Posts Tagged ‘formation of FINRA’
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 28th, 2010 11:15 AM |
What Really Happened…?
The financial and economic turmoil of the last three plus years has brought us stories and developments which are almost unfathomable. In fact, in my opinion there is no doubt that Wall Street and Washington would like to keep certain of these stories and developments buried forever.
Will America ever learn where some of these bones are buried? Will America ever learn of these skeletons in the closet? Will the media charged with pursuing the truth dare dig into these stories?
We are living through a time warp currently. The twists and turns on our economic landscape come at us so quickly. In the process, are we able to recall those turns–that is, certain stories and developments–which were never fully explored and exposed?
What Really Happened….? (more…)
Tags: answers to Wall Street unknown stories, ARS liquidation by FINRA, Auction Rate Securities, David Axelrod, DOJ vs SEC in Stanford investigation, financial and economic turmoil, Finra investment portfolio, finra liquidation of suction rate securities, formation of FINRA, genevievette Walker-Lightfoot, Larry Doyle, madoff relationship with Mary Schapiro, Madoff scam, Mary Schapiro confirmation hearing, property rights, Rham Emanuel, Sense on Cents, sense on cents reflections, Steven Rattner, The White house threatened my client, tom Lauria radio interview, Tony Soprano, what really happened with allen stanford, what really happened with bernie madoff, what really happened with finra, what really happened with the chrysler bankruptcy e, what really happened..., Whitey Bulger, who was Whitey Bulger
Posted in General | 6 Comments »
Posted by Larry Doyle on April 12th, 2010 9:11 AM |
U.S. District Judge Jed Rakoff
America loves a hero. Those who go boldly into the dark, defying death, and willing to sacrifice themselves for the well being of their brethren are truly special. Why are so many Americans enraged at the power structure in Washington? For the very simple reason that Americans see few – if any – heroes amongst our elected public servants.
Do we find any heroes on Wall Street? There are many great, heroic citizens in every line of work, including Wall Street, who work tirelessly to fend for their families. These people are heroes, but not on a national level.
Who are our national heroes at this time? Who is truly willing to call out the embedded incestuous power structure that has corrupted and continues to corrupt our society? I will nominate Simon Johnson and James Kwak, co-authors of 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown, for serious consideration as national heroes. Why? Johnson and Kwak properly frame the critical debate facing America today. This debate focuses on the fact that the incestuous relationship between our political and financial forces is killing America. Unless and until that incestuous relationship is exposed and unwound, our nation faces grave threats. (more…)
Tags: 13 bankers: The Wall Street takeover adn the Next Financial Meltdown, Anthony Barkow of NYU speaks of Judge Jed Rakoff int, Barron's Jim McTague FINRA, Eliot Spitzer in Slate Magazine on Judge Jed Rakoff, financial and political forces combined, FINRA absolute immunity, First Heal Thyself, formation of FINRA, heroes on Wall Street, Jed Rakoff takes on Wall Street, Judge Jed Rakoff, Judge Jed rakoff condemns SEC, Judge Jed Rakoff on JP Morgan Chase handling of clients OP, Judge Jed rakoff rules for FINRA vs Standard Investment Chartered, Judge Jed Rakoff talks of Wall Street compensation, Judge Jed rakoff Taps into Nation's Outrage Over Economic Crisis, Judge rakoff ruling in Bankof America purchase of Merrill Lynch, Los Angeles Times April 12 2010, NASD, national heroes, NYSE Regulation, pulled a Rakoff, rulings from Judge Jed Rakoff, SEC Chair mary Schapiro, Simon Johnson and James Kwak, Wall Street-Washington incest, who is Jed Rakoff
Posted in General, Jed Rakoff | 3 Comments »
Posted by Larry Doyle on February 15th, 2010 7:53 AM |
In an attempt to draw further attention to the questions of serious ethical issues in and around Wall Street’s self-regulatory organization FINRA, I am highlighting a comment left at Sense on Cents the other day. While protecting the identity of this individual for obvious reasons, I can vouch for the fact that this person works for a FINRA member firm and was present during the road shows promoting the merger of the NASD and NYSE Regulation to form FINRA.
I commend this individual for speaking out. I second the call to fully investigate the FINRA executives involved in the very formation of this organization and then the manner in which it was run.
FINRA and its board need to be compelled to fully open the books and records of this organization and its predecessors. Only then might America learn the answers to the following questions: (more…)
Tags: ARS, Auction rate preferred securities, Auction Rate Securities, Bernie Madoff, FINRA, FINRA Board of Directors, Finra investment portfolio, FINRA roadshow, formation of FINRA, Mary Schapiro
Posted in FINRA, General | No Comments »
Posted by Larry Doyle on December 2nd, 2009 9:24 AM |
Let’s revisit the case of Standard Investment Chartered v. FINRA. While I have written extensively on a host of issues related to FINRA, I believe the issues embedded in this specific case drive to the very core of our financial regulatory system. For those unaware of this case, a recent memorandum (link provided at end of this commentary) filed on behalf of the plaintiff highlights:
At the core of the case is the FINRA Defendants’ issuance of a proxy statement on December 14, 2006 (the “Proxy Statement”), which contained out-and-out material falsehoods and omitted essential facts bearing on the Transaction and on a proposed “Special Member Payment” that was to be made upon its completion. The most important false representation was that federal tax authorities limited a payment to NASD Members to $35,000. Second Amended Complaint (“SAC” or the “Complaint”) ¶ 13. The FINRA Defendants magnified the falsehood that the Internal Revenue Service (“IRS”) limited NASD Member payments to $35,000 in many different forms, over and over, as if saying it enough times and wishing it to be true would somehow make it come true.
A claim of out-and-out material falsehoods against defendants, including then FINRA head and current SEC chief Mary Schapiro, is where the rubber meets the road. How have the defendants responded? Are they willing to embrace the virtues of transparency and integrity so badly needed to restore investor confidence? No, I don’t think so.
The defendants have filed a motion to dismiss this complaint. On what grounds do the defendants make their motion? The memorandum highlights: (more…)
Tags: did Mary Schapiro and FINRA lie in proxy statement, FINRA, FINRA defense against Standard Investment Chartered, FINRA exhaustion, FINRA immunity, FINRA integrity, FINRA motion to dismiss, FINRA transparency, formation of FINRA, MAry Schapiro liar, merger of NASD and NYSE Regulation, Standard Investment Chartered, Standard Investment Chartered vs FINRA
Posted in FINRA, General | 1 Comment »
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