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Posts Tagged ‘Standard Investment Chartered v FINRA’

FINRA Immunity Without Transparency Is “A License to Steal”

Posted by Larry Doyle on March 2nd, 2010 10:40 AM |

Judge Jed Rakoff’s ruling to dismiss the complaint by Standard Investment Chartered v FINRA based on the regulator having absolute immunity generated a consistent response from readers and colleagues. What is the theme of that response?

A comment by Bill, a loyal Sense on Cents reader, seems to sum it up best:

Interesting that FINRA has the benefit of a quasi governmental entity, i. e. immunity, but not the customary burden of a governmental entity–transparency. Otherwise known as a license to steal. (more…)

Judge Rakoff Orders FINRA Documents to Remain Sealed

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…)

Judge Jed Rakoff’s Ruling on Unsealing FINRA Documents…

Posted by Larry Doyle on January 20th, 2010 10:09 AM |

…will be delivered by February 15th.

Will America ever learn if current SEC Chair and former FINRA head Mary Schapiro and fellow FINRA executives lied verbally and in a proxy statement regarding the merger of NYSE Regulation and the NASD to form FINRA?

Having attended hearings on this case (Standard Investment Chartered v FINRA) in Judge Jed Rakoff’s chambers in October and been informed of further deliberations in December, I was hopeful last Thursday that Rakoff would order the details of pertinent FINRA documents to be made public. Recall that The New York Times, Dow Jones, Bloomberg, and Sense on Cents have all requested the release of these documents.

I was back in Judge Rakoff’s chambers last Thursday. (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…)

Financial Regulatory Reform Overlooks the Financial Industry Regulatory Authority

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…)

No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Richard Greenfield, Sunday Night at 8PM EDT

Posted by Larry Doyle on October 17th, 2009 2:31 PM |

UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar.

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The detonation of the bombs that have hit our economy may have been launched on Wall Street, but certainly the collateral damage has been experienced nationwide if not globally. While regulators were admittedly asleep at the wheel during these attacks, who in our country is now positioned to hold bankers and regulators accountable? The media? Please. Will regulators hold themselves truly accountable? Maybe on a going forward basis, at best. Then who?

Please join me this Sunday October 18th from 8-9pm EDT for No Quarter Radio’s Sense on Cents with Larry Doyle as I welcome Richard Greenfield for what will assuredly be a riveting conversation. Who is Richard Greenfield and what areas of expertise does his firm Greenfield and Goodman occupy? Why am I so excited to have him on my show?

Greenfield and Goodman concentrates its practice in complex financial litigation and, particularly, in corporate governance, banking, consumer rights and shareholder litigation.  As a direct result of the efforts of the Firm and its predecessors, many millions of dollars have been recovered for defrauded investors and other persons injured by illegal corporate activities and obtained fundamental changes in corporate governance, particularly in the areas of control procedures and risk management. The Firm and its predecessors have also been responsible for obtaining a number of particularly noteworthy judicial opinions which have not only strengthened consumer and investor rights generally, but substantially aided in the prosecution of complex litigation to preserve such rights.

As for Mr. Greenfield himself, he has a resume that just won’t quit:

RICHARD D. GREENFIELD has been admitted to practice before the Supreme Court of the United States, the Courts of Appeals for the Second, Third, Fifth, Ninth and Eleventh Circuits, various federal district courts, as well as the Courts of the Commonwealth of Pennsylvania, the State of New York and the State of Maryland.  Mr. Greenfield is a 1965 graduate of the Cornell Law School, where he was awarded a J.D. In addition, he has earned degrees in Accounting (B.S. Queens College) and Business Administration (M.B.A. Columbia University Graduate School of Business).

Mr. Greenfield is thoroughly experienced in banking, securities and consumer litigation, having served as Lead or Co-Lead Counsel for plaintiffs in  shareholder class and derivative actions alleging violations of the federal securities laws and/or breaches of corporate governance standards, in class actions brought on behalf of trust beneficiaries against major trustee-banks as well as in a wide variety of banking and consumer fraud cases. Mr. Greenfield founded and was Senior Partner in a 48 lawyer Pennsylvania-based law firm that specialized in such litigation; it was disbanded in 1993.

Rather than listing the major periodicals and news outlets in which Mr. Greenfield has been featured, it would be easier to list those in which he has not.

In the midst of all of his other professional and philanthropic activities, Mr. Greenfield is currently representing Benchmark Financial, Standard Investment Chartered, and Amerivet Securities in complaints against the Wall Street self-regulatory organization FINRA.

In the spirit of continually pursuing transparency and integrity along our economic landscape, please join me this Sunday evening for what will assuredly be a fascinating discussion with Richard Greenfield.

This show, as with all of my shows, is taped and archived along with being available as a podcast on iTunes.

LD






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