Posts Tagged ‘Richard Greenfield’
Posted by Larry Doyle on February 20th, 2010 11:58 AM |
The target on SEC Chair Mary Schapiro’s back is getting larger and gaining more focus. How so?
The lead editorial in this weekend’s edition of The Wall Street Journal goes after Schapiro hard in writing, Mary Schapiro’s Say on Pay. While the editorial leads with the ongoing battle Schapiro and the SEC are having with Bank of America’s lack of disclosure during its merger with Merrill Lynch, the Journal quickly turns the tables on Ms. Schapiro and addresses the lack of disclosure at Ms. Schapiro’s former haunt, FINRA.
Come to papa.
Regular readers of Sense on Cents are well aware of how consistently and steadily I have been banging this FINRA drum. It is long past due that America is truly introduced to Wall Street’s self-regulatory organization, the Financial Industry Regulatory Authority (FINRA). (more…)
Tags: ARS, Auction Rate Securities, Bernie Madoff, Bloomberg News, disclosure, Dow Jones, FINRA, Madoff, Mary Schapiro, Mary Schapiro's Say on Pay, merger of Bank of America with Merrill Lynch, NASD, regulation, regulatory system, Richard Greenfield, The New York Times, Wall Street, Wall Street Journal, Wall Street Journal editorial lack of disclosure on FINRA compensation, Wall Street Journal editorial page 2 20 2010, Wall Street Journal February 20 2010 Mary Schapiro's Say on Pay, Wall Street Journal February 20 2010 Schapiro FINRA Madoff, Wall Street Journal FINRA, Wall Street Journal Mary Schapiro compensation practices at FINRA, Wall Street Journal Mary Schapiro's Say on Pay editorial February 20 2010, Wall Street regulation, WSJ editorial February 20 2010 FINRA lack of disclosure, WSJ editorial FINRA not-for-profit compensation Schapiro, WSJ editorial on MAry Schapiro February 20 2010
Posted in FINRA, General, Mary Schapiro, Wall Street, Wall Street Journal | 2 Comments »
Posted by Larry Doyle on February 18th, 2010 8:51 AM |
Judge Jed Rakoff and SEC Head Mary Schapiro
SEC Chair Mary Schapiro is on the front page of almost every major financial periodical for her ongoing pursuit to fine Bank of America for impropriety in handling its merger with Merrill Lynch.
Recall that the SEC had initially fined Bank of America $33 million last fall for its improper disclosure of Merrill’s financial figures to BofA shareholders prior to the shareholder vote approving the merger of these two financial titans.
Enter Judge Jed Rakoff who threw out the $33 million fine, calling it a ‘contrivance.’
With the ball squarely back in the SEC’s court, Mary Schapiro has now fined Bank of America a tidy sum of $150 million, but still did not pinpoint any single individual at BofA as being culpable for the impropriety. (more…)
Tags: BofA's New Settlement with SEC Smells Even Worse, hunter and hunted, hunter becomes the hunted, Jed Rakoff, jonathan Weil, merger Bank of America Merrill Lynch, proxy statements misrepresentations, Rakoff, Rakoff SEC Mary Schapiro, Richard Greenfield, rule 14a-3, rule 14a-9, SEC Bank of America Merrill Lynch Judge Jed Rakoff, SEC fines BofA
Posted in Bank of America, FINRA, General, Jed Rakoff, Merrill LYnch, SEC | 1 Comment »
Posted by Larry Doyle on February 17th, 2010 9:26 AM |
Nobody ever said it was going to be easy.
The pursuit of truth, transparency, and ultimate integrity in our financial regulatory system can only be equated to a 15 round heavyweight fight. Yesterday, the sting of opposing blows landed hard upon our face as Judge Jed Rakoff ordered FINRA documents relating to the very formation of this Wall Street self-regulatory organization to remain sealed.
Recall that the request to unseal these documents was made by attorneys representing Dow Jones, Bloomberg, and The New York Times. From the blogosphere, Sense on Cents also wrote to Judge Rakoff requesting that he order these documents to be unsealed. The information embodied in the documents addresses an allegation made by attorneys representing a plaintiff, Standard Investment Chartered, in a lawsuit filed against FINRA. The crux of that lawsuit is that then FINRA head (and current SEC Chair) Mary Schapiro and her fellow FINRA executives lied verbally during roadshows and in writing via the proxy statement issued for the merger of the NASD and NYSE Regulation to form FINRA. (more…)
Tags: Cuneo Gilbert Laduca, Douglas Cox of Gibson Dunn & Crutcher, Douglas Henkin of Milbank Tweed Hedley and McCloy, Dow Jones New York Times Bloomberg request FINRA document unsealed, FINRA, Gayle Sproul Nicole Auerbach of Levine Sullivan Koch and Schulz avn, Gibson Dunn & Crutcher, Judge Jed Rakoff, Mary Schapiro, regulatory, Richard Greenfield, Standard Investment Chartered, Standard Investment Chartered v FINRA, Thomas Golden of Wilkie Farr and Gallagher
Posted in FINRA, General, Jed Rakoff, Mary Schapiro, SEC | 5 Comments »
Posted by Larry Doyle on February 14th, 2010 7:54 AM |
Sense on Cents is bumping this story back up from its original posting for a number of reasons, including:
1. the recent comment left by Disenchanted;
2. the fact that this evening NQR’s Sense on Cents with Larry Doyle Welcomes Michael Smallberg will address this topic; and
3. most importantly, this topic deserves as much attention as possible!!
Thanks. LD
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When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When will somebody in our country display integrity and leadership while acknowledging the existence and stench of this incest? (more…)
Tags: Amerivet Securities vs FINRA, Bernie Madoff, Elton Johnson, finra auction rate securities, FINRA board, FINRA Board to review Mary Schapiro compensation, FINRA executive compensation, FINRA management, FINRA oversight, Jonathan Cuneo, Mary Schapiro, Richard Greenfield, T. Grant Callery
Posted in FINRA, General | No Comments »
Posted by Larry Doyle on February 12th, 2010 4:53 PM |
When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When will somebody in our country display integrity and leadership while acknowledging the existence and stench of this incest?
Recall that the board of FINRA was meeting this past Wednesday to address allegations of misconduct by Mary Schapiro and other FINRA execs. Although the media has presented this meeting as merely addressing questions of excessive compensation for Ms. Schapiro and others, the allegations of misconduct made by attorneys for Amerivet Securities run far deeper than that.
These allegations address the following: (more…)
Tags: Amerivet Securities, Amerivet Securities vs FINRA, Elton Johnson, excessive compensation of FINRA executives, FINRA, FINRA Bernie Madoff, FINRA board forms committee, FINRA Board of Directors, FINRA Committee to review Claim Managers are Overpaid, finra liquidation of ars, Jonathan Cuneo, Mary Schapiro, Mary Schapiro compensation, Mary Schapiro tenure at FINRA, Richard Greenfield, transparency
Posted in General | 4 Comments »
Posted by Larry Doyle on February 4th, 2010 11:40 AM |
Are the wagons circling around Mary Schapiro and her former FINRA colleagues?
Regular readers of Sense on Cents are familiar with the issues and concerns I have raised repeatedly with Wall Street’s self-regulator, FINRA. I continue to believe the issues embedded within this self-regulatory organization lie near the heart of what I deem the Wall Street-Washington nexus.
Perhaps America will learn more about these issues soon. Why? Next week, FINRA’s Board of Directors will address alleged wrongdoings by Ms. Schapiro et al. What are the issues? (more…)
Tags: Allen Stanford, Amerivet Securities, ARS, Attorney Richard Greenfield, Bear Stearns, Bernie Madoff, David Kotz, Elton Johnson, FINRA, FINRA auction-rate securities scandal, FINRA Board of Directors, FINRA books and records, Harry Markopolos, investigation of Mary Schapiro, investment losses at FINRA, Lehman Bros, losses at FINRA, Mary Schapiro, Mary Schapiro's compensation, Mary Schapiro's tenure at FINRA, Merrill LYnch, need for transparency, Richard Greenfield, subprime, transparency, wagons circling Mary Schapiro, Wall Street Washington show, Wall Street-Washington incest
Posted in General | 8 Comments »
Posted by Larry Doyle on January 4th, 2010 9:47 AM |
For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.
Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .
Sense on Cents 2009 Hall of Shame Inductees
1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)
Tags: Acorn, Allen Stanford, Andrew Madoff, Angelo Haligiannis Ponzi scheme, Arianna Huffington, auction rate securites dealers, Bank Stress Tests, Barack Obama, Barney Frank, Ben Nelson, Bernie Madoff, Board of FINRA, Bob Rodriguez of FPA, Bruce Malkenhorst, Canadian Prime Minister Stephen Harper, Carmen Reinhart, cash for clunkers, Charles Bowsher, Charlie Doyle, Chris Cox, Chris Dodd, Chuck Schumer, Clifford S. Asness, Cohmad Securities, Colonel Elton Johnson Jr., Congress, Daniel Hannan, Dennis Kucinich, Dick Fuld, Edward Liddy, Elizabeth Warren, Erin Arvedlund, financial media, financial regulatory reform, Frank DiPascali, Franklin Raines and Leland Brendsel, George Rieger of GIM, George Soros, Goldman Sachs, Harvey Pitt, Helen Davis Chaitman, Helmut Kiener, Howard Kastel, incest between Wall Street and Washington, Jeff Gundlach, Jeffrey Picower, Jimmy Cayne, Joe Saluzzi, Joe the Plumber, John Edwards Mark Sanford Rod Blagoevich, John Mauldin, john wooden, Jonathan Cuneo, Jonathan Weil of Bloomberg, Judge Jed Rakoff, Judge Lawrence McKenna, Kenneth Rogoff, Larry Johnson, Larry Summers, Laurie Goodman of Amherst Securities, Lew Rockwell, Lloyd Blankfein CEO of Goldman Sachs, Madoff family, Mark Madoff, Marta Mossburg, Martin Feldstein, Mary Landrieu, Mary Schapiro, media in America, Mike Duggan of Domus, Nicholas Cosmo of Agape World, Oppenheimer Holdings E-Trade Schwab Pimco Van-Kampen Blackrock, Paul Keating, Paul Volcker, Pete Peterson Genevievette Walker-Lightfoot, Peter King, Peter Madoff, Peter Weinberg, Phil Trupp, PPIP, Raj Rajaratnam of Galleon Group, Rham Emanuel, Richard Greenfield, Richard Ketchum, Robert Benmosche, Robert Jaffe, Robert reich, Robert Rubin, Ronnie Sue Ambrosino, Ruth Madoff, Sean D'Arcy, SEC, Sense on Cents 2009 Hall of Fame Hall of, Sense on Cents 2009 Hall of Shame, Shana Madoff, Shelia Bair, Sin-Ming Shaw, SIPC, Sonny and Marcia Cohn, Steven Rattner, Susan Antilla of Bloomberg, Taylor Bean Whitaker, Tea parties, Thaddeus McCotter, The Wall Street Journal, Themis Trading, Thomas Hoenig, Tiger Woods, Tim Geithner tax cheat, Tom Lauria, truth transparency and integrity, Wall street management, Walter Noel, William K. Black
Posted in General, Sense on Cents | 27 Comments »
Posted by Larry Doyle on December 13th, 2009 11:36 AM |
Only in Washington could the promotion and passage of a piece of legislation known as Financial Regulatory Reform overlook the Financial Industry Regulatory Authority (FINRA).
How could this happen? What does it mean? Why haven’t legislators and large parts of the media questioned this reality?
I am not saying that there are not significant elements of the reform bill passed by Congress that are not necessary. But I am questioning how and why a piece of legislation that strikes at the core of the financial industry can possibly wind its way through Congress without ever addressing FINRA, the entity charged with overseeing Wall Street and protecting investors.
Our country not only needs effective and strong financial regulatory practices but, much more importantly, our country needs effective and strong financial regulatory practitioners.
Let’s return to my questions. How could this happen? What does it mean? Why haven’t legislators and large parts of the media questioned this reality?
The fact is, Congress intentionally overlooks the ineffective practitioners of financial regulation because it would expose the extensive incest amidst the financial industry, the regulatory authority, and Washington.
If Washington truly wanted to inspire confidence in financial regulatory reform and send a strong message to America that it is seriously motivated to clean up Wall Street, our leaders would publicly support the lawsuits pending against FINRA.
Regular readers of Sense on Cents know the particulars of these lawsuits well. For newer readers, I am referring to the following: (more…)
Tags: Amerivet Securities v FINRA, Financial Regulatory Authority FINRA, financial regulatory reform, lawsuits against FINRA, Mary Schapiro, NASD, Richard Greenfield, Standard Investment Chartered v FINRA
Posted in FINRA, General | 2 Comments »
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…)
Tags: Eric Holder, financial fraud task force, financial regulation, FINRA, genevievette Walker-Lightfoot, government bureaucracy, incest between Wall Street and Washington, Richard Greenfield, SEC, structural flaws at SEC and FINRA, Wall Street regulation
Posted in FINRA, General, fraud | 2 Comments »
Posted by Larry Doyle on October 23rd, 2009 1:19 PM |
The drive for transparency in our financial regulatory system is gaining momentum. How so?
The complaint brought on behalf of Standard Investment Chartered v FINRA, NYSE Group, Mary Schapiro et al is receiving increased interest. As well it should. Why? As I have always maintained, for confidence to return to our markets and economy, it is imperative that we have transparency in our financial regulators and regulation.
In regard to this case, I wrote a Letter to Judge Jed Rakoff in re: Benchmark and Standard Investment Chartered v. FINRA on Thursday October 15th. I wrote:
. . . having attended the hearing in your chambers on October 6th on the above referenced case (I was the only member of the public or the press in attendance), I would request that you release unredacted documents pertaining to these complaints. The release of those unredacted documents would be of real public service. That service entails the ongoing public cry for real transparency in our financial industry at this time. That cry for so many of our citizens seems to go unheeded all too often. I could share dozens of comments left at my site echoing that cry.
I truly believe if a real measure of confidence in our markets and our economy is to return, it must be based on true transparency and integrity. While I have written extensively on the lack of transparency and integrity in our country, I don’t pretend to think that my site will change the landscape on this front immediately. That said, I am never discouraged to continue digging deeper, writing more, and asking the hard questions. On this front, I sincerely hope the adjudication of this case will highlight these qualities for all to see.
Barrons actually beat me to the punch and had requested a release of the same unredacted documents in a communication sent to Judge Rakoff on October 5th. Those interested in Barron’s request written by Jim McTague, the Washington D.C. editor, can access it here.
Today I learn that The New York Times is making the same request of FINRA. Stephen Labaton, senior writer for The New York Times in Washington D. C., made his request of Judge Rakoff this past Wednesday, October 21st. Those interested in the NYT request can access it here.
The drive for transparency in our financial regulatory system continues. With Barrons and The New York Times on board, that drive is gaining steam.
The American public deserves nothing less than total transparency and integrity in its markets, regulations, and regulators.
LD
Related Sense on Cents Commentary:
Nasdaq Sale: Why Would Schapiro and FINRA Execs Lie? (October 22, 2009)
Attorney Richard Greenfield Brands Mary Schapiro and FINRA Execs as “Liars” (October 19, 2009)
Tags: Cuneo Gilbert and LaDuca, jim McTague of Barrons and FINRA lawsuit, Judge Jed Rakoff, Mary Schapiro, New York Times Stephen Labaton writes about FINRA, regulation, Richard Greenfield, Standard Investment Chartered and Benchmark v FINRA NYSE Group Mary Schapiro, Standard Investment Chartered vs FINRA, Wall Street regulation, Wall Street regulator
Posted in Barrons, FINRA, General, New York Times | 2 Comments »
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