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HomeSense on Cents Calls on US Supreme Court to Hear Standard Chartered v. FINRA
Posted by Larry Doyle on December 6th, 2011 9:09 AM |
I first started writing about Wall Street’s not-for-profit self regulatory organization, aka the Financial Industry Regulatory Authority (FINRA), in early 2009.
In late 2009, I first referenced Standard Chartered v. FINRA, the case in which the plaintiff alleges that FINRA and its senior executives — including current SEC Chair Mary Schapiro — lied both verbally and in writing in the merger which formed FINRA.
Why would Mary and her friends lie? (more…)
Amerivet Wins Round in Amerivet v. FINRA
Posted by Larry Doyle on March 5th, 2011 10:01 AM |
Did the Wall Street regulator FINRA have funds from its own internal investment portfolio invested directly or indirectly in Bernie Madoff’s Ponzi scheme? Did FINRA effectively front run the auction-rate securities market in 2007 when it liquidated a position of approximately $647 million ARS from that same internal portfolio?
Do you think investors and all Americans would like to know the answers and details to these questions and much more? Do you think we deserve to know these answers? You think?
After developments this week, we are that much closer to learning answers to these questions and potentially much more about Wall Street’s regulator FINRA. How so? Let’s navigate.
The donnybrook legal battle continues between Amerivet Securities of Moreno Valley, California and the Wall Street self-regulatory organization FINRA. For those keeping score, the latest round this week was a decided victory for Amerivet. Why do I believe this specific case and the allegations made by Amerivet are so important? (more…)
Lieutenant Colonel Elton Johnson on Way to Afghanistan Calls Out Finra…AGAIN!!
Posted by Larry Doyle on February 11th, 2011 7:07 AM |
I first wrote about Wall Street’s self-regulatory organization, FINRA (the Financial Industry Regulatory Authority) in January 2009. At that point and ever since I have believed strongly that for a revitalization of the health and confidence of our capital markets, our economy, and ultimately our nation itself that FINRA needed to become a MUCH more transparent organization. Regular readers of Sense on Cents know how passionately I feel.
Regrettably, though, outside of those regularly involved in the financial industry, I believe few people in our nation even know who FINRA is or what they do regulating Wall Street. I strongly believe that reality needs to change. Who would seem to share my belief? Amerivet Securities’ Lieutenant Colonel Elton Johnson, a member of the United States Army Reserve. (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…)
What Will We Learn from FINRA’s Annual Meeting on 8-12-10?
Posted by Larry Doyle on August 11th, 2010 12:20 PM |
Wall Street’s self-regulatory organization, FINRA, holds its annual meeting tomorrow inWashington D.C.. What will we learn? Will FINRA’s member firms vote for a number of non-binding proposals which would shine real light on the inner workings of this organization? America deserves to learn so much more than has ever been revealed about FINRA.
I have shared with many people that I believe the underlying tone of our markets would improve if FINRA were compelled to open its books and records. Why do I so strongly believe that? True transparency inherently breeds investor confidence. I made this very point to Joe Giannone of Reuters just the other day. Regular readers of Sense on Cents are fully aware of my feelings. Joe highlights the topics surrounding FINRA for a wider audience as he writes, FINRA Faces Calls to Lift Veil on Finances, Pay:
Wall Street regulator FINRA, which demands disclosure and openness from brokers, is under pressure to lift the veil on its own affairs.
The Financial Industry Regulatory Authority, a private corporation that regulates the nation’s 4,700 brokerages, will learns at its annual meeting on Thursday how many support a dissident’s call for more transparency. (more…)
FINRA Transparent? Why Would They Want To Do That?
Posted by Larry Doyle on July 19th, 2010 4:36 PM |
A month ago I highlighted a list of proposals presented to FINRA which would generate a significant level of transparency into Wall Street’s self-regulator. Given everything we have gone through over the last few years, who in America would not now want greater transparency from Wall Street’s self-regulator? I wrote FINRA Owes America Answers on These Proposals:
FINRA can talk about transparency and integrity all it wants. We all know talk is cheap. FINRA’s board and executives need to show America how they truly define and embrace transparency and integrity. How so? (more…)
SEC and FINRA Sued in Luxemburg re: Madoff Fraud
Posted by Larry Doyle on April 19th, 2010 5:04 PM |
In the midst of all the noise surrounding the Goldman Sachs charges of fraud brought by the SEC, another interesting suit was brought. This suit puts the financial regulators, the SEC and FINRA, on the defense. Bloomberg reports, SEC, FINRA Sued in Luxembourg Over Madoff Fund Losses:
The U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority were accused of being liable for losses in a Luxembourg fund tied to New York money manager Bernard Madoff. (more…)
FINRA Board to Form Committee to Review Claims of Schapiro Misconduct
Posted by Larry Doyle on February 14th, 2010 7:54 AM |
Sense on Cents is bumping this story back up from its original posting for a number of reasons, including:
1. the recent comment left by Disenchanted;
2. the fact that this evening NQR’s Sense on Cents with Larry Doyle Welcomes Michael Smallberg will address this topic; and
3. most importantly, this topic deserves as much attention as possible!!
Thanks. LD
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When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When will somebody in our country display integrity and leadership while acknowledging the existence and stench of this incest? (more…)
FINRA Board to Form Committee to Review Claims of Schapiro Misconduct
Posted by Larry Doyle on February 12th, 2010 4:53 PM |
When in doubt, form a committee and have more meetings. This rope-a-dope style of leadership is all too prevalent in our nation. Why is it that the Wall Street-Washington incest can not be exposed for what it really is? When will somebody in our country display integrity and leadership while acknowledging the existence and stench of this incest?
Recall that the board of FINRA was meeting this past Wednesday to address allegations of misconduct by Mary Schapiro and other FINRA execs. Although the media has presented this meeting as merely addressing questions of excessive compensation for Ms. Schapiro and others, the allegations of misconduct made by attorneys for Amerivet Securities run far deeper than that.
These allegations address the following: (more…)
FROM THE ARCHIVES: Attorney Claims Wall Street’s Cop, FINRA, Invested in Madoff
Posted by Larry Doyle on January 29th, 2010 8:31 AM |
Time.
The policies implemented in Washington are trying to buy time in hopes that our economy recovers. Japan took the ‘buying time’ approach and twenty years later they are still waiting for real recovery.
Moving forward.
The approach being taken by those within our financial regulatory structure (SEC and FINRA) is to ‘move forward.’ Well, unless the critically unanswered questions and issues embedded within these organizations are fully exposed and addressed, America can never truly move forward with confidence in the markets and those overseeing them.
President Obama wants real financial regulatory reform. Then Mister President, compel your chair of the SEC, Mary Schapiro, to open the books and records of FINRA. Mr. President, compel Ms. Schapiro to unseal documents regarding the very formation of FINRA itself.
America knows something still smells on Wall Street. What is it? (more…)
