Posts Tagged ‘regulatory capture’
Posted by Larry Doyle on May 16th, 2013 6:26 AM |
For those with an interest in learning how our financial regulators fail to perform in upholding both the law and their duty to protect investors, the SEC is “the gift that keeps on giving.”
As if we did not already know that the SEC has all too often failed to protect investors, let’s navigate and learn about the case of current SEC employee Kathleen Furey. From a recent complaint brought by Ms. Furey against the SEC:
The three-year ascent of Kathleen Furey to higher levels of official responsibility and pay came to an abrupt halt in 2008, shortly after she was forced to become a whistleblower. (more…)
Tags: bernard madoff, Bernie Madoff, David Kotz, Department of Justice and Associated Press, Departmetn of Justice and Associated Press, does not do IM cases, Furey vs SEC, George Stepaniuk, Investment Advisors Act of 1940, Investment Company Act, Kathleen Furey case against SEC, Kathleen Furey vs SEC, Mark Schonfeld Gibson Dunn, regulatory capture, SEC Associate Regional Director David Rosenfeld, SEC Regional Director Mark Schonfeld, whistleblower protection, who is Kathleen Furey
Posted in General, SEC, Wall Street Washington Incest, whistleblowers | 23 Comments »
Posted by Larry Doyle on July 27th, 2012 10:03 AM |
When did the scandalous manipulation of the London Interbank Overnight Rate, that is Libor, really begin?
I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005.
The industry and regulators would clearly like to keep the focus of this scandal to the crisis period of 2008. Why is that? The excuse of, “We were trying to save the system” would seem to provide a very wide cover for all parties involved. But, again I ask, when did it really begin? (more…)
Tags: Bob Diamond career at Morgan Stanley, bob Diamond Libor manipulation, Douglas Keenan commentary in Financial Times, Douglas Keenan Morgan Stanley trader, Douglas Keenan writess of Libor manipulation in 1991, financial regulatory capture, is Wall Street a racket, Larry Doyle Libor scandal, LIBOR rigging, Libor scandal, My Thwarted Attempt to Tell of Libor Shenanigans, regulatory capture, rigging of LIBOR, when did Libor manipulation start, when did Libor price fixing begin, when did Libor rigging start, who is Douglas Keenan
Posted in General, Libor | 1 Comment »
Posted by Larry Doyle on April 23rd, 2012 7:28 AM |
Having been away for the weekend, I missed last night’s edition of 60 Minutes and thank a loyal reader who brought it to my attention.
How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so real justice can be meted out?
We keep coming back to the same old question: Where were the regulators, both the SEC and FINRA? Pervasive evidence over the years continues to persist that our regulators were and are fully and totally captured as they served to protect Lehman and virtually every other major Wall Street firm. The fact that the SEC has still not chosen to pursue Lehman executives is a massive indictment of our financial regulatory system. This is not a difficult assessment to make. Enough with the sovereign immunity for the SEC and absolute immunity for FINRA. Put these institutions and appropriate individuals on trial along with the appropriate Lehman execs…and many more. The integrity of our nation is at stake.
Watch this 13 minute video and ask yourself the question, “Is our system corrupt”? (more…)
Tags: 60 Minutes story on Lehman Brothers, absolute immunity, Anton Valukas Lehman bankruptcy, Barack Obama, Ernst and Young Lehman Brothers, financial regulators, FINRA Lehman Brothers, integrity of the United States, Joe Biden, Lehman bankruptcy, Lehman Brothers failure, Lehman shell game, Matthew Lee Lehman accountant, regulatory capture, Repo 105, Richard Fuld, SEC Lehman Brothers, sovereign immunity, Steve Kroft 60 Minutes, Steve Kroft story on Lehman Brothers, the case against Lehman and financial regulators, Wall Street-Washington incest, what really happened at Lehman Brothers
Posted in General, Wall Street Washington Incest | 17 Comments »
Posted by Larry Doyle on February 12th, 2012 5:34 PM |
In a nation now all too familiar with a “too big to fail” banking system, a heavily manipulated and high frequency dominated equity market, and an incestuous financial regulatory system, we should not be surprised with a mortgage settlement that does little more than ‘piss into the wind’.
Pardon my cynicism, but one does not need to look too deeply into the recently announced mortgage settlement to understand there is little in the way of meaningful justice embedded in this contrivance. (more…)
Tags: Ally Financial, American Banker, Bank of America, Citigroup, details of mortgage settlement, high frequency trading, JP Morgan Chase, justice within mortgage settlement, Missing Settlement Documents Raise Doubts About $25B Deal, mortgage abuse, Mortgage Crisis, mortgage fraud, mortgage servicers, mortgage settlement, Mortgages, piss into the wind, pissing into the wind, regulatory capture, RICO Act, robo-signing, the regulators work for us, too big to fail banking system, Wall Street conspiracy, Wall Street-Washington incest, Wells Fargo
Posted in General, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 3 Comments »
Posted by Larry Doyle on February 8th, 2012 6:45 AM |
Stephen Moore wrote a commentary entitled A Fairness Quiz for the President in the Wall Street Journal yesterday which generated hundreds of comments. The comments seemed to break down largely along party lines. I think most of those commenting might not grasp the full picture.
With our nation in the midst of an increasingly confrontational political debate, I think it useful to promote serious questions of fairness and rectitude. In doing so, I would like to reference a fair bit of Mr. Moore’s commentary while passing over some of his more overtly political statements. Additionally, I include my own ‘sense on cents’ and add some of my own questions at the end. (more…)
Tags: A Fairness Quiz for the President, ARS documentary, campaign contributions, carried interest, CBO, Charlie Rangel, corporate tax rates in America, diminishing marginal returns, estate tax, flat tax, generational warfare, life ain't fair, media bias, Obama, payoffs in Washington, political debate in America, questions of fairness and rectitude, racketeering in America, regulatory capture, right to work, Stephen Moore Wall Street Journal, those who pay no federal tax, Tim Geithner, Tom Daschle, US tax code, violations of moral hazard, workers unions
Posted in General | 14 Comments »
Posted by Larry Doyle on January 10th, 2012 6:37 PM |
My commentary the other day entitled Can Whistleblowers ‘Cross-Examine’ the SEC? received a fair bit of attention and some rather interesting comments. In light of the very fluid developments within the realm of financial regulation, I strongly recommend that post.
The primary concern I raised within that commentary – and hence the title – was that a key panel at the upcoming 39th Annual Securities Regulation Institute consists solely of industry insiders. Why might that be such a concern?
Well, one of the main critiques of our financial regulatory system made by many, including Harry Markopolos, has been the revolving door between our regulators and the industry.
Why is a revolving door such a concern? Stick with me here. (more…)
Tags: 39th Annual Securities Regulation Institute, Bernie Madoff, blowing the whistle on financial fraud, can Whistleblowers Cross-Examine the SEC?, Darcy Flynn, destroying files at the SEC, Deutsche Bank, Deutsche Bank's purchase of Bankers Trust, Don Bauder Snug and Smug at the Hotel Del, down goes Frazier, Gary Aguirre, Gary Lynch, industry insiders, January 20th conference Hotel del Coronado, lawyers behaving badly, Mary Jo White, mary Jo White Debevoise Plimpton, matt taibbi, NARA, national Archives and Records Administration, Northwestern Law, regulatory capture, revolving door, Richard H. Walker, Robert Khuzami, rotating door within financial regulation, San Diego Reader Don Bauder, SEC, Securities and Exchange Commission, Senate Judiciary Committee, Senator Chuck Grassley, Stephen M. Cutler JP Morgan Chase, Wall Street, Wall Street-Washington incest, whistleblowers
Posted in General, Wall Street Washington Incest | 10 Comments »
Posted by Larry Doyle on January 9th, 2012 7:09 AM |
Later this month, Northwestern Law will be hosting its 39th Annual Securities Regulation Institute in Coronado, California. In light of everything that has occurred on Wall Street and in Washington, one might think this could be a lively conference as it looks to provide:
A timely analysis of recent laws and developments in the corporate and securities law fields presented by senior SEC officials and leading practitioners.
While reviewing the conference invitation, I am particularly intrigued by one workshop to be held on Friday morning, January 20th. What is this workshop? Who is involved? Why am I so intrigued? Please stick with me here as we preemptively try to connect some dots.
(more…)
Tags: 39th Annual Securities Regulation Institute, 39th Annual Securities Regulation Institute in Coronado, Art Samberg and Pequot, California, Darcy Flynn whistle-blowing, Does the SEC protect whistleblowers, Enforcement and Criminal Investigations, Gary Aguirre, Madoff SEC, Mary Jo White, matt taibbi, Northwestern Law, Preet Bharara, regulatory capture, Richard H. Walker, Richard H. Walker General Counsel Deutsche Bank, Robert Khuzami, SEC, SEC Director of Enforcement Robert Khuzami nf, SEC Senior Staff Workshop, Securities Regulation Institute, Stanford SEC, Stephen M. Cutler, whistle-blowers, whistleblowing, who protects whistleblowers
Posted in General | 13 Comments »
Posted by Larry Doyle on December 30th, 2011 10:32 AM |
As we get ready to usher out 2011 and embark on a new year and a Presidential primary season leading to the general election in November 2012, I would like to rerun one of my personal favorite Sense on Cents commentaries written here this past February.
The simple fact remains, our nation will never regain its standing in the world unless and until we stop lying to ourselves. On that note, I humbly repeat, America Needs to Stop The Lies and The Liars,
Real long term success and greatness are founded upon the principles that people do not lie, cheat, or steal. Our nation is neither succeeding nor is great at this point in time because we have allowed these vices to grow and spread throughout our society. Shame on us.
Our nation does have the potential to be a fabulous nation again; however, let’s stop kidding ourselves in thinking that we are a great nation currently. How is it that America has lost its greatness? Where are the aforementioned vices on display? (more…)
Tags: America Needs to Stop The Lies and The Liars, do not lie cheat or steal, economic rankings in America, educational rankings in America, Empire at the End of Decadence by Charles Blow, great nations do not bury their problems, how do we stop the lies and the liars, lying cheating and stealing, polarization of political and economic standing, political systems corrupted by big money, prison populations in America, regulatory capture, stop kidding, stop the lying and the liars, the vices of lying cheating and stealing, we are kidding ourselves, we must stop lying to ourselves, who are our statesmen
Posted in General | 5 Comments »
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…)
Tags: ARS, Barack Obama, Barack Obama Franklin Raines James Johnson, Barney Frank, Chris Dodd, Chuck Schumer, demonstrations on Wall Street, Fannie Mae, FINRA, frustration in America, John Kerry, Larry Doyle, Mary Schapiro, occupy wall street, Occupy Washington, quid pro quo, regulatory capture, Richard Ketchum, Sense on Cents, truth transparency and integrity, Wall Street and Washington relationship, Wall Street demonstrations, Wall Street regulations, Wall Street's greatest scam, Wall Street's relationship with Washington, Wall Street-Washington incest, who is backing Occupy Wall Street, why are they demonstrating on Wall Street
Posted in General | 11 Comments »
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…)
Tags: Adam Storch SEC coverup, Darcy Flynn and Gary Aguirre, Darcy Flynn whistleblower, destruction of records at SEC, did SEC destroy records, Harry Markopolos, helping whistleblowers, insider trading on Wall Street, is Wall Street on the up and up, jesse Lee Obama communications director, Mary Schapiro, Matt taibbi Is the SEC Covering Up Wall Street's Crimes?, matter under investigation, POGO, regulatory capture, Robert Khuzami, Rolling Stone's Matt Taibbi, SEC and SAC, SEC Attorney Darcy Flynn, SEC destruction of Bernie Madoff records, SEC destruction of material, SEC destruction of records Goldman Sachs, SEC destruction of records of insider trading, SEC Deutsche Bank, SEC records on Bernie Madoff, SEC revolving door, Wall Street-Washington incest, what is a MUI, who is Darcy Flynn, will Mary Schapiro leave the SEC, will Mary Schapiro step down, will Obama replace Mary Schapiro
Posted in General | 19 Comments »
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Libor Scandal: Trader Highlights Manipulation in 1991
Posted by Larry Doyle on July 27th, 2012 10:03 AM |
I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005.
The industry and regulators would clearly like to keep the focus of this scandal to the crisis period of 2008. Why is that? The excuse of, “We were trying to save the system” would seem to provide a very wide cover for all parties involved. But, again I ask, when did it really begin? (more…)
Tags: Bob Diamond career at Morgan Stanley, bob Diamond Libor manipulation, Douglas Keenan commentary in Financial Times, Douglas Keenan Morgan Stanley trader, Douglas Keenan writess of Libor manipulation in 1991, financial regulatory capture, is Wall Street a racket, Larry Doyle Libor scandal, LIBOR rigging, Libor scandal, My Thwarted Attempt to Tell of Libor Shenanigans, regulatory capture, rigging of LIBOR, when did Libor manipulation start, when did Libor price fixing begin, when did Libor rigging start, who is Douglas Keenan
Posted in General, Libor | 1 Comment »