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Posts Tagged ‘Wall street regulators’

Amar Bhide Questions Wall Street’s Criminal Enterprise

Posted by Larry Doyle on June 21st, 2011 8:08 AM |

bhide_2008_small Are proposed banking regulations and capital standards too stringent as JP Morgan’s CEO Jamie Dimon would have us believe? Are they not strict enough and has Washington properly addressed the critical issues within these topics for the future health and well being of our overall economy?

Why is it that the American populace is forced to view this regulatory debate as an either/or situation, that is too much regulation vs not enough. The fact is, we have allowed both the Wall Street and Washington camps to frame this debate.

That error in judgment and in practice means we will continue to encounter many of our current problems as we navigate our future economic landscape. I broached this reality two years ago in writing, Future Financial Regulation: Not a Question of Sufficiency, But of Transparency and Integrity.

This morning I witnessed Amar Bhide, Thomas Schmidheiny Professor at Tufts University Fletcher School of Law and Diplomacy, pull no punches in hitting the same nerve. Let’s navigate. (more…)

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Posted in General | 4 Comments »

Is Capitalism Dead?

Posted by Larry Doyle on April 11th, 2011 8:20 AM |

While Uncle Sam in the persons of Ben Bernanke, Tim Geithner et al may promote the fact that our capital markets currently are a reflection of a rebound in capitalism, they would be wrong.

Our markets and the Wall Street banks that dominate them no more embody the true tenets of capitalism than the incestuous nature of the Wall Street-Washington relationship truly represents the best interests of the American public. As The New York Times highlighted this weekend, Banks Are Off the Hook Again,

Americans know that banks have mistreated borrowers in many ways in foreclosure cases. Among other things, they habitually filed false court documents. There were investigations. We’ve been waiting for federal and state regulators to crack down. (more…)

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Posted in General, Wall Street | 2 Comments »

NASDAQ Sale: Why Would Schapiro and FINRA Execs Lie?

Posted by Larry Doyle on October 22nd, 2009 10:50 AM |

Writing about the integrity, or lack thereof, of a senior governmental official and other high ranking financial regulators is a serious topic. Given the seriousness of this topic, I do not treat it lightly. For newer readers here at Sense on Cents, I am referring to the commentary I wrote this past Monday entitled, Attorney Richard Greenfield Brands Mary Schapiro and FINRA Execs As “Liars.”

If in fact Ms. Schapiro and her FINRA colleagues lied, what was their motivation? We learn more about this amazing financial intrigue as on Tuesday a redacted version of a Second Amended Complaint brought on behalf of Standard Investment Chartered and all others similary situated v FINRA, NYSE Group, Mary L. Schapiro, Richard F. Brueckner, T. Grant Callery, Todd Diganci, and Howard M. Schloss was made public.

Recall that the core of this complaint is a charge made by plaintiffs against defendants regarding the inappropriate allocation of proceeds generated from the sale of the Nasdaq Stock Exchange. That sale generated approximately $1.5 billion. FINRA paid out $35k per firm to approximately 5100 member firms for a total of approximately $175 million.

Why would the defendants be motivated to withhold the balance or a large percentage of the balance of those funds from the member firms? (more…)

Tags: abuse of trust and authority by Mary Schapiro and FINRA execs, defense of exhaustion and immunity, financial oversight, financial regulators, FINRA, Howard M. Schloss, immunity defense by FINRA, integrity, IRS statement regarding merger of NYSE Regulation and NASD, Mary Schapiro, Mary Schapiro's compensation, Mary Schapiro's confirmation process as head of SEC, misrepresentations in FINRA proxy statement, NASD, NYSE club, NYSE Group, proxy statement issued by NASD, regulation, Richard Brueckner, Richard Greenfield, sale of the Nasdaq Stock Exchange, Second Amended Complaint Standard Investment Chartered v FINRA, T. Grant Callery, Todd Diganci, Wall Street regulation, Wall street regulators, Wall Street relationship with Washington, Wall Street screws Main Street, what is a proxy statement
Posted in FINRA, General, Wall Street, Washington D.C. | 1 Comment »