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Posts Tagged ‘financial regulatory reform’

Making Swiss Cheese of Derivatives Reform

Posted by Larry Doyle on March 6th, 2014 5:02 AM |

In what would appear to be a classic case of pandering to the public while allowing Wall Street to effectively write its own set of rules and ‘reforms’, we witness this bait and switch tactic within the legislation pitched to the American public as having brought meaningful transparency to the derivatives markets.

Yes, that quadrillion (thousand trillion) sized market with 95% of the concentration in the 5 largest ‘too big to fail’ banks.

Thanks to our friends at POGO for highlighting the following loopholes large enough for a Mack truck: (more…)

Global Financial System: Dangerous and Dysfunctional

Posted by Larry Doyle on September 20th, 2013 8:55 AM |

I truly appreciate reading the work and gaining the wisdom of those with informed insights and opinions.

Where do I always find people of this ilk? At one of my favorite stops while navigating the economic landscape:  Project Syndicate.

While various and sundry lapdogs from both sides of the political aisle and others well-schooled in the inner workings of the Wall Street-Washington incestuous thoroughfare are touting how our financial system has been reformed, let’s go down a less traveled path and see what a noted observer has to say on this topic.  (more…)

Did We Waste The Crisis? Is the Pope Catholic?

Posted by Larry Doyle on August 13th, 2013 8:16 AM |

In late November 2008, incoming White House chief of staff Rahm Emanuel told a group of corporate executives, “you never want a serious crisis to go to waste.”

Well, here we sit almost 5 years later. Is there any doubt that in terms of utilizing the crisis to implement the necessary meaningful financial regulatory and structural reforms, we have, in fact, wasted this crisis? Come on, do we even have to ask?

Adam Davidson of The New York Times would seem to believe the same as he wrote the following in a recent commentary: (more…)

How Does FINRA Lose 8 Hours of Testimony? Wall Street’s “Kangaroo Court”

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…)

U.S. Chamber of Commerce Hits FINRA Hard

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…)

President Obama, “Are You In?”

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…)

Great American Gary Aguirre “Cross Examines” in re: SEC’s FOIA Exemption

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…)

What Really Happened at Stanford Financial?

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…)

What Will We Learn from FINRA’s Annual Meeting on 8-12-10?

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…)

SEC 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…)






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