Archive for the ‘SEC’ Category
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 »
Posted by Larry Doyle on June 21st, 2010 2:04 PM |
America has learned all too well about the revolving door between financial regulators and financial firms along with their legal counterparts. While these revolving doors are not necessarily incestuous by themselves, the fact is the proximity of the relationships that develop has clearly led to an overall atmosphere filled with incest.
Has this incest crept into the corner offices of a high profile Washington D.C. based law firm? (more…)
Tags: Allied Capital Management, David Kotz, demise of Allied Capital, downfall of Allied Capital, financial regulators, George Curtis of Gibson Dunn Crutcher, Getco hiring of Elizabeth King, IG report on Allied Capital, is David Kotz investigating WilmerHale, revolving door at SEC, SEC and WilmerHale, SEC attorneys now at WilmerHale, SEC Chair mary Schapiro, SEC markets division, SEC OIG, SEC Watchdog Investigates Revolving Door Policy, Senator Charlexs grassley and Elizabeth King, The Center for Public Integrity, white collar lawyers in Washington, who is George Curtis, who is William McLucas, William McLucas of WilmerHale, WilmerHale
Posted in General, SEC | No Comments »
Posted by Larry Doyle on June 15th, 2010 9:07 AM |
Any employee in any organization knows that an internal disciplinary double standard is the quickest way to kill morale. Happens all the time, right? Likely even worse in organizations with lots of bureaucracy? Uncle Sam would not know how to operate otherwise, you say? The answers to all those questions may be the affirmative, but that does not make a double standard right nor does it mean that it should be tolerated. Why do I broach this topic?
Our friends at the Project on Government Oversight (POGO) released a report just yesterday highlighting the pathetic disciplinary measures and massive double standard at the SEC in responding to recommendations from its own Office of Inspector General (OIG). POGO reports:
….this is not the first time the SEC has refused to follow an OIG recommendation for disciplinary action. (more…)
Tags: a new SEC, accountability at SEC, Darrell Issa, David Kotz, FOIA, FWRO, investigation by POGO, Mary Schapiro, POGO, project on Government Oversight, SEC inmates running the asylum, SEC internal affairs, SEC lack of disciplinary actions, SEC OCIE, SEC OIG
Posted in General, SEC | 21 Comments »
Posted by Larry Doyle on May 20th, 2010 4:08 PM |
Thank you to a loyal Sense on Cents reader for providing a recently released report by the U. S. House of Representatives Committee on Oversight and Government Reform entitled The SEC: Designed for Failure.
Much of what the American public has been fed about the SEC has been produced by the SEC itself. With all due respect to SEC Office of Inspector General David Kotz, who is widely respected, the other internal reports produced by the SEC have the stamp of career regulator Mary Schapiro. Regular readers of Sense on Cents know I have little regard for Mary.
This Congressional committee is led by Darrell Issa (R-CA). The report highlights that amongst the SEC’s issues, a lack of funding was not one of them. What else did the report find? What does it recommend?
Executive Summary (more…)
Tags: Darrell Issa, FINRA, Harry Markopolos, Mary Schapiro, SEC Designed for Failure, SEC IG David Kotz, SEC report by Congressional Committee on Oversight and Government Reform
Posted in General, SEC | No Comments »
Posted by Larry Doyle on April 20th, 2010 1:10 PM |
Edwin P. Morrow, Chairman & CEO of IARFC
I am heartened when great Americans across our country are willing to stand up and lash out at those involved in the Wall Street-Washington incest. I crossed paths with just such an American this morning in Ed Morrow, the chairman and CEO of the International Association of Registered Financial Consultants, a non-profit educational society for the financial planning industry.
Ed wrote to his representaitve John Boehner (R-OH) on financial regulatory topics which he feels are vitally important to his members. I thank Ed for his courage to speak his mind and his willingness to let me run his letter here at Sense on Cents. Thank you to our great American Ed Morrow for writing the following: (more…)
Tags: Ed Morrow, Ed Morrow writes to John Boehner, financial planning education, financial regulatory reform, FINRA liquidation of auction-rate securities, International Association of Registered Financial Consultants, Investigation of the SEC's Response to Concerns Regarding Robert Allen Stanford's Alleged Ponzi Scheme, is SEC charge against Goldman Sachs a cover, Judge Jed Rakoff Standard Investment Chartered, Mary Schapiro board seat with Kraft and Duke Energy, Mary Schapiro board seats, Mary Schapiro's tenure at FINRA, OIG-526 Report, SEC FINRA NASD, SEC OIG review of Allen Stanford Ponzi scheme, Sense on Cents, Wall Street-Washington incest, where to learn about financial planning, who is Ed Morrow
Posted in FINRA, General, Mary Schapiro, SEC | 6 Comments »
Posted by Larry Doyle on April 19th, 2010 5:04 PM |
In the midst of all the noise surrounding the Goldman Sachs charges of fraud brought by the SEC, another interesting suit was brought. This suit puts the financial regulators, the SEC and FINRA, on the defense. Bloomberg reports, SEC, FINRA Sued in Luxembourg Over Madoff Fund Losses:
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority were accused of being liable for losses in a Luxembourg fund tied to New York money manager Bernard Madoff. (more…)
Tags: Access International Advisors LuxAlpha Sicav-American Fund, Fernand Entringer, FINRA, FINRA spokesman Brendan Intindola, Helen Davis Chaitman, Irving Picard, Jonathan Cuneo, LuxAlpha, Patrick Littaye, Pierre Delandmeter, Richard Greenfield, SEC, SEC FINRA Sued in Luxembourg over Madoff Fund Losses, SEC spokesman John Heine
Posted in FINRA, General, SEC | 4 Comments »
Posted by Larry Doyle on April 7th, 2010 9:03 AM |
Shut up!!!
Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the whistle on crimes and illegal practices.
I believe this reality is all too present in many, if not most, industries in our society today. There is absolutely no doubt it is present on Wall Street. (more…)
Tags: Barney Frank, code of silence, Darrell Issa, David Kotz, FINRA, paul Kanjorski, POGO, project on Government Oversight, SEC OIG report on whistleblowers, SEC whistleblower, SEC whistleblower program, Wall Street, Wall Street business as usual, Wall Street regulation, Wall Street sro, whistleblowers on wall street, whistles on Wall Street
Posted in FINRA, General, POGO, SEC | 8 Comments »
Posted by Larry Doyle on April 1st, 2010 9:42 AM |
Ignorance is never an excuse. Whether in regard to law enforcement, financial regulation, or other forms of supervisory oversight, ignorance may be the reality . . . but we can never allow it to be used as an excuse. Regrettably, ignorance (if not worse) was clearly on rampant display as the SEC (and in my opinion, FINRA as well) failed America miserably in its oversight of Lehman Brothers.
One of my favorite financial journalists, Bloomberg’s Jonathan Weil, highlights the pathetic performance of the SEC regulators who were charged with overseeing one of the firms that catapulted our economy off a cliff. Weil writes, Wall Street’s Repo 105 Cops Wake Up From Dead:
The good news this week from the Securities and Exchange Commission is that it’s on the hunt for companies that have used Lehman-style accounting tricks to make themselves look less leveraged than they really are. Now for the downside: The headline-chasing agency is way too late, as usual. (more…)
Tags: Anton Valukas, Barney Frank, Bloomberg, Bloomberg's Jonathan Weil, Darrell Issa, financial accounting, financial leverage on Wall Street, financial regulation, financial regulators failed America, FINRA ignorance, FINRA oversight of Lehman, ignorance is never an excuse, inmates running asylum, Jim Chanos of Kynikos Associates, Lehman Brothers, Lehman Repo 105, Matthew Eichner, Matthew Eichner Federal Reserve Board, paul Kanjorski, Repo 105, SEC ignorance, SEC oversight of Lehman, Securities and Exchange Commission, short sellers, Wall Street, Wall Street accounting tricks, Wall Street inmates running the asylum, Wall Street's Repo 105 Cops Wake Up From Dead, who is Matthew Eichner
Posted in FINRA, General, Lehman, SEC | 5 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, regulation, SEC | 20 Comments »
Posted by Larry Doyle on February 24th, 2010 6:26 AM |
In light of the Congressional hearings addressing the problems swirling around Toyota, I am reposting this commentary which was originally posted on February 12th.
*****************************************************
When regulators are in bed with industry, bad things happen. When regulators actually go to work for the industry, then really bad things happen.
Evidence of this dynamic on Wall Street is overwhelming. Yet, don’t think that Wall Street has a monopoly on this incest. Bloomberg highlights that incestuous activity has also played out in the disaster encompassing Toyota. Bloomberg reports, Regulators Hired by Toyota Helped Halt Investigations:
Former regulators hired by Toyota Motor Corp. helped end at least four U.S. investigations of unintended acceleration by company vehicles in the last decade, warding off possible recalls, court and government records show. (more…)
Tags: Auto Industry, auto regulation, blood money, Christopher Santucci, Christopher Tinto of Toyota, Congressional hearings on Toyota, highway safety, issues with Toyota, NHTSA, problems with Toyota, Regulators Hired by Toyota Helped Halt Investigations, Toyota, Toyota hearings, Toyota recalls
Posted in Auto Industry, FINRA, General, SEC, Toyota | 1 Comment »
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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, regulation, SEC | 20 Comments »