Scott Garrett Quotes
I am profoundly concerned with the current treatment and status of Madoff fraud victims.
Garrett, Scott. "Madoff Fraud Victims." Congressional Record, U.S. Government Publishing Office, 10 Mar. 2010, p. H1250.
Marcus Garvey was the best known of the Black leaders of his day. One of his programs for Blacks was to build Black pride by creating a Black owned Steamship Line. He could not get any Bank to finance this enterprise and so he formed his corporation and sold stock in it to Blacks throughout the country. However either Garvey or the people raising the money for him were using illegal means of selling the stock. Du Bois warned his relatives from investing in the Black Star line which went bankrupt as the vessels they bought either sank or floundered. To this day, there are some who believe that the bankruptcy was caused by white establishment harassment of Garvey’s enterprise while other historians believe that while there certainly was white harassment, Garvey’s lack of training and familiarity with the complexities of running a steamship line led to its downfall.
The then attorney general had begun a series of investigation which discovered that most of the major Wall Street brokerage houses were engaged in systematic frauds to cheat small investors. One dramatic fraud he uncovered was that the research expert analysts of major firms would recommend the stock of businesses that their firm was doing investment banking for even when they knew that the companies were not doing well or were even in deep financial trouble. See {627544}.
Marcopolos had discovered the Bernie Madoff Ponzi Scheme Fraud 9 years before the government discovered the largest consumer fraud ($68 billion) in American financial history. He repeatedly sent warnings and explanations to the SEC investigators, most of which turned out to be exactly right. They ignored all of it I an era of deregulation, and never even investigated Madoff to see if there might be anything amiss.
Marcopolos had discovered the Bernie Madoff Ponzi scheme fraud 9 years before the government discovered the largest consumer fraud ($68 billion) in American financial history. He repeatedly sent warnings and explanations to the SEC investigators, most of which turned out to be exactly right. They ignored all of it, and never investigated Madoff to see if there might be anything amiss.
Ernest Scott Garrett is an American politician who was the U.S. Representative for New Jersey's 5th congressional district, serving from 2003 to 2017. He is a member of the Republican Party. He previously served in the New Jersey General Assembly from 1990 to 2003. Garrett chaired the United States House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises. He lost his reelection bid in 2016 to Democrat Josh Gottheimer, becoming the only incumbent Congressman in New Jersey to be defeated that year.
