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HomeFabulous Fab The Fall Guy
Posted by Larry Doyle on July 16th, 2013 8:46 AM |
America has certainly been fed a healthy diet of bluster by a wide array of regulators and government officials about cleaning up Wall Street over the last few years.
Those watching closely are well aware, though, that justice on Wall Street typically comes in small packages, token fines, and a whole lot of statements that include “neither admit nor deny.”
Let’s pause and think of all the criminal activity and otherwise unsavory behaviors that have transpired within the industry over the last handful of years: (more…)
The Only Real Question Regarding Goldman’s Settlement with the SEC
Posted by Larry Doyle on July 16th, 2010 7:34 AM |
Who’s next?
We can debate all day long whether the settlement of SEC charges against Goldman Sachs for $550 million is fair or not. While that debate will occur all over Wall Street and throughout the world of global finance today, the question regarding the size of this settlement is not important in and of itself. I am not saying that $550 million is not a lot of money. Nor am I saying that Goldman may be getting off easy. The only question I have is, “Who’s next? ”
Are we to think that the Goldman Abacus-CDO transaction is the only ABS-backed CDO that employed improper marketing? Do not be so naive. In fact, if Goldman employed improper marketing in one deal, are we to believe they did not do the same in many others? Do you ever find just one mouse? (more…)
Goldman Action Highlights FINRA Facade
Posted by Larry Doyle on May 6th, 2010 12:57 PM |
FINRA is supposed to be the Wall Street cop, right? Is the cop a real cop or more of a facade? Well, when the Wall Street banks which FINRA is charged to oversee do not observe the most basic of FINRA rules and regulations, in my opinion, FINRA is exposed as nothing more than a facade.
Evidence of this was on display just yesterday as Bloomberg highlighted in reporting, Goldman Sachs Said to Be Late to Report SEC Probe to FINRA:
Goldman Sachs Group Inc. was late in notifying the Financial Industry Regulatory Authority that trader Fabrice Tourre might be sued for fraud by the U.S. Securities and Exchange Commission, according to people familiar with the matter. (more…)
Will Fabrice Tourre be Paul Mozer and Lloyd Blankfein be John Gutfreund?
Posted by Larry Doyle on April 19th, 2010 1:29 PM |
While some may view Friday’s charges by the SEC as a mere flesh wound against the all powerful Wall Street titan Goldman Sachs, I think this situation has the potential to mushroom far beyond that.
I am sure that Goldman Sachs is currently running full throttle in terms of damage control. In fact, given that Goldman was served with a Wells Notice many months ago, there is no doubt in my mind that Goldman has been ‘circling the wagons’ in regard to its legal exposures. That said, Goldman can not fully nor properly prepare for public backlash and investor outrage. As much as Goldman can do to disparage the SEC’s case, the fact is the much bigger case against Goldman will be held in the court of public opinion. (more…)
