Posts Tagged ‘FINRA’
Posted by Larry Doyle on October 3rd, 2012 9:05 AM |
Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks.
The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed the same helping of dog$hit.
We need look no further than a meeting held just yesterday of industry executives and securities regulators to see exactly this. (more…)
Tags: Dodd-Frank, Dodd-Frank financial regulatory reform, financial self-regulation, FINRA, FINRA meter maids, Joe Saluzzi, Market Complexity Cited in Snafus, Sal Arnuk, self-regulation on Wall Street, Themis Trading, Wall Street regulation, Wall Street regulatory reform
Posted in FINRA, General | 7 Comments »
Posted by Larry Doyle on September 19th, 2012 4:31 AM |
Reports circulating that Mary Schapiro will step down from her post at the SEC pending an Obama re-election are increasing. Unless Ms. Schapiro is relinquishing her throne in preemptive fashion I do not know why this story is even getting legs. It is certainly not uncommon for significant turnover within a President’s cabinet after the completion of a first term.
I sincerely hope that she is not in ill health but that concern is raised in a story in the New York Post, SEC You Later, Pal: Schapiro May Be Heading for The Exit,
Chatter surrounding Schapiro’s status at the regulatory agency has reached a crescendo in the past few days as an undisclosed medical procedure has resulted in her taking a leave of absence — set to end tomorrow.
An SEC official told The Post that Schapiro has been on medical leave since last Thursday and has been working from home as she recovers. (more…)
Tags: FINRA, is Mary Schapiro ill, pal New York Post, Richard Ketchum, SEC, SEC you later, Standard Chartered v FINRA, story floating about Mary Schapiro's departure, Wall Street-Washington incest, who will be the next head of the SEC, who will replace Mary Schapiro, will Mary Schapiro leave the SEC
Posted in FINRA, General, SEC | 1 Comment »
Posted by Larry Doyle on August 2nd, 2012 9:09 AM |
Wall Street’s self-regulator FINRA just celebrated its 5 year anniversary. Congratulations to them. Sympathies and condolences to the rest of us.
The Securities Technology Monitor highlights FINRA’s birthday with a grandiose slideshow presentation entitled, The First Five Years; FINRA’s Top 25 Enforcement Cases. While those at FINRA might be celebrating the anniversary with cookies, cupcakes, and lemonade, let’s take a more critical review of Wall Street’s industry-funded private police detail. (more…)
Tags: FINRA, FINRA 5 year anniversary, FINRA actions to regulate Wall Street, FINRA conflicts of interest, FINRA failures, FINRA fines, FINRA history, FINRA meter maids, FINRA naked short selling, FINRA top 25 fines, FINRA total actions taken, FINRA track record, meter maids at FINRA, Securities Technology Monitor, Securities Technology Monitor article on FINRA, self regulation charade, self-regulation on Wall Street
Posted in FINRA, General | 12 Comments »
Posted by Larry Doyle on June 20th, 2012 6:47 AM |
What are some of the great failures and subsequent lessons America has learned about Wall Street since the outset of our economic crisis 5 years ago?
Well, we have witnessed more failures and learned more lessons than I have space here to highlight. The failures and lessons actually go back a lot further than this crisis.
Regrettably, the industry titans running Wall Street and their crony capitalist partners lining their pockets in Washington have shown little to no inclination to address what Sense on Cents believes are the greatest failures and lessons.
Dodd-Frank? Nope, that doesn’t do it. Consumer Financial Protection Bureau, perhaps? Nope, not there either. See, the fix is still in on Wall Street and far too many in America are not aware of the regulatory sting being perpetrated on investors each and every day. (more…)
Tags: Ethics Rules and FINRA, failures on Wall Street, Financial Industry Regulatory Authority, FINRA, Freedom of Information Act and FINRA, how is Wall Street regulated, how to reach your Congressman, HR 4624, Investment Advisory Oversight Act, lack of transparency on Wall Street, POGO Michael Smallberg, reasons not to trust Wall Street, Wall Street regulation
Posted in FINRA, General | 13 Comments »
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…)
Tags: Committee Chairman Spencer Bachus, concerns about FINRA, David Tittsworth IAA, financial regulation, FINRA, FINRA kangaroo court, FINRA oversight of RIAs, get involved, House Financial Services Committee, how does FINRA lose 8 hours worth of testimony, HR 4624, investing in America, Investment Adviser Association, Investment Adviser Oversight Act of 2012, Larry Doyle, Mark Mensack, Mark Mensack case, oversight of RIAs, regulation of RIAs, Sense on Cents, Spencer Bachus, Wall Street arbitration
Posted in FINRA, General | 4 Comments »
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…)
Tags: abuse of capitalism, amicus brief on behalf of Standard Chartered, B-D Wants Supreme Court to Rule on FINRA Suit, Competitive Enterprise Institute, Consumer Action, control of media in United States, control of the media, Dan JAmieson Investment News, Did MAry Schapiro Engage in a Fraud?, financial frauds, FINRA, FINRA spokeswoman Michelle Ong, Ilya Shapiro of Cato Institute, Jack Norberg, Jonathan Kord Lagemann, Mary Schapiro, merger creating FINRA, NASD, NASD proxy statement, NYSE regulatory arm, PCAOB, POGO, project on Government Oversight, Scott Michelman Public Citizen Litigation Group, Standard Chartered v FINRA, United States Public Interest Research Group, United States Supreme Court, Wall Street-Washington incest, William Anderson of Cuneo Gilbert Laduca
Posted in financial frauds, FINRA, General, Mary Schapiro, NASD, SEC | 12 Comments »
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…)
Tags: Emily Lambert, FINRA, FINRA board, Jonathan Cuneo, Larry Doyle, Mary Schapiro, merger to create FINRA, proxy statement for FINRA merger, Sense on Cents, Standard Chartered, Standard Chartered v FINRA, United States Supreme Court, William Anderson
Posted in FINRA, General | 1 Comment »
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…)
Tags: ARPS, ARS, Auction Rate Securities, Bernie Madoff, credit derivatives, duty of the SEC, fearful whispers, FINRA, Frank DiPascali, Harry Markopolos, insider trading case Stephen Friedman, Jed Rakoff, Judge Rakoff ruling on SEC-Citi, Judge Rakoff SEC-Citi Settlement, Mary Schapiro, merger forming FINRA, MF Global Jon Corzine, propaganda, robo-signing abuses, SEC, SEC=Citi pact rejected by Judge Rakoff c, that's not how we roll, truth is confined to secretive
Posted in General | 5 Comments »
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…)
Tags: Abraham Investment, Andrew Abraham, Barack Obama and Jon Corzine, CFTC, FCM, Financial planning magazine, financial self-regulation, FINRA, Gary Gensler, Jon Corzine, lack of confidence in America, lack of trust in America, lack of trust in financial regulators, Larry Doyle, MF Global, MF Global bankruptcy, MF Global Customer funds, MF Global trustee, reaction to MF Global bankruptcy, SEC, Sense on Cents, SIPC, Wall Cato, Wall Street, Wall Street-Washington incest, what happened at MF Global, where are the MF Global customer funds G, will Jon Corzine be indicted
Posted in General | 13 Comments »
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…)
Tags: Congress insider trading, Congressional insider trading, Congressman Jim Himes, Financial Industry Regulatory Authority, FINRA, formation of FINRA, H.R. 1148, Himes Pushes to End Congressional Insider Trading, house Committee on Financial Services, House Financial Services Committee, insider trading in Washington, Jim Himes, Mary Schapiro, POGO, project on Government Oversight, STOCK Act, Stop Trading on Congressional Knowledge Act, what does Finra do?
Posted in General | 14 Comments »