An irreverent Wall Street Blog
BrokeAndBroker.com Blog by Bill Singer Esq WEEK IN REVIEW
May 13, 2023
https://www.brokeandbroker.com/7035/finra-goldman-sachs/
Gender/racial discrimination is not a dirty, little secret on Wall Street. It's long been out there in the open. The message from those in power is to look the other way, keep quiet, and don't rock the boat. Now, in 2023, when we are confronted with the reality of Goldman Sachs' $215 million settlement, it is absurd to pretend that nothing was ever amiss. And yet, despite all of that, those who know better, those who should speak up and speak out, still shrink from their ethical and moral obligations. FINRA's Board is silent. Wall Street's regulators are silent. Wall Street's trade groups are silent. It is all deafening. There is no commercial honor, no justice, no equity when it comes to the regulation of Wall Street. The industry is a cesspool that many smell but few admit to seeing. There are none so blind as those who will not see. The most deluded people are those who choose to ignore what they already know.
https://www.brokeandbroker.com/7034/finra-sec-pearce-expungement/
FINRA's expungement process is a flawed mess. Scraping customer complaints and allegations of employment-related misconduct from public, published records often impedes public investors engaged in due diligence before opening brokerage accounts. Similarly, FINRA's expungement process is often too expensive and too prolonged for associated persons who have truly been victimized by false allegations. A recent FINRA expungement matter took four years to work its way on appeal to the SEC. That's a disservice to the public and the industry.
https://www.brokeandbroker.com/7033/finra-arbitration-bonds/
In a recent FINRA customer arbitration, about the best that the Claimant could muster was that the hearing was fair but not satisfactory. And for good reason -- much of which was apparently the customer's fault. In the end we emerge shaken but not stirred and we cry "uncle."