Sense on Cents

The drive for transparency in our financial regulatory system is gaining momentum. How so?

The complaint brought on behalf of Standard Investment Chartered v FINRA, NYSE Group, Mary Schapiro et al is receiving increased interest. As well it should. Why? As I have always maintained, for confidence to return to our markets and economy, it is imperative that we have transparency in our financial regulators and regulation.

In regard to this case, I wrote a Letter to Judge Jed Rakoff in re: Benchmark and Standard Investment Chartered v. FINRA on Thursday October 15th. I wrote:

. . . having attended the hearing in your chambers on October 6^th on the above referenced case (I was the only member of the public or the press in attendance), I would request that you release unredacted documents pertaining to these complaints. The release of those unredacted documents would be of real public service. That service entails the ongoing public cry for real transparency in our financial industry at this time. That cry for so many of our citizens seems to go unheeded all too often. I could share dozens of comments left at my site echoing that cry.

I truly believe if a real measure of confidence in our markets and our economy is to return, it must be based on true transparency and integrity. While I have written extensively on the lack of transparency and integrity in our country, I don’t pretend to think that my site will change the landscape on this front immediately. That said, I am never discouraged to continue digging deeper, writing more, and asking the hard questions. On this front, I sincerely hope the adjudication of this case will highlight these qualities for all to see.

Barrons actually beat me to the punch and had requested a release of the same unredacted documents in a communication sent to Judge Rakoff on October 5th. Those interested in Barron’s request written by Jim McTague, the Washington D.C. editor, can access it here.

Today I learn that The New York Times is making the same request of FINRA. Stephen Labaton, senior writer for The New York Times in Washington D. C., made his request of Judge Rakoff this past Wednesday, October 21st. Those interested in the NYT request can access it here.

The drive for transparency in our financial regulatory system continues. With Barrons and The New York Times on board, that drive is gaining steam.

The American public deserves nothing less than total transparency and integrity in its markets, regulations, and regulators.

LD

Related Sense on Cents Commentary:

Nasdaq Sale: Why Would Schapiro and FINRA Execs Lie? (October 22, 2009)
Attorney Richard Greenfield Brands Mary Schapiro and FINRA Execs as “Liars” (October 19, 2009)

This entry was posted on Friday, October 23rd, 2009 at 1:19 PM and is filed under Barrons, FINRA, General, New York Times. 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.