Posts Tagged ‘paul Kanjorski’
Posted by Larry Doyle on October 12th, 2010 6:23 AM |
This story is a tad long, but it is chock-filled with a wealth of twists, turns, personalities, politicians, and much more. I strongly recommend.
Politics is clearly a contact sport. No doubt not all of the punches are above the belt.
I first referenced the Obama White House use of intimidation in the case of Tom Lauria, then lawyer for a group of Chrysler creditors. I wrote in early May 2009, Is Barack Obama Going Tony Soprano? How uncanny that the same reference is utilized today in an article centered on the impact of ObamaCare and the pending sale of three Scranton-area Catholic hospitals. American Spectator writes in regard to ObamaCare:
….the White House is confronted with a rapidly accelerating set of unintended consequences spreading across the country. As listed by theWall Street Journal, those unintended consequences included 2011 premium increases shooting up as high as 9%; “multibillion-dollar corporate writedowns by Verizon, AT&T, Caterpillar and others”; the disruption of insurance markets, a show-down with McDonald’s, the imposition of price controls on premiums, insurers withdrawing from Medicare Advantage.
In what appears to have become a pattern, the response from the Obama Administration has been repeatedly swift and harsh –compared by one critic as an episode straight out of the Sopranos, the famous HBO mobster series. (more…)
Tags: Affordable Care Act, American Spectator, Barack Obama, Bart Stupak, Catholic Health Association, chris carney, health care reform, Henry Waxman, Joe Biden, Joe Sestak, Kathlen Sebelius, Kevin Cook, Mercy Health partners CEO Kevin Cook, Mercy Hospital in Scranton PA, Mercy Hospitals, Mercy Special care Hospital in Nanticoke, Mercy Tyler Hospital in Tunkhannock, Obama White House, Obamacare, paul Kanjorski, Senator Bob Casey, Sister Carol Keehan, Sister marie parker, Sisters of Mercy hospital in Scranton PA, the president's Nun: Obamacare Scranton Scandal Explodes, The Scranton Times, Tony Soprano, WNEP anchor Paula Giangiacomo, WNEP TV Jon Meyer
Posted in General | 3 Comments »
Posted by Larry Doyle on April 7th, 2010 9:03 AM |
Shut up!!!
Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the whistle on crimes and illegal practices.
I believe this reality is all too present in many, if not most, industries in our society today. There is absolutely no doubt it is present on Wall Street. (more…)
Tags: Barney Frank, code of silence, Darrell Issa, David Kotz, FINRA, paul Kanjorski, POGO, project on Government Oversight, SEC OIG report on whistleblowers, SEC whistleblower, SEC whistleblower program, Wall Street, Wall Street business as usual, Wall Street regulation, Wall Street sro, whistleblowers on wall street, whistles on Wall Street
Posted in FINRA, General, POGO, SEC | 8 Comments »
Posted by Larry Doyle on April 1st, 2010 9:42 AM |
Ignorance is never an excuse. Whether in regard to law enforcement, financial regulation, or other forms of supervisory oversight, ignorance may be the reality . . . but we can never allow it to be used as an excuse. Regrettably, ignorance (if not worse) was clearly on rampant display as the SEC (and in my opinion, FINRA as well) failed America miserably in its oversight of Lehman Brothers.
One of my favorite financial journalists, Bloomberg’s Jonathan Weil, highlights the pathetic performance of the SEC regulators who were charged with overseeing one of the firms that catapulted our economy off a cliff. Weil writes, Wall Street’s Repo 105 Cops Wake Up From Dead:
The good news this week from the Securities and Exchange Commission is that it’s on the hunt for companies that have used Lehman-style accounting tricks to make themselves look less leveraged than they really are. Now for the downside: The headline-chasing agency is way too late, as usual. (more…)
Tags: Anton Valukas, Barney Frank, Bloomberg, Bloomberg's Jonathan Weil, Darrell Issa, financial accounting, financial leverage on Wall Street, financial regulation, financial regulators failed America, FINRA ignorance, FINRA oversight of Lehman, ignorance is never an excuse, inmates running asylum, Jim Chanos of Kynikos Associates, Lehman Brothers, Lehman Repo 105, Matthew Eichner, Matthew Eichner Federal Reserve Board, paul Kanjorski, Repo 105, SEC ignorance, SEC oversight of Lehman, Securities and Exchange Commission, short sellers, Wall Street, Wall Street accounting tricks, Wall Street inmates running the asylum, Wall Street's Repo 105 Cops Wake Up From Dead, who is Matthew Eichner
Posted in FINRA, General, Lehman, SEC | 5 Comments »
Posted by Larry Doyle on March 19th, 2010 7:36 AM |
I have grown accustomed to some truly shocking developments and resulting statements throughout the course of our economic crisis. That said, the statement I read late last night from the soon to depart Chief of Enforcement at FINRA, Susan Merrill, left me absolutely aghast.
As reported by the financial industry newsletter, Investment News, Ms. Merrill said she was,
“especially proud of the actions we brought regarding auction-rate securities….as well as vigorous actions to shut down Ponzi schemers.”
Wow. With that reflective comment on her FINRA tenure, Ms. Merrill must believe people do not read these comments, they have no understanding of their context, or America is simply stupid.
Well, Ms. Merrill, I do read these comments. I do have an understanding of their context. I would like to think I am not stupid, and I welcome sharing my reaction with the American public.
In my opinion, you have some set of balls. (more…)
Tags: Barney Frank, Darrell Issa, FINRA, FINRA 2008 Annual Report, FINRA enforcement chief Susan Merrill, Investment News Susan Merrill, Mary Schapiro, paul Kanjorski, Susan Merrill, Susan Merrill departure, will Susan Merrill talk
Posted in General | 2 Comments »
Posted by Larry Doyle on March 18th, 2010 10:52 AM |
Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.
Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.
Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.
In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. (more…)
Tags: Amerivet Securities v FINRA, auction rate securities cases, Barney Frank, Benchmark Financial vs FINRA, Congressional inquiry into FINRA, Darrell Issa, Davis Polk Wardwell, FINRA, FINRA liquidation of auction-rate securities, FINRA oversight of Lehman Brothers, FINRA should protect investors, FINRA's Susan merrill to Exit as Enforcement Chief, lawsuits against FINRA, Mary Schapiro, merger of NASD and NYSE Regulation, paul Kanjorski, Standard Investment Chartered vs FINRA, Susan Merrill, Susan Merrill quits, Susan Merrill Wall Street Journal March 18 2010, Susan Merrill's career, Thomas Weisel auction rate securities, transparency on Wall Street, Wall Street oversight, WSJ Merrill March 18 2010
Posted in FINRA, General | 9 Comments »
Posted by Larry Doyle on December 15th, 2009 2:47 PM |
Having written about the massive regulatory failures on Wall Street for the better part of 2009, I am heartened by the House Finance Sub-Committee on Capital Markets hearing last week. The bell that tolled in this hearing deserves to ring loud, long, and clear across our great land. The regulatory and insurance failures on Wall Street deserve to be exposed far beyond Sense on Cents.
Rackets operate best in the dark. Well, let’s get that flashlight out again!
For those unaware, SIPC (the Securities Investor Protection Corporation) is an insurance fund in which member firms pay premiums to cover losses. From SIPC’s own website, we learn:
What SIPC Covers . . . What it Does Not
The cash and securities – such as stocks and bonds – held by a customer at a financially troubled brokerage firm are protected by SIPC.
Among the investments that are ineligible for SIPC protection are commodity futures contracts and currency, as well as investment contracts (such as limited partnerships) and fixed annuity contracts that are not registered with the U.S. Securities and Exchange Commission under the Securities Act of 1933.
It is important to recognize that SIPC does not work the same way as the Federal Deposit Insurance Corporation in terms of blanket protection of losses.
For this insurance coverage, SIPC charged its member firms an annual premium of $150 from 1996 until April 2009. That is no joke. Wall Street firms paid a token $150 a year to promote the idea that your investments were protected. While SIPC did have a $1 billion reserve fund, that was woefully insufficient to cover the losses incurred in the Madoff scam. Make no mistake, though, the SIPC annual premium of $150 should also be looked upon as a scam.
Think of it. Individuals pay far more for auto insurance than Goldman Sachs paid for investor insurance for over 12 years.
Are you getting increasingly pissed off? America should be extremely pissed off. The SIPC coverage has been a critical part of the Wall Street racket. (more…)
Tags: Gary ackerman, Mike Conley of SEC, paul Kanjorski, SEC, SEC Chair mary Schapiro, SIPC, Standard Investment Chartered vs FINRA, Stephen Harbeck of SIPC
Posted in General, SEC, SIPC | 4 Comments »
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