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HomeMary Schapiro Leaving Promontory Financial Hmmmmmmmmmmm…….
Posted by Larry Doyle on February 1st, 2014 4:55 PM |
In the category of things that make you go hmmmm, we read a late Friday evening announcement that former SEC chair — and Sense on Cents Hall of Shame 2009 inductee — Mary Schapiro is leaving her role at Promontory Financial after a mere 9 months.
Let’s navigate as DealB%k reports, Former Chief of SEC to Shift Consulting Job:
Mary L. Schapiro spent four years as head of the Securities and Exchange Commission. Her next act was far shorter.
Just nine months after joining the Promontory Financial Group, a consulting firm that straddles the worlds of Wall Street and Washington, Ms. Schapiro is planning to leave her full-time role there. (more…)
Madoff Trial Evidence Indicts NASD/FINRA
Posted by Larry Doyle on December 11th, 2013 8:46 AM |
For five years America has been fed a line of bull$h!t that absolved the regulators at the NASD and its offspring at FINRA from their oversight responsibilities in the operation that encompassed Bernie Madoff’s Ponzi scam.
I never believed it for a second when regulators and assorted sycophants said that Madoff’s broker-dealer operation was fully separate and distinct from the Ponzi scheme.
I challenged former SEC chair Harvey Pitt in September 2009 when he tried to provide cover for the NASD/FINRA on its oversight and responsibilities related to Madoff. (Those interested can review that engagement and a lot more on the 20-minute video within this commentary.)
We awake this morning to learn startling new evidence from WSJ coverage of the ongoing Madoff trial, (more…)
Mary Schapiro’s Concern with Her Legacy
Posted by Larry Doyle on December 3rd, 2012 8:19 AM |
Why is it that America suffers from a very real lack of leadership?
Many reasons, starting with the fact that we do not have many real leaders in the truest sense of the word. The lack of leadership goes beyond that, though. Regrettably, far too many of those charged with leading our nation are too concerned with appearances rather than standing on principle and doing the right thing. These people are not leaders. They are politicians and they get bought and sold everyday.
I shook my head this weekend when I read how our soon to depart “leader” of the SEC is concerned about her legacy in relation to pending implementation of the JOBS Act. Folks, you cannot make this stuff up. (I recommend a second barf bag before reading any further.) (more…)
Mary Schapiro: How Do The Disaffected Feel?
Posted by Larry Doyle on November 27th, 2012 9:06 AM |
Her departure a full year before the end of her five year term has been met with standard gratuitous comments by many in the financial industry, atop Capitol Hill, and in the press.
What do I think of the reviews of Ms. Schapiro’s tenure at the SEC? (more…)
Won’t Have Mary Schapiro To Kick Around Anymore
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…)
Did Mary Schapiro Engage in a Fraud?
Posted by Larry Doyle on January 3rd, 2012 10:22 AM |
Will we learn in 2012 if Mary Schapiro, current chair of the SEC, and other then senior executives at the Wall Street self-regulatory organization, FINRA, engaged in a fraud?
The case addressing this question, Standard Chartered v FINRA, has been appealed to the highest court in our land.
As such, one might think that most Americans would care to learn if our nation’s top financial regulator did, in fact, engage in a fraud which had a monetary value of between $175-$350 MILLION plus. That’s right, $175-350 million plus!! Not exactly chicken feed.
Why hasn’t this case received more attention? (more…)
SEC and FINRA “Accountability Is Impossible Without Transparency”
Posted by Larry Doyle on June 17th, 2011 6:46 AM |
“Good corporate governance is a system in which those who manage a company — that is, officers and directors — are effectively held accountable for their decisions and performance. But accountability is impossible without transparency.”
Truer words were never spoken. The above statement very succinctly highlights a cornerstone principle of Sense on Cents. Whomever issued this proclamation would certainly seem to be a strong candidate for the Sense on Cents Hall of Fame. Regrettably not.
Our current SEC chair Mary Schapiro offered those pearls of wisdom in December 2009 and the Washington Post concluded its commentary SEC Tightens Rules On Investment Advisers, Corporate Transparency with that quote from Ms. Schapiro. If only Mary would practice what she preached. (more…)
If My Aunt Had Balls, She’d Be Mary Schapiro
Posted by Larry Doyle on July 20th, 2010 7:04 PM |
“If my aunt had balls, she’d be my uncle!!”
I love that line. I first heard it on the trading desk at Bear Stearns in the early ’90s. For the last twenty years, I have used the line often to counter those who would bemoan an outcome with the standard, “If only . . .” My response typically generates a healthy chuckle and we then move on.
At this point, I feel comfortable amending the line from above to “If my aunt had balls, she’d be Mary Schapiro.” Too harsh, you say? I think not. How so? (more…)
The Muammar Gaddafi of Regulation
Posted by Larry Doyle on May 26th, 2010 9:14 AM |
Does anybody still read Time magazine?
I would expect that Time is likely now relegated to 9th grade Civics classrooms given the depth of reporting embodied in the recent cover article, The New Sheriffs of Wall Street.
If Time would like to be considered a serious publication, they should dig a little deeper prior to reporting this sort of powder puff commentary. Time rightfully does address the fact that Wall Street has been a bastion of male domination. Additionally, they pay proper respect to FDIC Chair Sheila Bair and Tarp watchdog and consumer advocate Elizabeth Warren, but they fall woefully short in their characterization and review of SEC Chair Mary Schapiro.
In this article, Schapiro would clearly like to portray herself as tough as nails on Wall Street while protecting the interests of investors. As Time highlights: (more…)
Stories Deserving More Attention: Did You See This?
Posted by Larry Doyle on April 8th, 2013 8:21 AM |
I will reference these stories now and will certainly come back to many, if not all, of them in the near future. The items include:
1. In what might only be compared to trying to turn around the Titanic on one of your local streets, the Bank of Japan is launching a “quantitative easing on steroids” program. The goal of “all this juice” is to generate a 2% rate of inflation in the next two years from what has been a two-decade deflationary cycle. (more…)
Tags: bank of Japan program to promote inflation, Bank of Japan quantitative easing, Bill Cohan commentary on bank regulators, black swan, decline in the labor participation rate, deflation in Japan, disability claims, Japanese economy in deflation, Japanese equity markets, Joe Sciddurlo FINRA whistleblower, Joe Sciddurlo lawsuit against FINRA, Joe Sciddurlo questions authority at FINRA, lawsuit against FINRA, Nassim Taleb comment on Mary Schapiro, permanent underclass in America, quantitative easing on steroids, rural poverty, support for asset markets, urban graduation, yen carry trade
Posted in Banking Institutions, Economy, Education, Employment, FINRA, General, Mary Schapiro | 6 Comments »