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HomeJoe Sciddurlo Drops Bombshells on FINRA
Posted by Larry Doyle on July 5th, 2011 11:09 AM |
We do not often get an insider’s perspective into the world of Wall Street regulation. That reality should not be a surprise.
Wall Street and those charged with regulating it typically play their cards very close to the vest. Getting a peek ‘over the shoulder’ at the cards held by the banks, the SEC, FINRA, and other regulators is a real treat.
Longtime followers of Sense on Cents may recall the fabulous insights provided by former SEC attorney and Madoff investigator Genevievette Walker-Lightfoot on NQR’s Sense on Cents with Larry Doyle in October 2009.
Last week, longtime and highly regarded financial journalist John Crudele of The New York Post provided a fabulous look into FINRA as he wrote another in a recent series of scathing commentaries on Wall Street’s self-regulatory organization. (more…)
Why Do We Need a Multi-Agency Financial Fraud Task Force?
Posted by Larry Doyle on November 18th, 2009 12:45 PM |
Should we take heart that the Obama administration is creating a multi-agency Financial Fraud Task Force? While there is no doubt there are massive frauds in the system, the mere creation of a task force does not necessarily mean the frauds will be rooted out. Why? If the agencies involved in the task force are themselves fundamentally and structurally flawed, then frauds will continue. If the agencies merely failed to execute or perform then perhaps this task force will expose those deficiencies and lessen fraudulent activities.
Which agencies will be involved in this task force? The Securities Industry News reports, U.S. Launches Multi-Agency Task Force to Prosecute Financial Fraud:
The task force will be led by the Department of Justice and chaired by Attorney General Eric Holder Jr., but will also include senior officials from the Department of Treasury, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve System and other major federal agencies.
Thus, this task force would seem to consist of all government agencies while being led by AG Eric Holder and the Department of Justice. What does Mr. holder have to say? (more…)
