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Posts Tagged ‘FINRA sanctions’

SEC Commissioner Stein Tells FINRA To Toughen Up

Posted by Larry Doyle on June 10th, 2014 9:38 AM |

“Speak softly but carry a big stick.”

Real leaders and financial cops very much appreciate that principle. Those playing politics and crony capitalism circa 2014 find it to be anathema.

Why is it that bad practices on Wall Street (e.g high frequency trading, abusive sales practices, market manipulation) are too often tolerated in Washington while costing ordinary Americans untold sums? Very simply, when the punishments do not fit the crimes the practices will perpetuate. The penalties become little more than a cost of doing business. Those ‘writing the tickets’ are little more than meter maids.

Those engaged in regulatory oversight might not appreciate these assertions but these realities are part and parcel of the self-regulatory model on Wall Street. To think otherwise is simply to be willfully blind. SEC commissioner Kara Stein recently told the folks at FINRA to take off their blinders.  (more…)

Wall Street’s Greatest Racket: FINRA’s ‘Meter Maids’

Posted by Larry Doyle on February 25th, 2014 6:45 AM |

In 2013 the six largest banks on Wall Street generated profits of $76 billion.

Last year, Wall Street’s primary self-regulatory organization FINRA imposed fines of $57 million.

Anybody still wondering why Wall Street likes being a self-regulated industry? Is Wall Street this clean or are the regulators little more than meter maids, as I have long maintained? Thanks to the folks at Sutherland Asbill & Brennan, let’s look at the fines imposed by FINRA last year and over the last 9 years (including the years prior to FINRA’s formation in 2007 as a result of the merger of the NASD and the regulatory arm of the NYSE):

Numbers don’t lie.  (more…)






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