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Barclays Libor Scandal: The Complicit Regulators

Posted by Larry Doyle on July 17th, 2012 12:40 PM |

Today’s Wall Street Journal lead editorial, New York Fed to Barclays: ‘Mm hmm’, concludes,

. . . if this is really the epic deceit and crime we are now reading about, then either new evidence needs to come to light, or the regulators who smiled and nodded and “Okayed” and “Mm hmmed” through the panic years are complicit with the banks now in the dock. They had ample opportunity to shut down this behavior, but nothing released by the New York Fed or the Bank of England suggests much more than a raised eyebrow at the time.

I am highly confident that there is plenty of supportive evidence of deceit and conspiratorial activity in the many thousands of e-mails and communications which officials have indicated they already hold. That said, I am also confident — and let’s not discount for even a second — that the regulators were complicit with the banks now in the dock. Why so confident?  (more…)

WSJ Hits Mary Schapiro Hard on ‘Say on Pay’ but That’s Only Tip of the Iceberg

Posted by Larry Doyle on February 20th, 2010 11:58 AM |

The target on SEC Chair Mary Schapiro’s back is getting larger and gaining more focus. How so?

The lead editorial in this weekend’s edition of The Wall Street Journal goes after Schapiro hard in writing, Mary Schapiro’s Say on Pay. While the editorial leads with the ongoing battle Schapiro and the SEC are having with Bank of America’s lack of disclosure during its merger with Merrill Lynch, the Journal quickly turns the tables on Ms. Schapiro and addresses the lack of disclosure at Ms. Schapiro’s former haunt, FINRA.

Come to papa.

Regular readers of Sense on Cents are well aware of how consistently and steadily I have been banging this FINRA drum. It is long past due that America is truly introduced to Wall Street’s self-regulatory organization, the Financial Industry Regulatory Authority (FINRA). (more…)

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