Posts Tagged ‘Darrell Issa’
Posted by Larry Doyle on January 7th, 2011 6:03 PM |
The outline highlighted below needs no real preamble. The fact is this draft should be an American Mandate as it represents the ultimate ‘sense on cents.’ The time is long past due for some accountability in Washington. This mandate is the right start.
Much like the reflection of Capitol Hill in the photo to the right, the members of Congress may want to reflect upon just how elitist the entire body has become. Who in Congress has the balls and the backbone to propose this Reform Act? I am calling out each and every Republican and Democrat alike. Who’s in?? You call yourselves Americans? Let’s see it.
I thank the friend who passed this along and I would encourage others to spread this American Mandate!!
CONGRESSIONAL REFORM ACT of 2011………….. (more…)
Tags: all those in Congress and the U.S. Senate, American Mandate, Barney Frank, Chuck Schumer, Congress, Congressional contracts, Congressional health care system, Congressional pay, Congressional Reform Act of 2011, Darrell Issa, Paul Ryan, what must Congress do
Posted in General | 32 Comments »
Posted by Larry Doyle on September 24th, 2010 8:20 AM |
The battle for truth, transparency, and integrity within the ring of our economic landscape is nothing short of a 15-round heavyweight brawl. With many rabbit punches thrown by those embedded in the Wall Street-Washington incestuous relationship parried and countered by those who want the aforementioned virtues, this encounter would be great entertainment if it were not so serious and impactful on our nation’s well being. Breaking news last night clearly had the judges giving the most recent round in this pugilistic engagement to those in the transparency corner. Let’s wind the tape and get after it.
With news that both Houses of Congress have now voted to repeal the SEC’s exemption from FOIA (Freedom of Information Act) requests, our ongoing pursuit of truth, transparency, and integrity won a round — but not yet the fight — yesterday. For those unaware of this story, I will offer some highlights, add some between round commentary, AND then ask the hard hitting questions you will most assuredly not see elsewhere.
(more…)
Tags: Darrell Issa, Dodd-Frank, Dodd-Frank Financial reform Act, FINRA, foia exemptions, Fox Business News, freedom of information, Gary Aguirre, House Passes Bill to Repeal SEC FOIA Rule, Mary Schapiro, SEC, SEC FOIA exemptions, section 929I
Posted in General | 9 Comments »
Posted by Larry Doyle on September 18th, 2010 12:14 PM |
LD’s edit: Thank you to a Sense on Cents reader, Transparency, for informing us that Senate Judiciary Committee Approves Bill To Repeal SEC FOIA Exemptions.
Thanks to a loyal reader of Sense on Cents for sharing this press release put forth earlier this week. Not that the Republican Party does not have a LOT to answer for in terms of the final Financial Regulatory Reform, but at least on this front, I commend Darrell Issa (R-CA) for introducing this legislation.
Issa Introduces the SEC Freedom of Information Restoration Act
President Obama at Signing of Financial Reform Bill: “It demands accountability and responsibility from everyone…It demands accountability and responsibility from everyone…And we all win when folks are rewarded based on how well they perform, not how well they evade accountability.” (more…)
Tags: Aaron Schock, Allen Stanford, Angela Canterbury, Barack Obama, Bernie Madoff, Bill Shuster, blaine leutkemeyer, Brian Bilbray, Dan Burton, Darrell Issa, Dodd Frank Wall Street reform and Consumer Protection Act, finreg, FOIA, Freedom of Information Restoration Act, Gary Aguirre, Issa Introduces the SEC Freedom of Information Restoration Act, jason Chaffetz, Jeff Fortenberry, jim jordan republican of ohio, John Duncan, John Mica, oversight and government reform committee, Patrick McHenry, rule 9291, sec failures in madoff and stanford scams, section 9291, Spencer Bachus, Wall Street-Washington incest
Posted in General | 4 Comments »
Posted by Larry Doyle on June 15th, 2010 9:07 AM |
Any employee in any organization knows that an internal disciplinary double standard is the quickest way to kill morale. Happens all the time, right? Likely even worse in organizations with lots of bureaucracy? Uncle Sam would not know how to operate otherwise, you say? The answers to all those questions may be the affirmative, but that does not make a double standard right nor does it mean that it should be tolerated. Why do I broach this topic?
Our friends at the Project on Government Oversight (POGO) released a report just yesterday highlighting the pathetic disciplinary measures and massive double standard at the SEC in responding to recommendations from its own Office of Inspector General (OIG). POGO reports:
….this is not the first time the SEC has refused to follow an OIG recommendation for disciplinary action. (more…)
Tags: a new SEC, accountability at SEC, Darrell Issa, David Kotz, FOIA, FWRO, investigation by POGO, Mary Schapiro, POGO, project on Government Oversight, SEC inmates running the asylum, SEC internal affairs, SEC lack of disciplinary actions, SEC OCIE, SEC OIG
Posted in General, SEC | 21 Comments »
Posted by Larry Doyle on June 9th, 2010 6:45 AM |
Any investigation ultimately comes back to two questions:
1. What did they know?
2. When did they know it?
In order to determine the answers to these critical questions, investigators need to have real transparency and integrity in their pursuit of information. To this end, Sense on Cents welcomes adding a link to our Watchdog category (right sidebar) for the The Center for Public Integrity.
In the pursuit of transparency and integrity to understand what really happened in the BP oil disaster in the Gulf of Mexico, the Center reviewed logs from the Coast Guard. What did they learn? (more…)
Tags: BP, BP Deepwater Horizon vs Exxon Valdez, BP oil spill investigation, British Petroleum oil spill in Gulf, Center For Public Integrity, Coast Guard admiral Thad Allen, Coast Guard logs of BP oil spill, Coast Guard Logs Reveal Early Spill Estimate of 8000 Barrels a Day, Darrell Issa, Deepwater Horizon drilling rig, did White House play politics with BP oil spill, Gulf of Mexico, Interior Secretary Ken Salazar, MODU, Nick Shapiro, Rear Admiral Mary Landry, The Center for Public Integrity, timeline of oil spill, what did the White House know of BP oil Spill, when did White House know of BP oil spill, White House knowledge of BP oil spill
Posted in General | 7 Comments »
Posted by Larry Doyle on May 20th, 2010 4:08 PM |
Thank you to a loyal Sense on Cents reader for providing a recently released report by the U. S. House of Representatives Committee on Oversight and Government Reform entitled The SEC: Designed for Failure.
Much of what the American public has been fed about the SEC has been produced by the SEC itself. With all due respect to SEC Office of Inspector General David Kotz, who is widely respected, the other internal reports produced by the SEC have the stamp of career regulator Mary Schapiro. Regular readers of Sense on Cents know I have little regard for Mary.
This Congressional committee is led by Darrell Issa (R-CA). The report highlights that amongst the SEC’s issues, a lack of funding was not one of them. What else did the report find? What does it recommend?
Executive Summary (more…)
Tags: Darrell Issa, FINRA, Harry Markopolos, Mary Schapiro, SEC Designed for Failure, SEC IG David Kotz, SEC report by Congressional Committee on Oversight and Government Reform
Posted in General, SEC | No Comments »
Posted by Larry Doyle on April 7th, 2010 9:03 AM |
Shut up!!!
Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the whistle on crimes and illegal practices.
I believe this reality is all too present in many, if not most, industries in our society today. There is absolutely no doubt it is present on Wall Street. (more…)
Tags: Barney Frank, code of silence, Darrell Issa, David Kotz, FINRA, paul Kanjorski, POGO, project on Government Oversight, SEC OIG report on whistleblowers, SEC whistleblower, SEC whistleblower program, Wall Street, Wall Street business as usual, Wall Street regulation, Wall Street sro, whistleblowers on wall street, whistles on Wall Street
Posted in FINRA, General, POGO, SEC | 8 Comments »
Posted by Larry Doyle on April 1st, 2010 9:42 AM |
Ignorance is never an excuse. Whether in regard to law enforcement, financial regulation, or other forms of supervisory oversight, ignorance may be the reality . . . but we can never allow it to be used as an excuse. Regrettably, ignorance (if not worse) was clearly on rampant display as the SEC (and in my opinion, FINRA as well) failed America miserably in its oversight of Lehman Brothers.
One of my favorite financial journalists, Bloomberg’s Jonathan Weil, highlights the pathetic performance of the SEC regulators who were charged with overseeing one of the firms that catapulted our economy off a cliff. Weil writes, Wall Street’s Repo 105 Cops Wake Up From Dead:
The good news this week from the Securities and Exchange Commission is that it’s on the hunt for companies that have used Lehman-style accounting tricks to make themselves look less leveraged than they really are. Now for the downside: The headline-chasing agency is way too late, as usual. (more…)
Tags: Anton Valukas, Barney Frank, Bloomberg, Bloomberg's Jonathan Weil, Darrell Issa, financial accounting, financial leverage on Wall Street, financial regulation, financial regulators failed America, FINRA ignorance, FINRA oversight of Lehman, ignorance is never an excuse, inmates running asylum, Jim Chanos of Kynikos Associates, Lehman Brothers, Lehman Repo 105, Matthew Eichner, Matthew Eichner Federal Reserve Board, paul Kanjorski, Repo 105, SEC ignorance, SEC oversight of Lehman, Securities and Exchange Commission, short sellers, Wall Street, Wall Street accounting tricks, Wall Street inmates running the asylum, Wall Street's Repo 105 Cops Wake Up From Dead, who is Matthew Eichner
Posted in FINRA, General, Lehman, SEC | 5 Comments »
Posted by Larry Doyle on March 19th, 2010 7:36 AM |
I have grown accustomed to some truly shocking developments and resulting statements throughout the course of our economic crisis. That said, the statement I read late last night from the soon to depart Chief of Enforcement at FINRA, Susan Merrill, left me absolutely aghast.
As reported by the financial industry newsletter, Investment News, Ms. Merrill said she was,
“especially proud of the actions we brought regarding auction-rate securities….as well as vigorous actions to shut down Ponzi schemers.”
Wow. With that reflective comment on her FINRA tenure, Ms. Merrill must believe people do not read these comments, they have no understanding of their context, or America is simply stupid.
Well, Ms. Merrill, I do read these comments. I do have an understanding of their context. I would like to think I am not stupid, and I welcome sharing my reaction with the American public.
In my opinion, you have some set of balls. (more…)
Tags: Barney Frank, Darrell Issa, FINRA, FINRA 2008 Annual Report, FINRA enforcement chief Susan Merrill, Investment News Susan Merrill, Mary Schapiro, paul Kanjorski, Susan Merrill, Susan Merrill departure, will Susan Merrill talk
Posted in General | 2 Comments »
Posted by Larry Doyle on March 18th, 2010 10:52 AM |
Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.
Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.
Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.
In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. (more…)
Tags: Amerivet Securities v FINRA, auction rate securities cases, Barney Frank, Benchmark Financial vs FINRA, Congressional inquiry into FINRA, Darrell Issa, Davis Polk Wardwell, FINRA, FINRA liquidation of auction-rate securities, FINRA oversight of Lehman Brothers, FINRA should protect investors, FINRA's Susan merrill to Exit as Enforcement Chief, lawsuits against FINRA, Mary Schapiro, merger of NASD and NYSE Regulation, paul Kanjorski, Standard Investment Chartered vs FINRA, Susan Merrill, Susan Merrill quits, Susan Merrill Wall Street Journal March 18 2010, Susan Merrill's career, Thomas Weisel auction rate securities, transparency on Wall Street, Wall Street oversight, WSJ Merrill March 18 2010
Posted in FINRA, General | 9 Comments »
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