Comments for Court decision on Stanford victims’ compensation ‘horribly disappointing’ at http://www.theind.com , comment 1 to 1 out of 1 comments http://www.theind.com Sat, 25 May 2013 20:40:33 +0100 FeedCreator 1.7.3 http://www.theind.com/business-news/acadiana-business/10881-court-decision-on-stanford-compensation-horribly-disappointing#comment-26983 The whole situation is a tragedy, but I believe they should sue the Federal Reserve rather than SIPC. Under the Foreign Bank Supervision Enhancement Act of 1991, the Federal Reserve is responsible for regulation and supervision of foreign banks operating branches within the United States. The Stanford brokerage business was legit just like Madoff's brokerage business, which was covered by SIPC, but the Stanford bank was a separate entity, that, I believe, should have been regulated by the Federal Reserve as per the aforementioned Act. Madoff's private investment management business (not a bank), was also separate from the brokerage business, and should have been covered by the SEC, who completely dropped the ball. Maybe I'm wrong about suing the Federal Reserve, but I also believe SIPC is not responsible. - Dudley E. LaBauve, III Thu, 05 Jul 2012 09:30:46 +0100