sipa | Sense on Cents

Posts Tagged ‘sipa’

Sense on Cents Endorses H.R. 3482: Restoring Main Street Investor Protection and Confidence Act

Posted by Larry Doyle on December 16th, 2013 10:10 AM |

A year ago, I strongly endorsed H.R. 757 to restore credibility to the Securities Investor Protection Act that had been decimated by the manner in which the Madoff trustee went about its business.

That act went into committee at year-end 2012 and died there, strangled by those legislators feeding at the financial industry’s trough. Fortunately, the forces behind 757 are not easily swayed and they are back with H.R. 3482, legislation entitled as “Restoring Main Street Investor Protection and Confidence Act.”

I welcome endorsing it. Why? (more…)

Tags: 3482, Carolyn Maloney, HR 3482, HR 757, in bed with Wall Street, investor protection, Netowrk for Investor Action and Protection, NIAP, Restoring Meaningful Investor Protection and Confidence Act, Ron Stein NIAP, Scott Garrett, sipa, SIPC
Posted in General, SIPC | 2 Comments »

Sense on Cents Supports HR 757

Posted by Larry Doyle on July 31st, 2012 6:05 AM |

Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then,

Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements.

Did you just spill your coffee and think I must have mistyped that figure. I didn’t. I highlighted that ridiculous figure in November 2009.

$150 annual premium paid by each and every Wall Street brokerage house to put a stamp of investor protection on their statements. What type of insurance do you purchase for a $150 annual premium? Seriously. (more…)

Tags: customer brokerage statements, Helen Davis Chaitman, HR 757, Irving Picard changed SIPC protection, Irving Picard Madoff Trustee, Madoff investors, Ronnie Sue Ambrosino, Scott Garrett HR 757, Securities Investor Protection Corporation, sipa, SIPA bankruptcy, SIPC, SIPC premiums, SIPC protection, Stephen Harbeck of SIPC, Subcommittee on Capital Markets, Wall Street insurance fund, Wall Street protection for investors, who is Irving Picard
Posted in General, SIPC | 8 Comments »

Who Are the FINRA Board of Governors?

Posted by Larry Doyle on August 22nd, 2010 10:23 AM |

While the general financial media would seem not to understand nor care that Wall Street to a large extent is a self-regulated industry, many within the industry and around the country very much care. The Financial Industry Regulatory Authority (FINRA) is the financial industry’s self-regulatory organization.

At FINRA’s 2010 Annual Meeting held a week ago, FINRA’s member firms overwhelmingly voted for seven aggressive non-binding proxy proposals. These proposals were by and large targeted at bringing greater transparency and disclosure to FINRA’s operations. Will FINRA’s board of governors acquiesce and fully address these proposals? (more…)

Tags: Amerivet proxy Proposals, financial sro, finra 2010 annual meeting, finra transparency and disclosure, Investment News, John Busacca, Larry Doyle, Sense on Cents, sipa, SRO, The SIPA, Wall Street regulation, Wall Street sro, what does Finra do?, who are the FINRA board of governors, who is Charles Bowsher, who is Dr. Shirley Ann Jackson, who is Ellyn L. Brown, who is Finra, who is Gary H. Stern, who is Harvey J. Goldschmid, who is James D. Weddle, who is James E. Burton, who is Jed Bandes, who is Joel Blumenschein, who is Joel Seligman, who is John F. X. Dolan, who is John J. Brennan, who is John W. Schmidlin, who is Ken Norensberg, who is Kurt P. Stocker, who is Mark S. Casady, who is Richard F. Brueckner, who is Richard G. Ketchum, who is Richard S. Pechter, who is Seth H. Waugh, who is W. Dennis Ferguson, who is William H. Heyman
Posted in FINRA, General | 8 Comments »

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…)

Tags: Amerivet Securities, bernard madoff, Bernie Madoff, chief executive of keystone capital corp., disclosure and transparency, Elton Johnson, financial regulation, FINRA, FINRA annual meeting, FINRA board, finra membership, finra proxy prpoosals may never see the light of day, FINRA's board, investor confidence and protection, irs, jie cai, John Busacca, Ken Norensberg, Larry Doyle, les greenberg, les greenberg of culver city, lisa roth, Mary Schapiro, nancy Condon, NASD, Richard Greenfield, Sense on Cents, sipa
Posted in FINRA, General | 7 Comments »