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Posts Tagged ‘Eliot Spitzer’

Spitzer: Lanny Breuer at DOJ Was a Disaster

Posted by Larry Doyle on June 20th, 2013 8:26 AM |

Hat tip to Barry Ritholtz at The Big Picture and our friends at eWallStreeter

Say what you want about Eliot Spitzer’s personal shortcomings but when it comes to many of the regulatory capture issues addressed regularly at this blog, he is not evasive or deferential as so many former pols and regulators are wont to be.

True to form, Spitzer pulls no punches in a recent Bloomberg Law interview. What does he think of the former Assistant AG for the Criminal Division of the US Department of Justice Lanny Breuer’s tenure? Simply a “disaster.”

What does he think of the revolving door, current SEC chair Mary Jo White, and the practice of “neither admit nor deny”?  (more…)

UPDATE: Naked Short Selling, “Wall St. Conspiracy?”

Posted by Larry Doyle on May 16th, 2012 4:34 AM |

How many people in America today are questioning the very integrity of our markets?

More than we can measure.

Regrettably, there has been strong evidence of practices in selected corners of Wall Street which have violated the trust of investors, betrayed any semblance of fair dealing, and destroyed the development of otherwise viable businesses and companies.

Specifically a month ago, I introduced readers to the artifice of naked short selling in promoting a documentary, “The Wall Street Conspiracy.”

Yesterday, Bloomberg dropped a bombshell on this practice in reporting . . . . .  (more…)

Will 2010 Bring Real Financial Regulatory Reform?

Posted by Larry Doyle on January 4th, 2010 12:04 PM |

Will the change in the calendar bring about change in the prospects for real financial regulatory reform? Will Wall Street and Washington recycle the streamers and party hats used for New Year’s Eve celebrations and declare that the market is up so all is well? If the general media allows the charlatans in Washington and their consorts on Wall Street to frame the regulatory reform debate, America should expect little to no change on this front. In the process, a tremendous opportunity will have been squandered and real risks for our collective future will remain.

The haggling over regulatory turf continues again with Ben Bernanke’s declaration yesterday that our housing crisis resulted not from excessively easy monetary policy but rather lax regulatory oversight of mortgage lending. Whose domain is that to regulate? Oh right, that is the charge of the Federal Reserve. The joke on the American public continues, given that Bernanke is not called on the carpet for that sort of grandstanding. (more…)

Mortgage Fraud Deserves Jail Time

Posted by Larry Doyle on November 3rd, 2009 10:34 AM |

Fraudulent actions must have consequences.

How is it that with trillions in financial losses and a variety of financial frauds readily apparent, very few individuals have been held accountable? FL, a loyal reader of Sense on Cents, has banged this drum repeatedly.

Why hasn’t this fraud been more aggressively combated? The influence of the banking lobby, primarily over the federal regulatory oversight of the financial industry.

What a shame. Are there some new sheriffs, those being state attorneys general, getting ready to ride into this mess? It would appear they are. I immediately thought of our friend FL upon reading The New York Times report, States Are Pondering Fraud Suits Against Banks.

The banking industry at large has worked in concert with its lobbyists and trade associations to keep regulators and law enforcement at bay. At the federal level, the banks have largely been successful. That success begs the question as to how deeply embedded the lobbyists are in the regulatory community. (more…)

How Does One Lose $125 Billion?

Posted by Larry Doyle on February 24th, 2009 6:00 AM |

It’s as easy as A-I-G…

While the government has pumped billions of dollars into Freddie, Fannie, the banks, the auto companies, and on and on it goes, the largest single government intervention into a private company centers on AIG. How are our investment dollars doing? reported:

“While I anticipated AIG would come back to the government begging for additional taxpayer dollars, I am disturbed that it has happened so soon,” said U.S. Representative Elijah Cummings, the Maryland Democrat who has criticized the insurer’s retention pay program, in a statement today.

The government saved AIG from collapse to prevent losses at banks that did business with the insurer.

“Counterparties around the world continue to have significant exposure to AIG, and market conditions continue to be fragile and sensitive to the potential disorderly failure of AIG,” the Fed said in a report in November.

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