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’MF Global and echoes of Repo 105
What caused MF Global’s downfall?
According to Bradley Abelow, MF Global’s Chief Operating Officer, much of the blame may lie with Finra’s unreasonable request for MF Global to add capital to support its off-balance sheet exposure to European sovereign debt and reveal them publicly.
SAC Capital referred for “unusually prescient” trades
The WSJ has got its hands on a list of the 18 “well-timed” SAC Capital trades referred by Finra or its predecessor NASD to the SEC between 2002 and 2011:
Finra, though, “described SAC’s history of well-timed trades as unusually prescient and particularly profitable”,
Finra probing subprime RMBS offerings
Finra, a regulator with an impressive track record of investigatory failures, is looking into the accuracy of disclosures linked to subprime RMBS offerings, according to a Reuters report on Thursday.
According to the Reuters report,
Finra get an F – ‘failed to investigate’
Finra, the main regulatory body for the US brokerage industry, issued a mea culpa on Friday in the wake of an internal report that found the agency repeatedly failed to investigate tips about accused Ponzi schemer Sir Allen Stanford and convicted Ponzi schemer Bernard Madoff.
We’re all Mrs Watanabes now
Professional investors would immediately be suspicious of anyone claiming even the lower-end of the monthly returns being promised by sellers of the various off-the-peg algorithmic FX trading systems now being banded about the web.
[The Stanford Series] What does the ‘F’ stand for in FINRA?
FINRA, the Financial Industry Regulatory Authority, describes itself as “the largest non-governmental regulator for all securities firms doing business in the United States.” It’s basically a private agency set up by the financial industry to regulate itself,
Madoff, Finra, and the woman who would be SEC chair
Mary Schapiro is Barack Obama’s nominated candidate for the post of SEC Chair. Today she faced a grilling from the Senate, which by all appearances, should have been a tough one.
Why? Primarily because of the Obama camp’s pointed recent criticism of SEC incumbent Chris Cox.