Posts Tagged ‘financial regulatory reform’
Posted by Larry Doyle on March 13th, 2012 11:03 AM |
I will admit that having written extensively and aggressively about Wall Street’s self-regulator FINRA over the last three years, I did not think there was anything more I could see that would surprise me.
Today I am surprised, shocked, and saddened.
For those in our nation who have a semblance of decency and a desire to see due process reflected in legal hearings and financial arbitration, I believe you will be similarly dismayed.
The case to which I will refer strikes deep into the core of Wall Street arbitration. (more…)
Tags: 401-K fees, Broker Bankrupted by Kangaroo Court, financial regulatory reform, FINRA arbitration, FINRA Katherine Bayer, FINRA panel, how does Wall Street arbitration work, Mark Mensack, Mark Mensack Morgan Stanley, Mark Mensack whistleblower, Morgan Stanley 401-K business, regulatory capture on Wall Street, Wall Street arbitration, Wall Street whistleblower, Wall Street-Washington incest, who is Mark Mensack
Posted in FINRA, General, Wall Street Washington Incest | 20 Comments »
Posted by Larry Doyle on July 20th, 2011 8:49 AM |
Would your blood start to boil if you felt a hand in your back pocket going for your wallet? Damn right it would.
Then your blood should also boil when the topic of financial regulatory reform comes up. Why?
For the very simple reason that the quality of our financial regulations has an enormous impact on that hand reaching for your wallet.
Do you have confidence that either the crowds on Wall Street or in Washington will truly and effectively protect you from that hand? Not much, right? Me neither. Who will? (more…)
Tags: consumer and investor protections, debate over financial regulations, Dodd-Frank Act implementation, Dodd-Frank financial regulatory reform, Elton Johnson of Amerivet Securities, financial regulatory reform, FINRA Accountability and transparency, future financial regulations, hand going for wallet, Institutional Shareholder Services, investor education, ISS, Larry Doyle, POGO, quantity vs quality of financial regulation, Sense on Cents, structure of financial regulations, The SIPA, U.S> Capital Markets Competitiveness: The Unfinished Agenda, U.S. Chamber of Commerce report on financial regulation, US Chamber of Commerce, Wall Street regulation, who is Finra, who protects consumers, who protects investors
Posted in FINRA, General, regulation | 2 Comments »
Posted by Larry Doyle on May 25th, 2011 7:57 AM |
Information is everything.
Regular readers of Sense on Cents are well aware of my having written that statement on many an occasion. Those on Wall Street who gain early access to critical information have a decided advantage. Those in Washington who gain the upper hand in controlling the flow of information are also at a decided advantage.
As these realities become ever more prevalent, Americans and people worldwide are working harder and digging deeper to attain unbridled access to information in order to determine the truth and promote transparency. With major media outlets often failing us in these pursuits, where do we turn for this information? The internet.
Against this backdrop, I am not surprised to see political powers in Washington accept and embrace the reality of the power of the information superhighway and put an ‘eye in the sky’ in order to monitor the traffic. To what do I allude? (more…)
Tags: access to information, Are you in?, are you in? is obama's new rallying cry, ars nightmare, Auction Rate Securities, Director of Progressive Media & Online Response, failure of media, financial regulatory reform, FINRA, finreg, House Speaker John Boehner, Huffington Post, information is everything, Jesse Lee's new role at White House, obama 2012, obama bowing to saudis, obama in 2012, obama shaking hands with chavez, obama shaking hands with netanyahu, power of the internet, regulatory capture, Representative Grimm, Senator Jeff Sessions, Senator Jon Kyl, sense of disenfranchisement, slogan for obama re-election campaign 2012, truth transparency integrity, Wall Street-Washington incest, what is obama's new slogan for reelection, what is regulatory capture, whistleblower protection, White House Beefs Up Online Rapid Response, White House Communications Director Dan Pfeiffer, who is Dan Pfeiffer, who is Jesse Lee, will obama get reelected
Posted in Barack Obama, General, Obama Administration, Washington D.C. | 5 Comments »
Posted by Larry Doyle on September 17th, 2010 8:03 AM |
I truly believe this could be the single most important and enlightening commentary ever put forth at Sense on Cents. Although it is a little lengthy and has some legalese, if you care about truth, transparency, and integrity in our nation, take the time to read and review. You will be better for it. I encourage you to share it with friends and colleagues.
Washington still does not get it.
I strongly believe the deeply embedded Wall Street-Washington incestuous relationship was central to the erosion of our economic foundation. While that incest must be extirpated if we are to regain our economic standing, we continue to suffer through “show trials” dealing with the critically important topic of pursuing transparency across our political and financial landscape. Regrettably, the media in general provides limited coverage to this ongoing pursuit. To that end, I welcome banging this drum and engaging those in our nation who will ask the hard questions and put forth aggressive propositions so real transparency can be achieved. Even if the pursuit comes up short, the effort and goals are beyond worthy. Let’s navigate.
Yesterday, the House Financial Services Committee chaired by Barney Frank held a hearing to address the SEC’s exemptions from Freedom of Information requests embedded in the Financial Regulatory Reform legislation. Congressman Frank rolled out the red carpet to SEC Chair Mary Schapiro. From the testimony, Frank offers: (more…)
Tags: 929I, Aguirre Pequot Capital Art Samberg, Barney Frank, financial regulatory reform, finreg, FOIA, freedom of information, Gary Aguirre, Gary Aguirre John Mack, House Financial Services, Mary Schapiro, Robert Khuzami, SEC FOIA exemptions, SEC OCIE, SEC OIG David Kotz, September Wall Street Lawyer, Wall Street-Washington incest, what is 929I, who is Gary Aguirre
Posted in General | 13 Comments »
Posted by Larry Doyle on August 30th, 2010 11:05 AM |
Is this game of life a total mystery? In many respects, life is a mystery. While there are many aspects of life we may never fully understand, there are those elements for which we can gain greater understanding through research, study, transparency and disclosure.
Along these same lines, to what degree is the world of financial frauds a mystery? How much of what transpired to lead us into our current economic crisis will we never truly learn? While our financial regulators and legal representatives may work toward providing transparency and disclosure, will the American public ever learn the full extent of the two largest financial frauds of the last few years–those being the Bernard Madoff and Allen Stanford travesties.
I ask this critically important question in light of the Freedom of Information Act exemption provided to the SEC in the recently enacted Financial Regulatory Reform package. Will that exemption inhibit transparency and disclosure? Should the American public blindly accept and trust the SEC at each and every turn? How might we ever know? (more…)
Tags: Allen Stanford, bernard madoff, christopher bebel, drug traffickiing, financial fraud, financial frauds, financial regulatory reform, finreg, is life a mystery, james connolly, life is a mystery, lloyd's of london, money laundering, SEC foia exemption, sir allen stanford, stanford committed no crime ex-prosecutor testifies at trial on insurance, Stanford Financial, transparency and disclosure, Whitey Bulger
Posted in General | 6 Comments »
Posted by Larry Doyle on August 11th, 2010 12:20 PM |
Wall Street’s self-regulatory organization, FINRA, holds its annual meeting tomorrow inWashington D.C.. What will we learn? Will FINRA’s member firms vote for a number of non-binding proposals which would shine real light on the inner workings of this organization? America deserves to learn so much more than has ever been revealed about FINRA.
I have shared with many people that I believe the underlying tone of our markets would improve if FINRA were compelled to open its books and records. Why do I so strongly believe that? True transparency inherently breeds investor confidence. I made this very point to Joe Giannone of Reuters just the other day. Regular readers of Sense on Cents are fully aware of my feelings. Joe highlights the topics surrounding FINRA for a wider audience as he writes, FINRA Faces Calls to Lift Veil on Finances, Pay:
Wall Street regulator FINRA, which demands disclosure and openness from brokers, is under pressure to lift the veil on its own affairs.
The Financial Industry Regulatory Authority, a private corporation that regulates the nation’s 4,700 brokerages, will learns at its annual meeting on Thursday how many support a dissident’s call for more transparency. (more…)
Tags: Amerivet, Elton Johnson, financial regulatory reform, FINRA Annual meeting 8-12-10, FINRA Bernie Madoff, FINRA Board of Directors, Finra investment portfolio, FINRA proxy, Joe Giannone of reuters, Jonathan Cuneo, Mary Schapiro, nancy Condon, Richard Ketchum, what does Finra do?, what is FINRA's role, who is Elton Johnson, who is Finra
Posted in General | 6 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, 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 July 12th, 2010 11:28 AM |
Will financial regulatory reform truly change the Wall Street landscape and insure that America never again experiences the economic crisis of the last few years? While we will likely see a number of our political operatives at 1600 Pennsylvania Avenue and on Capitol Hill waving flags and banging drums when the reform measures are inevitably passed, let’s listen to some political and financial insiders who have a different take.
Paul Volcker, former Fed chairman and current White House economic adviser, is clearly looking to clear his name prior to the passage of this reform. He spoke at length in an article released by The New York Times, Volcker Pushes for Reform, Regretting Past Silence. Paul dropped the following bomb: (more…)
Tags: financial regulatory reform, Michael Lewitt of Harch Capital, Paul Volcker, tackling Anti-Social Financial Behavior, Volcker Pushes for reform Regretting Past Silence
Posted in General | 2 Comments »
Posted by Larry Doyle on July 8th, 2010 1:27 PM |
How often have you experienced a situation in which somebody tries to project an air of leadership while truly dodging an issue? In the course of my career, I have witnessed this reality all too often. When and why does this occur? Typically, managers who are weak and overly political play this card. Washington plays this game all the time. The Obama administration has made an art of forming committees to study issues.
Our ‘so called’ leaders would like to project themselves as real leaders doing the people’s business, meanwhile they are beholden to other constituencies. God forbid they actually take a stand and show their true mettle. So we witness our politicians agreeing to ‘study’ issues, which is more often the equivalent of putting issues on the back burner or letting them die on the vine. Who wins? Lobbyists. Who loses? Average Americans. Who tries to save face? Our political cowards. (more…)
Tags: financial regulatory reform, financial regulatory reform studies, Larry Doyle, politics, Sense on Cents, Wall Street reform, Washington D.C.
Posted in General | 3 Comments »
Posted by Larry Doyle on May 26th, 2010 11:30 AM |
I am all for financial regulatory reform, but as I wrote the other day I do not trust Washington. I witness further reason not to trust the wizards in Washington after reviewing a gem buried in the Senate’s version of financial regulatory reform.
You likely will not see this in the mainstream media, but thanks to CNS News for reporting Senate Democrats Pass Bill Allowing Government to Collect Addresses, ATM Records of Bank Customers:
Senate Democrats united to pass a financial regulatory bill that allows the government to collect data on any person operating in financial markets at any level, including the collection of personal transaction records from local banks that list customers’ addresses and ATM receipts. (more…)
Tags: ATM receipts, ATM records, big brother, big brother is watching, Bureau of Consumer Financial Protection, CNS News, consumer protection, do you trust Uncle Sam, financial reform, financial regulatory reform, Senate Bill Allows Government to collect Addresses ATM records, trust, trust Uncle Sam
Posted in General, regulation | 6 Comments »
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