Archive for the ‘SEC’ Category
Posted by Larry Doyle on August 18th, 2010 2:09 PM |
Wall Street has a funny way of meting out justice. All too often, investors are left with little more than ’caveat emptor’ when it comes to engaging large Wall Street institutions. Beyond that, the SEC and FINRA are often critiqued for being more closely aligned with the industry than with investors. I was reminded of this fact when reading last week that the SEC settled with Citigroup for a token $75 million regarding Citi’s disclosure, or lack thereof, of its sub-prime holdings in the midst of our economic crisis.
My ’sense on cents’ view of the world made me think that Citi got off awfully cheap for having misrepresented its financial positions. If $75 million is all it costs for misrepresentation of financial documents, then America should ready itself for a whole lot of misrepresentation. Thankfully, a judge threw a quick yellow flag on the field while indicating that this play needed further review. (more…)
Tags: Citi disclosures, Citi sub-prime disclosures, fair and reasonable, financial disclosures, financial transparency, FINRA, Gary Crittenden, GIM, Greenwich Investment Management, Judge Ellen Segal Huvelle, Judge Huvelle, Judge Won't Approve Citi-SEC Pact, Larry Doyle, rubber stamp, SEC vs Citi, SEC vs Citigroup, Sense on Cents
Posted in Citigroup, General, SEC | 5 Comments »
Posted by Larry Doyle on August 5th, 2010 4:22 PM |
Gary Aguirre is a great American.
To those who closely follow the markets, economy, Wall Street, Washington and global finance, Gary Aguirre needs no introduction. For those not aware of how great an American Mr. Aguirre is, let me inform you that he truly distinguished himself as an attorney both while working at the SEC and after he was unceremoniously pushed out of the SEC.
Was Aguirre let go by the SEC because he was another pawn in the Wall Street-Washington incestuous process? NO, anything but! Gary Aguirre flew in the face of the Wall Street-Washington incest and doggedly fought for justice in exposing an insider trading case against Arthur Samberg of Pequot Capital. Even after being pushed out of the SEC, Aguirre continued his pursuit of justice in the Pequot case.
What was the result? (more…)
Tags: Aguirre vs SEC, Art Samberg, FOIA, freedom of information, freedom of information act, GAry Aguirre departure from SEC, Gary Aguirre letter to Chris Dodd, gary Aguirre letter to Chris Dodd and Barney frank, Gary Aguirre's wrongful termination, Gary Aguirre's wrongful tremination, insider trading at Pequot, John Mack and Art Samberg, Mary Schapiro, Microsoft insidre trading, Pequot Capital, who is Gary Aguirre
Posted in General, SEC | 3 Comments »
Posted by Larry Doyle on August 4th, 2010 7:29 AM |
Washington and Wall Street are skilled at utilizing smoke and mirrors to advance their collective agenda. The simple fact is most of our Washington operatives do not understand basic financial concepts. The reality of the situation is that our supposed leaders are content to remain blind to the realities of finance as long as Wall Street continues sending campaign funds their way.
Fortunately, others in our nation take a more impassioned view of the world and aggressively question where Washington often passes. To this end, I thank a friend who shared the following letter highlighted today at the Project on Government Oversight on our new favorite topic about the lack of transparency at the SEC.
This letter is comprehensive in addressing a number of critically important points. Do you ever wish that we could have representatives from these organizations questioning not only our elected officials, but also our appointed officials such as Mary Schapiro? I wish that all the time. Please take a few minutes to ponder the issues embedded in this letter. Ask yourself whom you really believe are protecting your interests.
August 3, 2010
Senator Christopher Dodd
Chairman
Senate Committee on Banking, Housing and Urban Affairs
534 Dirksen Senate Office Building
Washington, D.C. 20510 (more…)
Tags: American Association of Law Libraries, American Library Association, Angela Canterbury, Barney Frank, Christopher Dodd, Citizens for Ethics and Responsibility in Washington, CREW, Dodd-Frank Act, Essential Information, financial regulation, financial regulatory reform, financial regulatory structure, FOIA, freedom of information act, GAP Government Accountability Project, GIM, Greenwich Investment Management, Investment advisers Act of 1940, Investment Company Act of 1940, Liberty Coalition, Mary Schapiro, OMB Watch, OpenTheGovernment.org, POGO, project on Government Oversight, Public Citizen, rule 9291, SEC, section 9291, Securities Exchange Act of 1934, Senator Patrick Leahy, Sense on Cents, Sunlight Foundation, transparency at the SEC, Washington Wall Street incest
Posted in General, SEC | 5 Comments »
Posted by Larry Doyle on August 1st, 2010 11:41 AM |
Does the SEC believe it needs to restrict the public’s access to information in order to gain the favor of those from whom it is requesting the information in the first place (that is banks, hedge funds, and money managers)? Is ‘looking toward the future’ a convenient line of reasoning when, in fact, the SEC is actually more concerned with skeletons from its past? Which skeletons might these be? Can you say Bernie Madoff and Allen Stanford? Is America supposed to take the SEC’s own internal reviews of these frauds as sufficient explanation as to the SEC’s failures on these frauds?
While many in the financial industry have little interest in ever again hearing the name Bernie Madoff, one individual in our nation continues the fight for justice from this massive fraud. To whom do I refer? Helen Davis Chaitman of Becker & Poliakoff.
Some may recall that last November I interviewed Ms. Chaitman, pro bono legal representative for a large number of Madoff investors. She provided riveting insights then and she did not disappoint on a recent interview on Fox Business. Helen is not bashful in highlighting that she plans on suing the SEC for its failings in the Madoff scam.
Is the SEC looking to restrict access to information because of Helen’s pending lawsuit? Let’s listen . . .
Helen is not only speaking up on behalf of Madoff investors, but she is truly standing up on behalf of all American investors. I commend her. No surprize that Helen is a decorated member of the Sense on Cents Hall of Fame!
LD
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Tags: Bernie Madoff, freedom of information request, Helen Davis Chaitman, Helen Davis Chaitman of Becker & Poliakoff, Madoff, Madoff Group for Investors Protection, Madoff investors, Madoff Ponzi scam, Mary Schapiro, SEC, SEC FOIA, SEC Madoff investigation, SEC restricting freedom of information
Posted in General, SEC | 1 Comment »
Posted by Larry Doyle on July 30th, 2010 4:08 PM |
Earlier this week, the SEC informed Fox Business News that it would not comply with a request for information based upon SEC Financial Regulatory Law H.R. 4173. Fortunately, some people in our country still care about transparency, accountability, and integrity. To this end, thank you to a friend of Sense on Cents for sharing this recent release:
It brings the SEC back under the Freedom of Information (FOIA) Act after the Dodd-Frank financial reg bill provided them with an exemption.
ISSA INTRODUCES THE SEC FREEDOM OF INFORMATION RESTORATION ACT (more…)
Tags: Aaron Schock, Allen Stanford fraud, Bernie Madoff Ponzi scheme, Bill Shuster, Blaine Luetkemeyer, Brian Bilbray, Dan Burton, Dodd Frank Wall Street reform and Consumer Protection Act, FOIA, Fox Business News, freedom of information act, House Committe on Oversight and Government Reform, HR 5924, Issa Introduces SEC FOIA, jason Chaffetz, Jeff Fortenberry, Jim Jordan, John Duncan, John Mica, Patrick McHenry, section 9291, Spencer Bachus
Posted in General, SEC | 3 Comments »
Posted by Larry Doyle on July 29th, 2010 12:33 PM |
Kudos to Fox Business News for leading the charge within the financial media on the need for real transparency at the SEC. FBN’s Adam Schapiro was just on chatting with Stuart Varney on this very important topic. Listen to Adam, and ponder his comments in light of the Madoff and Stanford travesties that took place literally right under the nose of the SEC. (Clicking on the image will bring you to the Fox Business News website, and the video clip will begin to play automatically.)

Who is the SEC protecting?
LD
Tags: Adam Schapiro, Adam Schapiro intreview with Stuart varney, Fox Business News, freedom of information act, GIM, Greenwich Investment Management, Larry Doyle, Mary Schapiro, SEC and FOIA, SEC regulation regarding freedom of information, Sense on Cents, Wall Street-Washington incest
Posted in General, SEC | 2 Comments »
Posted by Larry Doyle on July 29th, 2010 7:10 AM |
Is the SEC’s Inspector General David Kotz looking for a new job? How about SEC Head Mary Schapiro? Is she also looking for a new job?
Why do I ask? Is America aware that the new Financial Regulatory Reform bill, recently passed by Congress and signed into law by President Obama, will effectively close the doors and shut the blinds at the SEC in terms of people being allowed to gain access to information? Why and how do situations like this happen? Let’s navigate.
Fox News highlighted this travesty yesterday in writing, SEC Says New Financial Regulation Law Exempts It from Public Disclosure:
So much for transparency. (more…)
Tags: Financial regulatory reform bill, FOIA, Fox Business News, freedom of information act, Gary Aguirre, George Rieger, GIM, Greenwich Investment Management, Harry markopolos Don't trust the Government, Larry Doyle, mary schapiro and mark mcgwire, Mary Schapiro David Kotz, Pequot, President Obama support for transparency, SEC Financial Regulatory Law H.R. 4173, SEC OIG David Kotz, SEC transparency and disclosure, Sense on Cents, Wall Street-Washington incest
Posted in General, SEC | 15 Comments »
Posted by Larry Doyle on July 22nd, 2010 1:15 PM |
One would think the SEC’s settlement with Goldman Sachs was just the break we needed in the logjam to finally get some real truth and transparency into Wall Street business practices. Recall that the Goldman CDO Abacus represented a mere .2 of the total CDO market from 2006-2008.
There must be many more fish in that tank just waiting to get caught by the SEC. American taxpayers deserve nothing less than a full and total accounting and adjudication of the travesty and transgressions embedded in a number of structured transactions on Wall Street. Will we receive that accounting? Is the SEC sending a strong message to those on Wall Street that ‘there’s a new sheriff in town?’ Or is the SEC placating the American public, applying a sizable slap on the wrist to Goldman, and giving Wall Street a wink and a nod indicating that it is ‘business as usual?’ Let’s navigate. (more…)
Tags: Abacus CDO, Adam Pritchard University of Michigan Law School, After Goldman's Concession, business as usual, CDO underwriters, Goldman Sachs SEC, Goldman Sachs settlement, Lloyd Blankfein, Mary Schapiro, New York Times, Regulator May Be Satisfied, Robert Khuzami, SEC
Posted in General, Goldman Sachs, SEC | 4 Comments »
Posted by Larry Doyle on July 16th, 2010 7:34 AM |
Who’s next?
We can debate all day long whether the settlement of SEC charges against Goldman Sachs for $550 million is fair or not. While that debate will occur all over Wall Street and throughout the world of global finance today, the question regarding the size of this settlement is not important in and of itself. I am not saying that $550 million is not a lot of money. Nor am I saying that Goldman may be getting off easy. The only question I have is, “Who’s next? ”
Are we to think that the Goldman Abacus-CDO transaction is the only ABS-backed CDO that employed improper marketing? Do not be so naive. In fact, if Goldman employed improper marketing in one deal, are we to believe they did not do the same in many others? Do you ever find just one mouse? (more…)
Tags: Abacus settlement, ABS-CDO market, ACA, American Capital Access, Anna Katherine Barnett-Hart honors thesis, Asset backed Alert, do you ever find just one mouse, Fabrice Tourre, Goldman Sachs, Goldman settlement with SEC, Goldman's settlement with SEC, is Goldman settlement with SEC fair, John Paulson, Mary Schapiro, Paulson, Robert Khuzami, SEC settlement with Goldman Sachs, size of ABS-CDO market, Wall Street, Wall Street CDO settlements, who's got next
Posted in General, Goldman Sachs, SEC | 5 Comments »
Posted by Larry Doyle on June 29th, 2010 1:15 PM |
Thanks very much to a regular reader of Sense on Cents for sharing a fascinating story. The Government Accountability Project just released the following story regarding a significant settlement paid by the SEC to a former SEC attorney Gary Aguirre. This story highlights the Wall Street-Washington incest to the ‘nth’ degree. Will the media pick this story up and highlight it? They should.
With the details provided in this story, Gary Aguirre clearly shows himself to be a great American and as such earns immediate induction into the Sense on Cents Hall of Fame. The General Accountability Project reports SEC Settles with Aguirre:
In what may be the largest settlement of its kind, the Securities and Exchange Commission (SEC) has agreed to pay $755,000 to settle the wrongful termination claim of Gary J. Aguirre, the attorney who headed the SEC’s insider trading investigation of Pequot Capital Management until his firing in September 2005. (more…)
Tags: Arthur Samberg Pequot Capital, Chris Cox, GAP Legal Director Tom Devine, Gary Aguirre, Gary Aguirre termination, Gary Aguirre's firing, Government Accountability Project, insider trading, John Mack subpoena, Merit Systems Protection Board, MSPB, Pequot Capital Management, Pequot insider trading charge, SEC Associate Director Paul Berger, SEC OIG David Kotz, SEC Settles with Aguirre, Securities and Exchange Commission, Wall Street-Washington incest, who is David Zilkha, why do financial regulators turn a blind eye, why was Gary Aguirre fired
Posted in General, SEC | 7 Comments »