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HomeUS Supreme Court Declines to Hear Standard Investment v FINRA
Posted by Larry Doyle on January 17th, 2012 4:54 PM |
In the fall of 2009, I was asked by some Washington based attorneys if I was aware of a case known as Standard Investment Chartered v FINRA. I informed them that I did not know the case.
These attorneys shared with me information that seemed to expose that the merger of two regulators to form Wall Street’s current SRO FINRA was predicated on a proxy statement that included misinformation. I was enormously intrigued and tracked the case closely, including paying a visit into the federal courthouse in New York to observe a hearing on this case.
The crux of the case was that executives of FINRA improperly represented information in the proxy statement used for a merger of the NASD and the regulatory arm of the NYSE. (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…)
Sense on Cents Media Appearances
Posted by Larry Doyle on January 17th, 2011 9:22 PM |
I believe one of the highest hurdles we face in an attempt to elevate the level of ‘sense on cents’ within our nation is the very fact that we live ‘in the moment and for the moment.’ How can we achieve a greater sense of perspective on the shortcomings and failings we have had in the past so we can recognize them in the future?
Perhaps even more importantly, how can we simply be more aware of past failings so we can more effectively navigate the economic landscape? Should we rely strictly on our financial media, our financial regulators, and our political operatives to protect our interests? Do not be so naive. We have to do better than that. We need to take personal control and pay personal attention to our own well being. How can we do that? Welcome to Sense on Cents.
Is FINRA’s Board Tone Deaf?
Posted by Larry Doyle on August 20th, 2010 3:15 PM |
When might a voting process with overwhelming returns be negated by the wishes and desires of the powers that be? Am I speaking of those who may occupy bully pulpits in third world nations? No, that guess would not be close.
Am I referring to political leaders who are protected by military and business minions? Nope, still quite cold.
How about a board that is more affiliated with an organization’s executives than with its members? We are getting warmer.
What about financial regulators and a board who have the reputation of being much more closely aligned with major players within the financial industry than their rank and file members and American investors at large? Bingo!!
Let’s get more specific. A week ago, FINRA’s member firms voted overwhelmingly in favor of seven non-binding proxy proposals put forth by Amerivet Securities. In light of the vote and the overwhelming results, one would have thought that FINRA’s board would have absolutely no choice but to fully address these proposals. To do otherwise, one would think that the FINRA board might run the risk of further alienating its membership while sending a message to the American public at large that transparency and disclosures are virtues this financial regulator speaks of but does not truly practice. (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…)
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…)
WSJ Hits Mary Schapiro Hard on ‘Say on Pay’ but That’s Only Tip of the Iceberg
Posted by Larry Doyle on February 20th, 2010 11:58 AM |
The target on SEC Chair Mary Schapiro’s back is getting larger and gaining more focus. How so?
The lead editorial in this weekend’s edition of The Wall Street Journal goes after Schapiro hard in writing, Mary Schapiro’s Say on Pay. While the editorial leads with the ongoing battle Schapiro and the SEC are having with Bank of America’s lack of disclosure during its merger with Merrill Lynch, the Journal quickly turns the tables on Ms. Schapiro and addresses the lack of disclosure at Ms. Schapiro’s former haunt, FINRA.
Come to papa.
Regular readers of Sense on Cents are well aware of how consistently and steadily I have been banging this FINRA drum. It is long past due that America is truly introduced to Wall Street’s self-regulatory organization, the Financial Industry Regulatory Authority (FINRA). (more…)
Might the Hunter Become the Hunted? Judge Jed Rakoff, Mary Schapiro, and Rule 14a-9
Posted by Larry Doyle on February 18th, 2010 8:51 AM |
Judge Jed Rakoff and SEC Head Mary Schapiro
SEC Chair Mary Schapiro is on the front page of almost every major financial periodical for her ongoing pursuit to fine Bank of America for impropriety in handling its merger with Merrill Lynch.
Recall that the SEC had initially fined Bank of America $33 million last fall for its improper disclosure of Merrill’s financial figures to BofA shareholders prior to the shareholder vote approving the merger of these two financial titans.
Enter Judge Jed Rakoff who threw out the $33 million fine, calling it a ‘contrivance.’
With the ball squarely back in the SEC’s court, Mary Schapiro has now fined Bank of America a tidy sum of $150 million, but still did not pinpoint any single individual at BofA as being culpable for the impropriety. (more…)
Judge Rakoff Orders FINRA Documents to Remain Sealed
Posted by Larry Doyle on February 17th, 2010 9:26 AM |
Nobody ever said it was going to be easy.
The pursuit of truth, transparency, and ultimate integrity in our financial regulatory system can only be equated to a 15 round heavyweight fight. Yesterday, the sting of opposing blows landed hard upon our face as Judge Jed Rakoff ordered FINRA documents relating to the very formation of this Wall Street self-regulatory organization to remain sealed.
Recall that the request to unseal these documents was made by attorneys representing Dow Jones, Bloomberg, and The New York Times. From the blogosphere, Sense on Cents also wrote to Judge Rakoff requesting that he order these documents to be unsealed. The information embodied in the documents addresses an allegation made by attorneys representing a plaintiff, Standard Investment Chartered, in a lawsuit filed against FINRA. The crux of that lawsuit is that then FINRA head (and current SEC Chair) Mary Schapiro and her fellow FINRA executives lied verbally during roadshows and in writing via the proxy statement issued for the merger of the NASD and NYSE Regulation to form FINRA. (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…)
