chiker

Nasdaq Sale: Why Would Schapiro and FINRA Lie?

LD, I will go to soc. I run bond fund after years on street in convertibles, bonds, and equities. I find the heft you put on lying in the proxy vs additional comp an important distinction. Reading again Secrets of the Temple on the Fed Reserve, mostly under Volcker, reminds that our entire fiat currency / fractional reserve system, at the top of all detail, requires Trust. Without it all investment methods, all asset valuation tools, appear quaint. This would be another erosion of public Trust in the worst way. So of course the only avenue to pursue is putting light on it. Thank you.

On Nov 10 09:26 AM Larry Doyle wrote:

> Chiker,
>
> Thanks for your kind words. For what it is worth, I have been writing
> extensively about FINRA at my site, Sense on Cents. I would encourage
> you to access all of my work there via typing FINRA in the search
> window on any page.
>
> In regard to your questions, I would put forth the following: <br/>1.
> I do not know of any other public IPO of an exchange akin to the
> Nasdaq IPO.
> 2. This is the crux of the Standard Investment Chartered complaint.
> Plaintiff maintains that defendants (FINRA, Mary Schapiro, et al)
> misrepresented orally and in writing (that is, they lied in the proxy
> statement) as to how great the proceeds could be distributed to the
> FINRA member firms. Complaint alleges that the NYSE member firms
> benefitted dramatically at the expense of the FINRA member firms.
>
> 3. Expenses are embedded in the FINRA Annual Reports all of which
> are linked at Sense on Cents.
> 4. FINRA manages its own investment portfolio. Details at SoC.<br/>5.
> 2008 FINRA Annual Report which is linked on June 30th or July 1st
> or 2nd at SoC. Search for 2008 FINRA Annual Report.
>
> While the compensation claim is big, I personally think the allegation
> of lying in a proxy statement takes the cake.
>
>