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HomeConsumer Financial Protection or Wall Street Beats Main Street?
Posted by Larry Doyle on March 3rd, 2010 9:49 AM |
News that a newly proposed Consumer Financial Protection Agency will be housed within the Federal Reserve is another shot across the bow in terms of Wall Street owning Washington and beating Main Street.
Am I surprised by these results? Not at all. The power of the Wall Street lobby is enormous and ultimately the crowd in Washington needs the money from Wall Street in order to pretend they represent the interests of Main Street. All the press conferences and politicking on the topic of consumer financial protection truly amount to nothing more than pure bluster. The bottom line of Wall Street banks feeds the bottom line of many politicians in Washington on both sides of the aisle. (more…)
Media Appearance on CNBC at 2:45pm [UPDATED with video]
Posted by Larry Doyle on March 2nd, 2010 1:41 PM |
If you’ve got some time this afternoon, I will be appearing on CNBC’s Street Signs at 2:45pm. Hopefully, I’ll be able to grab a video clip of the segment to post later today or tomorrow. ~ LD
UPDATED at 4:30pm: Here’s the video clip . . .
FINRA Immunity Without Transparency Is “A License to Steal”
Posted by Larry Doyle on March 2nd, 2010 10:40 AM |
Judge Jed Rakoff’s ruling to dismiss the complaint by Standard Investment Chartered v FINRA based on the regulator having absolute immunity generated a consistent response from readers and colleagues. What is the theme of that response?
A comment by Bill, a loyal Sense on Cents reader, seems to sum it up best:
Interesting that FINRA has the benefit of a quasi governmental entity, i. e. immunity, but not the customary burden of a governmental entity–transparency. Otherwise known as a license to steal. (more…)
Goldman Sachs: The Reputation You Deserve
Posted by Larry Doyle on March 2nd, 2010 7:08 AM |
When you sleep with dogs, you wake up with fleas.
Of all the lines I heard bandied about during my time on sales and trading desks on Wall Street, the line I reference above is one of my favorites. Why? That line goes straight to reputation.
As much as anybody may want to whine, bitch, or moan about being treated unfairly, ultimately the court of public opinion will convey upon an individual or an entity the reputation he or they deserve.
As a parent, I have often had the discussion with my children that they had better be exceptionally careful as to what they do and with whom they hang because you carry your family name with you everywhere you go and you only get one reputation. For this very reason, I strongly believe the greatest risk in life is reputation risk. (more…)
Judge Rakoff Dismisses Suit Against Mary Schapiro and FINRA Under Absolute Immunity
Posted by Larry Doyle on March 1st, 2010 5:49 PM |
America should be reviled when those charged with upholding the law overseeing our markets are not held to that standard themselves.
Today is a very dark day for those in our country who cherish the virtues of truth, transparency, and integrity.
Why am I despondent? This afternoon, Judge Jed Rakoff issued a ruling dismissing the lawsuit brought on behalf of Standard Investment Chartered against Mary Schapiro and other FINRA executives. What is the basis for Judge Rakoff’s dismissal? He allowed the defense the cover of absolute immunity in the merger of the NASD with NYSE Regulation to form FINRA. (more…)
Madoff Ruling: More Reason Not to Trust Wall Street or Washington
Posted by Larry Doyle on March 1st, 2010 1:03 PM |
On the heels of my commentary this morning addressing why Harry Markopolos feels America’s citizens should not trust the government, we receive more fuel for the fire.
The timing of this release is truly uncanny:
MADOFF JUDGE’S RULING REDUCES PROTECTIONS AGAINST PONZI SCHEMES FOR ALL SECURITIES INVESTORS
Judge rules SIPC does not have to insure every account up to $500,000, shifts burden of Madoff losses to American taxpayer. (more…)
Larry Fink Warns CalPERS; Sense on Cents Warns America
Posted by Larry Doyle on March 1st, 2010 9:19 AM |
When the king of Wall street speaks, America would be wise to listen.
Despite what one may think or feel about Wall Street, prudence dictates we are fully aware of developments on the major thoroughfare of our economic landscape. The king, that is Larry Fink the CEO of the asset manager Blackrock, last year sent a note of investment caution to CalPERS (California Public Employees Retirement System) which all of America should heed. (more…)
Markopolos on SEC: “A Bunch of Idiots”
Posted by Larry Doyle on February 28th, 2010 12:23 PM |
Harry Markopolos has become a household name in the realm of financial regulatory oversight. Harry earned his stripes for his dogged pursuit of the Madoff scam, especially in light of the lack of support from the SEC.
Harry characterized the SEC as incompetent during his initial Congressional testimony addressing the Madoff scam early last year. During that testimony, Harry characterized FINRA as “in bed with the industry.”
Who in America did not view Harry as a hero for his determination and drive in exposing the Madoff scam?
In light of Harry’s work over the years, I was somewhat befuddled by Harry’s excessively complimentary remarks directed toward Mary Schapiro last fall during Congressional testimony highlighting SEC Inspector General’s David Kotz’ review of the SEC’s handling of the Madoff affair. Harry seemed to lose his disdain for Mary and the SEC.
Well, Harry has regained his edge and his contempt for the SEC. (more…)
Harry Markopolos: “Don’t Trust Your Government”
Posted by Larry Doyle on March 1st, 2010 10:38 AM |
Harry Markopolos
In an interview on the Today show this morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t.
Markopolos’ biggest bombshell this morning is his warning to America, “don’t trust your government.” No surprise that Today host Matt Lauer did not probe deeper. I am not confident that other outlets will delve deeper into Harry’s statement, either. I wonder why Harry himself is reticent to specifically point out the individuals and the instances which lead him to make that statement.
Recall that a year ago Harry defined the SEC as merely incompetent while simultaneously defining FINRA (Financial Industry Regulatory Authority) as ‘in bed with the industry’ that is Wall Street. Well, it does not take an advanced degree to connect Harry’s grenade toss into FINRA’s backyard a year ago with his volley this morning. (more…)
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Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, regulation, SEC | 20 Comments »