Category: SEC
By Larry Doyle on Jan 15, 2012 in Current Affairs, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog), Wall Street | View Comments
Will we learn in 2012 if Mary Schapiro, current chair of the SEC, and other then senior executives at the Wall Street self-regulatory organization, FINRA, engaged in a fraud? The case addressing this question, Standard Chartered v FINRA, has been appealed to the highest court in our land. As such, one might think that most [...]
By Rabble Rouser Reverend Amy on Jul 21, 2011 in Afghanistan, Bailouts, Congress (House & Senate), Crime, Current Affairs, Deficit, Economy, Egypt, Foreign Aid, Governance, Pakistan, SEC, State Department | View Comments
The old Ben Franklin adage, is apparently one with which our government is unfamiliar. Just within the past few days, three major wasteful decisions have come to light. The first is in the State Department. This wasn’t just a wasteful decision, but an unethical, immoral, and I have to hope, illegal one. Within the State [...]
By Larry Doyle on Jul 22, 2010 in Bernie Madoff, Economy, SEC, Sense on Cents (Larry Doyle blog) | View Comments
“If my aunt had balls, she’d be my uncle!!” I love that line. I first heard it on the trading desk at Bear Stearns in the early ’90s. For the last twenty years, I have used the line often to counter those who would bemoan an outcome with the standard, “If only . . .” [...]
By Larry Doyle on Jun 30, 2010 in Economy, SEC, Sense on Cents (Larry Doyle blog) | View Comments
Thanks very much to a regular reader of Sense on Cents for sharing a fascinating story. The Government Accountability Project just released the following story regarding a significant settlement paid by the SEC to a former SEC attorney Gary Aguirre. This story highlights the Wall Street-Washington incest to the ‘nth’ degree. Will the media pick [...]
By Larry Doyle on Jun 16, 2010 in Current Affairs, SEC, Sense on Cents (Larry Doyle blog) | View Comments
Any employee in any organization knows that an internal disciplinary double standard is the quickest way to kill morale. Happens all the time, right? Likely even worse in organizations with lots of bureaucracy? Uncle Sam would not know how to operate otherwise, you say? The answers to all those questions may be the affirmative, but [...]
By Rabble Rouser Reverend Amy on Apr 22, 2010 in Bailouts, Bank Bailouts, Banking Institutions, Banks, Ben Bernanke, Credit Risk, Current Affairs, Economy, FDIC, Infrastructure, SEC, Wall Street | View Comments
As Goldman Sachs continues to be in the news, this revelation could affect the SEC’s charges (h/t to HelenK for alerting me to this ): Testimony Could Undercut SEC Charge Against Goldman The government has testimony from a Paulson & Co. official that could contradict its own claims against Goldman Sachs, CNBC has learned. Paolo [...]
By Larry Doyle on Mar 2, 2010 in Bernie Madoff, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | View Comments
In an interview on the Today show Monday morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t. Markopolos’ biggest bombshell this morning is [...]
By Larry Doyle on Feb 13, 2010 in American Consumers, Auto Industry, Current Affairs, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | View Comments
When regulators are in bed with industry, bad things happen. When regulators actually go to work for the industry, then really bad things happen. Evidence of this dynamic on Wall Street is overwhelming. Yet, don’t think Wall Street has a monopoly on this incest. Bloomberg highlights incestuous activity has also played out in the disaster [...]
By Larry Doyle on Feb 3, 2010 in Economy, SEC, Sense on Cents (Larry Doyle blog) | View Comments
Who is George Demos? A former enforcement lawyer in the New York office of the SEC, currently running for Congress from Long Island. Who is Peter Sivere? A former compliance employee at JP Morgan. Sivere crossed paths with Demos in 2004 while providing information related to an investigation of questionable mutual fund trading activity. In [...]
By Larry Doyle on Jan 15, 2010 in Current Affairs, Economy, SEC | View Comments
“I’m not here to talk about the past.” Mark McGwire, the steroid-abusing home run hitting phoney, may have issued a massive mea culpa this week, but his career will forever be defined by his March 2005 Congressional obfuscation. In my strong opinion, Mary Schapiro is the financial industry’s equivalent of Mark McGwire. How so? In [...]
By Larry Doyle on Dec 17, 2009 in Bernie Madoff, Current Affairs, Economy, SEC, Sense on Cents (Larry Doyle blog) | View Comments
Having written about the massive regulatory failures on Wall Street for the better part of 2009, I am heartened by the House Finance Sub-Committee on Capital Markets hearing last week. The bell that tolled in this hearing deserves to ring loud, long, and clear across our great land. Rackets operate best in the dark. Well, [...]
By Larry Doyle on Nov 1, 2009 in Bernie Madoff, Current Affairs, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | View Comments
Did FINRA invest its own funds from its internal investment portfolio with Bernie Madoff? Would FINRA’s head Mary Schapiro invest with her “dear friend” Bernie? Stick with me on this and let’s navigate the newest development in this ongoing scam. My concluding remarks provide insights you won’t find in many mainstream media outlets. High five [...]
By Larry Doyle on Oct 20, 2009 in Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog), Wall Street | View Comments
Is Mary Schapiro a liar? Are other FINRA executives also liars? Fully appreciating that merely asking these questions is aggressive by its very nature, I do not ask them in a derisive fashion. The fact is, the answer to those questions in the eyes of Richard Greenfield is an unequivocal, “Yes!” Who is Richard Greenfield? [...]
By Larry Doyle on Oct 17, 2009 in Economy, SEC, Sense on Cents (Larry Doyle blog) | View Comments
You must be kidding me. Our financial regulators, both the SEC and FINRA, certainly failed American investors. The structural failures of these regulators have been highlighted by their own internal reviews authored by David Kotz for the SEC and Charles Bowsher for FINRA. Over and above the structural failures of these regulators, both the SEC [...]
By Larry Doyle on Oct 4, 2009 in Bernie Madoff, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | View Comments
The core of that question resides within the regulatory oversight of our financial industry. The American public is beginning to learn a lot about this financial regulatory oversight. How so? A month ago, SEC Inspector General David Kotz released a report, Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme (embedded here). [...]
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