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HomeWall Street: Culture of Silence
Posted by Larry Doyle on July 17th, 2013 8:02 AM |
Wall Street often gets very quiet during the hot, hazy days of summer.
Yet if we were to take a deeper look into Wall Street, it is eerily quiet in many corners of the industry all too often. How so? Wall Street’s code of silence, in which those with knowledge of wrongdoing or improprieties remain quiet, was supposed to change with the new Dodd-Frank whistleblower program.
How is that program doing? (more…)
Sex, Lies, Stupidity, Oh My: SEC Whistleblower David Weber Vindicated, Receives Huge $ettlement
Posted by Larry Doyle on June 10th, 2013 8:21 AM |
“Doing the right thing can be hard” . . .
David Weber, former assistant Inspector General of the SEC, June 10, 2013
——————————
In a world in which it is all too easy to look the other way, to go along to get along, and to sit down when the public needs you to stand up, hope springs eternal.
I am heartened that America still has a chance to eradicate the corrosive and corruptible elements that have thrived within our financial regulatory system when I learn that there are still people who care enough to do the right thing. Who is one of those people?
Former assistant inspector general of the SEC David Weber. Today is his day and America should feel very good about that. (more…)
Taibbi Further Investigates Furey v SEC
Posted by Larry Doyle on June 3rd, 2013 10:11 AM |
Wouldn’t you like to have been a fly on the wall to witness what really went on — and still goes on — within the offices of the SEC and our other financial regulators?
Oh the stories and tales of woe that one might be able to share. Every now and then, though, one does not need to worry about being a fly because details of internal intrigue make their way out of the commission.
To that end, a few weeks back both Bloomberg’s Bill Cohan and I shed light on the incredible allegations of incompetence, negligence, if not outright corruption within the SEC made by an internal whistleblower Kathleen Furey.
Over the weekend Rolling Stone’s Matt Taibbi provided even greater transparency on the incredible — or in light of what we have learned about the SEC, perhaps not so unbelievable — allegations made by Ms. Furey in her whistleblower complaint. Those familiar with this case may recall that Furey alleged her superiors within the SEC’s New York office maintained that they did not handle cases dealing with investment managers. Incredible? Unbelievable? Maybe not so much.
(more…)
Kathleen Furey v SEC: Wow, Just Wow . . . Read This
Posted by Larry Doyle on May 16th, 2013 6:26 AM |
For those with an interest in learning how our financial regulators fail to perform in upholding both the law and their duty to protect investors, the SEC is “the gift that keeps on giving.”
As if we did not already know that the SEC has all too often failed to protect investors, let’s navigate and learn about the case of current SEC employee Kathleen Furey. From a recent complaint brought by Ms. Furey against the SEC:
The three-year ascent of Kathleen Furey to higher levels of official responsibility and pay came to an abrupt halt in 2008, shortly after she was forced to become a whistleblower. (more…)
The SEC vs Whistleblowers: Round 2
Posted by Larry Doyle on April 26th, 2012 8:28 AM |
Yesterday’s story regarding the SEC inadvertently, or not, blowing the cover of a whistleblower generated a lot of interest here at Sense on Cents and elsewhere. So much interest, in fact, that parties in both camps, the SEC and the whistleblower, got right back in the ring to make their case.
While I have my own strongly held beliefs, stated yesterday, as to the real driving force within SEC Enforcement, fairness dictates that I highlight competing views as well. On that note, what does the director of the New York Office of the SEC have to say on this matter? Let’s review a letter to the editor in today’s WSJ: (more…)
SEC Exposes Whistleblower: Inadvertent? STOP IT!!
Posted by Larry Doyle on April 25th, 2012 10:24 AM |
News this morning that an SEC attorney, in the midst of an investigation, blew the cover of a whistleblower might have been formerly thought of as inadvertent or unfortunate. America is no longer so naive.
The Wall Street Journal’s lead story today highlights, Source’s Cover Blown by SEC:
Federal securities regulators, in a sensitive breach, inadvertently revealed the identity of a whistleblower during a probe of a firm that ran a stock trading platform. (more…)
The Wall Street-Washington ‘Code of Silence’
Posted by Larry Doyle on April 13th, 2012 7:58 AM |
Do you ever wonder why we have not heard more people on Wall Street coming forth to expose practices and policies which were prevalent in bringing our economy and nation to its knees? What is holding people and firms back from coming clean? Why does the same scenario seem to be playing out in Washington as well?
Allowing bad behaviors to remain swept under the rug is little more than a catalyst for further bad behaviors down the road. Actually, punishing those who might look to expose bad practices promotes a code of silence which I strongly believe undermines confidence in our markets and our nation. I am very concerned that we are experiencing this very dynamic at play. Let’s navigate. (more…)
Please Sign Petition re: Peter Sivere – George Demos
Posted by Larry Doyle on March 8th, 2012 10:10 AM |
Aside from my hope that readers would care enough to share my writing and passion for the Sense on Cents virtues of truth, transparency, and integrity I do not believe I ask for much if anything from those who come here.
Well, today I am asking.
How might you help?
More than you may ever fully know or appreciate. (more…)
Profiles in Courage Blowing the Whistle
Posted by Larry Doyle on February 22nd, 2012 2:01 PM |
I have crossed paths with some exceptionally interesting people while navigating our economic landscape and writing Sense on Cents over the last few years. These individuals encompass a wide swath of our American population and include investors, economists, lawyers, consumers, small businesspeople, bankers, students, and so many more.
While I admire and respect most of the people with whom I interact, there are a handful who truly occupy a very special place in my heart and in the Sense on Cents Hall of Fame. Who are these people whom I consider true American heroes? (more…)
Will Whistleblower Protections Suffer at Hands of Rep. Michael Grimm “Reaper” (R-NY)?
Posted by Larry Doyle on February 7th, 2012 11:14 AM |
Representative Michael Grimm (R-NY) was ceremoniously inducted into the Sense on Cents Hall of Shame in May 2011. Not that I ever believed there was reason to doubt his induction, but recently I witnessed further reason to cement his status in the elevated ranks of shame.
As regular readers are fully aware, I write passionately about pursuing the truth while promoting investor education and investor protection. The history of the last few years has shown that the financial services industry has not exactly shared our passion.
Who has shared the passion and took very real professional risk in the process? Numerous and sundry whistleblowers. (more…)
