transparency on Wall Street

Posts Tagged ‘transparency on Wall Street’

SIFMA to Address Investor Distrust of Wall Street . . . Really?

Posted by Larry Doyle on December 9th, 2013 6:34 AM |

When those paid to promote an organization or industry acknowledge that customers do not trust you, then you know you have a real problem.

On that note, Wall Street and, dare I say, Washington as well have real problems. Let’s navigate and work our way through some smokescreens.

The industry’s own trade organization, SIFMA (Securities Industry and Financial Markets Association), has recently launched an initiative designated as Our Partnership with You:

This is just one part of a series of initiatives that SIFMA will be rolling out to demonstrate our commitment to putting customers first.

Really? So quaint. Watch your wallets, folks. (more…)

Tags: Chet Helck SIFMA Raymond James, Citizens for Responsibility and Ethics FINRA, fiduciary standard, in bed with Wall Street, Judd Gregg SIFMA, lack of trust in Wall Street, lack of trust in Washington, openthegovernment.org FINRA, Our Partnership with You SIFMA, POGO FINRA transparency, Securities Industry Financial Marketing Association, SIFMA 2013 annual meeting, SIFMA Judd Gregg, The Institute for the Fiduciary Standard, transparency on Wall Street, trust in Washington, Wall Street trust, Washington trust, what is fiduciary standard, who is SIFMA
Posted in General, Trust, Wall Street, Wall Street Washington Incest | 7 Comments »

Sense on Cents Interview in The Register

Posted by Larry Doyle on June 7th, 2012 8:06 AM |

I was recently interviewed by the International Association of Registered Financial Consultants (IARFC) for its June publication of The Register.

As a taste of what I have to say in this hard hitting interview, I offer:

I strongly believe that a self-regulatory organization possessing absolute immunity but without total transparency and real independent oversight is little more than a license to steal. (more…)

Tags: 2012 election issues, IARFC, IARFC The Register, investment advisers, investment advisors, Larry Doyle interview IARFC, Larry Doyle interview in The Register, Larry Doyle Sense on Cents interview, major issues for 2012 election, major issues in America, major issues on Wall Street, major problems in America, major problems on Wall Street, problems in America, self-regulation on Wall Street, state of secondary education, transparency on Wall Street, who is Larry Doyle, will 2012 election solve Wall Street
Posted in General | 10 Comments »

“I Just Can’t Trust Them…”

Posted by Larry Doyle on January 20th, 2011 7:06 AM |

Screw me once, shame on you!! Screw me twice, ….

You know how that works. Yes, indeed, we do know how that works. In fact, Americans know all too well that they were badly screwed by many within the financial industry. In the spirit of fairness, there were also many consumers who screwed the system by knowingly falsifying info on mortgages and loans. From both ends, the biggest loser over the course of the last decade has been our virtues of truth, transparency, and integrity. Rest assured, though, that pursuit goes on and it is having ripple effects across Wall Street specifically and the financial industry as a whole.

I see clear evidence of this dynamic in a recent commentary at The Center for Public Integrity. Why are banks very concerned and scrambling to protect their franchise value? (more…)

Tags: abusive lending practices, Bank of America, can I trust Wall Street, Center For Public Integrity, Christine Acosta, credit freeze for small business, customer franchises, Customers Close Accounts to Protest Wall Street, financial industry, hidden bank fees, hidden credit card charges, integrity on Wall Street, JP Morgan Chase, JPM, Larry Doyle, Michael Dalrymple, screw me once, screw me twice, Sense on Cents, transparency on Wall Street, trust on wall street, truth in lending, Wall Street 2011, Wall Street bailout, Wall Street franchises, Wall Street screwing customers
Posted in General | 1 Comment »

FINRA’s Enforcement Chief, Susan Merrill, Quits; How About a Subpoena?

Posted by Larry Doyle on March 18th, 2010 10:52 AM |

Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.

Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.

Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.

In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. (more…)

Tags: Amerivet Securities v FINRA, auction rate securities cases, Barney Frank, Benchmark Financial vs FINRA, Congressional inquiry into FINRA, Darrell Issa, Davis Polk Wardwell, FINRA, FINRA liquidation of auction-rate securities, FINRA oversight of Lehman Brothers, FINRA should protect investors, FINRA's Susan merrill to Exit as Enforcement Chief, lawsuits against FINRA, Mary Schapiro, merger of NASD and NYSE Regulation, paul Kanjorski, Standard Investment Chartered vs FINRA, Susan Merrill, Susan Merrill quits, Susan Merrill Wall Street Journal March 18 2010, Susan Merrill's career, Thomas Weisel auction rate securities, transparency on Wall Street, Wall Street oversight, WSJ Merrill March 18 2010
Posted in FINRA, General | 9 Comments »

Hedge Fund Collusion to Pound Euro?

Posted by Larry Doyle on March 3rd, 2010 12:35 PM |

Meeting industry friends and colleagues for dinner, drinks, and market talk is standard fare. In fact, I would say it is good business as it is important to develop relationships within the industry.

That said, the development of these professional relationships and the interaction amongst the professionals should never come at the expense of professional ethics and integrity. I did witness more than a handful of times individuals from different shops on both the buy-side and the sell-side of the industry push the envelope very close and sometimes over that ethical line.

Not always, but very often, the ethical shortcomings involved hedge funds. Why? The revenue model for hedge funds (typically 2% asset management fee and 20% of profits derived) serves as a huge incentive for traders at hedge funds to gain an edge and act upon it as much as possible. The fact that the hedge fund traders and managers have a direct stake and an accompanying vested interest in the profits fuels this crowd like nothing else. (more…)

Tags: collusion, decline of euro, Euro, Greenlight Capital, hedge fund collusion, hedge fund model, hedge fund revenue model, Hedge Funds, Paulson and Co, SAC Capital, Soros Fund Management, TRACE, transparency on Wall Street, U.S. Probes Bearish Euro Bets, Wall Street collusion
Posted in Euro, General, Hedge Funds | 3 Comments »

The King of Wall Street Takes on the Casinos

Posted by Larry Doyle on July 22nd, 2009 7:08 AM |

Kings like control. Control drives revenue and profits.

Revenues and profits are a function of volumes and margins.

Any businessman worth his salt works tirelessly at increasing his own volume and margin while necessarily narrowing those of his competition.

Larry Fink

I see a classic case of these competitive forces at work this morning in a report from the Financial Times, BlackRock Chief Attacks Wall Street Earnings:

Larry Fink, BlackRock’s founder and chief executive, on Tuesday took aim at the “luxurious” trading profits enjoyed by Wall Street banks, saying that they have taken advantage of reduced competition to charge their customers more for even basic trades.

“There are fewer players. There is very little capital being committed by these dealers,” Mr Fink said

Little doubt The King of Wall Street, Larry Fink is irked by the ransom being charged by those running the Wall street ‘casinos.’ The king says as much in stating:

“They’re just taking the spread between the bid and the ask [the price gap between buyers and sellers] and they are making very luxurious returns,” he added.

In layman’s terms, the King is denigrating those working the Wall Street ‘casinos’ as the equivalent of toll takers on the Triborough Bridge. Who likes paying increased tolls? Nobody, and especially not a king.

What is a king to do to reinstitute some order in his kingdom? (more…)

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Posted in General | 1 Comment »