Archive for the ‘regulation’ Category
Posted by Larry Doyle on July 16th, 2010 1:02 PM |
What do industry insiders think of the Financial Regulatory Reform package coming out of Washington? The Wall Street Journal provides a fascinating review in Fed Gets More Power, Responsibility. Let’s navigate.
1. Henry Paulson
Former Treasury secretary
Grade: Incomplete
The systemic-risk council, tougher Fed regulation over top financial institutions and new authority to wind down failing institutions are essential steps forward. Improving derivatives rules is a real positive. But the bill doesn’t tackle Fannie and Freddie, and there are too many unknowns as to how the regulations will be applied.
Will it help prevent another crisis? (more…)
Tags: Bill Gross on financial regulatory reform, Douglas Elliott, Eugene Ludwig, Fed Gets More Power responsibility, Fed powers, Federal Reserve, feelings about financial regulatory reform, finreg, gary Stern, Harvey Pitt, henry Paulson on financial regulatory reform, insiders views on financial regulatory reform, Mark Zandi, Nouriel Roubini, peter Wallison, Raghuram Rajan, Simon Johnson, William Isaac
Posted in General, regulation | 6 Comments »
Posted by Larry Doyle on June 16th, 2010 9:43 AM |
The distance from the canyons of lower Manhattan to the now soiled beaches of the Gulf Coast runs about 1300 miles. A long way and decidedly different lifestyles, you may think? I do not think so. In very real terms, the economic disasters centered in each of these locales are virtually contiguous.
As I watched a replay of President Obama’s speech last evening (Red Sox and Celtics games took priority until both those games were effectively decided), I was struck by one segment of Obama’s speech and the stark similarity in the disasters centered on Wall Street and the Gulf. Which segment and which similarity? (more…)
Tags: Auction Rate Securities, BP vs Wall Street similarities, Ken Salazar Mary Schapiro Richard Ketchum, Michael Bromwich, Minerals Management Service, National Commission vs FCIC, Obama, Obama Oval office speech June 15 2010, Obama speech on Gulf oil disaster June 15 2010, phil angelides, POGO, President Obama speech June 15 2010, project on Government Oversight, Remarks by the President to the Nation on the BP Oil Spill, Self regulation of oil and finance, White House website
Posted in General, regulation | 6 Comments »
Posted by Larry Doyle on May 26th, 2010 11:30 AM |
I am all for financial regulatory reform, but as I wrote the other day I do not trust Washington. I witness further reason not to trust the wizards in Washington after reviewing a gem buried in the Senate’s version of financial regulatory reform.
You likely will not see this in the mainstream media, but thanks to CNS News for reporting Senate Democrats Pass Bill Allowing Government to Collect Addresses, ATM Records of Bank Customers:
Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks that list customers’ addresses and ATM receipts. (more…)
Tags: ATM receipts, ATM records, big brother, big brother is watching, Bureau of Consumer Financial Protection, CNS News, consumer protection, do you trust Uncle Sam, financial reform, financial regulatory reform, Senate Bill Allows Government to collect Addresses ATM records, trust, trust Uncle Sam
Posted in General, regulation | 6 Comments »
Posted by Larry Doyle on May 21st, 2010 9:05 AM |
In the midst of all the legislative wrangling in Washington and the financial gyrations on Wall Street, what does it all mean for everyday American investors? I am not so sure it means all that much. How much are everyday Americans impacted by proprietary trading, derivatives, merged regulators? Very little actually. I am not writing this to discount the proposed financial regulatory reform coming out of Washington, but I remain underwhelmed that it will truly protect everyday investors from the ways of Wall Street.
To this end, I am happy to propose my own Sense on Cents Financial Reforms which I believe regulators should impose on financial intermediaries (brokers, bankers, money managers, et al). I am not only proposing these reforms here, but I am sharing them today with Washington based financial regulators. In deference to my readers, you’re getting the first look. Feel free to share your thoughts on my proposed reforms, and add others which you believe should be implemented. (more…)
Tags: caveat emptor, competency risks, corporate credit risks, counterparty risks, currency risks, derivatives, extension risks, financial reforms, financial regulation, financial regulators, financial regulatory reforms, FINRA, how will financial regulatory reforms impact everyday Americans, interest rate risks, investment risks, liquidity risks, market risks, options, prepayment risks, proprietary trading, Risk Parameters, SEC, Sense on Cents, structure risks, transparency risks, volatility risks, Wall Street, what is a prospectus
Posted in General, Wall Street, regulation | 8 Comments »
Posted by Larry Doyle on March 22nd, 2010 4:24 PM |
Why am I so skeptical that Senator Chris Dodd’s proposed Financial Regulatory Reform (for overachievers in the audience, the link connects to the 89-page proposal) will truly change behaviors on Wall Street? For the very simple reason that I have seen no highlighting of the Financial Industry Regulatory Authority within the proposed Financial Regulatory Reform. Strike you as a little odd? It strikes me that the Wall Street lobby is hard at work keeping its self-regulator, that being FINRA, right where they want it.
Against this backdrop, I was pleasantly surprised to see highly regarded Barron’s columnist Jim McTague reference that the proposed reform would promote transparency and accountability of FINRA. (more…)
Tags: accountability of financial regulatory reform, Chris Dodd, Davis Pol Summary of Draft of Restoring American Financial Stability Act ing, Dodd Prepares to Whack Wall Street, Financial Industry Regulatory Authority, financial regulatory reform, financial self-regulation, FINRA, FINRA SEC TRACE, GAO, Jim McTague, MSRB, POGO, Report on Oversight of National Securities Associations, SEC oversight of FINRA, self-regulation, transparency of financial regulatory reform, Wall Street, Wall Street lobby, Wall Street-Washington incest
Posted in Christopher Dodd, FINRA, General, regulation | 1 Comment »
Posted by Larry Doyle on March 15th, 2010 9:50 AM |
Bloomberg just provided a sneak peek at the Financial Regulatory Reform package to be proposed by Senator Chris Dodd (D-CT) this afternoon. What are some of the highlights and my thoughts? Let’s navigate.
From the top down, and without being overly cynical, I am extremely concerned that this proposed financial regulatory reform is a reshuffling of deck chairs with increased powers for both the Federal Reserve and U.S. Treasury. The very fears I voiced almost a year ago remain entrenched. What is the basis of my fear? The so-called reform is much more focused on the “sufficiency” of regulation of our financial industry and not nearly focused on the “transparency” of the regulation, the regulators, and the regulated.
Call me suspect.
What are the key highlights as reported by Bloomberg? (more…)
Tags: Ben Bernanke, CFPA, Consumer Financial Protection Agency, derivatives markets, Dodd's proposed financial regulatory reform, FDIC, Federal Reserve wins in proposed financial regulatory reform, financial regulatory reform, FINRA, leverage on Wall Street, merger of OCC and OTS, reshuffling the deck chairs, say on pay, SEC, sufficiency of financial regulation, systemic risk authority, Systemic Risk Committee, too big to fail, volcker rule, Wall Street-Washington incest
Posted in General, regulation | 2 Comments »
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…)
Tags: Amerivet Securities v FINRA, Bernie Madoff, Don't trust your government, FINRA front running the ARS market, Harry Markopolos, harry markopolos comments on SEC March 1 2010, Harry Markopolos don't trust your government, HArry MArkopolos interview on Today, Harry Markopolos Madoff organized crime, Harry Markopolos No One Would Listen, Lauer interview with Markopolos, Madoff, Madoff scam, Markopolos bought a gun, Markopolos interview Today show March 1 2010, Markopolos interview with Matt Lauer, Markopolos Schapiro, Mary Schapiro's relationship with Bernie Madoff, organized crime involved in Madoff scam, Ronnie Sue and Dominic Ambrosino Today show March 1 2010, Today show March 1 2010
Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, SEC, regulation | 18 Comments »
Posted by Larry Doyle on January 29th, 2010 8:31 AM |
Time.
The policies implemented in Washington are trying to buy time in hopes that our economy recovers. Japan took the ‘buying time’ approach and twenty years later they are still waiting for real recovery.
Moving forward.
The approach being taken by those within our financial regulatory structure (SEC and FINRA) is to ‘move forward.’ Well, unless the critically unanswered questions and issues embedded within these organizations are fully exposed and addressed, America can never truly move forward with confidence in the markets and those overseeing them.
President Obama wants real financial regulatory reform. Then Mister President, compel your chair of the SEC, Mary Schapiro, to open the books and records of FINRA. Mr. President, compel Ms. Schapiro to unseal documents regarding the very formation of FINRA itself.
America knows something still smells on Wall Street. What is it? (more…)
Tags: Bill Anderson of Cuneo Gilbert LaDuca, books and records at FINRA, Cuneo Gilbert Laduca, Cuneo Gilbert Laduca suits vs FINRA, David Asman America's Nightly Scoreboard l, details of FINRA foundation, did FINRA invest in Madoff, economic recovery will take time, F. Joseph Warin of Gibson Dunn and Crutcher, financial regulation, financial regulation on Wall Street, financial regulatory reform, FINRA and NASD did oversee Madoff, FINRA books and records, FINRA failed to protect investors, Finra investment portfolio, finra lawyers gibson dunn judge jed rakoff, FINRA merger, Finra's sale of Auction Rate Securities, HArvey Pitt on America's Nightly Scoreboard, how was FINRA formed, Jonathan Cuneo, Jonathan Cuneo's lawsuits against FINRA, Madoff Coalition for Investor Protection, Mary Schapiro, merger of NYSE Regulation with NASD to form FINRA, moving forward with financial regulation, need for transparency at FINRA m, President Obama calls for financial regulatory reform, Richard greenfield on America's Nightly Scoreboard, Ronnie Sue Ambrosino on America's Nightly Scoreboard, Ronnie Sue Ambrosino on SEC FINRA SIPC, self-regulation on Wall Street, Standard Investment Chartered vs FINRA, unseal FINRA documents, Wall Street regulation, Wall Street regulatory structure
Posted in FINRA, General, regulation | 2 Comments »
Posted by Larry Doyle on November 11th, 2009 8:58 AM |

Senator Chris Dodd (D-CT)
Senator Chris Dodd (D-CT) is in a fight for his political life. Dodd continues to trail his primary Republican opponent Rob Simmons in recent polls. More disturbing than the actual polls versus his competition is the fact that fully 51% of those polled do not consider Dodd honest and trustworthy.
What happens to individuals faced with a potential death sentence? Come to Jesus. Faced with the prospect of death, literally or professionally, individuals often will undertake drastic changes in appearance and demeanor in an attempt to stave off that deep, dark descent. In that light, I am never amazed by actions, statements, and positions put forth by politicians.
What is Chris Dodd’s epiphany? Dodd clearly smells the wrath of the American populace toward Washington and Wall Street. Few politicians have been more closely linked with these two worlds than Senator Chris Dodd. After a year’s worth of debate and discussion on financial regulatory reform, Dodd is now proposing the most sweeping and all encompassing overhaul across the entire financial industry. Is this a Hail Mary pass in an attempt to pull victory from the jaws of political defeat? The American Banker provides a wide angled view of Dodd’s desperation pass in writing, Dodd Goes for Broke with Tough Reform Bill:
A draft version of his bill introduced on Tuesday was so far-reaching it would pick a fight with virtually every entrenched interest involved in the debate, including community banks, large financial institutions, the Obama administration, House Democrats, the Federal Deposit Insurance Corp. and the Federal Reserve Board.
(more…)
Tags: American banker writes Dodd Goes for Broke with Tough Reform Bill, Chris Dodd, Dodd, Dodd lags in polls, Dodd plays populist card, Dodd's epiphany, Fed and FDIC lose power under Dodd plan, financial regulatory oversight, is Dodd's financial regulatory reform purely a political ploy, Obama plan on financial regulatory reform, poll sindicate Dodd not honest or trustworthy, polls in CT, populism, Rob Simmons, Senator Chris Dodd's financial regulatory plan
Posted in Christopher Dodd, Federal Reserve, General, regulation | 5 Comments »
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…)
Tags: Amerivet Securities v FINRA, Bernie Madoff, Don't trust your government, FINRA front running the ARS market, Harry Markopolos, harry markopolos comments on SEC March 1 2010, Harry Markopolos don't trust your government, HArry MArkopolos interview on Today, Harry Markopolos Madoff organized crime, Harry Markopolos No One Would Listen, Lauer interview with Markopolos, Madoff, Madoff scam, Markopolos bought a gun, Markopolos interview Today show March 1 2010, Markopolos interview with Matt Lauer, Markopolos Schapiro, Mary Schapiro's relationship with Bernie Madoff, organized crime involved in Madoff scam, Ronnie Sue and Dominic Ambrosino Today show March 1 2010, Today show March 1 2010
Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, SEC, regulation | 18 Comments »