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HomeSEC’s Robert Khuzami: “All Individuals Will Be Held Accountable…”
Posted by Larry Doyle on December 18th, 2011 7:35 PM |
What do we think of the SEC’s attempt to pursue former Freddie and Fannie CEOs Richard Syron and Daniel Mudd?
Is this a fully legitimate pursuit of justice against these executives? Could there be more than a whiff of political motivation on the part of the current administration buried in this pursuit?
As The New York Times reports the other day, SEC Accuses Fannie and Freddie Ex-Chiefs of Deception:
On Friday, S.E.C. officials trumpeted their actions in the Fannie and Freddie case as part of a renewed effort to crack down on wrongdoing at the highest levels of Wall Street and corporate America……….. (more…)
Sense on Cents Poll re: Jon Corzine and MF Global
Posted by Larry Doyle on December 17th, 2011 12:41 PM |
I have no doubt that those within the senior executive suites on Wall Street along with their ‘incestuous’ colleagues in Washington and their financial regulatory ‘cousins’ would hope that the MF Global and Jon Corzine affair would fade into the sunset.
Well, those in our country who care about the virtues of truth, transparency, and integrity—along with the MF Global customers—have little interest in seeing this story go away, just like the cool $1.2 BILLION of supposedly segregated customer funds went away.
The stench of the demise of MF Global is so overpowering, but the need to determine what really happened to those customer funds is so great.
At the suggestion of a regular reader of Sense on Cents, I am compelled to launch a poll and take your pulse as to what you would like to see happen with Corzine and MF Global. (more…)
Is Jon Corzine “Too Big to Be Indicted”? Part III
Posted by Larry Doyle on November 22nd, 2011 4:29 PM |
This commentary runs a little long, but I exhort you to read it in its entirety as it captures the sentiments of readers who are extremely close to or actually “in the MF arena.” Their messages are filled with real pain and anguish which is not found in the media. This is reality. I hope you will want to share this post with your friends. LD
As if $600 million in missing customer funds were not enough, recent news emanating from the debacle that defines the bankruptcy of MF Global puts the estimated misappropriation of customer funds at a cool $1.2 billion. Yes, billion with a B!
Those involved in the markets would easily ascertain that those manning the MF Global ship redirected these customer funds in an attempt to save the ship as it was going down. The customers themselves remain in a state of shock and bewilderment as to how this reality might ever have come to pass.
Meanwhile, the outrage in America burns while the lack of trust and confidence in the markets, the market makers, and those charged with protecting investors grows stronger by the day.
You don’t believe me? Read on and chew on these messages I recently received from people “in the arena”: (more…)
Is Jon Corzine “Too Big To Be Indicted”? Part II
Posted by Larry Doyle on November 7th, 2011 7:01 PM |
I thank all those who took the time to share with me their concerns about the seeming violation of customer accounts at the now bankrupt firm MF Global.
Without the sense and belief in the safety and integrity of deposits and assets, I firmly believe customers would pull their funds and investments from any and all institutions in a heartbeat. Runs on the bank would clearly lead to a severe economic decline.
The fact that MF Global seems to have violated the sanctity of its customer assets has justifiably shocked many on Wall Street. Anybody with a bank or brokerage account at any institution should be equally shocked and concerned. Why? (more…)
Is Jon Corzine “Too Big To Be Indicted”?
Posted by Larry Doyle on November 7th, 2011 7:16 AM |
Any manger—let alone a chief executive officer—worth his salt should be laser focused on protecting the interests of his constituents, including shareholders, creditors, and employees.
Jon Corzine is not worth his salt or much of anything else these days as he protected none of his constituents.
While Jon Corzine may have fancied himself as a titan in both political and financial circles, the simple fact is the demise of the once renowned firm MF Global on his watch, relegates Corzine to the rubble with other outsized egos humbled and humiliated by Mr. Market. (more…)
What Did We Learn Last Night in NY, NJ, and VA?
Posted by Larry Doyle on November 4th, 2009 8:30 AM |
Off year elections are always interesting in terms of getting a pulse on the American public. Yesterday’s elections, with the primary focus on the gubernatorial elections in VA and NJ, the mayoral race in NYC, and the Congressional race in upstate NY, strike me as having some similar themes. What were they?
1. A rising tide of discontent with incumbents.
I sense that not only in the NJ gubernatorial election but primarily in the mayoral race in NYC. Michael Bloomberg spent over $100 million, was estimated to hold close to a 20 point lead, and won by only 5 points.
I definitely sense this anti-incumbent discontent in Connecticut, as well. Both Senators Dodd and Lieberman are under real pressure.
2. An inability of the Obama administration to turn out the vote that brought him to Washington. (more…)
