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HomeThe 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…)
Attention: All Investment Advisers and Investors…
Posted by Larry Doyle on May 3rd, 2012 7:29 AM |
The financial regulatory landscape is poised to change and, as far as I am concerned, not necessarily for the better.
Will you be merely a spectator or do you care to participate in the legislative process that WILL impact most of you? Are you an investment adviser? Are you an investor with funds managed by an investment adviser?
If you fall into either of those camps, I exhort you to get involved. I encourage you to become part of the process and the solution and not merely a bystander. How so? Let’s navigate. (more…)
How Does FINRA Lose 8 Hours of Testimony? Wall Street’s “Kangaroo Court”
Posted by Larry Doyle on March 13th, 2012 11:03 AM |
I will admit that having written extensively and aggressively about Wall Street’s self-regulator FINRA over the last three years, I did not think there was anything more I could see that would surprise me.
Today I am surprised, shocked, and saddened.
For those in our nation who have a semblance of decency and a desire to see due process reflected in legal hearings and financial arbitration, I believe you will be similarly dismayed.
The case to which I will refer strikes deep into the core of Wall Street arbitration. (more…)
Ultimate “Insider Trading” Is a Job for Serpico
Posted by Larry Doyle on February 29th, 2012 6:27 AM |
Michael Douglas? Have we gone totally soft?
Does America need to call on Michael Douglas, as the FBI recently did, to promote that “greed really is not good”?
Call me unimpressed.
Who would Sense on Cents like to see as the 2012 face to counteract insider trading activity on Wall Street? Not Michael Douglas, but more on this later.
There are many others to whom America might care to listen to understand basic virtues and values. That said, while many in America may be somewhat amused to see Douglas’ face on the Wall Street Journal’s front page, let’s get a little more serious on this topic of insider trading. (more…)
US Supreme Court Declines to Hear Standard Investment v FINRA
Posted by Larry Doyle on January 17th, 2012 4:54 PM |
In the fall of 2009, I was asked by some Washington based attorneys if I was aware of a case known as Standard Investment Chartered v FINRA. I informed them that I did not know the case.
These attorneys shared with me information that seemed to expose that the merger of two regulators to form Wall Street’s current SRO FINRA was predicated on a proxy statement that included misinformation. I was enormously intrigued and tracked the case closely, including paying a visit into the federal courthouse in New York to observe a hearing on this case.
The crux of the case was that executives of FINRA improperly represented information in the proxy statement used for a merger of the NASD and the regulatory arm of the NYSE. (more…)
Did Mary Schapiro Engage in a Fraud?
Posted by Larry Doyle on January 3rd, 2012 10:22 AM |
Will we learn in 2012 if Mary Schapiro, current chair of the SEC, and other then senior executives at the Wall Street self-regulatory organization, FINRA, engaged in a fraud?
The case addressing this question, Standard Chartered v FINRA, has been appealed to the highest court in our land.
As such, one might think that most Americans would care to learn if our nation’s top financial regulator did, in fact, engage in a fraud which had a monetary value of between $175-$350 MILLION plus. That’s right, $175-350 million plus!! Not exactly chicken feed.
Why hasn’t this case received more attention? (more…)
Sense on Cents Calls on US Supreme Court to Hear Standard Chartered v. FINRA
Posted by Larry Doyle on December 6th, 2011 9:09 AM |
I first started writing about Wall Street’s not-for-profit self regulatory organization, aka the Financial Industry Regulatory Authority (FINRA), in early 2009.
In late 2009, I first referenced Standard Chartered v. FINRA, the case in which the plaintiff alleges that FINRA and its senior executives — including current SEC Chair Mary Schapiro — lied both verbally and in writing in the merger which formed FINRA.
Why would Mary and her friends lie? (more…)
Forbes’ Emily Lambert Slams FINRA
Posted by Larry Doyle on October 21st, 2011 7:00 AM |
“Justice is truth in action.” ~ Benjamin Disraeli
Regular readers are very aware of my strong concerns about the lack of transparency emanating from Wall Street’s self-regulatory organization FINRA (Financial Industry Regulatory Authority). Having first written about FINRA in January 2009, I have highlighted my concerns extensively over the better part of the last three years. (To reference my writing, go here, Sense on Cents/FINRA).
For a period of time, I thought I was shouting into the darkness regarding FINRA. I still maintain that FINRA specifically and Wall Street regulation as a whole remain great unknowns to an overwhelming percentage of our population including those involved in the markets. To this end, I am heartened when broadly distributed public periodicals address concerns I have held about FINRA for the last few years.
The widely respected financial magazine Forbes weighs in on FINRA just yesterday. (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…)
Joe Sciddurlo Drops Bombshells on FINRA
Posted by Larry Doyle on July 5th, 2011 11:09 AM |
We do not often get an insider’s perspective into the world of Wall Street regulation. That reality should not be a surprise.
Wall Street and those charged with regulating it typically play their cards very close to the vest. Getting a peek ‘over the shoulder’ at the cards held by the banks, the SEC, FINRA, and other regulators is a real treat.
Longtime followers of Sense on Cents may recall the fabulous insights provided by former SEC attorney and Madoff investigator Genevievette Walker-Lightfoot on NQR’s Sense on Cents with Larry Doyle in October 2009.
Last week, longtime and highly regarded financial journalist John Crudele of The New York Post provided a fabulous look into FINRA as he wrote another in a recent series of scathing commentaries on Wall Street’s self-regulatory organization. (more…)
