Washington Examiner: “A Fox Is Guarding The Henhouse At The SEC”

Add the Washington Examiner to the increasing number of media outlets picking up on the stench emanating from the incestuous Wall Street-Washington relationship encompassing our nation’s financial regulatory oversight. How so? The Examiner’s Marta Mossburg writes today, A Fox Is Guarding the Henhouse at the SEC. Who is this fox? None other than Mary Schapiro, current head of the SEC and former head of the Wall Street self-regulatory organization FINRA. Mossburg highlights:

Not everyone opposes giving government sweeping new powers like those being considered over health care and the finance industry. But everyone should care that those in power are competent, apply the law fairly and hold themselves to the highest ethical standards.

As regular readers of Sense on Cents are aware, I picked up the scent on this trail last January and have doggedly tracked it for the last ten months. I am heartened that other interested ‘hunters’ are also now putting out their ‘dogs’ in pursuit of exposing truth within our financial regulatory system so that our nation can embrace the badly needed virtues of transparency and integrity in the process.

Aside from Sense on Cents and now the Washington Examiner, who else is on this trail and tracking the scent? Barrons, Bloomberg, and The New York Times.

What scents has the Examiner picked up on this trail? The major markers, including:

1. FINRA’s liquidation of its auction-rate securities position in mid-2007 as the market was failing.

2. The issues embedded in the outstanding lawsuits against FINRA brought by Standard Investment Chartered, Benchmark Financial, and Amerivet Securities.

I am honored and humbled by Ms. Mossburg’s recognition of the markers I have left on the trail. She writes:

For a thorough overview of the situation, visit senseoncents.com, run by Wall Street veteran Larry Doyle.

For those interested in following the scent, I am happy to provide a trail guide highlighting some of the major signs of incestuous activity. My only recommendation is you bring a mask, as the stench truly gets overpowering at times.

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