Posts Tagged ‘financial regulators’
Posted by Larry Doyle on July 14th, 2014 11:40 AM |
Running down the clock used to be a strategy employed by renowned North Carolina basketball coach Dean Smith to win many a game. College basketball ultimately employed a shot clock to keep the games going.
Perhaps the Department of Justice should also have some sort of effective ‘shot clock’ imposed upon it in certain circumstances. Why so?
Just look at the announcement today (July 14, 2014) that Citigroup is paying a $7 billion fine to settle an array of egregious practices involved in transactions the firm brought from 2003 to 2008. The WSJ offers that AG Eric Holder will provide the following details: (more…)
Tags: Citi $7 billion settlement, Citi settlement, Citi settlement with DOJ, Citigroup settlement, Corbat, Department of Justice, financial regulators, in bed with Wall Street, Richard Bowen, Robert Rubin, truth and justice delayed, truth and justice denied, who pays Citi settlement
Posted in Citigroup, fraud, General | 1 Comment »
Posted by Larry Doyle on April 23rd, 2012 7:28 AM |
Having been away for the weekend, I missed last night’s edition of 60 Minutes and thank a loyal reader who brought it to my attention.
How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so real justice can be meted out?
We keep coming back to the same old question: Where were the regulators, both the SEC and FINRA? Pervasive evidence over the years continues to persist that our regulators were and are fully and totally captured as they served to protect Lehman and virtually every other major Wall Street firm. The fact that the SEC has still not chosen to pursue Lehman executives is a massive indictment of our financial regulatory system. This is not a difficult assessment to make. Enough with the sovereign immunity for the SEC and absolute immunity for FINRA. Put these institutions and appropriate individuals on trial along with the appropriate Lehman execs…and many more. The integrity of our nation is at stake.
Watch this 13 minute video and ask yourself the question, “Is our system corrupt”? (more…)
Tags: 60 Minutes story on Lehman Brothers, absolute immunity, Anton Valukas Lehman bankruptcy, Barack Obama, Ernst and Young Lehman Brothers, financial regulators, FINRA Lehman Brothers, integrity of the United States, Joe Biden, Lehman bankruptcy, Lehman Brothers failure, Lehman shell game, Matthew Lee Lehman accountant, regulatory capture, Repo 105, Richard Fuld, SEC Lehman Brothers, sovereign immunity, Steve Kroft 60 Minutes, Steve Kroft story on Lehman Brothers, the case against Lehman and financial regulators, Wall Street-Washington incest, what really happened at Lehman Brothers
Posted in General, Wall Street Washington Incest | 17 Comments »
Posted by Larry Doyle on June 29th, 2011 6:44 AM |
They must think we’re stupid.
News that Bank of America is poised to pay an $8.5 billion settlement in a claim by investors that the firm and a predecessor sold packages of loans/securities which did not meet standards and provide proper disclosures is a joke. Regrettably the joke is on us, that is, the citizens of this great land.
$8.5 billion may be a lot of money but what price warrants real justice? (more…)
Tags: BAC settlement, Bank of America settlement, Blackrock settlement with Bank of America, borrowing money from the Federal Reserve, Brian Moynihan, capital flight, failure to disclose, financial regulators, investor education and protection, justice denied, Met Life settlement with Bank of America, mortgage mess on Wall street, mortgage scam, mortgage settlement, need for accountability an dtransparency on Wall Street and in Washington, New york fed settlement with Bank of America, real justice is never bought, scam, they must think we're stupid, Wall Street-Washington incest, wealth redistribution into the financial system, wher eis the admission of fraud and guilt, who pays the Bank of America fine, why are trading volumes declining
Posted in General | 7 Comments »
Posted by Larry Doyle on April 25th, 2011 8:55 AM |
Things could be so much worse.
Really?
Try telling that to an individual ravaged by an investment scam, sold out by financial regulators, abused by her bank, and left paying substantially more at the gas pump and checkout line.
If these travesties were not bad enough, how do you think this individual may feel about the lack of real justice meted out against those individuals and organizations which perpetrated obvious scams and abuses? How do you think this individual may vote in upcoming elections? (more…)
Tags: 2012 election, 2012 voting, anti-incumbent vote in 2012, ARS fraud, bank abuses, dirty money, financial regulators, get out of town, government fights small time criminals net, greatest financial heists, how will people vote in 2012, human destruction, impact of inflation, individual feelings about inflation, Inflation, investment scams, lack of protection by government and financial regulators, lack of real justice in financial system, lack of real justice on Wall Street, mortgage abuse, Obama has a problem with middle America, Obama's big problem, Obama's problem with middle America, relationship between Wall Street and Washington, Ryder Trucks, scale of human destruction, scamming and scheming in our society, small time Madoff, The Big Picture, throw the bums out, U-Hauls, Wall Street and Washington, waste in our government, what do I know
Posted in General | 5 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 December 7th, 2010 9:21 AM |
Who is willing to stand up and call out the companies, the financial regulators, and others who both enabled and embodied the practices which brought about our financial crisis?
There have been and will continue to be many well written books highlighting some of the finer points from this economic period. Will there be any books written which truly take off the gloves and call out the individuals and institutions deeply involved in the ‘Wall Street-Washington incest’ central to our economic demise? One book I plan to read seems to address this very theme. I thank a regular reader of Sense on Cents for bringing David Einhorn’s Fooling Some of the People All of the Time to my attention.
To those involved in the financial industry, Einhorn needs no introduction. To those in the general public, let me inform you that David Einhorn–more than any other individual– publicly called out Lehman Bros. as a disaster waiting to happen, and well in advance of anybody saying the same. What does Einhorn have to say now? What does he address in this book? Let’s navigate. (more…)
Tags: corporate malfeasance, David Einhorn, David Einhorn Allied Capital, David Einhorn St. Joe's, demise of Lehman Bros., downfall of Lehman Brothers, financial regulators, Fooling Some of the People All of the Time, free speech in America, Gary Gensler, Greenlight Capital, Hedge Funds, is Allied Capital a fraud, Larry Doyle, Mary Schapiro, reviews for Fooling Some of the People All of the Time, Richard Ketchum, Sense on Cents, short sellers in the market, virtue of free speech, Wall Street, Wall Street -Washington, Wall Street Washington D.C. incest, Wall Street Washington relationship, who is David Einhorn
Posted in General | 4 Comments »
Posted by Larry Doyle on September 16th, 2010 7:36 AM |
Information is everything.
Without access to information, how can we ever learn the full and true stories currently buried beneath our financial and economic landscape? Unearthing information through every means possible is a tedious — but necessary — pursuit if we are ever to learn our mistakes and failings of the past so that we can improve our economic standing in the future.
While those in Washington would maintain that they are charged with unearthing this information, there is little doubt that the American populace at large has little confidence in the rigor of that pursuit. The greatest of Jesuit principles instilled in me from my days at Holy Cross is the ‘never ending pursuit of the truth.’ That pursuit brings us today to a story which has received significant coverage here at Sense on Cents, but not nearly enough coverage elsewhere. Let’s navigate as The Wall Street Journal writes, SEC Looks to Allay Fears on FOIA Limits: (more…)
Tags: College of the Holy Cross, financial regulation, financial regulators, fouding principles of Jesuits, freedom of information act, Holy Cross, Jesuit education, Jesuit principles, Larry Doyle, Mary Schapiro, never ending pursuit of the truth, pursuing the truth, SEC and FOIA, SEC oversight of FINRA, SEC regulation of FINRA, Sense on Cents, the Jesuits, transparency and disclosures o
Posted in FINRA, General, SEC | 4 Comments »
Posted by Larry Doyle on July 2nd, 2010 12:42 PM |
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Is America supposed to believe that the economic crisis emanating on Wall Street and costing our economy trillions of dollars was all on the up and up and was merely a ‘perfect storm’? Although many on Wall Street and in Washington would have us believe just that, a true measure of ‘sense on cents’ dictates that we not be so naive.
Regrettably, our financial regulators and most state attorneys general have shown themselves to be incapable, unwilling, or incompetent in pursuing the massive financial transgressions and fraud that lie at the foundation of our crisis. Well, it is time for “hook ’em horns!!”
The Democratic candidate for Attorney General in the great state of Texas, Barbara Ann Radnofsky, has written a Legal Complaint and Legal Brief which form the basis for a lawsuit against Wall Street and the underlying fraud which has brought our nation to its knees. (more…)
Tags: Barbara Ann Radnofsky, financial fraud on Wall Street, financial regulation, financial regulators, fraud on Wall Street, hook em horns, lawsuits against Bank of America, lawsuits against Goldman Sachs, lawsuits against JP Morgan, lawsuits against Morgan Stanley, lawsuits against rating agencies, lawsuits against Wall Street banks, perfect storm, state attorneys general fighting Wall Street, State of texas vs Goldman Sachs et al, State of Texas vs Wall Street, sue wall street, suewallstreet.com, texas Attorney general campaign, Texas Democratic Party, Wall Street lawsuits
Posted in General, Wall Street | 4 Comments »
Posted by Larry Doyle on June 21st, 2010 2:04 PM |
America has learned all too well about the revolving door between financial regulators and financial firms along with their legal counterparts. While these revolving doors are not necessarily incestuous by themselves, the fact is the proximity of the relationships that develop has clearly led to an overall atmosphere filled with incest.
Has this incest crept into the corner offices of a high profile Washington D.C. based law firm? (more…)
Tags: Allied Capital Management, David Kotz, demise of Allied Capital, downfall of Allied Capital, financial regulators, George Curtis of Gibson Dunn Crutcher, Getco hiring of Elizabeth King, IG report on Allied Capital, is David Kotz investigating WilmerHale, revolving door at SEC, SEC and WilmerHale, SEC attorneys now at WilmerHale, SEC Chair mary Schapiro, SEC markets division, SEC OIG, SEC Watchdog Investigates Revolving Door Policy, Senator Charlexs grassley and Elizabeth King, The Center for Public Integrity, white collar lawyers in Washington, who is George Curtis, who is William McLucas, William McLucas of WilmerHale, WilmerHale
Posted in General, SEC | No Comments »
Posted by Larry Doyle on May 21st, 2010 9:05 AM |
In the midst of all the legislative wrangling in Washington and the financial gyrations on Wall Street, what does it all mean for everyday American investors? I am not so sure it means all that much. How much are everyday Americans impacted by proprietary trading, derivatives, merged regulators? Very little actually. I am not writing this to discount the proposed financial regulatory reform coming out of Washington, but I remain underwhelmed that it will truly protect everyday investors from the ways of Wall Street.
To this end, I am happy to propose my own Sense on Cents Financial Reforms which I believe regulators should impose on financial intermediaries (brokers, bankers, money managers, et al). I am not only proposing these reforms here, but I am sharing them today with Washington based financial regulators. In deference to my readers, you’re getting the first look. Feel free to share your thoughts on my proposed reforms, and add others which you believe should be implemented. (more…)
Tags: caveat emptor, competency risks, corporate credit risks, counterparty risks, currency risks, derivatives, extension risks, financial reforms, financial regulation, financial regulators, financial regulatory reforms, FINRA, how will financial regulatory reforms impact everyday Americans, interest rate risks, investment risks, liquidity risks, market risks, options, prepayment risks, proprietary trading, Risk Parameters, SEC, Sense on Cents, structure risks, transparency risks, volatility risks, Wall Street, what is a prospectus
Posted in General, regulation, Wall Street | 8 Comments »
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