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HomeSEC Oversight of Lehman, or Ignorance is Not Bliss
Posted by Larry Doyle on April 1st, 2010 9:42 AM |
Ignorance is never an excuse. Whether in regard to law enforcement, financial regulation, or other forms of supervisory oversight, ignorance may be the reality . . . but we can never allow it to be used as an excuse. Regrettably, ignorance (if not worse) was clearly on rampant display as the SEC (and in my opinion, FINRA as well) failed America miserably in its oversight of Lehman Brothers.
One of my favorite financial journalists, Bloomberg’s Jonathan Weil, highlights the pathetic performance of the SEC regulators who were charged with overseeing one of the firms that catapulted our economy off a cliff. Weil writes, Wall Street’s Repo 105 Cops Wake Up From Dead:
The good news this week from the Securities and Exchange Commission is that it’s on the hunt for companies that have used Lehman-style accounting tricks to make themselves look less leveraged than they really are. Now for the downside: The headline-chasing agency is way too late, as usual. (more…)
Tags: Anton Valukas, Barney Frank, Bloomberg, Bloomberg's Jonathan Weil, Darrell Issa, financial accounting, financial leverage on Wall Street, financial regulation, financial regulators failed America, FINRA ignorance, FINRA oversight of Lehman, ignorance is never an excuse, inmates running asylum, Jim Chanos of Kynikos Associates, Lehman Brothers, Lehman Repo 105, Matthew Eichner, Matthew Eichner Federal Reserve Board, paul Kanjorski, Repo 105, SEC ignorance, SEC oversight of Lehman, Securities and Exchange Commission, short sellers, Wall Street, Wall Street accounting tricks, Wall Street inmates running the asylum, Wall Street's Repo 105 Cops Wake Up From Dead, who is Matthew Eichner
Posted in FINRA, General, Lehman, SEC | 5 Comments »
Deluxe Knowledge Quarterly “Open Invitation”
Posted by Larry Doyle on April 1st, 2010 7:10 AM |
I recently had an article published in the financial magazine Deluxe Knowledge Quarterly. I was asked to write on the topic of advice I would give to executives of financial intermediaries during these challenging economic times.
I think regular readers of Sense on Cents may detect a few common threads in my article. Please know that I do not merely write about these principles, but I truly believe them and continue to promote them.
Open Invitation
by Larry Doyle
Despite the fact that the economic crisis has clearly changed the nature of business and the expectations of our customers, many of us would love to revert to business as usual. This desire to default to the status quo is part of human nature. Consider how often we see this behavior displayed on Wall Street, in Washington and beyond. (more…)
Tags: advice to credit unions, advice to financial firms, advice to money managers, ask your customers, business as usual, customer and consumer needs, customer interaction, customer satisfaction, customer service, Deluxe Knowledge, Deluxe Knowledge Quarterly, Deluxe Knowledge Quarterly March 2010, how should financial firms adapt, how should money managers adapt business, it's all about the customer, lack of public trust, lack of trust, Larry Doyle, listen to your customers, no more business as usual, Open Invitation, protect your customers, public outrage, rule number one of business, rules of business customer is right, Sense on Cents, staying close to customers, talk to your customers, the customer is always right, Wall street changes, what do customers need and want
Posted in General | 2 Comments »
