Head SEC HFT regulator signs up to work for the enemy

Posted on September 16, 2016 by Danielle Park

The revolving door between finance cheaters and regulators is well oiled and completely unencumbered.  Recall that Ben Bernanke unashamedly took a plum consulting gig with HFT market-skimmer-extraordinare firm Citadel, after he retired from head of the Federal Reserve.  Well another would-be-regulator, the SEC, just saw its chief HFT trading expert exit and sign on with Citadel too. These people have no shame and they are making a mockery of fair and open markets as well as integrity and ethics.  In no universe is this defensible.  The revolving door must be jammed.  The inmates are running the asylum and buying off the cops and we are all paying the costs.

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Fiduciary standard terrifying financial ‘advisors’ across the world

Posted on September 16, 2016 by Danielle Park

After decades of queering rules, abusing trust and lobbying against higher standards, the financial business is in full on panic mode about the prospects of an incoming fiduciary standard (having to put the best interests of clients ahead of the advisor’s profits).

A whole army of consultants are now mustering to help ‘advisors’ figure out workarounds or how to restructure their business practices. Most in the advice business have been so conflicted and self-serving for so long that they literally have no clue what changes are required. It is comical but not funny.

This slideshow has been prepared by consultants to help enlighten financial workers on their problem practices, but it offers customers and outsiders some valuable insight on the kind of antics which are presently widespread.  If you use financial advisers/brokers/planners/representatives, it is worth your time to take a look at this.

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See slide show: Fiduciary no-nos: 10 potential conflicts of interest.

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Warren to Wells Fargo execs: “either you knew or you should have known”

Posted on September 15, 2016 by Danielle Park

Bankers have developed a habit of taking credit and cash for apparent upside while avoiding responsibility and any liability when things go bad. This one-sided bet is not available to the rest of us and it has to end for the bankers now with job losses, financial claw-backs and prosecutions in earnest. It’s way past time.

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