Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Times Leader Readers ‘Get the Joke’

Posted by Larry Doyle on July 9, 2010 4:14 PM |

Do not underestimate Americans navigating the economic landscape!!

Why?

A few weeks back I was interviewd by Sue Henry of WILK Newsradio in Wilkes-Barre, PA (Media Appearance on Sue Henry Show, UPDATED with AUDIO CLIP) regarding an investor education presentation by FINRA. The presentation held last evening had U.S. Rep Paul Kanjorski (D-PA) as the featured speaker. I am all for investor education. The very purpose of Sense on Cents is to help educate readers on all aspects of our economy, markets, and world of global finance.

The points I raised in the radio interview and subsequently with a local newspaper reporter, Bill O’ Boyle of the Times Leader, was that Rep. Kanjorski sits on two Congressional subcommittees which have received an extensive and detailed letter questioning the very validity of a self-regulatory organization, that being FINRA, for our financial industry. (Details of the letter are included here).

I pressed O’ Boyle specifically to highlight Kanjorski’s responsibility to his constituents in Pennsylvania and the national electorate to address the points highlighted in that letter from the Project on Government Oversight (POGO).

O’ Boyle regrettably but not surprisingly failed to deliver and provided a canned review of the presentation, which I had projected would be a ‘dog and pony’ show.

O’ Boyle wrote, Planning Trumps Politics at Fiscal Forum,

PLAINS TWP. – Except for the woman in the peanut suit and another Lou Barletta volunteer handing out bags of Planters Peanuts, the more than 300 people attending Thursday night’s FINRA forum were there for non-political reasons.

FINRA, which stands for the Financial Industry Regulatory Administration, held a free-to-the-public forum at The Woodlands Inn to offer advice to investors looking for help in today’s market.

U.S. Rep. Paul Kanjorski, D-Nanticoke, was the featured speaker at the event. He told the crowd how in 2008 the country and the world narrowly escaped financial ruin.

Kanjorski, 73, had been criticized by his opponent in the 11th Congressional District race – Republican Hazleton Mayor Lou Barletta – for his appearance at the event. Barletta didn’t attend the forum, but two people – the woman in the peanut costume and the man handing out bags of peanuts – said they were volunteers for the Barletta campaign but would not give their names.

I enjoyed reading O’ Boyle’s article for the very simple reason that it provided a middle America view of issues and topics on which I focus very closely. As I read O’ Boyle’s article I was thinking that it was unfortunate that more people in the audience did not have a fuller appreciation of issues surrounding FINRA. While that may be the case, I should not underestimate the readers of the Times Leader or anybody else in America. Why?

Let’s check out the comments section of O’ Boyle’s article,

Old Timer said…
The Dodd-Frank bill is a joke, no reform of Fannie&Freddie,anybody that votes for any Dem,or any incumbent for that matter is nuts.Frank,Dodd,Kanjo are the ones that got us in this mess.all these bills do is make for bigger govt and bigger deficits.
July 9, 2010 at 6:32 AM

Chicken Little Kanjorski said…
Just remember…Kanjo was laughed at on CNBC for saying the DOW will drop by 2000 points if the flawed financial reform bill doesn’t pass the Senate. It’s pathetic how he’s still trying to defend his unpopular vote in favor of the bank bailouts by exaggerating the situation in order to scare voters. The truth is, we weren’t anywhere near world financial ruin. If you want sound financial and economic advice, seek a real professional and not a disingenuous politician.
July 9, 2010 at 6:38 AM

Rob said…
“Michael J. Byrne, chief counsel for the Pennsylvania Securities Commission, said he was there to thank Kanjorski for his diligent work in Congress.” Well, now we know who partied their way through Law School. Mr. Byrne is obviously a simpleton if he’s thanking Kanjo for ‘his hard work’. …i.e. corruption in congress
July 9, 2010 at 8:07 AM

SusanF said…
I suppose Mr Kanjorski needs to hold to his story that the end was near and that is the reason he championed bailing out the Wall St pirates instead of just letting things run their course and have the honest banks and financial institutions take over instead of saying “good job boys, there is no way you can ever loose…”. Just imagine the confidence folks would have in the banks now if those banks were actually made to be responsible for their gambling debts. What Mr Kanjorski did is no different than having one of their children wreck their car and you buying a new car and handing them the keys and then “discussing things” instead of your kid needing to walk a lot more for the next year.
July 9, 2010 at 8:29 AM

PhiloVance said…
Why did FINRA member firm Amerivet Securities submit a proxy proposal asking for an Independent Study of Current and/or Former FINRA Officer and/or Director Involvement with the Madoff Family. Larry Doyle, a Wall Street veteran, has a lot to say about FINRA. TL should interview him
July 9, 2010 at 1:39 PM

Hats off to Old Timer, Chicken Little, Rob, Susan F, and Philo Vance for actively navigating the economic landscape and providing meaningful sense on cents in these comments.

LD

Please subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook!!

  • phil trupp

    It’s surprising that Mr. Kanjorski showed up for this hollow event, especially since his staff has pulled the wagons around him when Washington reporters and authors come calling. I think of Mr. Kanjorski as “the protected congressman” with aides and other flunkies shielding him from anyone seeking to ask hard, substantial questions about economic matters. In writing my book, “Ruthless,” about the auction rate securities scandal, I called Mr. Kanjorski’s office repeatedly seeking to interview him or to at least submit a series of questions. And repeatedly I was told by members of his staff that the congressman was “too busy…He’s working on regulation,” I was assured. Well, that may have been true enough. But dozens of other congressman also were working on financial regulation, including Barney Frank, whose personal comments, among others from the congressional ranks, are in my book. I wondered what Mr. Kanjorski was afraid of, if anything. Why was he being so carefully guarded? The congressman is a savvy politican, and he is no babe in the field of financial regulation. He could have contributed fine insight on the ARS mess. Yet I believe my experience with him (of lack thereof) is typical of the physic removal of so many of our political elites from the Main Street voters who keep them in office. I did not attend Kanjorski’s FINRA show, although I’d guess that if his staff had anything to do with it it was a canned appearance in order for the congressman to show that he feels Main Street’s pain. Machiavelli surely would have approved.

    • raccoon

      to Phil Trupp

      What is your targeted release date for “Ruthless”.

      I have it pre-ordered at Amazon.

      Thanks !!!

  • Phillies Fan

    What is our pal from Pennsylvania doing while he is promoting financial regulatory reform?

    Kanjorski’s Request for Wall Street Cash Ripped

  • Wink

    Kanjorski’s failure to solve the auction rate crisis is why I am supporting Lou. Kanjorski and Barney FRank have lost my support for good due to their complete ineptness in the matter. Senior Americans are going hungry and without medicine tonight because their life savings are frozen and Kanjorski and FRank do not care.

  • Jeffers

    Is Finra an enormous charade because there income comes from the very same places they are supposed to watch over? How can an independent regulator retain credibility while receiving compensation from the same place it is supposed to safeguard? Are there ways to get around such problems… say turning it into an charity or profiting off of the fines they impose.






Recent Posts


ECONOMIC ALL-STARS


Archives