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Posts Tagged ‘mary schapiro and mark mcgwire’

Wall Street’s Meaningless ‘Mea Culpas’

Posted by Larry Doyle on May 18th, 2011 8:56 AM |

“I’m sorry. No, really I am. I did not mean to do it….er, I mean we did not mean to do it. I hope nobody got too badly hurt. Oh, sorry if you did. Really, I mean it and we mean it. I think we were well intentioned but things just got a little out of control. We will definitely try to make sure this stuff NEVER happens again…no, really. This time we definitely mean it. Will you still trust us? Please?”

Are you kidding me? Is “sorry” the best America gets for the ineptitude, incompetence, reckless and abusive behaviors of those on Wall Street and their regulatory overseers in Washington after driving our markets and economy over the cliff?

Who is issuing these meaningless mea culpas? (more…)

Transparency at the SEC? Why Would They Want to Do That?

Posted by Larry Doyle on July 29th, 2010 7:10 AM |

Is the SEC’s Inspector General David Kotz looking for a new job? How about SEC Head Mary Schapiro? Is she also looking for a new job?

Why do I ask? Is America aware that the new Financial Regulatory Reform bill, recently passed by Congress and signed into law by President Obama, will effectively close the doors and shut the blinds at the SEC in terms of people being allowed to gain access to information? Why and how do situations like this happen? Let’s navigate.

Fox News highlighted this travesty yesterday in writing, SEC Says New Financial Regulation Law Exempts It from Public Disclosure:

So much for transparency. (more…)

Mary Schapiro and Mark McGwire

Posted by Larry Doyle on January 15th, 2010 10:22 AM |

“I’m not here to talk about the past.”

Mark McGwire, the steroid abusing home run hitting phoney, may have issued a massive mea culpa this week, but his career will forever be defined by his March 2005 Congressional obfuscation.

In my strong opinion, Mary Schapiro is the financial industry’s equivalent of Mark McGwire. How so? In McGwire’s 2005 testimony, he very much wanted to position himself as a positive influence for future developments regarding the use and abuse of steroids in baseball. Fast forward to January 14, 2010 and we witness Mary Schapiro very much trying to assume the same positive position in her testimony and answers to the Financial Crisis Inquiry Commission. In Schapiro’s opening statement, Testimony Concerning the Financial Crisis, she states as much:

To assist the Commission in its efforts, my testimony will outline many of the lessons we have learned in our role as a securities and market regulator, how we are working to address them, and where additional efforts are needed. I look forward to working with the FCIC to identify the many causes of this crisis.

Oh, how kind. (more…)






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