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HomeHow Did FINRA Know the ARS Market Was Failing Well Before 2007?
Posted by Larry Doyle on December 1st, 2010 10:24 PM |
If you knew a market were starting to fail, would you step in and purchase that asset?
If that market were failing, but simultaneously being propped up by underwriters, do you believe regulators should protect you?
If that market were failing and a regulator charged with protecting you actually dumped some of those failing assets from its own portfolio, how would you feel?
If you owned some of these securities, do you think you might be protected by the regulator? The government?
Let’s reenter the world of auction rate securities and continue to bang the drum for those investors in America who have been so badly mistreated by the financial industry, the regulators charged with protecting them, and our government.
Although I have written voluminously on the auction-rate securities market, I was never fully aware of when auctions started to fail. Until now. (more…)
Consumer Financial Protection or Wall Street Beats Main Street?
Posted by Larry Doyle on March 3rd, 2010 9:49 AM |
News that a newly proposed Consumer Financial Protection Agency will be housed within the Federal Reserve is another shot across the bow in terms of Wall Street owning Washington and beating Main Street.
Am I surprised by these results? Not at all. The power of the Wall Street lobby is enormous and ultimately the crowd in Washington needs the money from Wall Street in order to pretend they represent the interests of Main Street. All the press conferences and politicking on the topic of consumer financial protection truly amount to nothing more than pure bluster. The bottom line of Wall Street banks feeds the bottom line of many politicians in Washington on both sides of the aisle. (more…)
