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HomeFox Business Highlights Need for SEC Transparency
Posted by Larry Doyle on July 29th, 2010 12:33 PM |
Kudos to Fox Business News for leading the charge within the financial media on the need for real transparency at the SEC. FBN’s Adam Schapiro was just on chatting with Stuart Varney on this very important topic. Listen to Adam, and ponder his comments in light of the Madoff and Stanford travesties that took place literally right under the nose of the SEC. (Clicking on the image will bring you to the Fox Business News website, and the video clip will begin to play automatically.)
Who is the SEC protecting?
LD
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…)
The Cost of Doing Business
Posted by Larry Doyle on July 28th, 2010 7:15 AM |
It takes money to make money.
Simple business principle, correct? A basic, fundamental business tenet, right?
Well if the money it ‘takes’ is used to pay inordinate fines and penalties resulting from management’s willingness to jeopardize reputation and principle in pursuit of profit, what does that say about the business enterprise itself?
Will the $550 million fine recently imposed on Goldman Sachs fundamentally change the manner in which Goldman engages clients and operates its business? I have chuckled more than a few times upon reading that Goldman’s mortgage employees involved in the structuring, trading, and sales of the securities at the center of this entire debacle will have to undergo continuing education type classes. These classes are truly nothing more than a ‘check the box’ perfunctory exercise. Honestly, I would love to be a fly on the wall during these classes as I am sure some of the material covered and accompanying discussions would provide real comedic fodder. (more…)
Persistence Pays Off in Colorado Complaint Against E*Trade
Posted by Larry Doyle on July 24th, 2010 3:50 PM |
“The only thing necessary for the triumph of evil is for good men to do nothing.”
This quote is commonly attributed to Edmund Burke, an Irish statesman, author, orator, and political philosopher who lived in the 1700s. The depth of Burke’s words continue to resonate today. In fact, I thought of his words of wisdom when reflecting on the latest episode in the ongoing saga surrounding the auction-rate securities travesty.
No doubt there remain many miles to go and mountains to climb before real justice and full compensation are afforded all those who were defrauded in the distribution of auction-rate securities. That said, this week brought a small victory for all ARS holders — and one individual specifically — as word broke that the state of Colorado has filed a complaint against E*Trade for improperly distributing auction-rate securities. (more…)
“You’re Playing with Sharks”
Posted by Larry Doyle on July 22nd, 2010 6:20 AM |
Is it safe to go in the water? In other words, is it safe to play in the markets under the current construct? Do small retail investors truly stand a chance against the ‘big boys’ on Wall Street running high powered algorithmic trading programs and assorted other high frequency trading mechanisms? Are fundamental traders being thrown around amidst the ‘high waves’ and ‘strong surf’ pounding the shore?
No doubt, the scene on Wall Street has changed dramatically over the years. The onslaught of high frequency trading complete with a wide array of ‘bait and tackle’ such as flash orders, dark pools, naked access, co-location, and much more make it extremely challenging — if not downright daunting — for those who believe they can navigate these waters with simple ‘rod and reel.’ (more…)
How Long Will ‘Walking Pneumonia’ Economy Last?
Posted by Larry Doyle on July 20th, 2010 6:28 AM |
I have told many people that I equate our current economic situation to a serious case of ‘walking pneumonia.’ If you have suffered from that dreadful malady, as I have, you can appreciate my sentiments. While we are going to live, and will move on from our current condition, the question everybody wants to know is how long will this sluggish, sickening episode last?
I wish I was so prescient as to be able to pinpoint the month and year when our economy may return to real vitality. I am neither that smart nor that egotistical. I do strongly believe, though, that we are looking at a number of years of continued underperformance. (more…)
FINRA Transparent? Why Would They Want To Do That?
Posted by Larry Doyle on July 19th, 2010 4:36 PM |
A month ago I highlighted a list of proposals presented to FINRA which would generate a significant level of transparency into Wall Street’s self-regulator. Given everything we have gone through over the last few years, who in America would not now want greater transparency from Wall Street’s self-regulator? I wrote FINRA Owes America Answers on These Proposals:
FINRA can talk about transparency and integrity all it wants. We all know talk is cheap. FINRA’s board and executives need to show America how they truly define and embrace transparency and integrity. How so? (more…)
Sense on Cents Endorses Elizabeth Warren for Consumer Financial Protection Agency
Posted by Larry Doyle on July 17th, 2010 11:20 AM |
Elizabeth Warren
Truth, transparency, and integrity!
If our nation is to have any chance to recover from the throes of the worst economic crisis since the 1930s, it had better start elevating and embracing these aforementioned virtues. Time and time again, when we review business practices and political decisions at the center of our crisis, we have seen a glaring lack of these prized virtues. Why and how were these principles compromised? The pursuit of short term profit. Regrettably, this pursuit came at the expense — if not total violation — of these principles. The ultimate long term costs are now being borne by the nation as a whole.
Sense on Cents abhors those who would compromise these core values. Similarly, Sense on Cents embraces those who cherish these values. To that end, I strongly endorse Elizabeth Warren to head the Consumer Financial Protection Agency. (more…)
