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Posts Tagged ‘Steve Kroft 60 Minutes’

60 Minutes: The Case Against Lehman and Financial Regulators

Posted by Larry Doyle on April 23rd, 2012 7:28 AM |

Having been away for the weekend, I missed last night’s edition of 60 Minutes and thank a loyal reader who brought it to my attention.

How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so real justice can be meted out?

We keep coming back to the same old question: Where were the regulators, both the SEC and FINRA? Pervasive evidence over the years continues to persist that our regulators were and are fully and totally captured as they served to protect Lehman and virtually every other major Wall Street firm. The fact that the SEC has still not chosen to pursue Lehman executives is a massive indictment of our financial regulatory system. This is not a difficult assessment to make. Enough with the sovereign immunity for the SEC and absolute immunity for FINRA. Put these institutions and appropriate individuals on trial along with the appropriate Lehman execs…and many more. The integrity of our nation is at stake.

Watch this 13 minute video and ask yourself the question, “Is our system corrupt”? (more…)

Stock Act: Penalty Does NOT Fit the Crime

Posted by Larry Doyle on April 5th, 2012 7:53 AM |

America only had to wait for a 60 Minutes expose and more than half a decade to witness our elected representatives pass a meaningful piece of legislation addressing insider trading on Capitol Hill. If those two basic facts do not speak volumes as to the quality of character of those governing our nation, then let’s navigate further.

President Obama’s signing of the STOCK Act outlawing insider trading in Washington is heralded as a major achievement. If that is the case, then we are holding the bar exceptionally low.

I will grant that our nation is better off having the STOCK Act than not, but let’s hold the applause. As a further reminder that there are two sets of standards in our nation, let’s review how ‘justice’ is defined within the realm of insider trading.  (more…)






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