TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, February 27, 2009

New Madoff NOL Rules

Two pending House bills would extend the NOL carryback rules for victims of the Bernie Madoff Ponzi Scheme from the current three years to ten or thirteen years.

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Mr Ackerman:
FYI: IRS doesn't write tax laws.

Posted by: Steve | Feb 27, 2009 10:03:37 AM

Gary Ackerman is not only not aware of the fact that IRS doesn't write the tax laws, but he is equally ignorant of the fact that Securities Investor Protection Corp. (SIPC) is not an enforcement agency and their job does not include "making sure that investors' securities investments are secure".

He apparently also doesn't understand what the title "Inspector General" means. In most agencies, including the SEC, the job function is focused on investigating abuse, corruption or related failures or omissions by staff members. Ackerman attempted to humiliate the SEC's Inspector General on TV by lambasting him personally for failing to respond to complaints filed in connection with Madoff over the past years. It WASN'T that guy's job!!! His job starts when internal staff are found thought to have done something wrong.

Maybe Ackerman should switch political parties before he causes any more embarrassment to the Democrats. They've got enough problems

Posted by: ben amod | Feb 28, 2009 8:52:30 AM