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HomeMarkopolos on SEC: “A Bunch of Idiots”
Posted by Larry Doyle on February 28th, 2010 12:23 PM |
Harry Markopolos has become a household name in the realm of financial regulatory oversight. Harry earned his stripes for his dogged pursuit of the Madoff scam, especially in light of the lack of support from the SEC.
Harry characterized the SEC as incompetent during his initial Congressional testimony addressing the Madoff scam early last year. During that testimony, Harry characterized FINRA as “in bed with the industry.”
Who in America did not view Harry as a hero for his determination and drive in exposing the Madoff scam?
In light of Harry’s work over the years, I was somewhat befuddled by Harry’s excessively complimentary remarks directed toward Mary Schapiro last fall during Congressional testimony highlighting SEC Inspector General’s David Kotz’ review of the SEC’s handling of the Madoff affair. Harry seemed to lose his disdain for Mary and the SEC.
Well, Harry has regained his edge and his contempt for the SEC. (more…)
No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Jeff Zwerling
Posted by Larry Doyle on February 27th, 2010 10:26 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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Feeling disenfranchised these days? Feeling that Wall Street remains protected by Washington and a regulatory structure that serves to protect the financial industry more than the investor? Where can one go to get some understanding from corporate and political cronyism?
You have come to the right place as this Sunday evening from 8-9pm No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Jeff Zwerling.
The firm of Zwerling, Schachter & Zwerling, LLP was formed on January 1, 1985, and is currently involved in numerous class actions in the areas of securities fraud, consumer fraud, and antitrust litigation.
Zwerling, Schachter & Zwerling, LLP successfully represents the David’s of this world against the Goliaths of commerce and industry. With its strong leadership, the firm has gone from strength to strength prosecuting increasingly high-profile and ground breaking class actions involving securities fraud, antitrust violations, and far-reaching consumer fraud. (more…)
February 2010 Market Review
Posted by Larry Doyle on February 27th, 2010 12:53 PM |
An interesting month both on our global economic landscape and in the markets.
Risks remain high and in large measure presented themselves in abundant fashion in the Euro-zone, but markets rebounded. What gives?
Let’s review the market moves for February. The figures provided for the respective markets are: year-end 2009; month-end statistics; month-to-date % change; and year-to-date % change. (more…)
Housing Plans Promote Long, Slow Decline
Posted by senseoncents on February 26th, 2010 9:32 AM |
Why do I remain overall bearish on housing?
All reports to the contrary, the pace of delinquencies will continue to steadily pressure housing — especially in selected markets.
While the Obama administration is dogged by the issues within housing, I continue to believe that their approach is more exacerbating the situation than improving it. What is the crux of the problem within housing? The law of unintended consequences which changes the behaviors of some, given the engagement with others.
Bloomberg provides some insights on Obama’s new proposals toward housing in writing, Obama May Prohibit Home-Loan Foreclosures Without Preview:
The Obama administration may expand efforts to ease the housing crisis by banning all foreclosures on home loans unless they have been screened and rejected by the government’s Home Affordable Modification Program. (more…)
Madoff Investors Sue SIPC = Main St. Sues Wall St.
Posted by Larry Doyle on February 25th, 2010 11:35 AM |
I highlighted yesterday the fact that Madoff investors planned to sue SIPC. Further details on this suit are in a press release today. I view this lawsuit as nothing short of Main Street suing Wall Street.
Game on!!
MADOFF VICTIMS SUE SIPC DIRECTORS FOR PERPETRATING MASSIVE INVESTMENT INSURANCE FRAUD AGAINST AMERICAN INVESTORS
Suit charges SIPC fraudulently induced Madoff investors to believe they had up to $500,000 insurance coverage on securities and seeks compensatory and punitive damages
New York, NY – Three New Jersey Madoff investors have sued the directors and key officers of the Securities Investor Protection Corporation (SIPC) for what they allege is a massive investment insurance scam. (more…)
Madoff Investors Suing SIPC
Posted by Larry Doyle on February 24th, 2010 2:39 PM |
You can rest assured that the powers that be on Wall Street would just as soon have the Madoff saga over. The Madoff scam perpetrated on investors is an ugly reminder of the non-existent financial regulatory system during the better part of the last twenty years.
I also believe many in Washington also might like to see the Madoff saga quietly pass by. The failures of the SEC, FINRA, and SIPC in this greatest of scams are an ugly reminder of the Wall Street-Washington incest.
Well, while many of the incestuous partners would like to turn the page, there remains a lot of filth that still needs to be cleaned up and a lot of individuals and institutions that need to be held to account. (more…)
Democrat Hypocrites on Reconciliation
Posted by Larry Doyle on February 24th, 2010 12:04 PM |
This commentary does not meet my expected level of professionalism. I did not properly and thoroughly review and address reconciliation, the nuclear option, and Congressional rules. I owe the readers of this blog better than that.
LD
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The political process known as reconciliation has been infrequently utilized in Congressional proceedings. For good reason. In order to maintain proper checks and balances in our legislative procedures, our founding fathers thought it necessary to require a 60% vote in the Senate to overturn a filibuster.
A mere majority vote in the Senate, otherwise known as utilizing the ‘nuclear option‘ or reconciliation, is allowed but typically only utilized for simple procedural measures.
Back in 2005 when President Bush hinted that he would look to use reconciliation for purposes of passing some judicial appointments, the leaders of the Democratic Party had some strong words for George W. and his Republican friends. Truth be told, Bush did use this procedure during his Presidency – although not frequently and not for something as large as healthcare. The Republicans are certainly no paragons of virtue when it comes to legislation.
Let’s watch and listen, though, as the same Democrats who railed on Bush are now positioning themselves to use the same process of reconciliation to restructure one-sixth of our economic landscape, that is healthcare. (Great video clip after the fold) (more…)
