RSS Feed
Twitter
Facebook
Email
HomeA Sad Tale of Wall Street’s Orphans
Posted by Larry Doyle on December 1st, 2011 7:56 PM |
A lead editorial the other day in the Wall Street Journal highlighted:
“Federal Judge Jed Rakoff’s rejection Monday of a $285 million settlement between Citigroup and the Securities and Exchange Commission is playing in some circles as a great populist victory against Wall Street. But it looks to us more like a rebuke of the cozy relationship between regulators and the regulated that too often leaves justice as an orphan.
Justice as an orphan sounds eerily similar to the fact that “success has many fathers, but failure is an orphan.”
Is there any greater failing in our nation than a lack of justice? I think not. (more…)
Judge Rakoff: “Truth is Confined to Secretive, Fearful Whispers”
Posted by Larry Doyle on November 28th, 2011 6:53 PM |
Many participants in our financial markets and political circles clearly have little interest in allowing a full exposition of facts and figures on a wide array of topics. Why let those trifling principles get in the way of maximizing profits and currying favor for political gain, right?
“That’s not how we roll” here at Sense on Cents. Truth, transparency, and integrity are ALWAYS the order of the day.
Our prized virtues may not be embraced in our nation and the world at large, but that does not mean we should or will ever forsake them. (more…)
Jim Himes Co-Sponsors Legislation to Stop Congressional Insider Trading
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…)
‘Occupy Wall Street’ Should ‘Occupy Washington’
Posted by Larry Doyle on October 7th, 2011 11:53 AM |
Is Wall Street the center of all the problems in America?
Many of those involved in the “Occupy Wall Street’ demonstrations may think so.
I strongly believe that they are wrong.
Those with a keen ‘sense on cents‘ understand that Wall Street does embody part of our national problems. They also appreciate that the stench that overhangs Wall Street is consistent with an incestuous and far stronger odor emanating from Washington. (more…)
SEC Attorney Darcy Flynn Blows Whistle on Wall Street-Washington Incest….MUST READ…
Posted by Larry Doyle on August 17th, 2011 4:33 PM |
BOMBSHELL!!!
Since early 2009 I have written at length about the regulatory capture that has dominated the financial industry. I have defined this concept in layman’s terms as the Wall Street-Washington incest. Today a close friend and regular reader of Sense on Cents shares a story which blows the cover off this incest.
This story is written by Rolling Stone’s Matt Taibbi, perhaps Wall Street’s greatest nemesis. I commend him and those from whom he has sourced this information to have the courage of their conviction and the embodiment of the true American spirit to bring this story to light.
I ardently believe this expose should lead to public Congressional hearings and ultimately a federal judicial inquiry. Might it be the beginning of the end for Mary Schapiro? (more…)
SEC and FINRA “Accountability Is Impossible Without Transparency”
Posted by Larry Doyle on June 17th, 2011 6:46 AM |
“Good corporate governance is a system in which those who manage a company — that is, officers and directors — are effectively held accountable for their decisions and performance. But accountability is impossible without transparency.”
Truer words were never spoken. The above statement very succinctly highlights a cornerstone principle of Sense on Cents. Whomever issued this proclamation would certainly seem to be a strong candidate for the Sense on Cents Hall of Fame. Regrettably not.
Our current SEC chair Mary Schapiro offered those pearls of wisdom in December 2009 and the Washington Post concluded its commentary SEC Tightens Rules On Investment Advisers, Corporate Transparency with that quote from Ms. Schapiro. If only Mary would practice what she preached. (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…)
POGO: “Reports the SEC Doesn’t Want You to See”
Posted by Larry Doyle on January 24th, 2011 10:52 PM |
The Project on Government Oversight has become the financial regulatory eyes and ears for our nation. While one would think Congress might care to thoroughly investigate government agencies and hold them to account, our recent history has shown us that the Congressional oversight is severely lacking. Enter POGO. What has POGO provided us now?
By utilizing the Freedom of Information Act, POGO has provided a huge window of transparency into the SEC. Why should POGO have to perform these acts? Where is the Congressional oversight? Heck, where is the SEC chair Mary Schapiro?
I strongly encourage readers to save this commentary as POGO provides links to a wealth of amazing stories and investigations. THANK YOU POGO for performing a national public service in opening the windows into the SEC. (more…)
