Posts Tagged ‘FINRA’
Posted by Larry Doyle on March 24th, 2010 12:22 PM |
I wrote extensively in 2009 as to How Wall Street Bought Washington. Well, it would appear that the purchase and sales agreement between these two entities remains in place.
A recent press release highlights developments on Senator Chris Dodd’s proposed Financial Regulatory Reform along with a recent assessment by Washington insider and Illinois Senator Richard Durbin.
DEMOCRATIC FINANCIAL REFORM BILL EXITED SENATE BANKING COMMITTEE WITHOUT RESTORING KEY INVESTOR LEGAL RIGHT TO HOLD KNOWING AIDERS AND ABETTORS OF FRAUD ACCOUNTABLE (more…)
Tags: aiding and abetting fraud, Arlen Spector, banking lobby, Central Bank, Denise Voigt Crawford, Dick Durbin, financial fraud, financial regulatory reform, FINRA, Illinois senator Richard Durbin, Jack R, Jack Reed, Jeff Merkley, Lehman Brothers fraud, Lehman cooked the books, Mary Schapiro, NASAA, North American Securities Adminstrators Association, opinion Research Corporation, Ray Hanania WJJG, Richard Ketchum, SEC, senate Banking Committee, Senator Chris Dodd, Senator Chris Dodd financial reform, Stoneridge, Ted Kaufman, Wall Street Bought Washington, Wall Street lobby, Wall street owns Washington
Posted in General | 2 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 »
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 »
Posted by Larry Doyle on March 15th, 2010 12:51 PM |
Pricing power is everything.
What businessman wouldn’t like greater control and influence over the pricing of his goods and services? How are prices determined? In a capitalist system, prices are a function of the competitive forces of supply and demand. What happens when competition dwindles? Pricing power for the suppliers increases. How does competition dwindle? When barriers to entry are so high, or competitors go out of business. This economic reality is also known as an oligopoly and it defines the current state of our financial industry known as Wall Street.
Is Wall Street taking advantage of the lessened competition and flexing its muscle to drive revenue? Is the Pope Catholic? (more…)
Tags: capitalism, CNBC media appearance, crony capitalism, financial industry, financial lobby, FINRA, Goldman Sachs, Goldman Sachs Demands Collateral It Won't Dish Out, JP Morgan, oligopoly, over the counter derivatives, pricing power, Richard Lindsey, Street Signs, to the victors go the spoils, TRACE, Wall Street, Wall Street collusion, Wall Street lobby, Wall Street oligopoly
Posted in General, Goldman Sachs, JP Morgan, oligopoly, Wall Street | 2 Comments »
Posted by Larry Doyle on March 15th, 2010 9:50 AM |
Bloomberg just provided a sneak peek at the Financial Regulatory Reform package to be proposed by Senator Chris Dodd (D-CT) this afternoon. What are some of the highlights and my thoughts? Let’s navigate.
From the top down, and without being overly cynical, I am extremely concerned that this proposed financial regulatory reform is a reshuffling of deck chairs with increased powers for both the Federal Reserve and U.S. Treasury. The very fears I voiced almost a year ago remain entrenched. What is the basis of my fear? The so-called reform is much more focused on the “sufficiency” of regulation of our financial industry and not nearly focused on the “transparency” of the regulation, the regulators, and the regulated.
Call me suspect.
What are the key highlights as reported by Bloomberg? (more…)
Tags: Ben Bernanke, CFPA, Consumer Financial Protection Agency, derivatives markets, Dodd's proposed financial regulatory reform, FDIC, Federal Reserve wins in proposed financial regulatory reform, financial regulatory reform, FINRA, leverage on Wall Street, merger of OCC and OTS, reshuffling the deck chairs, say on pay, SEC, sufficiency of financial regulation, systemic risk authority, Systemic Risk Committee, too big to fail, volcker rule, Wall Street-Washington incest
Posted in General, regulation | 2 Comments »
Posted by Larry Doyle on March 13th, 2010 2:34 PM |
Given the global interest in this story, I am bumping it up from the original posting on 3/12/2010. LD
*************
Former Lehman Bros. CEO, Dick Fuld
Reports that Lehman was effectively ‘cooking its books’ prior to its ultimate demise are not a surprise.
Reports that Dick Fuld, then CEO of Lehman, was not aware of the nature of this cooking are both ridiculous and pathetic.
The lifeblood of every financial institution on Wall Street is access to financing for its operations. That financing very often comes in the form of repurchase agreements (repo financing), in which the institution borrows funds while pledging assets. These short term loans, often overnight loans, are unwound at a preset date and preset prices. The rates borrowers have to pay for funds borrowed depend on the credit quality of the borrower itself and the quality of the assets pledged. (more…)
Tags: Amerivet Securities v FINRA, Anton Valukas, Bart McDade, Dick Fuld, Dick Fuld's career, FINRA, Fuld 'Negligent' as Lehman Hid Leverage, Herbert 'Bart' McDade, Lehman Bros, Lehman Bros. balance sheet, Lehman cooking its books, Lehman manipulated its books, Lehman's auditors Ernst and Young, Lehman's financials, Lehman's leverage, NASD, off balance sheet transactions, Repo 105, repo financing
Posted in General, Lehman | 13 Comments »
Posted by Larry Doyle on March 9th, 2010 12:04 PM |
People in glass houses should not throw stones.
That simple piece of wisdom is both timeless and precious. Regrettably, too many in our media fail to uphold it. Where do I see evidence of it today?
The Wall Street Journal today runs a book review of Harry Markopolos’ recently released No One Would Listen. The reviewer is Richard J. Tofel of ProPublica, a nonprofit investigative-journalism newsroom. Tofel does not denigrate Harry’s work, but he emasculates Harry from a personal standpoint. (more…)
Tags: ARPS, ARS, book review No One Would Listen, FINRA, Harry Markopolos, Madoff investigation, Madoff Whistleblower, No One Would Listen, people in glass houses, Richard J. Tofel of Propublica, Richard J. Tofel's review of No One Would Listen, Richard J.Tofel, Russian mob in Madoff scam, SEC, The Wall Street Journal, Tofel writes of Harry Markopolos, Wall Street Journal book review of No One Would Listen, whistleblowers
Posted in General, Harry Markopolos | 5 Comments »
Posted by Larry Doyle on March 6th, 2010 12:24 PM |
Regular readers of Sense on Cents know all too well my questions and concerns about the lack of transparency at the Wall Street self-regulatory organization FINRA (Financial Industry Regulatory Authority).
I am a big fan of promoting transparency in order to pursue integrity. Who else is a big fan of the same goals? The Project on Government Oversight (POGO) :
. . . an independent nonprofit that investigates and exposes corruption and other misconduct in order to achieve a more effective, accountable, open, and ethical federal government. (more…)
Tags: absolute immunity for finra, financial regulatory reform, FINRA, FINRA board and executives, FINRA conflicts of interest, Finra investment portfolio, FINRA relationship with Wall Street, FINRA-ARS, immunity without transparency is a license to steal, integrity, Mary Schapiro's compensation, POGO, POGO podcast on FINRA, project on Government Oversight, transparency, Wall Street regulation, what does POGO do?
Posted in General | 1 Comment »
Posted by Larry Doyle on March 4th, 2010 7:29 AM |
The auction-rate securities market did not instantaneously freeze in early 2008. The fact is, the ARS market started to fail in mid-2007 on the heels of a variety of market segments repricing given the liquidity issues on Wall Street. Recall that mortgage hedge funds at Bear Stearns cratered in spring 2007. At that point, Wall Street was becoming much more risk averse while shepherding the use of its own capital and balance sheets. During this point in time, the ARS market started to fail and ultimately totally froze in early 2008.
Evidence is rampant that Wall Street worked feverishly from mid-2007 until early 2008 to offload auction-rate securities anywhere and everywhere without informing investors of the failing nature of the market. (more…)
Tags: ARPS fraud, ARS, Auction Rate Securities, Auction Rate Securities scandal, Citigroup auction-rate securities scandal, Citigroup Pete Thompson Scott Kami, Citigroups auction-rate bonds freeze $1 billion in hawaii cash, FINRA, fraud, Hawaii auction rate securities, hawaii cash strapped, hawaii Governor Linda Lingle, Karl Rhoads, Mary Schapiro Rick Ketchum, SEC, Wall Street
Posted in ARPS, ARS, Auction Rate Securities scandal, FINRA, General | 2 Comments »
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