BMIS | Sense on Cents

Posts Tagged ‘BMIS’

Madoff Trial Evidence Indicts NASD/FINRA

Posted by Larry Doyle on December 11th, 2013 8:46 AM |

For five years America has been fed a line of bull$h!t that absolved the regulators at the NASD and its offspring at FINRA from their oversight responsibilities in the operation that encompassed Bernie Madoff’s Ponzi scam.

I never believed it for a second when regulators and assorted sycophants said that Madoff’s broker-dealer operation was fully separate and distinct from the Ponzi scheme.

I challenged former SEC chair Harvey Pitt in September 2009 when he tried to provide cover for the NASD/FINRA on its oversight and responsibilities related to Madoff. (Those interested can review that engagement and a lot more on the 20-minute video within this commentary.)

We awake this morning to learn startling new evidence from WSJ coverage of the ongoing Madoff trial, (more…)

Tags: Bernie Madoff, Bernie Madoff scheme, BMIS, Bruce Dubinsky, Madoff broker dealer, Madoff broker was a front, Madoff relationship with FINRA, madoff relationship with Mary Schapiro, Madoff relationship with NASD, Madoff scam, Madoff trial 2013, Madoff trial December 2013, Madoff trial Dipascali, Modoff scam, Ponzi
Posted in Bernie Madoff, fraud, General, Madoff, Mary Schapiro, regulation, regulatory capture, Wall Street, Wall Street Washington Incest | 1 Comment »

Barack and Mitt: America’s Unfinished Business

Posted by Larry Doyle on September 6th, 2012 1:08 PM |

Should we even have to remind them?

Do the crowds on both sides of the political aisle think Americans are this naive? Well, actually, on that note, the pols from both sides are right. Many Americans remain exceptionally naive regarding far too many issues, financial and otherwise.

The media is clearly of little help in exposing the ugly underside of the Wall Street – Washington conspiracy. That said, many Americans are now far savvier than they were a few short years ago when it comes to appreciating the rackets being run by BOTH political parties, their cronies on Wall Street, and the puppets ensconced within too many of our regulators. (more…)

Tags: America's unfinished business, ARS fraud, ARS frauds, Auction rate Securities fraud, Bernie Madoff, Bernie Madoff fraud, BMIS, Democratic convention, did the Democrats clean up Wall Street, Fannie Mae accounting fraud, financial frauds outstanding, FINRA fraud, Finra Standard Investment Chartered, flash crash fraud, fraud, frauds on Wall Street, Freddie Mac, Jon Corzine fraud, Libor manipulation, Madoff, MF Global fraud, money laundering with rogue nations, mortgage fraud, mortgage scams, outstanding frauds on Wall Street, SIPC scam, Stanford Financial fraud, unfinished business, Wall Street financial reform
Posted in General, Wall Street Washington Incest | 10 Comments »

Questions Left Unanswered

Posted by Larry Doyle on February 7th, 2011 7:13 AM |

Some random thoughts and questions in the midst of trying to determine what is really going on in the markets, the economy, and the world:

1. Just how healthy are our major money center banks? How many toxic mortgage related assets remain on their books? Where are those assets marked? With the housing market continuing to erode, and it is, how can those asset valuations not be eroding as well?

2. Will the American public ever truly learn what happened inside Bernard Madoff’s operations? (more…)

Tags: Allen Stanford, Ben Bernanke credibility, BLS, BMIS, Federal Reserve credibility, FINRA, Finra investment portfolio, how healthy are our major banks, how many toxic assets do banks still hold, lawsuits addressing mortgage fraud, Madoff, Madoff Ponzi scam, Mary Schapiro and Bernie madoff, SEC budget, SEC funding, Stanford and DOJ, Stanford Financial, Toxic Assets, U-3 rate, what are toxic assets, where are toxic assets marked
Posted in General | 7 Comments »

Sense on Cents Calls for Independent Investigation of FINRA

Posted by Larry Doyle on March 27th, 2010 4:51 PM |

PLEASE READ and ENDORSE THIS CALL for an INDEPENDENT INVESTIGATION. PLEASE SHARE. Thanks!! LD

I have publicly stated time and again that I believe the Wall Street self-regulatory organization, FINRA, did sit and likely still sits at the nexus of the Wall Street-Washington incest that has brought our nation’s economy to its knees.

Regrettably, we have had no Congressional inquiries into the failures at FINRA. Dare I say, we have had no public pressure from the media to drive a Congressional inquiry.

I am tremendously sickened by Congress not working for America’s citizens interests by investigating FINRA. Please recall that FINRA not only failed to protect investors, but there are strong allegations that FINRA itself participated in some of the greatest frauds on Wall Street via its own internal investment portfolio. Which frauds?

We know they dumped $647 million auction-rate securities in mid-2007 and likely front ran the ARS market while doing it. I unearthed the fact that FINRA owned these ARS in January 2009 when reading FINRA’s 2007 Annual Report. Meanwhile, $150 BILLION held by thousands of investors remains in frozen ARS investments.

There is an outstanding allegation that FINRA invested its own funds in Bernie Madoff. We know they failed to properly regulate and monitor Lehman, Bear Stears, and Merrill Lynch. How much more should Congress need to know?

FINRA needs to be introduced to the American public and investigated by Congress. FINRA has not even received direct focus or attention in Senator Dodd’s proposed Financial Regulatory Reform.

We can sit idly by and allow Wall Street and Congress to dictate to us or we can do something. I choose the latter. I want this post and this site to be the lightning rod to bring attention to how Wall Street’s self-regulation, embodied in FINRA, drove our economy into the ditch.

Please add your support by leaving a comment endorsing this investigation. I intend to keep a focus on this topic until FINRA’s failures are fully exposed and people are held to account. Get your friends and colleagues to do the same. If we can create a groundswell of support, I feel confident I can get some selected media friends to pick this up. From there, I welcome leading this march to Washington.

The American public and American investors deserve nothing else.

Any questions. Please do not hesitate to ask here or write me at senseoncents@aol.com.

Who’s with me?

FINRA must be independently investigated. America needs to learn how the Wall Street cop was not only asleep, but also in bed with the financial industry as Wall Street brought America to the brink of disaster.

Tags: ARPS, ARS, Bear Stearns, Bernie Madoff, BMIS, Bob Errico, Financial Industry Regulatory Authority, financial regulation, Financial Regulatory Reform proposal, FINRA, fraud on Wall Street, Lehman Brothers, Madoff, Mary Schapiro, Merrill LYnch, Rick Ketchum, self-regulation, Sense on Cents, Susan Merrill, Wall street fraud, what is Finra
Posted in General | 30 Comments »