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HomeAttention: All Investment Advisers and Investors…
Posted by Larry Doyle on May 3rd, 2012 7:29 AM |
The financial regulatory landscape is poised to change and, as far as I am concerned, not necessarily for the better.
Will you be merely a spectator or do you care to participate in the legislative process that WILL impact most of you? Are you an investment adviser? Are you an investor with funds managed by an investment adviser?
If you fall into either of those camps, I exhort you to get involved. I encourage you to become part of the process and the solution and not merely a bystander. How so? Let’s navigate. (more…)
Did Mary Schapiro Engage in a Fraud?
Posted by Larry Doyle on January 3rd, 2012 10:22 AM |
Will we learn in 2012 if Mary Schapiro, current chair of the SEC, and other then senior executives at the Wall Street self-regulatory organization, FINRA, engaged in a fraud?
The case addressing this question, Standard Chartered v FINRA, has been appealed to the highest court in our land.
As such, one might think that most Americans would care to learn if our nation’s top financial regulator did, in fact, engage in a fraud which had a monetary value of between $175-$350 MILLION plus. That’s right, $175-350 million plus!! Not exactly chicken feed.
Why hasn’t this case received more attention? (more…)
Sense on Cents Calls on US Supreme Court to Hear Standard Chartered v. FINRA
Posted by Larry Doyle on December 6th, 2011 9:09 AM |
I first started writing about Wall Street’s not-for-profit self regulatory organization, aka the Financial Industry Regulatory Authority (FINRA), in early 2009.
In late 2009, I first referenced Standard Chartered v. FINRA, the case in which the plaintiff alleges that FINRA and its senior executives — including current SEC Chair Mary Schapiro — lied both verbally and in writing in the merger which formed FINRA.
Why would Mary and her friends lie? (more…)
Judge Rakoff: “Truth is Confined to Secretive, Fearful Whispers”
Posted by Larry Doyle on November 28th, 2011 6:53 PM |
Many participants in our financial markets and political circles clearly have little interest in allowing a full exposition of facts and figures on a wide array of topics. Why let those trifling principles get in the way of maximizing profits and currying favor for political gain, right?
“That’s not how we roll” here at Sense on Cents. Truth, transparency, and integrity are ALWAYS the order of the day.
Our prized virtues may not be embraced in our nation and the world at large, but that does not mean we should or will ever forsake them. (more…)
Is Jon Corzine “Too Big to Be Indicted”? Part III
Posted by Larry Doyle on November 22nd, 2011 4:29 PM |
This commentary runs a little long, but I exhort you to read it in its entirety as it captures the sentiments of readers who are extremely close to or actually “in the MF arena.” Their messages are filled with real pain and anguish which is not found in the media. This is reality. I hope you will want to share this post with your friends. LD
As if $600 million in missing customer funds were not enough, recent news emanating from the debacle that defines the bankruptcy of MF Global puts the estimated misappropriation of customer funds at a cool $1.2 billion. Yes, billion with a B!
Those involved in the markets would easily ascertain that those manning the MF Global ship redirected these customer funds in an attempt to save the ship as it was going down. The customers themselves remain in a state of shock and bewilderment as to how this reality might ever have come to pass.
Meanwhile, the outrage in America burns while the lack of trust and confidence in the markets, the market makers, and those charged with protecting investors grows stronger by the day.
You don’t believe me? Read on and chew on these messages I recently received from people “in the arena”: (more…)
Jim Himes Co-Sponsors Legislation to Stop Congressional Insider Trading
Posted by Larry Doyle on November 21st, 2011 5:10 PM |
A week ago, I wrote Sense on Cents Calls Out Congress to Pass H. R. 1148 Outlawing Congressional Insider Trading.
In the midst of writing my commentary, I highlighted that:
I called my Congressman Jim Himes (D-CT) this afternoon and informed his spokesman of my initiative here at Sense on Cents. I let him know that Jim’s name will be published at Sense on Cents as supporting this legislation or not.
I got his spokesman’s attention and let him know how great the blogosphere was at spreading this type of information. He fully understood. (more…)
‘Occupy Wall Street’ Should ‘Occupy Washington’
Posted by Larry Doyle on October 7th, 2011 11:53 AM |
Is Wall Street the center of all the problems in America?
Many of those involved in the “Occupy Wall Street’ demonstrations may think so.
I strongly believe that they are wrong.
Those with a keen ‘sense on cents‘ understand that Wall Street does embody part of our national problems. They also appreciate that the stench that overhangs Wall Street is consistent with an incestuous and far stronger odor emanating from Washington. (more…)
Can Congress Read? Does It Open Mail Re: FINRA?
Posted by Larry Doyle on June 29th, 2011 1:59 PM |
Do those in Congress know how to read? Do they open their mail?
News is leaking that Congress may be inclined to have Wall Street’s self-regulator, FINRA, gain oversight of the investment advisory industry. That industry is currently regulated by the SEC and operates under a fiduciary standard.
The industry is fighting tooth and nail NOT to be regulated by FINRA which regulates broker-dealers under the less stringent suitability standard.
While the investment advisory industry and FINRA are duking it out, let’s return to my initial questions. Do those in Congress know how to read? Do they open their mail? Why do I ask? (more…)
SEC and FINRA “Accountability Is Impossible Without Transparency”
Posted by Larry Doyle on June 17th, 2011 6:46 AM |
“Good corporate governance is a system in which those who manage a company — that is, officers and directors — are effectively held accountable for their decisions and performance. But accountability is impossible without transparency.”
Truer words were never spoken. The above statement very succinctly highlights a cornerstone principle of Sense on Cents. Whomever issued this proclamation would certainly seem to be a strong candidate for the Sense on Cents Hall of Fame. Regrettably not.
Our current SEC chair Mary Schapiro offered those pearls of wisdom in December 2009 and the Washington Post concluded its commentary SEC Tightens Rules On Investment Advisers, Corporate Transparency with that quote from Ms. Schapiro. If only Mary would practice what she preached. (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…)
