Posts Tagged ‘financial regulators’
Posted by Larry Doyle on April 7th, 2010 3:41 PM |
Does anybody have any doubt that massive fraud within our mortgage industry played a large part in our current economic crisis? America continues to suffer from the fakers and phonies within our financial regulatory structure (including Alan Greenspan) who fail to accept responsibility for their shortcomings and the resultant frauds.
The mortgage fraud grew over time in order to feed the Wall Street machine the collateral it needed to execute a wide array of structured transactions. This need for increasing volume of mortgage originations was a critical point in one of my earliest blog posts written in November 2008, “The Wall Street Model is Broken… and Won’t Soon be Fixed!!” I wrote: (more…)
Tags: Alan Greenspan, Citigroup, Citigroup consumer lending, Citigroup Underwriter Warned of Mortgage Lapses, David Bushnell, Fannie Mae, FCIC, Financial Crisis Inquiry Commission April 7 2010, financial frauds, financial regulators, Freddie Mac, Gary Crittenden, Mortgage Crisis, mortgage fraud, mortgage originations, Mortgages, originate to distribute, private profit social loss, Richard Bowen, Richard Bowen testimony April 7 2010, Robert Rubin
Posted in Citigroup, General, Mortgage Crisis | 5 Comments »
Posted by Larry Doyle on April 5th, 2010 2:02 PM |
Is the Wall Street landscape 2010 merely a precursor to another systemic crisis in which the “too big to fail” banks come running to Uncle Sam for more bailouts? Selected senior bankers on Wall Street, including JP Morgan’s Jamie Dimon, have publicly stated that the markets and our economy need to ready themselves for crises on a more regular basis. If that is the case, is this truly any way to run a financial system, let alone a country? I do not think so, nor does Simon Johnson. Who is Johnson? (more…)
Tags: 13 Bankers, banks, banks as percentage of GDP, banks should be small enough to fail, Baseline Scenario, financial institutions, financial regulation, financial regulators, james Kwak, Jamie Dimon, no way to run a business or a nation, Peterson Institute for International Economics, Senator Chris Dodd's financial regulatory reform, Simon Johnson, Simon Johnson interview with David Weidner, Simon Johnson on Teddy Roosevelt, Simon Johnson on too big to fail, Sloan School of Management, small enough to fail, Wall Street crises, Wall Street hubris, Wall Street-Washington incest
Posted in General | 1 Comment »
Posted by Larry Doyle on March 9th, 2010 9:16 AM |
Prescription drugs can only be accessed through a physician for a reason. When used appropriately under the guidance of an ethical and informed doctor, the powers of prescription drugs can be life-changing and life-saving. When these prescription drugs are marketed by those more interested in their own bottom line than the health and well-being of their ‘patients’, then use often turns to abuse and the effects are crippling.
A similar dynamic plays out in the high and mighty halls of international finance. (more…)
Tags: abusing financial derivatives, buyer beware, caveat emptor, complex finance risks, Domenico Siniscalco Italian finance minister, ethics in the financial industry, financial derivatives, financial derivatives in Italy, financial regulation, financial regulators, Financial times An Exposed Position, heroin approach on Wall Street, prescription drugs on Wall Street, public sector in Italy, sophisticated clients
Posted in derivatives, General | 1 Comment »
Posted by Larry Doyle on February 9th, 2010 8:37 AM |
Elizabeth Warren and Jamie Dimon
How is it that some people are able to aggressively promote the virtues of truth, transparency, and integrity within our financial system while others would seem to talk a good game but do not truly walk the walk? The key, in my mind, is that the former are not beholden to a constituency focused on short term maximization of profits and revenues. Who is distinguishing herself as a leader in this category? Elizabeth Warren, the current chair of the Congressional Oversight Panel to investigate the U.S. banking bailout.
Warren writes in today’s Wall Street Journal of Wall Street’s Race to the Bottom. This race is very much a function of implementing strategies and developing products that have served to maximize the short term revenues of these firms, while eroding the very foundation of the financial system itself. (more…)
Tags: CFPA, Consumer Financial Protection Agency, Elizabeth Warren, FHFA, financial regulators, FINRA, fiscal transparency, Jamie Dimon, Jamie Dimon JP Morgan CEO o, maximizing revenues, OCC, OTS, SEC, short term profits vs long term prudence, transparency, Wall Street boards, Wall Street Journal Wall Street's Race to the Bottom, Wall Street's Race to the Bottom, who is Elizabeth Warren
Posted in General | 7 Comments »
Posted by Larry Doyle on October 22nd, 2009 10:50 AM |
Writing about the integrity, or lack thereof, of a senior governmental official and other high ranking financial regulators is a serious topic. Given the seriousness of this topic, I do not treat it lightly. For newer readers here at Sense on Cents, I am referring to the commentary I wrote this past Monday entitled, Attorney Richard Greenfield Brands Mary Schapiro and FINRA Execs As “Liars.”
If in fact Ms. Schapiro and her FINRA colleagues lied, what was their motivation? We learn more about this amazing financial intrigue as on Tuesday a redacted version of a Second Amended Complaint brought on behalf of Standard Investment Chartered and all others similary situated v FINRA, NYSE Group, Mary L. Schapiro, Richard F. Brueckner, T. Grant Callery, Todd Diganci, and Howard M. Schloss was made public.
Recall that the core of this complaint is a charge made by plaintiffs against defendants regarding the inappropriate allocation of proceeds generated from the sale of the Nasdaq Stock Exchange. That sale generated approximately $1.5 billion. FINRA paid out $35k per firm to approximately 5100 member firms for a total of approximately $175 million.
Why would the defendants be motivated to withhold the balance or a large percentage of the balance of those funds from the member firms? (more…)
Tags: abuse of trust and authority by Mary Schapiro and FINRA execs, defense of exhaustion and immunity, financial oversight, financial regulators, FINRA, Howard M. Schloss, immunity defense by FINRA, integrity, IRS statement regarding merger of NYSE Regulation and NASD, Mary Schapiro, Mary Schapiro's compensation, Mary Schapiro's confirmation process as head of SEC, misrepresentations in FINRA proxy statement, NASD, NYSE club, NYSE Group, proxy statement issued by NASD, regulation, Richard Brueckner, Richard Greenfield, sale of the Nasdaq Stock Exchange, Second Amended Complaint Standard Investment Chartered v FINRA, T. Grant Callery, Todd Diganci, Wall Street regulation, Wall street regulators, Wall Street relationship with Washington, Wall Street screws Main Street, what is a proxy statement
Posted in FINRA, General, Wall Street, Washington D.C. | 1 Comment »
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