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Posts Tagged ‘Wall Street regulation’

Holder Refutes Obama with “Indictment” of TBTF

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…)

Wall Street Regulation: Different Day, Same Dog$hit

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…)

The 4 Reasons Wall Street Cannot Be Trusted

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…)

U.S. Chamber of Commerce Hits FINRA Hard

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…)

Is Capitalism Dead?

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…)

John Lounsbury: “A Very Low Opinion of FINRA”

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…)

Who Are the FINRA Board of Governors?

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…)

FINRA’s ‘2009 Year in Review': INCOMPLETE

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…)

Wall Street’s ‘Code of Silence’

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…)

POGO Podcast Questions FINRA’s Transparency and Integrity

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…)






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