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HomeAnother Oppenheimer ARS Investor Unloads on New York AG Cuomo
Posted by Larry Doyle on March 8th, 2010 8:12 AM |
Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country.
The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for his recent settlement with Oppenheimer Holdings. Rather than reading my opinion of Cuomo’s settlement, let’s listen to an investor (who remains nameless for obvious reasons). In my opinion, this individual’s letter speaks volumes and echoes the sentiments of thousands of investors who continue to hold the $150 BILLION in frozen ARS. (more…)
Markopolos on SEC: “A Bunch of Idiots”
Posted by Larry Doyle on February 28th, 2010 12:23 PM |
Harry Markopolos has become a household name in the realm of financial regulatory oversight. Harry earned his stripes for his dogged pursuit of the Madoff scam, especially in light of the lack of support from the SEC.
Harry characterized the SEC as incompetent during his initial Congressional testimony addressing the Madoff scam early last year. During that testimony, Harry characterized FINRA as “in bed with the industry.”
Who in America did not view Harry as a hero for his determination and drive in exposing the Madoff scam?
In light of Harry’s work over the years, I was somewhat befuddled by Harry’s excessively complimentary remarks directed toward Mary Schapiro last fall during Congressional testimony highlighting SEC Inspector General’s David Kotz’ review of the SEC’s handling of the Madoff affair. Harry seemed to lose his disdain for Mary and the SEC.
Well, Harry has regained his edge and his contempt for the SEC. (more…)
Madoff Investors Sue SIPC = Main St. Sues Wall St.
Posted by Larry Doyle on February 25th, 2010 11:35 AM |
I highlighted yesterday the fact that Madoff investors planned to sue SIPC. Further details on this suit are in a press release today. I view this lawsuit as nothing short of Main Street suing Wall Street.
Game on!!
MADOFF VICTIMS SUE SIPC DIRECTORS FOR PERPETRATING MASSIVE INVESTMENT INSURANCE FRAUD AGAINST AMERICAN INVESTORS
Suit charges SIPC fraudulently induced Madoff investors to believe they had up to $500,000 insurance coverage on securities and seeks compensatory and punitive damages
New York, NY – Three New Jersey Madoff investors have sued the directors and key officers of the Securities Investor Protection Corporation (SIPC) for what they allege is a massive investment insurance scam. (more…)
Madoff Investors Suing SIPC
Posted by Larry Doyle on February 24th, 2010 2:39 PM |
You can rest assured that the powers that be on Wall Street would just as soon have the Madoff saga over. The Madoff scam perpetrated on investors is an ugly reminder of the non-existent financial regulatory system during the better part of the last twenty years.
I also believe many in Washington also might like to see the Madoff saga quietly pass by. The failures of the SEC, FINRA, and SIPC in this greatest of scams are an ugly reminder of the Wall Street-Washington incest.
Well, while many of the incestuous partners would like to turn the page, there remains a lot of filth that still needs to be cleaned up and a lot of individuals and institutions that need to be held to account. (more…)
Is FINRA’s Future in Doubt?
Posted by Larry Doyle on February 23rd, 2010 2:04 PM |
Are the days of Wall Street’s self-regulatory organization known as FINRA numbered?
In the opinion of the very credible Project on Government Oversight, they should be. Why? Significant failures, massive conflicts of interest, and more. POGO’s comprehensive and scathing letter to four separate House and Senate committees touches upon every failing within FINRA, with the exception of the integrity of the proxy statement used in the formation of the organization itself. Strong allegations in a current lawsuit against FINRA make the case that Mary Schapiro lied verbally during roadshows and in the proxy statement. (For details on this lawsuit read here.)
Despite not addressing the issues embedded in that lawsuit, POGO touches all the other bases and covers all the other issues surrounding this organization. (more…)
WSJ Hits Mary Schapiro Hard on ‘Say on Pay’ but That’s Only Tip of the Iceberg
Posted by Larry Doyle on February 20th, 2010 11:58 AM |
The target on SEC Chair Mary Schapiro’s back is getting larger and gaining more focus. How so?
The lead editorial in this weekend’s edition of The Wall Street Journal goes after Schapiro hard in writing, Mary Schapiro’s Say on Pay. While the editorial leads with the ongoing battle Schapiro and the SEC are having with Bank of America’s lack of disclosure during its merger with Merrill Lynch, the Journal quickly turns the tables on Ms. Schapiro and addresses the lack of disclosure at Ms. Schapiro’s former haunt, FINRA.
Come to papa.
Regular readers of Sense on Cents are well aware of how consistently and steadily I have been banging this FINRA drum. It is long past due that America is truly introduced to Wall Street’s self-regulatory organization, the Financial Industry Regulatory Authority (FINRA). (more…)
Disenchanted FINRA Member Speaks Out
Posted by Larry Doyle on February 15th, 2010 7:53 AM |
In an attempt to draw further attention to the questions of serious ethical issues in and around Wall Street’s self-regulatory organization FINRA, I am highlighting a comment left at Sense on Cents the other day. While protecting the identity of this individual for obvious reasons, I can vouch for the fact that this person works for a FINRA member firm and was present during the road shows promoting the merger of the NASD and NYSE Regulation to form FINRA.
I commend this individual for speaking out. I second the call to fully investigate the FINRA executives involved in the very formation of this organization and then the manner in which it was run.
FINRA and its board need to be compelled to fully open the books and records of this organization and its predecessors. Only then might America learn the answers to the following questions: (more…)
FINRA Board to Form Committee to Review Claims of Schapiro Misconduct
Posted by Larry Doyle on February 14th, 2010 7:54 AM |
Sense on Cents is bumping this story back up from its original posting for a number of reasons, including:
1. the recent comment left by Disenchanted;
2. the fact that this evening NQR’s Sense on Cents with Larry Doyle Welcomes Michael Smallberg will address this topic; and
3. most importantly, this topic deserves as much attention as possible!!
Thanks. LD
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When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When will somebody in our country display integrity and leadership while acknowledging the existence and stench of this incest? (more…)
FINRA Board to Address Allegations of Schapiro Misconduct
Posted by Larry Doyle on February 4th, 2010 11:40 AM |
Are the wagons circling around Mary Schapiro and her former FINRA colleagues?
Regular readers of Sense on Cents are familiar with the issues and concerns I have raised repeatedly with Wall Street’s self-regulator, FINRA. I continue to believe the issues embedded within this self-regulatory organization lie near the heart of what I deem the Wall Street-Washington nexus.
Perhaps America will learn more about these issues soon. Why? Next week, FINRA’s Board of Directors will address alleged wrongdoings by Ms. Schapiro et al. What are the issues? (more…)
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…)
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Posted in Bernie Madoff, FINRA, General, Harry Markopolos, Madoff, Mary Schapiro, SEC, regulation | 16 Comments »