as one of the more than 16,000 victims of the madoff ponzi scheme, i am grateful to have the opportunity to present how financially devastating scandal was to me personally. it shattered my trust in my government's ability to serve and protect us. my hope is that/gg)k i provide for myself and my daughter. in the areas where i have little expertise, i recognize the necessity to hire a specialist. personal investment was one of those areas and i knew that there were systems such as the sec in place to protect me. from my research there was no reason to believe that this investment was not a viable place to put my life savings. i have no way of knowing a partnership where i place my money was invested with madoff. money i had invested with madoff represented my life savings. it was my retirement, a down payment for house, investment for the business i was starting, and it was my daughter's education. in short,

we got an e-mail from fbi, bernard madoff arrested, $50 billion scam. i was thinking, i don't know that's got to be a typo. that's huge. i soon found out. >> what kind of resources did you turn over? >> we had the entire investigative unit launch into action. much of it for broadcast. there were so many great details and facts that would not get into the world news or nightline. so we ended up doing this book. it is the first book that i've written. >> it is your first book. i'm a rookie. i enjoyed it. it's usually a minute and a half. a good day minute 45. here i had as much as i wanted. >> how did you fit writing the book into your workday? >> 4:30 in the morning was a good time to write. they gave me a few days off over the july 4th. right after the sentencing, i really swung into action. i was in good shape to get it out this quickly. >> did you have a chance to talk to any of them, or anybody close? >> i got to be close with his secretary for 25 years. eleanor, she got a stack of document. she felt so is bestrayed and angry. she felt badly for the

near as pension and health funds that were affected by the acts of bernard madoff are facing insolvency. the securities and exchange commission was not able to identify the fraud that took place in a timely manner, which it -- which resulted in much more significant losses as the criminal act progressed. . >> i strongly urge the consideration for multiple investor groups or any multi employer investments to be considered as an individual investor and that could be funded in this manner. i urge the pension plans be allowed the proper time frame before the pension protection act to protect losses. thank you good much for your time. >> next summer we will hear from dr. john coffee, the professor of law. buc>> thank you chairman. i am pleased to be here, but disappointed on this earth -- this first anniversary that so little has been done to prevent future ponzi schemes. they appear to cost americans. before we even heard of this, the ponzi scheme losses were 9.6 billion. this is not a trivial problem. it is a recurrent problem. i think that it will continue as long as the government persis

today gallup like to discuss the direct relationship between sipc and bernard madoff's ponzi scheme. sipc today provides coverage to individuals with an individual and of $500,000. my members pension funds have no real coverage. my members, like millions of workers across the country, rely on pooled coverage which sipc does not currently protect. when i was elected in 2005, the madoff investment was approximately 30% of our pension fund. we receive regular confirmations that our money was invested in s&p 500 cos. while the return on the account slightly trailed the s&p 500 index, we were assured that the strategy offered adequate there's a versification and lower volatility. we believe that the u.s. securities markets monitored by the securities and exchange commission provided protection for our members. the plumbers and steamfitters local 267 benefited fund had out market value of approximately $34 million invested with madoff's direct brokerage. local 267 had $6.5 million invested with bank and an associates. beacon is a fund consisting of a basket of investments which comprised o

this is money synthesized on computer screen and on banking statement on like bernard madoff's ponzi scheme. they never acknowledged as much money ever existed, so we have two economy's going on simultaneously. we have the serial one on wall street that is in the hundreds of trillions of dollars. then we have a lot of people work and pay taxes and the government is sweating paying less than $4 trillion won everything that we need. host: we are going to leave it there so we can get some other voices and show of the headlines. "the financial times" frontpage. host: that is "the financial times." here is the marketplace section of "the wall street journal." it shows how much estimated annual co2 emissions by industry and pounds per square foot. starting with petroleum refineries, 2500, iron and steel mills, 1,200 pounds per square foot, chemicals, 530, food, 150, and offices, 3 pounds per square foot. that is "the wall street journal." baltimore, maryland. joe on the jobs line. caller: i think the government should create jobs. the jobs they create should be a decent job. in addition to

we know what happened to bernard madoff. we know the attorneys at the s.e.c. only file one half a case every other year. that's one case each lawyer files every other year. somebody's not watching out for the citizens of this country. the people that put us here. and our job, i think, is to put those people to work before we hire more bureaucrats and create more bureaucracies that will lead to more of the same. thank you very much. i yield back. the speaker pro tempore: the gentleman's time has expired. mr. sessions: madam speaker, i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. sessions: while it's important to provide consumer safety in the marketplace, our constituents are more concerned about the economy, the debt and the loss of jobs. when my friends on the other side of the aisle finally focus on this, i think we're going to start making advances for the american people, to reduce our debt, and to get back to where we have a growing economy. week after week we come to the house floor to debate bills th

madoff? >> denied he was arrested. we had just finished reporting on rod blagojevich, the enemy-- governor of illinois. bernard invested a $50 camperville that is a typo. that would be the biggest in history. well, i soon found out. >> what kind of resources to you in your unit turned over to this investigation? >> we had the entire abc news' investigative unit immediately but there was some money great details that could not fit into the world news or nightline or 2020 so we ended up doing this book. what is the first book i've written. >> it is your first book? >> i am a rookie at this but i enjoyed it. it usually exists of a minute and-a-half and hera had as much as i want. >> how did you fit writing this book into your workday? >> 4:30 in the morning was a good time to ride in the keep me a few days off over the july 4th weekend so after the sentencing at the end of june i swung into action and i was in pretty good shape to get it out briefly. >> you have a chance to talk to any of the madoff's are anybody close to him? >> i got to be very close with madoff's secretary for 25 years and she brought out a st