Susan Merrill | Sense on Cents Sense on Cents

Posts Tagged ‘Susan Merrill’

Erik Sirri and the Costs of a Politicized SEC

Posted by Larry Doyle on March 31st, 2010 6:27 AM |

When the exchange of financial ideas and, more importantly, capital becomes excessively politicized there are very real costs. Although those involved in the politicization process of these markets and exchanges may define the increased intervention of political influences as “in the best interests” of all involved, the supposed near term benefits come with long term costs.

Why do I broach this topic? A former SEC official decided he wanted to talk about the political overtones involved in the SEC’s decision to restrict short-selling in the equity markets in 2008. Bloomberg reports on this bombshell in writing, SEC Lets Politics Spur Short-Sale Decision, Sirri Says:

The U.S. Securities and Exchange Commission’s decision to restrict short selling was a political decision rather than one based on evidence, according to a former agency official who says it may set a precedent for future decisions. (more…)

Tags: Bloomberg, Bob Errico, costs and benefits of financial politics, Eric Sirri, Erik Sirri, financial regulation, FINRA, John Mack, Mary Schapiro, political overtones in short selling, regulation, SEC, SEC division of trading and markets, SEC Lets Politics Spur Short-Sale Decision, Securities and Exchange Commission, short selling, SIrri Says, Susan Merrill, Wall Street Banks, Wall Street lobby, who is Erik Sirri
Posted in General | 1 Comment »

Sense on Cents Calls for Independent Investigation of FINRA

Posted by Larry Doyle on March 27th, 2010 4:51 PM |

PLEASE READ and ENDORSE THIS CALL for an INDEPENDENT INVESTIGATION. PLEASE SHARE. Thanks!! LD

I have publicly stated time and again that I believe the Wall Street self-regulatory organization, FINRA, did sit and likely still sits at the nexus of the Wall Street-Washington incest that has brought our nation’s economy to its knees.

Regrettably, we have had no Congressional inquiries into the failures at FINRA. Dare I say, we have had no public pressure from the media to drive a Congressional inquiry.

I am tremendously sickened by Congress not working for America’s citizens interests by investigating FINRA. Please recall that FINRA not only failed to protect investors, but there are strong allegations that FINRA itself participated in some of the greatest frauds on Wall Street via its own internal investment portfolio. Which frauds?

We know they dumped $647 million auction-rate securities in mid-2007 and likely front ran the ARS market while doing it. I unearthed the fact that FINRA owned these ARS in January 2009 when reading FINRA’s 2007 Annual Report. Meanwhile, $150 BILLION held by thousands of investors remains in frozen ARS investments.

There is an outstanding allegation that FINRA invested its own funds in Bernie Madoff. We know they failed to properly regulate and monitor Lehman, Bear Stears, and Merrill Lynch. How much more should Congress need to know?

FINRA needs to be introduced to the American public and investigated by Congress. FINRA has not even received direct focus or attention in Senator Dodd’s proposed Financial Regulatory Reform.

We can sit idly by and allow Wall Street and Congress to dictate to us or we can do something. I choose the latter. I want this post and this site to be the lightning rod to bring attention to how Wall Street’s self-regulation, embodied in FINRA, drove our economy into the ditch.

Please add your support by leaving a comment endorsing this investigation. I intend to keep a focus on this topic until FINRA’s failures are fully exposed and people are held to account. Get your friends and colleagues to do the same. If we can create a groundswell of support, I feel confident I can get some selected media friends to pick this up. From there, I welcome leading this march to Washington.

The American public and American investors deserve nothing else.

Any questions. Please do not hesitate to ask here or write me at senseoncents@aol.com.

Who’s with me?

FINRA must be independently investigated. America needs to learn how the Wall Street cop was not only asleep, but also in bed with the financial industry as Wall Street brought America to the brink of disaster.

Tags: ARPS, ARS, Bear Stearns, Bernie Madoff, BMIS, Bob Errico, Financial Industry Regulatory Authority, financial regulation, Financial Regulatory Reform proposal, FINRA, fraud on Wall Street, Lehman Brothers, Madoff, Mary Schapiro, Merrill LYnch, Rick Ketchum, self-regulation, Sense on Cents, Susan Merrill, Wall street fraud, what is Finra
Posted in General | 30 Comments »

FINRA’s Enforcement Chief, Susan Merrill, Has Some Set of Balls

Posted by Larry Doyle on March 19th, 2010 7:36 AM |

I have grown accustomed to some truly shocking developments and resulting statements throughout the course of our economic crisis. That said, the statement I read late last night from the soon to depart Chief of Enforcement at FINRA, Susan Merrill, left me absolutely aghast.

As reported by the financial industry newsletter, Investment News, Ms. Merrill said she was,

“especially proud of the actions we brought regarding auction-rate securities….as well as vigorous actions to shut down Ponzi schemers.”

Wow. With that reflective comment on her FINRA tenure, Ms. Merrill must believe people do not read these comments, they have no understanding of their context, or America is simply stupid.

Well, Ms. Merrill, I do read these comments. I do have an understanding of their context. I would like to think I am not stupid, and I welcome sharing my reaction with the American public.

In my opinion, you have some set of balls. (more…)

Tags: Barney Frank, Darrell Issa, FINRA, FINRA 2008 Annual Report, FINRA enforcement chief Susan Merrill, Investment News Susan Merrill, Mary Schapiro, paul Kanjorski, Susan Merrill, Susan Merrill departure, will Susan Merrill talk
Posted in General | 2 Comments »

FINRA’s Enforcement Chief, Susan Merrill, Quits; How About a Subpoena?

Posted by Larry Doyle on March 18th, 2010 10:52 AM |

Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.

Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.

Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.

In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. (more…)

Tags: Amerivet Securities v FINRA, auction rate securities cases, Barney Frank, Benchmark Financial vs FINRA, Congressional inquiry into FINRA, Darrell Issa, Davis Polk Wardwell, FINRA, FINRA liquidation of auction-rate securities, FINRA oversight of Lehman Brothers, FINRA should protect investors, FINRA's Susan merrill to Exit as Enforcement Chief, lawsuits against FINRA, Mary Schapiro, merger of NASD and NYSE Regulation, paul Kanjorski, Standard Investment Chartered vs FINRA, Susan Merrill, Susan Merrill quits, Susan Merrill Wall Street Journal March 18 2010, Susan Merrill's career, Thomas Weisel auction rate securities, transparency on Wall Street, Wall Street oversight, WSJ Merrill March 18 2010
Posted in FINRA, General | 9 Comments »

Is 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…)

Tags: Amerivet Securities vs FINRA, Anna Driver, ARPS, ARS, Bernie Madoff, Bernie Madoff Mark Madoff Peter Madoff, Bernie Madoff's relationship with FINRA, compensation at FINRA, Danielle Brian's letter about FINRA, Darrell Preston FINRA, Davis Polk Wardwell, did FINRA protect investors, financial regulation, financial regulatory reform, FINRA, FINRA and NASD Annual reports, FINRA conflicts of interest, FINRA failings, FINRA oversight of Stanford, FINRA's board, FINRA's failure in auction rate securities, FINRA's formation, FINRA's future, FINRA's oversight of Madoff, FINRA's oversight of Wall Street, FINRA's track record, Frederick Fram, incest on Wall Street, John Coffee, Lena Stinson, Madoff relationship with FINRA and NASD, Mary Schapiro, Mary Schapiro compensation and severance, merger creating FINRA, Michael Smallberg's letter to Congress and Senate on FINRA, NASD, NASDAQ, National Adjudicatory Council, POGO, POGO FINRA, POGO investigates FINRA, POGO letter on FINRA, POGO letter to House and Senate committees, POGO letter to House Committee on Oversight and Government Reform, POGO letter to House Financial Services Committee, POGO letter to Senate Banking, POGO letter to Senate Finance, project on Government Oversight, Richard Ketchum, Robert Errico, self-regulation on Wall Street, Shana Madoff, Susan Merrill, Tom McGinty kara Scannell Randall Smith FINRA, Wall Street employees working at FINRA, Wall Street's SRO, Wall Street-Washington incest, watchdog group investigates Wall Street regulator, what does Finra do?
Posted in FINRA, General, POGO | 11 Comments »