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HomeMadoff Trial Evidence Indicts NASD/FINRA
Posted by Larry Doyle on December 11th, 2013 8:46 AM |
For five years America has been fed a line of bull$h!t that absolved the regulators at the NASD and its offspring at FINRA from their oversight responsibilities in the operation that encompassed Bernie Madoff’s Ponzi scam.
I never believed it for a second when regulators and assorted sycophants said that Madoff’s broker-dealer operation was fully separate and distinct from the Ponzi scheme.
I challenged former SEC chair Harvey Pitt in September 2009 when he tried to provide cover for the NASD/FINRA on its oversight and responsibilities related to Madoff. (Those interested can review that engagement and a lot more on the 20-minute video within this commentary.)
We awake this morning to learn startling new evidence from WSJ coverage of the ongoing Madoff trial, (more…)
Madoff Trial: Defendants Hope to Put SEC ‘On Trial’
Posted by Larry Doyle on November 6th, 2013 10:27 AM |
How did Lehman Brothers CEO Dick Fuld escape the clutches of justice while steering his firm right into bankruptcy? He played the card that many Wall Street execs have played over the last 5 years.
Fuld and other Wall Street execs maintained that the regulators were right there in their offices — or perhaps more aptly described, “in bed with” them — so if the brakes were not applied to what they were doing, then how can they be held accountable. Hell, it worked for Fuld et al so why not keep playing the card, right?
We see an iteration of this very play being called once again in the ongoing trial of former Madoff employees. Bloomberg touches upon it this morning in writing: (more…)
