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Posts Tagged ‘self-regulation’

Wikileaks: How Banks Will Continue to Rule the World

Posted by Larry Doyle on June 20th, 2014 10:57 AM |

I had a little wind in my sails this morning when I saw a lead article in today’s Wall Street Journal regarding the pathetic investor protection provided by the meter maids at FINRA. While adding a little spice to the mix by commenting on that article, I got blown away by a tsunami coming from another direction.

Let’s navigate.

Not that there was ever any doubt that the major global banks rule the world (and will likely continue to do so), a riveting press release put out just yesterday by Wikileaks confirms this reality. Major props to Yves Smith at Naked Capitalism for bringing attention to the Wikileak press release, Secret Trade in Services Agreement (TISA). The serious students in the crowd will have plenty to chew on and digest in the Agreement.

For those more inclined to study from the Cliff Notes, let’s give thanks to Professor Jane Kelsey of the University of Auckland, New Zealand who brings real transparency to the proposed Agreement in her Analysis Article also released by Wikileaks(more…)

FINRA Broker Check: Watch Your Wallet, Folks

Posted by Larry Doyle on April 17th, 2014 10:54 AM |

Of all the questions facing investors these days, I would think two of the most important are: (1) with whom are you doing business? (2) how much are you paying for the investment product being pitched to you?

Watch this 6-minute clip and you will understand why I write at length, both at my blog and in my book, on the need for real transparency on Wall Street and especially within the regulatory system so as to help people avoid the perils and pitfalls that inevitably come their way when unsavory characters call on them.

I touched on this topic a few weeks back to expose the fact that Wall Street’s self-regulatory organization FINRA allowed close to 97% of the data on its Broker Check system to be “expunged” over a two and a half year period (mid-2009 to late 2011).

What might they have allowed the industry to hide in doing so? Even the host takes a less than subtle shot at FINRA in this segment.

Watch your wallet, folks.

Navigate accordingly.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or by e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’

Please subscribe to all my work via e-mail.

The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

Wall Street’s SRO Police Take MAJOR Hit

Posted by Larry Doyle on October 3rd, 2013 8:58 AM |

Did you feel a sizable tremor running between Washington and Wall Street overnight? I did.

At the epicenter of this tremor was the first meaningful questioning of the practice of self-regulation on Wall Street by their governmental overseers at the SEC.

Securities and Exchange Commission Chairman Mary Jo White opened the door to a potential overhaul of financial-market oversight, saying the special regulatory status of U.S. exchanges may not best serve investors or public companies.

Wow. That simple statement may never lead anywhere, but the mere fact the SEC issued a statement of this sort is a tidal shift of epic proportions. Who else echoed the sentiments of this seismic activity?  (more…)

FINRA’s ‘2009 Year in Review’: INCOMPLETE

Posted by Larry Doyle on June 22nd, 2010 10:32 AM |

What good is a 2009 Annual Report released in September 2010?

Picture a student informing his teacher that he has not been able to complete his 75-page year end review, but that he will surely get it done over the summer and “I’ll have it for you when school starts back up in September.” Additionally, the student tries to ingratiate his teacher by submitting a 6-page summary year in review. If this were not so pathetic it may actually be comical, but my friends this is what we are subjected to by the Wall Street self-regulator FINRA. How so?

FINRA Chairman and CEO Rick Ketchum just released a magnanimous 6-page 2009 Year in Review while informing America that the full 2009 FINRA Annual Report will not be released until September.

American citizens and investors are experiencing one of the most dramatic, traumatic, and anxiety-ridden financial and economic period in our nation’s history, and all we get is a 6-page summary.

The FINRA 2009 Year in Review will not take long to critique, but suffice it to say the grade on this review will certainly be “INCOMPLETE.” (more…)

Sense on Cents Calls for Independent Investigation of FINRA

Posted by Larry Doyle on March 27th, 2010 4:51 PM |

PLEASE READ and ENDORSE THIS CALL for an INDEPENDENT INVESTIGATION. PLEASE SHARE. Thanks!! LD

I have publicly stated time and again that I believe the Wall Street self-regulatory organization, FINRA, did sit and likely still sits at the nexus of the Wall Street-Washington incest that has brought our nation’s economy to its knees.

Regrettably, we have had no Congressional inquiries into the failures at FINRA. Dare I say, we have had no public pressure from the media to drive a Congressional inquiry.

I am tremendously sickened by Congress not working for America’s citizens interests by investigating FINRA. Please recall that FINRA not only failed to protect investors, but there are strong allegations that FINRA itself participated in some of the greatest frauds on Wall Street via its own internal investment portfolio. Which frauds?

We know they dumped $647 million auction-rate securities in mid-2007 and likely front ran the ARS market while doing it. I unearthed the fact that FINRA owned these ARS in January 2009 when reading FINRA’s 2007 Annual Report. Meanwhile, $150 BILLION held by thousands of investors remains in frozen ARS investments.

There is an outstanding allegation that FINRA invested its own funds in Bernie Madoff. We know they failed to properly regulate and monitor Lehman, Bear Stears, and Merrill Lynch. How much more should Congress need to know?

FINRA needs to be introduced to the American public and investigated by Congress. FINRA has not even received direct focus or attention in Senator Dodd’s proposed Financial Regulatory Reform.

We can sit idly by and allow Wall Street and Congress to dictate to us or we can do something. I choose the latter. I want this post and this site to be the lightning rod to bring attention to how Wall Street’s self-regulation, embodied in FINRA, drove our economy into the ditch.

Please add your support by leaving a comment endorsing this investigation. I intend to keep a focus on this topic until FINRA’s failures are fully exposed and people are held to account. Get your friends and colleagues to do the same. If we can create a groundswell of support, I feel confident I can get some selected media friends to pick this up. From there, I welcome leading this march to Washington.

The American public and American investors deserve nothing else.

Any questions. Please do not hesitate to ask here or write me at senseoncents@aol.com.

Who’s with me?

FINRA must be independently investigated. America needs to learn how the Wall Street cop was not only asleep, but also in bed with the financial industry as Wall Street brought America to the brink of disaster.

LD

The BIG Hole in Financial Regulatory Reform

Posted by Larry Doyle on March 22nd, 2010 4:24 PM |

Why am I so skeptical that Senator Chris Dodd’s proposed Financial Regulatory Reform (for overachievers in the audience, the link connects to the 89-page proposal) will truly change behaviors on Wall Street? For the very simple reason that I have seen no highlighting of the Financial Industry Regulatory Authority within the proposed Financial Regulatory Reform. Strike you as a little odd? It strikes me that the Wall Street lobby is hard at work keeping its self-regulator, that being FINRA, right where they want it.

Against this backdrop, I was pleasantly surprised to see highly regarded Barron’s columnist Jim McTague reference that the proposed reform would promote transparency and accountability of FINRA. (more…)






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