Archive for the ‘FINRA’ Category
Posted by Larry Doyle on November 22nd, 2013 6:53 AM |
I have long maintained that a self-regulatory model for monitoring Wall Street does not and will not work. To think that the brokerage industry could be properly monitored by an organization that it funds in large measure strikes me as ridiculous.
I witness further evidence of this reality in a report that some might think is an indication that this self-regulator, FINRA, is getting tough on Wall Street. If this is tough, then let me puff up the pillows for you and get you a cup of warm cocoa. Let’s navigate as The Wall Street Journal writes this morning:
Under pressure from Washington to crack down on rogue stockbrokers, the Financial Industry Regulatory Authority is highlighting a fast-track program it began earlier this year to go after what it calls “high-risk brokers.” (more…)
Tags: business reputation, FINRA, FINRA high risk brokers, FINRA oversight of high-risk brokers, FINRA program high-risk brokers, high pressure sales tactics on Wall Street, high risk brokers, Richard Ketchum, Richard Ketchum response to Senator Markey, Wall street management
Posted in FINRA, General | 7 Comments »
Posted by Larry Doyle on October 28th, 2013 7:42 AM |
FINRA’s mandate is to protect investors.
How do the executives running FINRA reconcile that mandate with the fact that problematic issues raised by Senator Ed Markey (D-MA) back in the mid-1990s continue to be outstanding today? In a recent letter sent by Markey to FINRA CEO Richard Ketchum, the Senator from Massachusetts writes,
I was alarmed to learn that arbitration awards and settlements do not show up in FINRA’s BrokerCheck database because brokers have been able to successfully expunge the information. (more…)
Tags: BrokerCheck, FINRA arbitration, FINRA BrokerCheck, FINRA mandate to protect investors, issues with FINRA BrokerCheck, Larry Doyle, Markey letter to Ketchum
Posted in FINRA, General | 8 Comments »
Posted by Larry Doyle on October 3rd, 2013 8:58 AM |
Did you feel a sizable tremor running between Washington and Wall Street overnight? I did.
At the epicenter of this tremor was the first meaningful questioning of the practice of self-regulation on Wall Street by their governmental overseers at the SEC.
Securities and Exchange Commission Chairman Mary Jo White opened the door to a potential overhaul of financial-market oversight, saying the special regulatory status of U.S. exchanges may not best serve investors or public companies.
Wow. That simple statement may never lead anywhere, but the mere fact the SEC issued a statement of this sort is a tidal shift of epic proportions. Who else echoed the sentiments of this seismic activity? (more…)
Tags: equity exchange regulation, equity regulation, Harvey Pitt SEC, Kalorama Partners Harvey Pitt on self regulation, Mary Jo White, regulation of equity exchanges, SEC Mary Jo White, self-regulation, Wall Street oversight, Wall Street regulation
Posted in Equity Markets, FINRA, General, regulation, regulatory capture, Wall Street Washington Incest | 4 Comments »
Posted by Larry Doyle on April 8th, 2013 8:21 AM |
While taking a brief respite from writing last week, I was struck by a number of stories worthy of real attention. Some of these items have received a fair bit of focus, while others may have passed largely unnoticed.
I will reference these stories now and will certainly come back to many, if not all, of them in the near future. The items include:
1. In what might only be compared to trying to turn around the Titanic on one of your local streets, the Bank of Japan is launching a “quantitative easing on steroids” program. The goal of “all this juice” is to generate a 2% rate of inflation in the next two years from what has been a two-decade deflationary cycle. (more…)
Tags: bank of Japan program to promote inflation, Bank of Japan quantitative easing, Bill Cohan commentary on bank regulators, black swan, decline in the labor participation rate, deflation in Japan, disability claims, Japanese economy in deflation, Japanese equity markets, Joe Sciddurlo FINRA whistleblower, Joe Sciddurlo lawsuit against FINRA, Joe Sciddurlo questions authority at FINRA, lawsuit against FINRA, Nassim Taleb comment on Mary Schapiro, permanent underclass in America, quantitative easing on steroids, rural poverty, support for asset markets, urban graduation, yen carry trade
Posted in Banking Institutions, Economy, Education, Employment, FINRA, General, Mary Schapiro | 6 Comments »
Posted by Larry Doyle on February 25th, 2013 9:27 AM |
Last summer I tagged Wall Street’s industry funded police at FINRA as being little more than meter maids. With a recent review of FINRA’s largest fine imposed in its history, I now realize that I have actually done a serious disservice to those diligent and hard working meter maids patrolling our cities and towns. How so?
Let’s navigate and look more deeply into FINRA’s $12 million fine imposed on those paragons of virtue who ran Union Bank of Switzerland’s equity operations.
What did UBS do to deserve FINRA’s “largest” fine? (more…)
Tags: FINRA and Reg SHO, FINRA fine of UBS for naked short selling, FINRA meter maids, FINRA's largest fines, how does naked short selling work, how widespread was naked short selling, integrity of the marketplace, naked short selling, Securities Technology Monitor, UBS equity operations, UBS naked short selling, UBS violation of Reg SHO, Union Bank of Switzerland, what is Reg SHO
Posted in FINRA, General, naked short selling, UBS, Wall Street Washington Incest | 3 Comments »
Posted by Larry Doyle on December 4th, 2012 9:46 AM |
I have tarred and feathered Jon Corzine sufficiently over the course of the last year for the debacle that unfolded on his watch at MF Global.
On that note, I welcome reading this morning that some tar and feathers are being applied to others who should have been in a position to stop the excessive leverage which brought down the MF Global house.
Who were these other individuals and entities? Let’s navigate as The Hill addresses a topic which many in Washington and on Wall Street would like to keep conveniently under the rug. (more…)
Tags: Capuano MF Global, downfall of MF Global, FINRA also to blame for MF Global, House Democrats report on MF Global, MF Global board, MF Global board failed, MF Global lied to FINRA, the demise of MF Global
Posted in FINRA, General, Jon Corzine, MF Global | 9 Comments »
Posted by Larry Doyle on October 3rd, 2012 9:05 AM |
Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks.
The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed the same helping of dog$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 September 19th, 2012 4:31 AM |
Reports circulating that Mary Schapiro will step down from her post at the SEC pending an Obama re-election are increasing. Unless Ms. Schapiro is relinquishing her throne in preemptive fashion I do not know why this story is even getting legs. It is certainly not uncommon for significant turnover within a President’s cabinet after the completion of a first term.
I sincerely hope that she is not in ill health but that concern is raised in a story in the New York Post, SEC You Later, Pal: Schapiro May Be Heading for The Exit,
Chatter surrounding Schapiro’s status at the regulatory agency has reached a crescendo in the past few days as an undisclosed medical procedure has resulted in her taking a leave of absence — set to end tomorrow.
An SEC official told The Post that Schapiro has been on medical leave since last Thursday and has been working from home as she recovers. (more…)
Tags: FINRA, is Mary Schapiro ill, pal New York Post, Richard Ketchum, SEC, SEC you later, Standard Chartered v FINRA, story floating about Mary Schapiro's departure, Wall Street-Washington incest, who will be the next head of the SEC, who will replace Mary Schapiro, will Mary Schapiro leave the SEC
Posted in FINRA, General, SEC | 1 Comment »
Posted by Larry Doyle on September 10th, 2012 9:09 PM |
Sense on Cents first crossed paths with current SEC chair and former FINRA head Mary Schapiro in mid-January 2009.
I have often thought Ms. Schapiro – more than any other single individual – knows where more of the bones are buried on Wall Street and throughout the incestuous Wall Street – Washington circle of influence and intrigue. I have tried to be fair but aggressive in questioning Mary’s lack of transparency on so many fronts.
Well readers, if reports circulating around Washington have a measure of truth to them, we will likely not have Mary to kick around all that much longer. (more…)
Tags: Mary Schapiro Amerivet Securities case, Mary Schapiro and ARS liquidation at FINRA, mary schapiro branded a liar by Richard Greenfield, Mary Schapiro career and legacy, Mary Schapiro career at SEC, mary Schapiro career at SEC and FINRA, Mary Schapiro Endgame, Mary Schapiro legacy, Mary Schapiro Luis Aguilar money market reform, mary Schapiro money market reform, mary Schapiro relationship with Bernie Madoff, mary Schapiro Standard Investment Chartered
Posted in FINRA, General, Mary Schapiro, SEC, Wall Street Washington Incest | 5 Comments »
Posted by Larry Doyle on August 2nd, 2012 9:09 AM |
Wall Street’s self-regulator FINRA just celebrated its 5 year anniversary. Congratulations to them. Sympathies and condolences to the rest of us.
The Securities Technology Monitor highlights FINRA’s birthday with a grandiose slideshow presentation entitled, The First Five Years; FINRA’s Top 25 Enforcement Cases. While those at FINRA might be celebrating the anniversary with cookies, cupcakes, and lemonade, let’s take a more critical review of Wall Street’s industry-funded private police detail. (more…)
Tags: FINRA, FINRA 5 year anniversary, FINRA actions to regulate Wall Street, FINRA conflicts of interest, FINRA failures, FINRA fines, FINRA history, FINRA meter maids, FINRA naked short selling, FINRA top 25 fines, FINRA total actions taken, FINRA track record, meter maids at FINRA, Securities Technology Monitor, Securities Technology Monitor article on FINRA, self regulation charade, self-regulation on Wall Street
Posted in FINRA, General | 12 Comments »
RSS Feed
Twitter
Facebook
Email
Home
Stories Deserving More Attention: Did You See This?
Posted by Larry Doyle on April 8th, 2013 8:21 AM |
I will reference these stories now and will certainly come back to many, if not all, of them in the near future. The items include:
1. In what might only be compared to trying to turn around the Titanic on one of your local streets, the Bank of Japan is launching a “quantitative easing on steroids” program. The goal of “all this juice” is to generate a 2% rate of inflation in the next two years from what has been a two-decade deflationary cycle. (more…)
Tags: bank of Japan program to promote inflation, Bank of Japan quantitative easing, Bill Cohan commentary on bank regulators, black swan, decline in the labor participation rate, deflation in Japan, disability claims, Japanese economy in deflation, Japanese equity markets, Joe Sciddurlo FINRA whistleblower, Joe Sciddurlo lawsuit against FINRA, Joe Sciddurlo questions authority at FINRA, lawsuit against FINRA, Nassim Taleb comment on Mary Schapiro, permanent underclass in America, quantitative easing on steroids, rural poverty, support for asset markets, urban graduation, yen carry trade
Posted in Banking Institutions, Economy, Education, Employment, FINRA, General, Mary Schapiro | 6 Comments »