Have you had enough of the crony capitalism that has been running rampant throughout our country? Have you had enough of the “neither admitting nor denying” statements put forth by far too financial firms writing checks to cover corrupt activities? Have you had enough of seeing individuals like Jon Corzine, Angelo Mozilo, Albert Loewenthal, and a whole host of other individuals connected to financial frauds walk free while ordinary everyday Americans pay the price for the ravage these fraudsters left in their wake? Have you had enough of the financial dirt continually being swept under the rug as the pols and their cronies stuff their campaign coffers and pad their personal accounts/portfolios? When will “enough be enough”? We will learn very soon if those in the Obama administration will continue to merely pay lip service to the American public or if they actually want to stand up for capitalism. I know. I know. Real capitalism and Washington have not been formally connected in a LONG time so I am not optimistic that they will get reconnected now. The frustration with our system of justice in addressing financial frauds and related activities runs very deep. Who is the keeper of the keys and is charged with addressing and attacking these financial frauds? The chair of the SEC. When will America have an SEC chair who represents the public and not the industry? Does anybody doubt that current SEC chair Mary Schapiro carried little more than a water pistol to most of the fights the SEC supposedly fought? Why is it that the SEC allows its crony cousins at FINRA — and Ms. Schapiro as well — to hide under the veil of absolute immunity in cases that would have exposed the incestuous relationship between Wall Street and Washington? So, Mr. President, got any balls or will it be more of the same on this front? Who should be the next SEC chair? Who will be the next SEC chair? Allow me to put forth the following list of potential candidates: 1. Richard Ketchum, current head of FINRA . . . . indication that talk is cheap and nothing will change in the crony capitalism. 2. Preet Bharara, US Attorney for the Southern District of New York…a sheep in wolf’s clothing… 3. Gary Gensler, head of the CFTC….as our reader Hawk characterized him, a “gun and mask guy at CFTC”… 4. David Roth, Dog catcher in Chicago, Illinois 5. Gary Agguire, former SEC attorney who took the organization on and utilized the FOIA to make the case against high profile hedge fund manager Art Samberg at Pequot. A true patriot. 6. Eliot Spitzer, take no prisoners former AG and governor in New York….”keep your pants on”… 7. William Francis Galvin, Secretary of State in Massachusetts and relentless in pursuing fraudsters 8. William Black, former bank regulator and tireless critic of the crony capitalists. 9. Sheila Bair, former head of the FDIC 10. David Kotz, former Inspector General of the SEC who got run out of town for being too hard on Mary and her minions. 11. Neil Barofsky, Inspector General of the SIGTARP. He took Tim Geithner to task in his book, Bailout. 12. Whomever Larry Fink, Jamie Dimon, Lloyd Blankfein and the rest of the boys on Wall Street want. They ‘pay the bills’ and throw the parties, right? 13. Robert Wolf, Barack’s buddy formerly from UBS (UBS). Worth a chuckle, right? Barack will not have any problem finding a golf partner. 14. Write in candidates…whom have I overlooked? Whom do readers think will be the next head of the SEC? Whom would readers want to see as the next head of the SEC? My gut instinct tells me that Bharara will be the guy and sold to the American public as America’s tough financial cop. Really? Don’t be fooled again. . . for those interested in how Preet plays ball, you may be interested in reading these commentaries. So, who will it be? Tell me what you think.Larry DoyleISN’T IT TIME to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook? I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
updated Nov 14, 2012
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