Judge Rakoff: Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?
Posted by Larry Doyle on November 14th, 2013 11:15 AM |
It is not often that I have had the pleasure of reading and reviewing two Sense on Cents instant classics in the course of just a few days but today I am excited to bring you another absolute MUST READ.
None other than Judge Jed Rakoff, who has heard many of the major financial suits brought over the course of the last few years, spoke the other day to the New York City Bar Association regarding the question so many in our nation still ask, “Why have no high level executives been prosecuted in connection with the financial crisis?”
In what might have been a fabulous foreword to my upcoming book, Rakoff skillfully delivers what I believe is an incredibly excoriating indictment of those within the Department of Justice,the SEC, and elsewhere. (more…)
Posted by Larry Doyle on October 2nd, 2013 7:23 AM |
What state mottoes do you like most?
I am personally partial to New Hampshire’s “Live Free or Die” but in light of the opacity displayed across Wall Street and Washington over the last 4 to 5 years, I have a growing appreciation for Missouri as the “Show Me” state:
A name attributed to Representative Willard Van Diver. It connotes a certain self-deprecating stubbornness and devotion to simple common sense.
How about that? Common sense? What a novel concept in light of recent events in our nation and certainly applicable for my blog.
But I think about Missouri this morning given breaking news out of the SEC regarding its first meaningful whistleblower award in perhaps the last 25 years and its largest award ever. Isn’t this the type of thing to highlight and promote? (more…)
Posted by Larry Doyle on July 23rd, 2013 9:54 AM |
How do people feel about the performance of the SEC over the last number of years?
Seriously. On a scale of 1-10 (1 being horrendous and 10 being superb), please share your opinion as to how the SEC has gone about pursuing its mission of protecting investors and our markets while overseeing the manner in which Wall Street’s banks and money managers run their operations.
I ask this very basic question as a means of also grading the performance of the SEC’s Director of Enforcement, Robert Khuzami, during this period. (more…)
Posted by Larry Doyle on June 10th, 2013 8:21 AM |
“Doing the right thing can be hard” . . .
David Weber, former assistant Inspector General of the SEC, June 10, 2013
In a world in which it is all too easy to look the other way, to go along to get along, and to sit down when the public needs you to stand up, hope springs eternal.
I am heartened that America still has a chance to eradicate the corrosive and corruptible elements that have thrived within our financial regulatory system when I learn that there are still people who care enough to do the right thing. Who is one of those people?
Former assistant inspector general of the SEC David Weber. Today is his day and America should feel very good about that. (more…)
Posted by Larry Doyle on June 3rd, 2013 10:11 AM |
Wouldn’t you like to have been a fly on the wall to witness what really went on – and still goes on — within the offices of the SEC and our other financial regulators?
Oh the stories and tales of woe that one might be able to share. Every now and then, though, one does not need to worry about being a fly because details of internal intrigue make their way out of the commission.
To that end, a few weeks back both Bloomberg’s Bill Cohan and I shed light on the incredible allegations of incompetence, negligence, if not outright corruption within the SEC made by an internal whistleblower Kathleen Furey.
Over the weekend Rolling Stone’s Matt Taibbi provided even greater transparency on the incredible — or in light of what we have learned about the SEC, perhaps not so unbelievable — allegations made by Ms. Furey in her whistleblower complaint. Those familiar with this case may recall that Furey alleged her superiors within the SEC’s New York office maintained that they did not handle cases dealing with investment managers. Incredible? Unbelievable? Maybe not so much.
Posted by Larry Doyle on May 16th, 2013 6:26 AM |
For those with an interest in learning how our financial regulators fail to perform in upholding both the law and their duty to protect investors, the SEC is “the gift that keeps on giving.”
As if we did not already know that the SEC has all too often failed to protect investors, let’s navigate and learn about the case of current SEC employee Kathleen Furey. From a recent complaint brought by Ms. Furey against the SEC:
The three-year ascent of Kathleen Furey to higher levels of official responsibility and pay came to an abrupt halt in 2008, shortly after she was forced to become a whistleblower. (more…)
Posted by Larry Doyle on March 18th, 2013 11:52 AM |
News released late Friday afternoon that the SEC has agreed to a settlement of $616 million with entities connected to SAC Capital is viewed as another indication that our financial police are playing hardball, right?
I mean $616 million is a lot of money, correct? Yes and no. Money is relative and playing hardball is in the eye of the beholder.
Did SAC and its founder Steven A. Cohen, aka “Stevie Boy” Cohen, just enter the realm of Goldman Sachs, JP Morgan, and the other heavyweights on Wall Street who have been defined as “too big to fail, to regulate, and to prosecute?” (more…)
Posted by Larry Doyle on February 19th, 2013 6:04 AM |
If Mary Jo White were to be confirmed as the new head of the SEC, might she be the most conflicted individual to be our nation’s chief financial cop since the first person to occupy that seat, that being Joe Kennedy himself?
The White House and Washington would like to position Ms. White’s confirmation as nothing more than a formality. Our democracy deserves better than that. (more…)
Posted by Larry Doyle on February 12th, 2013 7:04 AM |
A few years back in the course of an interview with Fox Business host David Asman, I was asked what I thought of the exceptionally close relationships between the regulators and the industry. I responded, “David, I think the term there is ‘incestuous’.”
Fast forward three plus years and we receive a scathing review of just how widely developed and deeply embedded the incest runs. Let’s navigate as the folks at the Project on Government Oversight take us round and round through this revolving door in releasing,
SEC’s Revolving Door Blurs Line Between Regulator and Industry
A Project On Government Oversight (POGO) study of thousands of government records found that former staff of the Securities and Exchange Commission (SEC) routinely: (more…)
Posted by Larry Doyle on January 24th, 2013 11:09 AM |
News breaks this morning that President Obama will nominate Mary Jo White to be the next head of the SEC.
The spin on the nomination is that she is a former prosecutor and US Attorney for the Southern District of New York and will hold Wall Street accountable. Is that right?
Before we coronate her, I think we may want her to address what I would deem to be a ‘skeleton in her closet.’ Really? Oh yeah!