Gadfly to FINRA: “Better,” “Fairer” Regulation PleaseMar 6, 2009,By David A. Geracioti We really don’t want to take sides, but we can’t help but notice that our long-time legal columnist Bill Singer is throwing down the gauntlet again. He’s challenging FINRA—for a meeting. You see, Bill Singer has a history of, as he says, “driving regulators crazy, from the NASD to FINRA and the SEC.” In the 1990s, he founded the NASD Dissident Movement and became one of the first four candidates in that SRO’s history to challenge its slate of Board candidates. Since then, he frequently joins forces with those who prefer the title of NASD (now FINRA) Reformers, and together the FINRA Dissident/Reform Movement has lobbied for what it calls “more cogent rulemaking and more effective regulation.” (This is not imply that every regional/indie brokerage agrees with Singer and his Dissident/Reform Movement.) ... “Look Ma, Me Regulate!” No Retention Bonuses from Wells Fargo. Exceptions Apply; Merrill Bonus Saga ContinuesMar 5, 2009,By Halah Touryalai Is it just us, or are the regulators always one step behind? In its latest effort to prove its effectiveness, the SEC says it wants to reevaluate the rules governing credit-rating agencies. You know, those same agencies that assigned stellar ratings to those companies issuing pesky little mortgage-backed securities.... SEC Sued by Stanford Group Advisors for Violation of Constitutional RightsMar 4, 2009,By John Churchill The SEC’s civil fraud charges against R. Allen Stanford are having nasty repercussions for Stanford Financial Group financial advisors and clients not implicated in any wrongdoing. The SEC has frozen client accounts of Stanford Financial Group advisors, and the SEC ordered the advisors not to communicate with their clients. So advisors, who are not individually accused of any wrong doing (and, in some cases, only recently joined the advisory) are fighting back—and suing the SEC. ... The Conflicts of Interest in Not Being a Fiduciary; Hang Charlie Merrill In Effigy?Mar 4, 2009,By David A. Geracioti Any advisor who has worked for a wirehouse is familiar with the “penalty box.” The penalty box refers to a painful double whammy: A precipitous drop in production that knocks an FA down the payout grid. It’s a fact of life at traditional broker/dealers: Big producers get to keep more of what they produce. In some cases, some b/ds favor fee-generating production over commissions, paying annuitized business at a higher grid level. It’s all about giving advisors incentives to produce and to do the right kind of producing.... News Roundup: BofA/Merrill Layoffs; SEC Impostors; NYC Benefits Crumble; Madoff Clutches At Assets; AIG CEO Sues….AIGMar 3, 2009,By Kristen French The ax began to fall at Bank of America/Merrill Tuesday morning, according to Dealbreaker. The layoffs weren’t expected to begin until tomorrow. Some claim that every business group will be hit. If you find yourself, suddenly, office-less, send us a line. Now, here’s a trick question: Do you know an SEC employee when you talk to one? Don’t count on it. ... News Roundup: Dow Opens Under 7,000; AIG, Citi Get New Bailouts; Pandit Profiled; Baker Says US Today Equals Japan in 90sMar 2, 2009,By Kristen French The market skidded into a ditch this morning, with the Dow Jones Industrial Average opening below 7,000 following a global selloff overnight in Japan and Europe. Mid-morning it continued to slide, down around 3 percent, or 220 points, to 6858. It is now off nearly 50 percent from a high of around 13,000 in mid-May of last year. Meanwhile, the government spigot is still gushing, with AIG getting its fourth bailout deal Monday and Citi, it’s third. ... New Obama Tax Increases Are Bad Enough for Wealthy, but under Democratic Sponsored House Bills, Estate Planning Will Be Turned Upside DownFeb 27, 2009,By David A. Geracioti Looks like financial advisors catering to the affluent will have a new disaster to talk about: Obama’s tax hikes and closing of personal exemptions and itemized deductions. Oh, that and the nearly $4 trillion fiscal year in government spending (or about 28 percent of U.S. GDP), which will have repercussion on personal wealth way down the road. ... AG Cuomo Has the Goods—What Will Come of Merrill Bonuses?Feb 26, 2009,By John Churchill Ken Lewis had a date with New York Attorney General, Andrew Cuomo, today. He was called to testify on what he knew about the $3.6 billion in bonuses paid out to Merrill Lynch employees late last year. The bonuses were paid just as Merrill was racking up its $27 billion in losses for 2008 and BofA was asking the Feds for $20 billion in TARP money. ... More Multi-Million Dollar Ponzis and Thousand-Dollar Teddy Bears! DOJ, SEC Bust and Freeze Assets of “Commodity Traders”Feb 25, 2009,By John Churchill Whether it’s redemption requests or the fact that the regulatory staff is working overtime (18 hour days in some offices we hear ) since the Madoff bust or some combination of both, the capital market cops are putting up some big charges of late. Three today, and counting. ... News Roundup: AIG Is Keeping It(Self) Together, Merrill Made Another Gaffe, Bernanke Says No To Nationalization, Banks Get PhysicalsFeb 25, 2009,By Christina Mucciolo Ah, nevermind about those asset sales. AIG is no longer planning on selling businesses to pay back the government’s $85 billion loan, Bloomberg reports. Instead the company may give stakes in some businesses directly to the government. ... Madoff Victims Go After Solvent Parent CompaniesFeb 24, 2009,By Halah Touryalai Exactly how Tremont Group Holdings plans to defend itself against claims that it was “reckless” with client money that was invested in Madoff funds is something those affected by the Madoff scandal—and really, anyone interested in how fund of fund companies conduct due diligence—will be watching.... News Roundup: Obama Spends to Save, Bernanke States the Obvious and AIG says, “Help,” Again.Feb 24, 2009,By Halah Touryalai Just a week after signing a $787 billion stimulus bill and launching a $275 billion attempt slow down the rate of housing foreclosures, President Obama is advocating fiscal responsibility. It’s curious time to imagine a plan to halve a $1.3 trillion budget deficit (as Obama pledges to do by 2013) when you own 40 percent of Citigroup and may have to up your stake in AIG. ... Morgan, Smith Barney Reps Get Retention Awards, NOT BonusesFeb 23, 2009,By Christina Mucciolo On Friday, hours after Wachovia Securities told managers that the firm’s financial advisors would not receive any retention bonus, Smith Barney and Morgan Stanley reps got some good news: Some extra cash is on the way. Top producers at both firms stand to receive as much as 105 percent of trailing twelve month production to stay with the joint firm. That said, the first of two payments won’t be available until 2010. ... News Roundup: Citi Nationalization? UBS Hides Behind Swiss Law; Nigerian Scams CitiFeb 23, 2009,By Kristen French Talk of bank nationalization is heating up. The Wall Street Journal, and The Financial Times report that the government may take up to a 40 percent stake in Citigroup, citing unnamed sources close to the negotiations, though the Journal suggests that bank executives are hoping the stake will be closer to 25 percent. ... No Retention Bonuses For Wachovia Reps; Wachovia Securities To Be RenamedFeb 20, 2009,By David A. Geracioti Danny Ludeman, head of Wachovia Securities, told managers earlier today that financial advisors would not receive any retention bonus. He will hold a conference call with financial advisors at 1 p.m. central time, said Wachovia spokesman Tony Mattera. In addition, Wells Fargo will rename Wachovia Securities.... News Roundup: BofA’s Lewis Subpoenaed; Ponzi Pileup! Stanford Investigated For Ponzi Scheme; Morgan Still Poaching Brokers; Even Sin Businesses Take A HitFeb 20, 2009,By Kristen French Yet another banking-chief head may be set to roll. Bank of America CEO Ken Lewis was subpoenaed by New York State Attorney General Andrew Cuomo late last week. Cuomo is looking into whether Bank of America withheld information about Merrill’s losses, as well as bonuses to Merrill employees, from investors, a violation of state law. Also subpoenaed were Bank of America chief administrative officer J. Steele Alphin and Andrea Smith, who helped craft compensation packages for some Merrill executives. ... Where the Sellers At? RIAs are Holding Out for Better DealsFeb 19, 2009,By Halah Touryalai Schwab executives predicted a decline mergers & acquisitions between RIAs in 2009, as potential sellers hold out for a stronger market and a better deal. With asset levels way off, valuations have plunged. ... UBS Wealth Mgt Executive On The Lam; U.S. Promises To Find Tax Cheats—And The Advisors Who Assist ThemFeb 19, 2009,By John Churchill Allen Stanford isn’t the only high profile financial executive currently on the run from authorities. Buried in the Department of Justice press release yesterday regarding its deferred prosecution settlement agreement with UBS was the fact that one of its top executives was still a fugitive from justice.... UBS Nailed With $780 Million Fine, Admits To Aiding Tax Dodge ClientsFeb 18, 2009,By John Churchill The U.S. government has taken its pound of flesh from UBS today. According to a Department of Justice press release, Switzerland’s largest bank has settled with the U.S. government, admitting to helping U.S. taxpayers hide accounts from the IRS.... LPL’s New RIA Offering Lookin’ Healthy; But Still A Pipsqueak Compared To RivalsFeb 18, 2009,By Halah Touryalai There are some folks in the industry actually doing relatively well these days. Seriously. LPL Financial said today its new-ish RIA platform now has over $1 billion in new assets. ... News Roundup: $8 Billion Fraud, Market Tests Lows And Michael Moore "Investigating" Wall StreetFeb 17, 2009,By John Churchill Just as the various stock indices were testing November lows, the SEC announced what appears to be another mini-Madoff: Robert Allen Stanford and three of his financial companies have been charged with orchestrating an $8 billion fraud. ... Independent Contractor Rep No More?Feb 13, 2009,By Halah Touryalai If the Obama administration and House Representative Rob Andrews of New Jersey have their way, the independent contractor rep may become a thing of the past.... Round Up: The Post-Congressional Roasting Scuttlebutt Deems House Committee A Rather Pointless Public FloggingFeb 12, 2009,By Christina Mucciolo In the 18th century there might have been a public flogging or a stint in the town square's pillory, but would the pre-credit-crunch world have condemned Wall Street leaders and members of Congress to the gallows? ... At the Break: Congressional CEO Smackdown Provides Some Entertaining Tantrums, Some Embarrassment, Mostly Bloviating RepresentativesFeb 11, 2009,By John Churchill The House Financial Services Committee staged a bit of theater today for the benefit of U.S. taxpayers. ... Thank You Sir, May I Have Another?! Watch, Live, Wall Street CEOs Explain TARP Use To House CommitteeFeb 11, 2009,By John Churchill The House Financial Services Committee is giving Wall Street CEOs a chance to explain to U.S. taxpayers what they are doing with TARP funds. ...
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Blogs & OpinionGet the latest from Registered Rep. Editor-in-Chief David A. Geracioti on his blog Von Aldo.
Get the latest from Registered Rep. Managing Editor Kristen French on her blog The Reformation.
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