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HomeSEC Feeling the Heat on Freedom of Information
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 »
Let’s Review “What They Said About Fan and Fred”
Posted by Larry Doyle on June 3rd, 2010 5:55 AM |
What do you have to do today? What did you do yesterday? What is on your schedule for tomorrow? What did the market do yesterday? What will the market do today? What might it do tomorrow?
America lives in the moment. While in certain circumstances that emphasis on the immediate may be helpful and appropriate, in my opinion, that approach generates a lack of real depth and understanding within our national psyche.
Real sense on cents requires a much greater understanding of the past in order to generate a much more astute projection of the future. We must hold our financial and political leaders to a similar — if not even more vigorous — standard. Regrettably, we allow the Wall Street and Washington establishments, in concert with an ineffective media, to frame our national debate. In the process, are we mere mindless lemmings being led to slaughter? (more…)
Tags: accounting at Fannie and Freddie, Alan Greenspan, armando falcon, Barney Frank, Christopher Dodd, Chuck Hagel, Chuck Schumer, Fannie Mae Freddie Mac, Franklin Raines, Gregory Meeks, I want to roll the dice, Let's review What They Said About Fan and Fred, let's roll the dice, losses at Fannie and Freddie, Maxine Waters, OFHEO, Richard Shelby, Robert Bennett, Senate Banking, sub-prime mortgages, Thomas Carper
Posted in Fannie Mae, Freddie Mac, General | 7 Comments »
Rep. Jen Hensarling (R-TX): “You Are a Sucker”
Posted by Larry Doyle on April 14th, 2010 10:10 AM |
Charity is one thing. Throwing good money after bad is an entirely different can of worms.
Is the Obama administration’s housing policy trying to be charitable in support of those who have truly fallen on hard times and need government assistance, or is it more redistributing wealth to those who made unwise financial decisions from the outset? Do Obama and team know the difference? (more…)
Tags: 12th Street Capital, Barney Frank, cash out refis, consumer credit problems, Elizabeth Warren, Foreclosure-Prevention ProgramStruggles to Make Impact, HAMP, jeb Hensarling, loan modifications, Mortgage Crisis, mortgage foreclosures, Obama Administration, Obama housing policy, redistributing the wealth, Sense on Cents, sub-prime mortgage lending, wealth redistribution by Obama, you are a sucker
Posted in General, Housing Crisis, Mortgage Crisis, Mortgages | 4 Comments »
Wall Street’s ‘Code of Silence’
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 »
SEC Oversight of Lehman, or Ignorance is Not Bliss
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 »
FINRA’s Enforcement Chief, Susan Merrill, Has Some Set of Balls
Posted by Larry Doyle on March 19th, 2010 7:36 AM |
I have grown accustomed to some truly shocking developments and resulting statements throughout the course of our economic crisis. That said, the statement I read late last night from the soon to depart Chief of Enforcement at FINRA, Susan Merrill, left me absolutely aghast.
As reported by the financial industry newsletter, Investment News, Ms. Merrill said she was,
“especially proud of the actions we brought regarding auction-rate securities….as well as vigorous actions to shut down Ponzi schemers.”
Wow. With that reflective comment on her FINRA tenure, Ms. Merrill must believe people do not read these comments, they have no understanding of their context, or America is simply stupid.
Well, Ms. Merrill, I do read these comments. I do have an understanding of their context. I would like to think I am not stupid, and I welcome sharing my reaction with the American public.
In my opinion, you have some set of balls. (more…)
Tags: Barney Frank, Darrell Issa, FINRA, FINRA 2008 Annual Report, FINRA enforcement chief Susan Merrill, Investment News Susan Merrill, Mary Schapiro, paul Kanjorski, Susan Merrill, Susan Merrill departure, will Susan Merrill talk
Posted in General | 2 Comments »
FINRA’s Enforcement Chief, Susan Merrill, Quits; How About a Subpoena?
Posted by Larry Doyle on March 18th, 2010 10:52 AM |
Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.
Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.
Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.
In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. (more…)
Tags: Amerivet Securities v FINRA, auction rate securities cases, Barney Frank, Benchmark Financial vs FINRA, Congressional inquiry into FINRA, Darrell Issa, Davis Polk Wardwell, FINRA, FINRA liquidation of auction-rate securities, FINRA oversight of Lehman Brothers, FINRA should protect investors, FINRA's Susan merrill to Exit as Enforcement Chief, lawsuits against FINRA, Mary Schapiro, merger of NASD and NYSE Regulation, paul Kanjorski, Standard Investment Chartered vs FINRA, Susan Merrill, Susan Merrill quits, Susan Merrill Wall Street Journal March 18 2010, Susan Merrill's career, Thomas Weisel auction rate securities, transparency on Wall Street, Wall Street oversight, WSJ Merrill March 18 2010
Posted in FINRA, General | 9 Comments »
Fannie Mae Blight Plagues America
Posted by Larry Doyle on February 26th, 2010 6:22 PM |
Is it any surprise that the next drawdown in a multi-billion dollar ongoing bailout gets posted at 5pm on a Friday afternoon? Not in this economy where Uncle Sam, that’s you and me boys and girls, continues to pay for the woefully mismanaged financial and legislative practices of those in Washington.
The gutless typically prefer to operate under a veil of darkness.
I am referring to the sinkhole that is the organization known as Fannie Mae, as it comes back to the well for another $15 billion. Bloomberg highlights this ongoing bleeding in writing, Fannie Seeks $15 Billion in U.S. Aid After 10th Straight Loss:
Fannie Mae, the mortgage-finance company under federal conservatorship, said it will seek $15.3 billion in aid from the U.S. Treasury after posting a 10th straight quarterly loss. (more…)
Tags: Barack Obama, Barney Frank, Chris Dodd, Daniel Mudd, Fannie Mae, Fannie Mae losses, Fannie Seeks $15 Billion in U.S. Aid After 10th Straight Loss, Franklin Raines, housing, Housing Crisis, housing policy, John Kerrey, Mortgage Crisis, Mortgages
Posted in Fannie Mae, General | 3 Comments »
Barney Frank Wants to Roll the Dice Back on Sub-Prime Lending
Posted by Larry Doyle on January 5th, 2010 4:39 PM |
If you wonder why America is broke, look no further than the individual who wanted to roll the dice on sub-prime lending, that is the Democrat from The People’s Republic of Massachusetts, Barney Frank. In an interview this morning on CNBC, Frank as much admits that maybe sub-prime lending should have been more regulated. Wow! What balls!
America doesn’t need legislators who operate by looking in the rear view mirror. With the sole exception of Frank’s remark in support of auditing the Fed, he offers platitudes that can only be compared to a social misfit. In fact, as I watched this clip, I constantly envisioned Barney collecting tickets and serving soda at a local theatre . . . said with all due respect to ticket takers and soda jerks.
For Barney Frank to effectively absolve himself of the massive and corrupt bankrupting of Freddie Mac and Fannie Mae is a sin. For America not to hold him accountable is a greater sin.
This clip runs 18 minutes. WARNING: Barf bags highly recommended!
LD
Tags: Barney Frank, Barney Frank interview on CNBC January 5 2010, Barney Frank on auditing the Fed, Barney Frank on Freddie Mac and Fannie Mae, CNBC interview with Barney Frank January 5 2010, I want to roll the dice, People's Republic of Massachusetts
Posted in Barney Frank, General | 8 Comments »
Sense on Cents 2009 Halls of Fame and Shame
Posted by Larry Doyle on January 4th, 2010 9:47 AM |
For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.
Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)
Tags: Acorn, Allen Stanford, Andrew Madoff, Angelo Haligiannis Ponzi scheme, Arianna Huffington, auction rate securites dealers, Bank Stress Tests, Barack Obama, Barney Frank, Ben Nelson, Bernie Madoff, Board of FINRA, Bob Rodriguez of FPA, Bruce Malkenhorst, Canadian Prime Minister Stephen Harper, Carmen Reinhart, cash for clunkers, Charles Bowsher, Charlie Doyle, Chris Cox, Chris Dodd, Chuck Schumer, Clifford S. Asness, Cohmad Securities, Colonel Elton Johnson Jr., Congress, Daniel Hannan, Dennis Kucinich, Dick Fuld, Edward Liddy, Elizabeth Warren, Erin Arvedlund, financial media, financial regulatory reform, Frank DiPascali, Franklin Raines and Leland Brendsel, George Rieger of GIM, George Soros, Goldman Sachs, Harvey Pitt, Helen Davis Chaitman, Helmut Kiener, Howard Kastel, incest between Wall Street and Washington, Jeff Gundlach, Jeffrey Picower, Jimmy Cayne, Joe Saluzzi, Joe the Plumber, John Edwards Mark Sanford Rod Blagoevich, John Mauldin, john wooden, Jonathan Cuneo, Jonathan Weil of Bloomberg, Judge Jed Rakoff, Judge Lawrence McKenna, Kenneth Rogoff, Larry Johnson, Larry Summers, Laurie Goodman of Amherst Securities, Lew Rockwell, Lloyd Blankfein CEO of Goldman Sachs, Madoff family, Mark Madoff, Marta Mossburg, Martin Feldstein, Mary Landrieu, Mary Schapiro, media in America, Mike Duggan of Domus, Nicholas Cosmo of Agape World, Oppenheimer Holdings E-Trade Schwab Pimco Van-Kampen Blackrock, Paul Keating, Paul Volcker, Pete Peterson Genevievette Walker-Lightfoot, Peter King, Peter Madoff, Peter Weinberg, Phil Trupp, PPIP, Raj Rajaratnam of Galleon Group, Rham Emanuel, Richard Greenfield, Richard Ketchum, Robert Benmosche, Robert Jaffe, Robert reich, Robert Rubin, Ronnie Sue Ambrosino, Ruth Madoff, Sean D'Arcy, SEC, Sense on Cents 2009 Hall of Fame Hall of, Sense on Cents 2009 Hall of Shame, Shana Madoff, Shelia Bair, Sin-Ming Shaw, SIPC, Sonny and Marcia Cohn, Steven Rattner, Susan Antilla of Bloomberg, Taylor Bean Whitaker, Tea parties, Thaddeus McCotter, The Wall Street Journal, Themis Trading, Thomas Hoenig, Tiger Woods, Tim Geithner tax cheat, Tom Lauria, truth transparency and integrity, Wall street management, Walter Noel, William K. Black
Posted in General, Sense on Cents | 30 Comments »
