Posts Tagged ‘Wall Street regulation’
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
In December 2011, President Obama was interviewed on 60 Minutes and had the following exchange with CBS’ Steve Kroft in regard to behaviors on Wall Street:
KROFT: One of the things that surprised me the most about this poll is that 42%, when asked who your policies favor the most, 42% said Wall Street. Only 35% said average Americans.
My suspicion is some of that may have to do with the fact that there’s not been any prosecutions, criminal prosecutions, of people on Wall Street.
And that the civil charges that have been brought have often resulted in what many people think have been slap on the wrists, fines. “Cost of doing business,” I think you called it in the Kansas speech. Are you disappointed by that? (more…)
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »
Posted by Larry Doyle on October 3rd, 2012 9:05 AM |
Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks.
The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed the same helping of dog$hit.
We need look no further than a meeting held just yesterday of industry executives and securities regulators to see exactly this. (more…)
Tags: Dodd-Frank, Dodd-Frank financial regulatory reform, financial self-regulation, FINRA, FINRA meter maids, Joe Saluzzi, Market Complexity Cited in Snafus, Sal Arnuk, self-regulation on Wall Street, Themis Trading, Wall Street regulation, Wall Street regulatory reform
Posted in FINRA, General | 7 Comments »
Posted by Larry Doyle on June 20th, 2012 6:47 AM |
What are some of the great failures and subsequent lessons America has learned about Wall Street since the outset of our economic crisis 5 years ago?
Well, we have witnessed more failures and learned more lessons than I have space here to highlight. The failures and lessons actually go back a lot further than this crisis.
Regrettably, the industry titans running Wall Street and their crony capitalist partners lining their pockets in Washington have shown little to no inclination to address what Sense on Cents believes are the greatest failures and lessons.
Dodd-Frank? Nope, that doesn’t do it. Consumer Financial Protection Bureau, perhaps? Nope, not there either. See, the fix is still in on Wall Street and far too many in America are not aware of the regulatory sting being perpetrated on investors each and every day. (more…)
Tags: Ethics Rules and FINRA, failures on Wall Street, Financial Industry Regulatory Authority, FINRA, Freedom of Information Act and FINRA, how is Wall Street regulated, how to reach your Congressman, HR 4624, Investment Advisory Oversight Act, lack of transparency on Wall Street, POGO Michael Smallberg, reasons not to trust Wall Street, Wall Street regulation
Posted in FINRA, General | 13 Comments »
Posted by Larry Doyle on July 20th, 2011 8:49 AM |
Would your blood start to boil if you felt a hand in your back pocket going for your wallet? Damn right it would.
Then your blood should also boil when the topic of financial regulatory reform comes up. Why?
For the very simple reason that the quality of our financial regulations has an enormous impact on that hand reaching for your wallet.
Do you have confidence that either the crowds on Wall Street or in Washington will truly and effectively protect you from that hand? Not much, right? Me neither. Who will? (more…)
Tags: consumer and investor protections, debate over financial regulations, Dodd-Frank Act implementation, Dodd-Frank financial regulatory reform, Elton Johnson of Amerivet Securities, financial regulatory reform, FINRA Accountability and transparency, future financial regulations, hand going for wallet, Institutional Shareholder Services, investor education, ISS, Larry Doyle, POGO, quantity vs quality of financial regulation, Sense on Cents, structure of financial regulations, The SIPA, U.S> Capital Markets Competitiveness: The Unfinished Agenda, U.S. Chamber of Commerce report on financial regulation, US Chamber of Commerce, Wall Street regulation, who is Finra, who protects consumers, who protects investors
Posted in FINRA, General, regulation | 2 Comments »
Posted by Larry Doyle on April 11th, 2011 8:20 AM |
While Uncle Sam in the persons of Ben Bernanke, Tim Geithner et al may promote the fact that our capital markets currently are a reflection of a rebound in capitalism, they would be wrong.
Our markets and the Wall Street banks that dominate them no more embody the true tenets of capitalism than the incestuous nature of the Wall Street-Washington relationship truly represents the best interests of the American public. As The New York Times highlighted this weekend, Banks Are Off the Hook Again,
Americans know that banks have mistreated borrowers in many ways in foreclosure cases. Among other things, they habitually filed false court documents. There were investigations. We’ve been waiting for federal and state regulators to crack down. (more…)
Tags: agreement to settle mortgage foreclosure investigation, American Banker, Banks Are Off the Hook Again, Ben Bernanke, capital markets, consumer banking fees, consumer banking services and fees, Fat Fees Few Banks, financial supermarket model, foreclosure crisis and mistreatment, foundation of capitalism, gigantic banks, how does an oligopoly work, investment banking fees, investment banking services and fees, is capitalism dead, mistreatment of borrowers age, mortgage foreclosure crisis, pillars of capitalism, principles of capitalism, take it or leave it, The New York Times April 9 2011, Tim Geithner, true tenets of capitalism, underwriting fees on Wall Street, Wall Street Banks, Wall Street has America by the Balls, Wall Street regulation, Wall street regulators, Wall Street-Washington incest, what is an oligopoly, what is capitalism
Posted in General, Wall Street | 2 Comments »
Posted by Larry Doyle on January 24th, 2011 7:00 AM |
“Who will protect me?”
How many investors in our nation continue to ask that question?
A lot!!
Throughout the crisis of the past few years and certainly well beyond that, investors have come to appreciate that they really need to learn to protect themselves. Why is that? We have rampant evidence that neither Wall Street nor the financial regulators overseeing Wall Street have truly protected investors. So now what? (more…)
Tags: a low opinion of finra, Dodd Frank Wall Street reform and Consumer Protection Act, Dodd-Frank, fiduciary vs suitability, Financial Advisor, Financial Industry Regulatory Authority, financial planning, financial regulators, financial regulatory system, formation of FINRA, Global Economic Intersection, Investment Advisors Act of 1940, investor protection, John Lounsbury, Kathleen Casey and Troy Paredes, Larry Doyle, No Quarter Radio, oversight of registered investment advisers, oversight of RIAs, questions for FINRA, SEC vs FINRA, self regulatory oversight for Wall Street, Sense on Cents, Wall Street oversight, Wall Street regulation, what is an RIA, what is an SRO, who protects investors, who will regulate RIAs
Posted in FINRA, General | 1 Comment »
Posted by Larry Doyle on August 22nd, 2010 10:23 AM |
While the general financial media would seem not to understand nor care that Wall Street to a large extent is a self-regulated industry, many within the industry and around the country very much care. The Financial Industry Regulatory Authority (FINRA) is the financial industry’s self-regulatory organization.
At FINRA’s 2010 Annual Meeting held a week ago, FINRA’s member firms overwhelmingly voted for seven aggressive non-binding proxy proposals. These proposals were by and large targeted at bringing greater transparency and disclosure to FINRA’s operations. Will FINRA’s board of governors acquiesce and fully address these proposals? (more…)
Tags: Amerivet proxy Proposals, financial sro, finra 2010 annual meeting, finra transparency and disclosure, Investment News, John Busacca, Larry Doyle, Sense on Cents, sipa, SRO, The SIPA, Wall Street regulation, Wall Street sro, what does Finra do?, who are the FINRA board of governors, who is Charles Bowsher, who is Dr. Shirley Ann Jackson, who is Ellyn L. Brown, who is Finra, who is Gary H. Stern, who is Harvey J. Goldschmid, who is James D. Weddle, who is James E. Burton, who is Jed Bandes, who is Joel Blumenschein, who is Joel Seligman, who is John F. X. Dolan, who is John J. Brennan, who is John W. Schmidlin, who is Ken Norensberg, who is Kurt P. Stocker, who is Mark S. Casady, who is Richard F. Brueckner, who is Richard G. Ketchum, who is Richard S. Pechter, who is Seth H. Waugh, who is W. Dennis Ferguson, who is William H. Heyman
Posted in FINRA, General | 8 Comments »
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…)
Tags: Bernie Madoff impact on FINRA, fiduciary standard, financial self-regulation, FINRA, FINRA 2009 Annual Report, FINRA 2009 Year in Review, FINRA chair and CEO Rick Ketchum, finra financials, finra regulation of equity markets, flash crash impact on finra, flash crash may 6 2010, Madoff impact on FINRA, POGO review of FINRA, Project on Government Oversight review of FINRA, Rick Ketchum and Mary Schapiro, self-regulation, TRACE, Trade reporting and Compliance Engine, Wall Street regulation
Posted in FINRA, General | No Comments »
Posted by Larry Doyle on April 7th, 2010 9:03 AM |
Shut up!!!
Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the whistle on crimes and illegal practices.
I believe this reality is all too present in many, if not most, industries in our society today. There is absolutely no doubt it is present on Wall Street. (more…)
Tags: Barney Frank, code of silence, Darrell Issa, David Kotz, FINRA, paul Kanjorski, POGO, project on Government Oversight, SEC OIG report on whistleblowers, SEC whistleblower, SEC whistleblower program, Wall Street, Wall Street business as usual, Wall Street regulation, Wall Street sro, whistleblowers on wall street, whistles on Wall Street
Posted in FINRA, General, POGO, SEC | 8 Comments »
Posted by Larry Doyle on March 6th, 2010 12:24 PM |
Regular readers of Sense on Cents know all too well my questions and concerns about the lack of transparency at the Wall Street self-regulatory organization FINRA (Financial Industry Regulatory Authority).
I am a big fan of promoting transparency in order to pursue integrity. Who else is a big fan of the same goals? The Project on Government Oversight (POGO) :
. . . an independent nonprofit that investigates and exposes corruption and other misconduct in order to achieve a more effective, accountable, open, and ethical federal government. (more…)
Tags: absolute immunity for finra, financial regulatory reform, FINRA, FINRA board and executives, FINRA conflicts of interest, Finra investment portfolio, FINRA relationship with Wall Street, FINRA-ARS, immunity without transparency is a license to steal, integrity, Mary Schapiro's compensation, POGO, POGO podcast on FINRA, project on Government Oversight, transparency, Wall Street regulation, what does POGO do?
Posted in General | 1 Comment »
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What are some of the great failures and subsequent lessons America has learned about Wall Street since the outset of our economic crisis 5 years ago?
Holder Refutes Obama with “Indictment” of TBTF
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »