Posts Tagged ‘Financial Industry Regulatory Authority’
Posted by Larry Doyle on June 20th, 2012 6:47 AM |
What are some of the great failures and subsequent lessons America has learned about Wall Street since the outset of our economic crisis 5 years ago?
Well, we have witnessed more failures and learned more lessons than I have space here to highlight. The failures and lessons actually go back a lot further than this crisis.
Regrettably, the industry titans running Wall Street and their crony capitalist partners lining their pockets in Washington have shown little to no inclination to address what Sense on Cents believes are the greatest failures and lessons.
Dodd-Frank? Nope, that doesn’t do it. Consumer Financial Protection Bureau, perhaps? Nope, not there either. See, the fix is still in on Wall Street and far too many in America are not aware of the regulatory sting being perpetrated on investors each and every day. (more…)
Tags: Ethics Rules and FINRA, failures on Wall Street, Financial Industry Regulatory Authority, FINRA, Freedom of Information Act and FINRA, how is Wall Street regulated, how to reach your Congressman, HR 4624, Investment Advisory Oversight Act, lack of transparency on Wall Street, POGO Michael Smallberg, reasons not to trust Wall Street, Wall Street regulation
Posted in FINRA, General | 13 Comments »
Posted by Larry Doyle on November 21st, 2011 5:10 PM |
A week ago, I wrote Sense on Cents Calls Out Congress to Pass H. R. 1148 Outlawing Congressional Insider Trading.
In the midst of writing my commentary, I highlighted that:
I called my Congressman Jim Himes (D-CT) this afternoon and informed his spokesman of my initiative here at Sense on Cents. I let him know that Jim’s name will be published at Sense on Cents as supporting this legislation or not.
I got his spokesman’s attention and let him know how great the blogosphere was at spreading this type of information. He fully understood. (more…)
Tags: Congress insider trading, Congressional insider trading, Congressman Jim Himes, Financial Industry Regulatory Authority, FINRA, formation of FINRA, H.R. 1148, Himes Pushes to End Congressional Insider Trading, house Committee on Financial Services, House Financial Services Committee, insider trading in Washington, Jim Himes, Mary Schapiro, POGO, project on Government Oversight, STOCK Act, Stop Trading on Congressional Knowledge Act, what does Finra do?
Posted in General | 14 Comments »
Posted by Larry Doyle on January 24th, 2011 7:00 AM |
“Who will protect me?”
How many investors in our nation continue to ask that question?
A lot!!
Throughout the crisis of the past few years and certainly well beyond that, investors have come to appreciate that they really need to learn to protect themselves. Why is that? We have rampant evidence that neither Wall Street nor the financial regulators overseeing Wall Street have truly protected investors. So now what? (more…)
Tags: a low opinion of finra, Dodd Frank Wall Street reform and Consumer Protection Act, Dodd-Frank, fiduciary vs suitability, Financial Advisor, Financial Industry Regulatory Authority, financial planning, financial regulators, financial regulatory system, formation of FINRA, Global Economic Intersection, Investment Advisors Act of 1940, investor protection, John Lounsbury, Kathleen Casey and Troy Paredes, Larry Doyle, No Quarter Radio, oversight of registered investment advisers, oversight of RIAs, questions for FINRA, SEC vs FINRA, self regulatory oversight for Wall Street, Sense on Cents, Wall Street oversight, Wall Street regulation, what is an RIA, what is an SRO, who protects investors, who will regulate RIAs
Posted in FINRA, General | 1 Comment »
Posted by Larry Doyle on November 17th, 2010 7:25 AM |
When I worked at JP Morgan, we had a year end review process that I believe was largely a joke. Why? It lacked integrity and honesty. How so? Individuals largely gamed the system by not being forthright with each other. As a result, the overall assessment of individuals, departments, divisions, and the firm itself were skewed. I recall looking at the composite and average scores and remarking to my boss, “Our people and our firm are NOT this good.”
Mind you, JP Morgan had and still has some real strengths — but it also had some real weaknesses. Excessively bureaucratic would be a good start on the ‘weakness’ list.
I did try to grade myself and others in an honest and constructively critical fashion. Some of my reports would come to me after the fact inquiring about my assessments of them. They would often be concerned. I would respond that I had little interest in ‘gaming the system’ but I had every interest in making them a stronger and more productive employee. My being forthright and honest was “the means,” their improving and becoming more productive was “the ends.”
I raise this topic today because every individual and every organization needs a very healthy dose of constructive criticism. (more…)
Tags: a stronger America, criticism of Finra, critiquing FINRA, Financial Industry Regulatory Authority, FINRA, incest, integrity and honesty, Investment News Daily, John Busacca, JP Morgan year end review, JPM, Larry Doyle, Mary Schapiro, public service, Sense on Cents, Wall Street, Wall Street relationship with Washington, Washington, year end reviews
Posted in FINRA, General | 12 Comments »
Posted by Larry Doyle on August 5th, 2010 7:40 AM |
Morning in America!!!
Are auction-rate securities holders gaining the upper hand against Wall Street in the fight to gain full justice and restitution with penalties for the improper marketing and distribution of ARS? While 2009 brought many judicial and arbitration defeats for ARS holders, lately we witness a shift in the tide. Thank you to a reader of Sense on Cents for sharing that UBS (Union Bank of Switzerland) not only lost an ARS case, but the Swiss bank has to repay ten times the initial ARS investment. WOW!!
What happened here? Why such a large settlement? Let’s navigate as The Wall Street Journal reports, UBS To Pay $81 Million in Auction-Rate Case:
UBS AG has been ordered to pay 10 times the amount a Maryland marketer of cellphones originally invested in auction-rate securities, in another sign of the reckoning still dogging Wall Street for its role in investor losses during the meltdown. (more…)
Tags: Auction Rate Securities scandal, Financial Industry Regulatory Authority, FINRA, Jacob Zamansky, Kajeet, Larry Doyle, LD, Randall Smith, Sense on Cents, UBS ARS case, UBS loses auction rate securities case, UBS to pay $81 million in Auction-Rate Case, Union Bank of Switzerland, Wall Street Journal
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 4 Comments »
Posted by Larry Doyle on May 7th, 2010 11:30 AM |
The incest is over.
As much as Wall Street and Washington would like to project a sense that our economy is improving and the markets are merely fluctuating, the fact is America is learning more and more that the incest that has infiltrated our financial and economic structures has corrupted America in the process.
Incest does not do much for the participants’ reputations. The risk of a bad reputation remains the greatest risk of all. I see people on Wall Street now scrambling to repair that reputation. Who? (more…)
Tags: Blankfein rebuilding reputation, Blankfein Vows to Rebuilds Reputation, Congress reputation, Congressional Oversight Crippled by Institutional Amnesia, crony capitalism, Danielle Brian, Danielle Brian of POGO, financial and economic structures, Financial Industry Regulatory Authority, FINRA, Goldman Sachs annual meeting, Goldman Sachs reputation, is America corrupt, Lloyd Blankfein, Mary Schapiro, project on Government Oversight, regulators reputation, Wall Street Washington D.C. incest
Posted in General | 4 Comments »
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.
LD
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 »
Posted by Larry Doyle on March 22nd, 2010 4:24 PM |
Why am I so skeptical that Senator Chris Dodd’s proposed Financial Regulatory Reform (for overachievers in the audience, the link connects to the 89-page proposal) will truly change behaviors on Wall Street? For the very simple reason that I have seen no highlighting of the Financial Industry Regulatory Authority within the proposed Financial Regulatory Reform. Strike you as a little odd? It strikes me that the Wall Street lobby is hard at work keeping its self-regulator, that being FINRA, right where they want it.
Against this backdrop, I was pleasantly surprised to see highly regarded Barron’s columnist Jim McTague reference that the proposed reform would promote transparency and accountability of FINRA. (more…)
Tags: accountability of financial regulatory reform, Chris Dodd, Davis Pol Summary of Draft of Restoring American Financial Stability Act ing, Dodd Prepares to Whack Wall Street, Financial Industry Regulatory Authority, financial regulatory reform, financial self-regulation, FINRA, FINRA SEC TRACE, GAO, Jim McTague, MSRB, POGO, Report on Oversight of National Securities Associations, SEC oversight of FINRA, self-regulation, transparency of financial regulatory reform, Wall Street, Wall Street lobby, Wall Street-Washington incest
Posted in Christopher Dodd, FINRA, General, regulation | 2 Comments »
RSS Feed
Twitter
Facebook
Email
Home
What are some of the great failures and subsequent lessons America has learned about Wall Street since the outset of our economic crisis 5 years ago?
