UBS, FINRA, and Naked Short Selling: “Duration, Scope and Volume of The Trading Created a Potential for Harm to The Integrity of The Market.”
Posted by Larry Doyle on February 25th, 2013 9:27 AM |
Last summer I tagged Wall Street’s industry funded police at FINRA as being little more than meter maids. With a recent review of FINRA’s largest fine imposed in its history, I now realize that I have actually done a serious disservice to those diligent and hard working meter maids patrolling our cities and towns. How so?
Let’s navigate and look more deeply into FINRA’s $12 million fine imposed on those paragons of virtue who ran Union Bank of Switzerland’s equity operations.
What did UBS do to deserve FINRA’s “largest” fine? (more…)
Posted by Larry Doyle on December 4th, 2012 9:46 AM |
I have tarred and feathered Jon Corzine sufficiently over the course of the last year for the debacle that unfolded on his watch at MF Global.
On that note, I welcome reading this morning that some tar and feathers are being applied to others who should have been in a position to stop the excessive leverage which brought down the MF Global house.
Who were these other individuals and entities? Let’s navigate as The Hill addresses a topic which many in Washington and on Wall Street would like to keep conveniently under the rug. (more…)
Posted by Larry Doyle on October 3rd, 2012 9:05 AM |
Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks.
The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed the same helping of dog$hit.
We need look no further than a meeting held just yesterday of industry executives and securities regulators to see exactly this. (more…)
Posted by Larry Doyle on September 19th, 2012 4:31 AM |
Reports circulating that Mary Schapiro will step down from her post at the SEC pending an Obama re-election are increasing. Unless Ms. Schapiro is relinquishing her throne in preemptive fashion I do not know why this story is even getting legs. It is certainly not uncommon for significant turnover within a President’s cabinet after the completion of a first term.
I sincerely hope that she is not in ill health but that concern is raised in a story in the New York Post, SEC You Later, Pal: Schapiro May Be Heading for The Exit,
Chatter surrounding Schapiro’s status at the regulatory agency has reached a crescendo in the past few days as an undisclosed medical procedure has resulted in her taking a leave of absence — set to end tomorrow.
An SEC official told The Post that Schapiro has been on medical leave since last Thursday and has been working from home as she recovers. (more…)
Posted by Larry Doyle on September 10th, 2012 9:09 PM |
Sense on Cents first crossed paths with current SEC chair and former FINRA head Mary Schapiro in mid-January 2009.
I have often thought Ms. Schapiro – more than any other single individual – knows where more of the bones are buried on Wall Street and throughout the incestuous Wall Street – Washington circle of influence and intrigue. I have tried to be fair but aggressive in questioning Mary’s lack of transparency on so many fronts.
Well readers, if reports circulating around Washington have a measure of truth to them, we will likely not have Mary to kick around all that much longer. (more…)
Posted by Larry Doyle on August 2nd, 2012 9:09 AM |
Wall Street’s self-regulator FINRA just celebrated its 5 year anniversary. Congratulations to them. Sympathies and condolences to the rest of us.
The Securities Technology Monitor highlights FINRA’s birthday with a grandiose slideshow presentation entitled, The First Five Years; FINRA’s Top 25 Enforcement Cases. While those at FINRA might be celebrating the anniversary with cookies, cupcakes, and lemonade, let’s take a more critical review of Wall Street’s industry-funded private police detail. (more…)
Posted by Larry Doyle on May 3rd, 2012 7:29 AM |
The financial regulatory landscape is poised to change and, as far as I am concerned, not necessarily for the better.
Will you be merely a spectator or do you care to participate in the legislative process that WILL impact most of you? Are you an investment adviser? Are you an investor with funds managed by an investment adviser?
If you fall into either of those camps, I exhort you to get involved. I encourage you to become part of the process and the solution and not merely a bystander. How so? Let’s navigate. (more…)
Posted by Larry Doyle on March 13th, 2012 11:03 AM |
I will admit that having written extensively and aggressively about Wall Street’s self-regulator FINRA over the last three years, I did not think there was anything more I could see that would surprise me.
Today I am surprised, shocked, and saddened.
For those in our nation who have a semblance of decency and a desire to see due process reflected in legal hearings and financial arbitration, I believe you will be similarly dismayed.
The case to which I will refer strikes deep into the core of Wall Street arbitration. (more…)