Subscribe: RSS Feed | Twitter | Facebook | Email
Home | Contact Us

Posts Tagged ‘John Busacca’

“Executives Typically Refrain from Criticizing FINRA or its Policies Publicly”

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…)

Who Are the FINRA Board of Governors?

Posted by Larry Doyle on August 22nd, 2010 10:23 AM |

While the general financial media would seem not to understand nor care that Wall Street to a large extent is a self-regulated industry, many within the industry and around the country very much care. The Financial Industry Regulatory Authority (FINRA) is the financial industry’s self-regulatory organization.

At FINRA’s 2010 Annual Meeting held a week ago, FINRA’s member firms overwhelmingly voted for seven aggressive non-binding proxy proposals. These proposals were by and large targeted at bringing greater transparency and disclosure to FINRA’s operations. Will FINRA’s board of governors acquiesce and fully address these proposals? (more…)

Is FINRA’s Board Tone Deaf?

Posted by Larry Doyle on August 20th, 2010 3:15 PM |

When might a voting process with overwhelming returns be negated by the wishes and desires of the powers that be? Am I speaking of those who may occupy bully pulpits in third world nations? No, that guess would not be close. 

Am I referring to political leaders who are protected by military and business minions? Nope, still quite cold.

How about a board that is more affiliated with an organization’s executives than with its members? We are getting warmer.

What about financial regulators and a board who have the reputation of being much more closely aligned with major players within the financial industry than their rank and file members and American investors at large? Bingo!!

Let’s get more specific. A week ago, FINRA’s member firms voted overwhelmingly in favor of seven non-binding proxy proposals put forth by Amerivet Securities. In light of the vote and the overwhelming results, one would have thought that FINRA’s board would have absolutely no choice but to fully address these proposals. To do otherwise, one would think that the FINRA board might run the risk of further alienating its membership while sending a message to the American public at large that transparency and disclosures are virtues this financial regulator speaks of but does not truly practice.  (more…)

FINRA Gets New ‘Sheriffs’; Amerivet Proxy Proposals Approved!! Strongly Recommended

Posted by Larry Doyle on August 14th, 2010 12:14 PM |

Monday 8-16-10

I am continuing to keep this commentary as my lead post for three reasons:

1. I believe the potential impact of the developments in this story are enormous on the financial regulatory system in our nation.  
2. This story received very little if any coverage outside of some industry newsletters. 
3. Weekend traffic at blogs is considerably less than during the week.    

I truly hope readers can fully appreciate the magnitude of the developments captured within this story. Sense on Cents’ pursuit of truth, transparency, and integrity took a giant step forward with the results of last week’s FINRA Annual Meeting. Have I piqued your interest?  Read on and spread the word!! LD  

Saturday morning in America!!

On this glorious morning on the east coast, I believe all Americans should be heartened by the results of the annual meeting held by Wall Street’s self-regulator, FINRA, this past Thursday. I remain convinced that FINRA as an organization remains an unknown entity to the overwhelming majority of the American populace. The results from this annual meeting may start to change that unfortunate reality. How so? Let’s navigate.

The Securities Industry Professional Association (The SIPA), long a thorn in FINRA’s side, actually trumped the FINRA release in highlighting the results of elections to the FINRA board of governors. Good for John Busacca and his colleagues at the SIPA in sending a strong message to FINRA that there are ‘new sheriffs in town.’ Yesterday the SIPA released,

SIPA Candidates Sweep FINRA Board Elections! (more…)






Recent Posts


ECONOMIC ALL-STARS


Archives