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HomeMedia Appearance on The Sue Henry Show, 11:00am ET Today **UPDATED WITH AUDIO CLIP**
Posted by Larry Doyle on June 21st, 2010 10:45 AM |
I can be heard on The Sue Henry Show this morning, shortly after 11am ET. Sue’s show is broadcast on WILK Newsradio in Wilkes-Barre, Pennsylvania.
We will be talking about our favorite financial regulator, FINRA. Representative Paul Kanjorski (D-PA) is scheduled for a dog and pony show with FINRA in early July (details here). The fact is, Kanjorski is a member of two Congressional subcommittees which received a letter from the Project on Government Oversight (POGO) questioning the very validity of the self-regulatory model on Wall Street. Those questions are embodied in my commentary from February 23rd, Is FINRA’s Future in Doubt?.
Kanjorski should forget the dog and pony show and call FINRA on the carpet to answer for the massive shortcomings and transgressions within its purview over the last few years.
If you’d like to listen to The Sue Henry Show live, please click here to bring you to WILK’s website, and then click on the LISTEN LIVE button.
LD
**UPDATE** Click on the following link to listen to an audio clip from my appearance on The Sue Henry Show: LD on The Sue Henry Show
At the Corner of Wall Street and the Gulf of Mexico
Posted by Larry Doyle on June 16th, 2010 9:43 AM |
The distance from the canyons of lower Manhattan to the now soiled beaches of the Gulf Coast runs about 1300 miles. A long way and decidedly different lifestyles, you may think? I do not think so. In very real terms, the economic disasters centered in each of these locales are virtually contiguous.
As I watched a replay of President Obama’s speech last evening (Red Sox and Celtics games took priority until both those games were effectively decided), I was struck by one segment of Obama’s speech and the stark similarity in the disasters centered on Wall Street and the Gulf. Which segment and which similarity? (more…)
SEC’s Senior Staff/Inmates Are Running the Asylum **STRONGLY RECOMMENDED**
Posted by Larry Doyle on June 15th, 2010 9:07 AM |
Any employee in any organization knows that an internal disciplinary double standard is the quickest way to kill morale. Happens all the time, right? Likely even worse in organizations with lots of bureaucracy? Uncle Sam would not know how to operate otherwise, you say? The answers to all those questions may be the affirmative, but that does not make a double standard right nor does it mean that it should be tolerated. Why do I broach this topic?
Our friends at the Project on Government Oversight (POGO) released a report just yesterday highlighting the pathetic disciplinary measures and massive double standard at the SEC in responding to recommendations from its own Office of Inspector General (OIG). POGO reports:
….this is not the first time the SEC has refused to follow an OIG recommendation for disciplinary action. (more…)
Oil Regulation or ‘Sex, Drugs, and Football’
Posted by Larry Doyle on May 25th, 2010 2:34 PM |
The disaster unfolding in the Gulf of Mexico is enormous and will have an untold impact on our economy and environment. This tragedy could have been avoided. What a shame. There should be hell to pay by those charged with overseeing the oil industry.
Where were the regulators? A statement released just yesterday by the Department of Interior highlights evidence that the regulation of our oil industry in the Gulf has been quite incestuous. What’s a little incest without throwing in a healthy dose of sex, drugs, and football as well.
(more…)
Wall Street’s ‘Code of Silence’
Posted by Larry Doyle on April 7th, 2010 9:03 AM |
Shut up!!!
Imagine being in a situation in which you knew you had to be quiet in order to advance your own personal career, rather than speaking up and blowing the whistle on irregularities and improprieties within your firm. This message is consistently relayed by many a whistleblower who has suffered from having tried to do the right thing. What is the result? Firms tout their virtuous values of integrity, respect, and excellence while effectively muzzling those who would blow the whistle on crimes and illegal practices.
I believe this reality is all too present in many, if not most, industries in our society today. There is absolutely no doubt it is present on Wall Street. (more…)
The BIG Hole in Financial Regulatory Reform
Posted by Larry Doyle on March 22nd, 2010 4:24 PM |
Why am I so skeptical that Senator Chris Dodd’s proposed Financial Regulatory Reform (for overachievers in the audience, the link connects to the 89-page proposal) will truly change behaviors on Wall Street? For the very simple reason that I have seen no highlighting of the Financial Industry Regulatory Authority within the proposed Financial Regulatory Reform. Strike you as a little odd? It strikes me that the Wall Street lobby is hard at work keeping its self-regulator, that being FINRA, right where they want it.
Against this backdrop, I was pleasantly surprised to see highly regarded Barron’s columnist Jim McTague reference that the proposed reform would promote transparency and accountability of FINRA. (more…)
POGO Podcast Questions FINRA’s Transparency and Integrity
Posted by Larry Doyle on March 6th, 2010 12:24 PM |
Regular readers of Sense on Cents know all too well my questions and concerns about the lack of transparency at the Wall Street self-regulatory organization FINRA (Financial Industry Regulatory Authority).
I am a big fan of promoting transparency in order to pursue integrity. Who else is a big fan of the same goals? The Project on Government Oversight (POGO) :
. . . an independent nonprofit that investigates and exposes corruption and other misconduct in order to achieve a more effective, accountable, open, and ethical federal government. (more…)
Is FINRA’s Future in Doubt?
Posted by Larry Doyle on February 23rd, 2010 2:04 PM |
Are the days of Wall Street’s self-regulatory organization known as FINRA numbered?
In the opinion of the very credible Project on Government Oversight, they should be. Why? Significant failures, massive conflicts of interest, and more. POGO’s comprehensive and scathing letter to four separate House and Senate committees touches upon every failing within FINRA, with the exception of the integrity of the proxy statement used in the formation of the organization itself. Strong allegations in a current lawsuit against FINRA make the case that Mary Schapiro lied verbally during roadshows and in the proxy statement. (For details on this lawsuit read here.)
Despite not addressing the issues embedded in that lawsuit, POGO touches all the other bases and covers all the other issues surrounding this organization. (more…)
Sense on Cents Endorses POGO
Posted by Larry Doyle on January 28th, 2010 3:14 PM |
In the never ending pursuit for truth, transparency, and integrity on our economic landscape, I am constantly looking for people, institutions, and enterprises which embrace and endorse those same principles. I hope and believe that readers of Sense on Cents appreciate that fact. Please do not be bashful to tell me when I fall short.
In checking on developments relating to the story I wrote the other day, “The SEC Pimped Peter Sivere”, I crossed paths this morning with an institution that has been around for thirty years but of which I was not acquainted. I am referring to the Project on Government Oversight (POGO).
Who is POGO? (more…)
