Chris Whalen: True Perpetrators in Michael Lewis’ Tale of Wall Street Greed and Corruption Are Congress, SEC, FINRA, Major Exchanges
Posted by Larry Doyle on April 23rd, 2014 8:23 AM |
Today I am pleased to elevate author and investment banker Chris Whalen into the highest echelon of the Sense on Cents Hall of Fame.
Whalen distinguishes himself as he properly frames the ongoing debate surrounding the scandalous practices within high frequency trading in a recent commentary that ran at Zero Hedge entitled, In “Flash Boys” Michael Lewis Misses the Point — Deliberately.
Let’s navigate as Whalen further exposes how our public officials and regulators charged with protecting the public interest are really “in bed with Wall Street.” (more…)
Posted by Larry Doyle on April 17th, 2014 10:54 AM |
Of all the questions facing investors these days, I would think two of the most important are: (1) with whom are you doing business? (2) how much are you paying for the investment product being pitched to you?
Watch this 6-minute clip and you will understand why I write at length, both at my blog and in my book, on the need for real transparency on Wall Street and especially within the regulatory system so as to help people avoid the perils and pitfalls that inevitably come their way when unsavory characters call on them.
I touched on this topic a few weeks back to expose the fact that Wall Street’s self-regulatory organization FINRA allowed close to 97% of the data on its Broker Check system to be “expunged” over a two and a half year period (mid-2009 to late 2011).
What might they have allowed the industry to hide in doing so? Even the host takes a less than subtle shot at FINRA in this segment.
Watch your wallet, folks.
Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
Please subscribe to all my work via e-mail.
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.
Posted by Larry Doyle on April 14th, 2014 6:40 PM |
I appreciate anybody who takes the time and makes the effort to read and review my book, In Bed with Wall Street.
That said, I deeply appreciate those who in reading my book really seem to “get it” and are then willing to lay it on the line in “delivering it” in their review. On that note, Mark Melin of ValueWalk goes to the front of the class.
Melin dives deeply into the material. I give him credit for reaching out to Wall Street’s self-regulator FINRA to get their take on some of my hard hitting charges detailed in the book. In regard to my long held assertion that FINRA engaged in insider trading in its liquidation of ~$650 million of auction-rate securities, a FINRA spokesperson commented to Melin: (more…)
Posted by Larry Doyle on March 30th, 2014 8:42 PM |
Major props to renowned writer Michael Lewis for using his enormous platform to direct light on the scam that has come to define our equity markets under the construct of high frequency trading.
As Lewis states, the scam is not only restricted to HFT activity but rather the market as a whole has become a scam. Powerful words and worth the minute to listen to the video clip below.
But let’s go deeper than that. (more…)
Posted by Larry Doyle on March 26th, 2014 6:54 AM |
I thank Bill Cohan, Carol Massar, and those at Bloomberg for having me on the show Taking Stock yesterday afternoon to address my take on the recent guilty verdict handed down in the Madoff employees case, corruption within the financial-political-regulatory system, and recent developments within the executive offices at JP Morgan.
Those who have read my book In Bed with Wall Street: The Conspiracy Crippling Our Global Economy will understand exactly what I mean when I say in this 5-minute interview that we need to “expose the corruption.”
For those who have not yet read the book — I hope you will — but would like to know more specifically what I am referring to when I make the statement that we need to “expose the corruption,” I am speaking of the following all of which is voluminously detailed in the book: (more…)
Posted by Larry Doyle on March 25th, 2014 7:00 AM |
If the guilty verdict rendered yesterday in the trial of Madoff employees qualifies as full and fair justice in our nation, then we need to rethink our justice system.
Now, do not get me wrong. I do not have any sympathy for the sorry looking lot of defendants found guilty yesterday. In my opinion, they deserve what they get and were likely integral in aiding and abetting the massive fraud perpetrated by the swindler Bernard Madoff.
Are we to think, though, that the decades long scam perpetrated by Bernie and his rag tag team began and ended strictly inside his offices?
Folks, let’s not be so naive. (more…)
Posted by Larry Doyle on March 7th, 2014 10:06 AM |
Not that we needed any more evidence that Wall Street’s primary self-regulator is a challenged organization when it comes to protecting investors, but in a lead commentary in today’s Wall Street Journal we get it:
The Financial Industry Regulatory Authority “routinely” strips out some possible red flags on brokers from its database in the information it makes available to investors, according to a study released Thursday by an organization of lawyers who represent investors in claims against brokers. (more…)
Posted by Larry Doyle on February 25th, 2014 6:45 AM |
In 2013 the six largest banks on Wall Street generated profits of $76 billion.
Last year, Wall Street’s primary self-regulatory organization FINRA imposed fines of $57 million.
Anybody still wondering why Wall Street likes being a self-regulated industry? Is Wall Street this clean or are the regulators little more than meter maids, as I have long maintained? Thanks to the folks at Sutherland Asbill & Brennan, let’s look at the fines imposed by FINRA last year and over the last 9 years (including the years prior to FINRA’s formation in 2007 as a result of the merger of the NASD and the regulatory arm of the NYSE):
Numbers don’t lie. (more…)
Posted by Larry Doyle on February 18th, 2014 6:34 AM |
Bill Cohan, Susan Antilla, Gretchen Morgenson.
Although these individuals are not the only financial journalists whom I hold in high regard, they are certainly among the very few.
Who else is in their company? Bloomberg’s Jonathan Weil, who just the other day wielded a very sharp pen in addressing the arbitration process on Wall Street, or what I define as ‘the kangaroo court.’
Truth be told, the folks at FINRA who oversee Wall Street arbitration seem to be getting a little weary of being used as a punching bag and have made some tweaks to the system. Weil is not impressed. (more…)