Wednesday, April 21, 2010

SEC, Investors Friend, Fiend?-4

"The [SEC] joined 12 Wall Street firms in seeking to scrap a key portion of a landmark 2003 deal that put strict curbs on stock analysts, a move that could heighten the ongoing debate about a broad overhaul of the financial-regulatory system. ... The proposal would have allowed employees in investment-banking and research departments at Wall Street firms to 'communicate with each other ... "outside the presence" of lawyers or compliance-department officials resposible for policing employee conduct--an activity strictly prohibited by the settlement'. ... After the bust, it was revealed that many of those analysts were touting stocks at the behest of their firms' investment-banking operations, which were profiting from initial public offerings. One solution to the conflict of interest was separating the analysts from the investment-banking operations. ... SEC spokesman John Nester said the agency believes there are other restrictions in place, such as keeping bankers physically separate and prohibiting bankers from influencing analyst coverage decisions. In a letter requesting the change, the SEC and the banks had stated 'it is appropriate to eliminate' certain provisions because the conduct is now covered by new rules and regulations. Securities firms covered by the settlement, including Goldman Sachs Group Inc., Morgan Stanley and the Merrill Lynch unit of Bank of America Corp., declined to comment. ... The SEC is at the heart of the battle because of its mistakes during the crisis. ... Also yesterday, the head of enforcement at the Financial Industry Regulatory Authority, Wall Street's self-regulatory boy, resigned. Like the SEC, Finra has been criticized for failing to detect abuses that led to the crisis and didn't uncover the Ponzi scheme run by Bernard Madoff. ... The settlement allows the firms and the SEC to seek a judge's approval to change the agreement under certain circumstances. ... In a letter to the judge, Lewis J. Liman, a lawyer representing the securities firms, said the Chinese wall is no longer needed because of securities regulations enforced by Finra. The securities firms and SEC 'believe that these rules adequately address the concern intended to be addressed' in the original settlement, Mr. Liman wrote", my emphasis, Susanne Craig & Kara Scannell at the WSJ, 18 March 2010, link:

Did the SEC join the 12 firms, or did it take orders? Investment-banking and retail brokerage should be severed. The settlement did not do that, so had no effect in my opinion. Enforced by Finra? Hahahahaha would the Mogambo Guru say. Physically separate? Did Nester ever hear of a telephone? Or the internet? You who take the SEC's case against Vampire Squid seriously, please read this.


Anonymous said...

"...the Chinese wall is no longer needed because of securities regulations enforced by Finra..."

Which universe is that in?

Eliot Bernstein - Iviewit said...

Check out Inventor Eliot Bernstein Testimony @ The New York Judiciary Committee headed by John L. Sampson @
Investors burned in these scams should seek redress from the lawyers who were involved. I personally have been trying to notify regulators & authorities of a ONE TRILLION DOLLAR scam that is putting states like NY & FL at huge risk, as well as, shareholders of companies including Intel, Lockheed, SGI, Warner Bros., Time Warner, AOL & IBM. The states & companies involved in the fraud fail to acknowledge the risk exposing shareholders and citizens to impending MASSIVE liabilities. Investigators, courts, Judiciary Committees & fed agents investigating the crimes & evidence, including a car-bombing attempt on my life. I know how Harry Markopolos felt trying to expose Madoff in a world without regulation.
Did I hear Proskauer Rose is involved in Madoff (involved many clients too) and acted as Allen Stanford's attorney. Investors who lost money in these scams should start looking at the law firm Proskauer's assets for recovery. First, Proskauer partner Gregg Mashberg claims Madoff is a financial 9/11 for their clients, if they directed you to Madoff sue them. Then, Proskauer partner Thomas Sjoblom former enforcement dude for SEC and Allen Stanford attorney, declares PARTY IS OVER to Stanford employees and advises them to PRAY, this two days before SEC hearings. Then at hearings, he lies with Holt to SEC saying she only prepared with him but fails to mention Miami meeting at airport hanger. Then Sjoblom resigns after SEC begins investigation and sends note to SEC disaffirming all statements made by him and Proskauer, his butt on fire. If you were burned in Stanford sue Proskauer. Both damning SEC reports on failures of Madoff & Stanford find Proskauer partners mentioned throughout!!
Proskauer and Foley & Lardner are also named Defendants in my TRILLION dollar FEDERAL RICO and ANTITRUST LAWSUIT now marked legally related to a WHISTLEBLOWER CASE also in FEDERAL COURT. Marc S. Dreier, brought in through Raymond A. Joao of Meltzer Lippe after putting 90+ patents of mine in his own name, is also a Defendant in my Federal Case.
The Trillion Dollar suit according to Judge Shira Scheindlin is one of PATENT THEFT, MURDER & A CAR BOMBING. For graphics on the car bombing visit
The Federal Court cases
Cases @ New York Second Circuit
1. 08-4873-cv US Court of Appeals for the Second Circuit - Bernstein v Appellate Division First Department Disciplinary Committee - TRILLION DOLLAR LAWSUIT
2. Capogrosso v NY State Commission on Judicial Conduct
3. Esposito v The State of NY
4. McKeown v The State of NY.
Related Cases @ US District Court - Southern District NY
5. 07cv09599 Anderson v The State of New York - WHISTLEBLOWER LAWSUIT which other cases have been marked legally “related” to by Fed. Judge Shira A. Scheindlin
6. 07cv11196 Bernstein v Appellate Division First Department Disciplinary Committee
7. 07cv11612 Esposito v The State of NY
8. 08cv00526 Capogrosso v NY State Commission on Judicial Conduct
9. 08cv02391 McKeown v The State of NY
10. 08cv02852 Galison v The State of NY
11. 08cv03305 Carvel v The State of NY
12. 08cv4053 Gizella Weisshaus v The State of NY
13. 08cv4438 Suzanne McCormick v The State of NY
14. 08 cv 6368 John L. Petrec-Tolino v. The State of NY

Eliot I. Bernstein
Iviewit Holdings, Inc. – DL

Robyn said...

thisis all a front for RIM and Apple, to boost sales even higher for blackberries, curves and iPhones. sheesh!