NoQuarter Radio’s Sense on Cents with Larry Doyle, Sunday Night at 8PM »
Larry Doyle
Recent Posts
- In Bed with Wall Street: Book Talk at Library of Congress
- Taking a Time Out
- How Does the Islamic State Fund Itself? Here’s How
- Dick Kovacevich Calls BofA $17Bln Fine, ‘Extortion’; “You Have To Put People in Prison”
- “Banks Do Not Commit Misconduct, Bankers Do”
- Juan Williams’ Wide-Angled View of Ferguson, MO
- Standard Chartered Money Laundering: Wash, Rinse, Repeat
- Official Study: The SEC and Quid Pro Quo
- Helen Davis Chaitman Reviews In Bed with Wall Street
- Inspectors’ General ‘Limitations on Access to Records’
ECONOMIC ALL-STARS
Archives
- November 2014 (1)
- September 2014 (1)
- August 2014 (15)
- July 2014 (20)
- June 2014 (21)
- May 2014 (16)
- April 2014 (22)
- March 2014 (22)
- February 2014 (20)
- January 2014 (21)
- December 2013 (20)
- November 2013 (20)
- October 2013 (24)
- September 2013 (18)
- August 2013 (23)
- July 2013 (22)
- June 2013 (26)
- May 2013 (25)
- April 2013 (21)
- March 2013 (26)
- February 2013 (22)
- January 2013 (32)
- December 2012 (25)
- November 2012 (21)
- October 2012 (30)
- September 2012 (27)
- August 2012 (21)
- July 2012 (30)
- June 2012 (26)
- May 2012 (34)
- April 2012 (31)
- March 2012 (31)
- February 2012 (24)
- January 2012 (24)
- December 2011 (19)
- November 2011 (19)
- October 2011 (14)
- September 2011 (1)
- August 2011 (15)
- July 2011 (24)
- June 2011 (32)
- May 2011 (27)
- April 2011 (25)
- March 2011 (15)
- February 2011 (19)
- January 2011 (24)
- December 2010 (23)
- November 2010 (24)
- October 2010 (30)
- September 2010 (33)
- August 2010 (47)
- July 2010 (56)
- June 2010 (63)
- May 2010 (68)
- April 2010 (72)
- March 2010 (78)
- February 2010 (71)
- January 2010 (82)
- December 2009 (69)
- November 2009 (68)
- October 2009 (77)
- September 2009 (71)
- August 2009 (83)
- July 2009 (90)
- June 2009 (93)
- May 2009 (100)
- April 2009 (111)
- March 2009 (134)
- February 2009 (53)
- January 2009 (20)
- December 2008 (13)
- November 2008 (13)
- October 2008 (5)
WATCHDOGS
Larry Johnson’s NOQUARTERUSA.NET
Blogroll
- Baseline Scenario
- Calculated Risk
- CPA Blog
- Credit Writedowns
- Daily Represent.Us
- Economist's View
- eWallStreeter
- Finance Documentaries
- Global Economic Trend Analysis
- Marc Faber Blog
- Naked Capitalism
- No Quarter
- OilPrice.com
- Phil's Stock World
- Pieria
- Stock Markets Review
- The Big Picture
- The Derivative Project
- The Market Ticker
- The Mess that Greenspan Made
- The SIPA
- Themis Trading
- Wall Street Oasis
- Wall Street on Parade
- Wall Street Pit
- Zero Hedge
Mary Schapiro Comments on Examining Books and Records
Posted by Larry Doyle on August 29, 2009 6:51 AM |
If hedge funds and other financial firms are to be regulated for purposes of reviewing business practices, doesn’t it go without question that a financial self-regulatory organization which has invested in hedge funds should also be required to open its books and records?
In a recent interview, SEC chair Mary Schapiro was asked about the regulation of hedge funds. Wall Street Pit captured the entire interview, SEC Chair Schapiro: The Agency Lacks the Tools to Get the Job Done. This interview is very comprehensive and covers market structures, high frequency trading, derivatives, the Federal Reserve, systemic risk, the future of the SEC, and more.
The segment that jumped out at me was the following:
My point of this commentary is not hedge funds specifically but that Ms. Schapiro raises the topic of examining books and records and understanding how an entity conducts business.
Just as Ms. Schapiro feels hedge funds should be regulated for these purposes, who in their right mind would not want the same exposure and transparency required of the Wall Street self-regulatory organization, FINRA? That exposure and transparency is the basis for the complaint filed by Amerivet Securities vs. FINRA (Amerivet Complaint Against FINRA Alleges Madoff Investment).
Ms. Schapiro may have to recuse herself from any review of FINRA given her position as head of FINRA prior to heading the SEC.
In fact, given the questionable nature of FINRA’s activities (investment, regulatory oversight, compensation practices), the review of FINRA should be undertaken by an independent investigator.
Although FINRA itself does not want to provide transparency into its activities, transparency for a financial regulatory organization must happen without question.
LD
This entry was posted on Saturday, August 29th, 2009 at 6:51 AM and is filed under FINRA, General, Hedge Funds, Mary Schapiro. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.