Posts Tagged ‘finreg’

More FinReg Fail: The SEC Could Use A Few Good Men…

Courtesy of Anal_yst, Stone Street Advisors

I realize the SEC’s task is a gargantuan one, especially considering the severely constrained resources, but there’s just no excuse for things like this.  The SEC’s Division of Risk, Strategy, and Financial Innovation – the group created in 2009 to supposedly "enhance our capabilities and help identify developing risks and trends in the financial markets" – does not have anyone running the Office of Data & Data Analytics.  How the hell is the Division supposed to do its job if there’s no one analyzing data?!?!?

I’d say to be fair, this website hasn’t been updated since 6/15/2010, but that actually makes this situation WORSE.  How dysfunctional does an organization have to be that organization actions are not properly communicated via press releases and modifications to the organization’s website?  This is not freaking rocket science!

If you think this is bad, get read, because it gets even worse: The head of the Division, Henry T. C. Hu left this month to go back to academia.  According to an article from 1/20/2011 in the WSJ, his temporary replacement is the Division’s former Deputy Director, Jonathan Sobokin.  The SEC issued a press release on 11/18/2010 that Hu would be leaving the organization, yet the "News" page of the Division’s website has no mention of Sobokin taking the reins.  As a matter of fact, that is the most recent press release that appears on the page!

It’s one thing to suck at organizational communications, its another thing to take at least two months to find a replacement for a very important position, especially when given what appears to be advance notice.  And it is another thing entirely to take well over a year to staff the Office tasked with performing the data analysis the Division needs in order to be effective!

The only good thing I can say here is that at least they brought Rick Bookstaber into the fold.  I’ve met Rick and he’s a very, very smart man, and while I don’t always agree with him, I’m quite glad he’s at the SEC.  Whether or not he has any authority or sway within the SEC is a whole different story upon which I can do little more than speculate…

 


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Oh, They DO Intend To Steal From You

This is pretty rotten, and there’s no excuse.  I doubt anyone will admit to writing the provision exempting the SEC from FOIA requests. – Ilene 

Oh, They DO Intend To Steal From You

Courtesy of Karl Denninger at The Market Ticker

And what’s better, now the lapdogs of Wall Street are immune from FOIA requests!

The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

That argument comes despite the President saying that one of the cornerstones of the sweeping new legislation was more transparent financial markets. Indeed, in touting the new law, Obama specifically said it would “increase transparency in financial dealings."

Mr. President, you’re a lying sack of crap.

Nor is this theoretical either.  Fox News has already had an FOIA denied:

The SEC cited the new law Tuesday in a FOIA action brought by FOX Business Network.

Nice.

Oh, by the way, this would mean that a Madoff or Stanford "thing" would leave the SEC immune from FOIA requests by the Press (including the "mainstream" along with media folks like myself) to discover whether they had effective and early notice that they intentionally ignored.

Isn’t that convenient, given that they did exactly that with Madoff and, it can be argued, Stanford as well?

Indeed, the SEC, The Fed, and Treasury have all tried to refuse compliance with FOIA requests into the backstories of the financial meltdown.

FOIA requests that could (and in some cases have, when they were forced to be complied with via lawsuits) reveal double-dealing, "sweetheart" treatment, and even willful blindness that, in many people’s opinion (including mine) reaches the level of intentional collusion that, in a private context, would lead to civil and/or criminal racketeering charges.

To President Obama and CONgress for sticking this in FinReg (and yeah, I missed it, even though I read the entire damn thing):

Top picture credit: Jr. Deputy Accountant 


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Mike Konczal Talks FinReg on The Breakdown

Mike Konczal Talks FinReg on The Breakdown

By Joseph Lawless, courtesy of New Deal 2.0

Now that Obama has signed FinReg into law, Roosevelt Institute Fellow Mike Konczal appeared on The Breakdown with Chris Hayes yesterday to discuss the bill. Confused about the entire financial meltdown? Mike’s got you covered. He breaks the crisis down into four interconnected sectors: an exploitative, under-regulated system of consumer finance; dark markets in derivatives; the failures of “too big to fail” banks and the ripple effects they caused; and shadow banks that were able to avoid regulations (and also lacking, as Mike says, the “toilet training” necessary to behave).

These four sectors will also be the basis used for grading the potency of the bill. And as Mike notes, while it offers opportunities for some much-needed changes, it still falls short in several areas.

Listen to the audio file on the Original Page.

And check out some of Mike’s latest pieces on ND20:

How HAMP Makes Elizabeth Warren The Only Choice For Consumer Protection

Treasury versus Progressives on the Financial Reform Bill

Underwater Mortgages and the Odd Definition of the Experian Study 


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The Trouble with Tim’s Treasury

The Trouble with Tim’s Treasury

Courtesy of New Deal 2.0, by Marshall Auerback

thumbs-down-150

FinReg may fall short if power is channeled into Geithner’s hands.

More depressing news from the “change” President.  The Washington Post has reported that one of the major impacts of the FinReg bill passed last week by Congress is the accretion of new power to Obama’s Treasury Secretary.  According to the Post, Tim Geithner stands to inherit vast power to shape bank regulations, oversee financial markets and create a consumer protection agency.

Make no mistake:  this is Timmy’s bill, plain and simple, as the Post makes clear: “The bill not only hews closely to the initial draft he released last summer but also anoints him — as long as he remains Treasury secretary — as the chief of a new council of senior regulators.”

The Geithner Treasury repeatedly pushed back against many sensible legislative proposals that would have made significant structural changes to practices that brought about the current economic crisis. And the article itself represents latest in a series of attempts to embellish the Treasury Secretary’s hagiography.

Reading it, one wonders whether the Washington Post inhabits a strange parallel universe.  Have the writers actually paid attention to what is truly happening in the economy? The WaPo persists in towing the party line that Geithner’s tenure has been marked with conspicuous success, supposedly by advocating a response to the financial crisis that allegedly later proved correct: “Geithner vigorously resisted calls by some lawmakers and financial experts to nationalize the nation’s largest and most troubled banks during the most perilous days. Instead, he helped get the financial system back on its feet, in particular by pressing for stress tests of big banks.” (my emphasis)

Oh, really?  I would argue that Washington continues to allow the big banks to operate “business as usual” and to cook the books to show profits so that they can pay out big bonuses to the geniuses who created the toxic waste that brought on the crisis. Most continue to show profits based not on fundamentally health lending activity, but one-off gains, and accounting gimmickry.  Commenting on the latest JP Morgan results, my friend and colleague Randy Wray has noted:

JP Morgan’s results were horrendous: it lost…
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Promotions

Phil's Stock World's Las Vegas Conference!

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Event: Phil's Stock World's Las Vegas Conference!

Date:  Sunday, Feb 12, 2017 and Monday Feb 13, 2017.            

Beginning Time:  8:00 am Sunday morning

Location: Caesar's Palace in Las Vegas

Notes

Caesar's has tentatively offered us rooms for $189 on Saturday night and $129 for Sunday night. However, we have to sign the contract ASAP. We need at least 10 people to pay me via Paypal or we may lose the best rate for the rooms.

The more people who sign up, the less the cost per person, and I am hoping we can return the first 10 signees at least $300 back if all works out. Unknown variables include the cost of food, audio visua...



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Zero Hedge

Trump Advisor Says Administration Not Looking To "Rip Up NAFTA" Or Impose "Quote-Unquote Tariffs"

Courtesy of ZeroHedge. View original post here.

After repeatedly referring to NAFTA as "the worst trade deal maybe ever signed anywhere" during the presidential campaign, the Trump administration seems to be softening it's protectionist rhetoric.  According to The Hill, in speaking to a group of concerned business leaders, Trump advisor Anthony Scaramucci said that the new administration isn't looking to "rip up NAFTA" but rather t...



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Phil's Favorites

Automation, Climate Change and Donald Trump: What Kind of Future Are We In For?

 

Automation, Climate Change and Donald Trump: What Kind of Future Are We In For?

Courtesy of BillMoyers.com 

It has been a long, strange trip towards 2017. Donald Trump is due to get his hands on the nuclear codes Jan. 20, so thinking too far into the future may be a pointless exercise — but let's suppose humanity makes it out the other side of his presidency more or less in one piece and engage in some literary speculation.

There will still be two impending crises — urgent now and more urgent in the years to come — with the potential wreak havoc on our society, economy and politics. First, the increasing automation of jobs may lead to the end of work as we currently know it. Second, climate change will fund...



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ValueWalk

Five Consistent Dividend Payers Raising Distributions To Shareholders

By DIVIDEND GROWTH INVESTOR. Originally published at ValueWalk.

Each week, I go through the list of dividend increases in order to monitor performance of existing holdings, and uncover hidden dividend gems. I then narrow down the list by eliminating companies with a short dividend growth streak. I also look at things like trends in earnings per share, dividends per share, dividend payout ratios, in order to determine the likelihood of future dividend growth and growth in intrinsic value. My basic analysis also focuses on valuation and dividend sustainability.

...

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OpTrader

Swing trading portfolio - week of December 5th, 2016

Reminder: OpTrader is available to chat with Members, comments are found below each post.

 

This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current  trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).

We also indicate our stop, which is most of the time the "5 day moving average". All trades, unless indicated, are front-month ATM options. 

Please feel free to participate in the discussion and ask any questions you might have about this virtual portfolio, by clicking on the "comments" link right below.

To learn more about the swing trading virtual portfolio (strategy, performance, FAQ, etc.), please click here ...



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Market News

News You Can Use From Phil's Stock World

 

Financial Markets and Economy

Oil tops $55 for first time in 16 months as OPEC deal fuels buying (Reuters)

Brent crude oil prices rose above $55 a barrel on Monday, trading at a fresh 16-month high, on rising prospects of a tightening market after OPEC members agreed on a landmark deal to cut production last week.

European Investors Brush Off Italy Referendum Result (The Wall Street Journal)

Stocks pushed higher Monday while the euro recovered from early losses as investors largely brushed off Italian voters’ rejection of constitutional reform.

...



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Kimble Charting Solutions

Inflation indicator testing multi-year breakout cluster!

Courtesy of Chris Kimble.

Some tools are used to measure inflation or lack of. Some look at the price of Crude Oil, Doc Copper or the Commodities Index (CRB) to determine if inflation or deflation is in play. Since 2011, most commodities have created a series of lower highs and lower lows and for many, it has been easier to make the case of deflation than inflation, is in play.

Below looks at another tool, that is often used to determine if inflation or deflation is in play. This tool we are referring too is the TIPS/TLT ratio-

CLICK ON CHART TO ENLARGE...



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Chart School

Weekly Market Recap Dec 4, 2016

Courtesy of Blain.

The week that was…

The market needed a pause after the frenetic post election rally, and it finally arrived this week.  The pullback was mild as bulls would like.  This week’s “fear of the week” was Italy’s political referendum which happened today… and was rejected.

Italian voters were asked in a referendum to approve changes to the country’s constitution, which have been called the most sweeping since the end of World War II. The proposed reforms would cut the Senate’s size by two-thirds and reduce powers held by the country’s 20 regional governments. Italian Prime Minister Matteo Renzi believes the changes will aid efficiency in parliament.

The reforms could also “make it easier to implement important legislation (such as measure...



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Members' Corner

Catch 22?

Courtesy of Nattering Naybob.

Summary
Discussion, critique and analysis of the potential impacts on equity, bond, commodity, capital and asset markets regarding the following:
  • Dec 4th Italian Constitutional Referendum
  • Current State; No Change; Proposed Changes
  • Procedural Changes; Other Infrastructure Changes
Last Time Out
While spreads widen and market rates continue to rise vs "unnatural additive" rates (NIRP, ZIRP artificial central bank), the massive global bond bubble should continue its blood letting. - A Miracle On 34th Street?Meanwhi...

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Digital Currencies

Largest US Bitcoin Exchange Is "Extremely Concerned" With IRS Crackdown Targeting Its Users

Courtesy of ZeroHedge. View original post here.

Last Thursday we reported that in a startling development seeking to breach the privacy veil of users of America's largest bitcoin exchange, the IRS filed court papers seeking a judicial order to serve a so-called “John Doe” summons on the San Francisco-based Bitcoin platform Coinbase.

The government’s request is part of a bitcoin tax-evasion probe, and se...



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Mapping The Market

The Most Overlooked Trait of Investing Success

Via Jean-Luc

Good article on investing success:

The Most Overlooked Trait of Investing Success

By Morgan Housel

There is a reason no Berkshire Hathaway investor chides Buffett when the company has a bad quarter. It’s because Buffett has so thoroughly convinced his investors that it’s pointless to try to navigate around 90-day intervals. He’s done that by writing incredibly lucid letters to investors for the last 50 years, communicating in easy-to-understand language at annual meetings, and speaking on TV in ways that someone with no investing experience can grasp.

Yes, Buffett runs an amazing investment company. But he also runs an amazing investor company. One of the most underappreciated part of his s...



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Biotech

Epizyme - A Waiting Game

Reminder: Pharmboy is available to chat with Members, comments are found below each post.

Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer.  One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."

Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.  

Genetic components are the DNA sequences that are 'inherited.'  Some of these genes are stronger than others in their expression (e.g., eye color).  Yet, some genes turn on or off due to external factors (environmental), and it is und...



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All About Trends

Mid-Day Update

Reminder: Harlan is available to chat with Members, comments are found below each post.

Click here for the full report.




To learn more, sign up for David's free newsletter and receive the free report from All About Trends - "How To Outperform 90% Of Wall Street With Just $500 A Week." Tell David PSW sent you. - Ilene...

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About Phil:

Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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