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HomeIs 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…)
SEC IG Report: George Demos Pimped Peter Sivere
Posted by Larry Doyle on January 28th, 2010 9:02 AM |
Who is George Demos? A former enforcement lawyer in the New York office of the SEC, currently running for Congress from Long Island.
Who is Peter Sivere? A former compliance employee at JP Morgan.
Sivere crossed paths with Demos in 2004 while providing information related to an investigation of questionable mutual fund trading activity. In the midst of Sivere’s engagement with the SEC, his confidence was violated. I highlighted this reality the other day in writing, “The SEC Pimped Peter Sivere.”
Who at the SEC blew Sivere’s cover? Today we learn it was George Demos. (more…)
