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Obama’s Failure to Reform Wall Street: “The Letter”

Posted by Larry Doyle on September 27, 2012 7:20 AM |

Yesterday’s commentary addressing the gross injustice of an SEC attorney walking away largely unscathed after having blown the cover of a whistleblower resonated far and wide. What is it about this story of the whistleblower Peter Sivere having his confidence violated that consumes me and strikes right at the core of America?

Sivere was victimized by those charged with upholding our laws, protecting our values, and promoting a system of free and fair trade. Peter Sivere’s story epitomizes the essence of the Wall Street -Washington Incest which I have railed on for the last three years.

Yet, Peter Sivere awakes again today a victim with no real justice. While he bears the brunt of the pain of being victimized, the simple fact is Sivere is every good and decent man and woman in America. As Sivere suffers, so do we all.

It does not have to be this way. How might it begin to change? 

I referenced yesterday that Congresswoman Nita Lowey (D-NY) recently intervened in this case with SEC Chair Mary Schapiro. What does Lowey have to say?

“Those who have the courage to speak up, often at risk to their career and livelihood, should be protected from retaliation. I am frustrated that after being confronted with a report by the OIG, the SEC has taken no action. It is important for the SEC to send a strong signal that the disclosure of whistleblowers will not be tolerated, particularly among SEC employees who are charged with upholding the law. As our economy continues to recover, investors will not have faith in the market if SEC employees are disclosing the identities of those who bring valuable information to light.”

Sounds like Lowey’s words are taken straight out of the Sense on Cents manual on ethical practices that somehow never got delivered to many executive offices on Wall Street and in Washington. Actually the manual is delivered daily but the practices have not been implemented.

Despite all the pain experienced by our nation over the last four years and all the trillions of dollars delivered to Wall Street to “make the game go on,” a fellow citizen remains victimized by the United States government for the benefit of the large monied interests on Wall Street.

This is America?

Might SEC Chair Schapiro look to rectify this travesty prior to her highly anticipated departure? Will Peter Sivere and every decent God-fearing citizen of our great nation who choose to play by the rules continue to suffer and remain subservient to those who buy influence and curry favor in Washington?

I welcome submitting Congresswoman Lowey’s letter (click on image to open pdf):

Your move, Mary.

America is watching and waiting . . . and waiting . . . and waiting . . . and waiting . . .

This is getting old.

Navigate accordingly.

If you share my sentiments, please share this story.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

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