New Chairman of NASD

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Sep 1, 2006 8:51 am

I can't post a link, since it's subscriber access only. This week's issue of Business Week has an article on Ms. Mary L. Schapiro. It may be of interest to those of you who are in management or perhaps in a compliance type of role.



Have a safe and fun long weekend, everyone.

Sep 8, 2006 10:43 am

If you read "Blood On The Street", there is some very interesting insight into some of NASD's leadership.

Sep 8, 2006 11:00 am
ymh_ymh_ymh:

I can't post a link, since it's subscriber access only. This week's issue of Business Week has an article on Ms. Mary L. Schapiro. It may be of interest to those of you who are in management or perhaps in a compliance type of role.



Mary is not new at the NASD--just new to the chairmanship.

Sep 8, 2006 11:47 am
NASD Newbie:
ymh_ymh_ymh:

I can't post a link, since it's subscriber access only. This week's issue of Business Week has an article on Ms. Mary L. Schapiro. It may be of interest to those of you who are in management or perhaps in a compliance type of role.



Mary is not new at the NASD--just new to the chairmanship.



That's what he said, you imbicile.

Sep 8, 2006 4:30 pm

I read "Blood on the Street."


I think Ms. Schapiro will do a better (more fair) job than Mr. Glauber. She truly cares about the average retail investor as well as the average broker. In my opinion, Mr. Glauber was too aloof and too interested in pleasing Wall Street execs at the expense of the average investor and/or retail broker.


Have a nice weekend, everyone.


Sep 8, 2006 6:17 pm
ymh_ymh_ymh:

I read "Blood on the Street."


I think Ms. Schapiro will do a better (more fair) job than Mr. Glauber. She truly cares about the average retail investor as well as the average broker. In my opinion, Mr. Glauber was too aloof and too interested in pleasing Wall Street execs at the expense of the average investor and/or retail broker.


Have a nice weekend, everyone.



Why do you think she cares about the retail client and/or retail broker?

Sep 8, 2006 6:42 pm

I have seen what type of enforcement cases she strongly pursues and am aware of how decent she and others at the NASD are when dealing with honest/ethical brokers.


Ms. Schapiro's a very down to earth and bright person. Even Bill will attest to that.


FD: I am not with the NASD

Sep 8, 2006 6:44 pm
ymh_ymh_ymh:

I have seen what type of enforcement cases she strongly pursues and am aware of how decent she and others at the NASD are when dealing with honest/ethical brokers.


Ms. Schapiro's a very down to earth and bright person. Even Bill will attest to that.


FD: I am not with the NASD



Do you think the NASD membership would approve of her as Chairman if they thought she was anything other than in full support of their agenda?

Sep 8, 2006 10:20 pm

The ethical ones approve of her more than Glauber. They got tired of seeing him kiss too much boiler room butt.

Sep 9, 2006 9:56 am

So you're saying that Mr. Glauber held the confidence of the NASD Board even though he was kissing, "boiler room butt?"


What do you see as NASD's facilitating of boiler room abuses?


Additionally, as we know the NASD must depend on the SEC to prosecute violations of NASD rules.


It is the SEC, more than the NASD, that is to blame for the boiler rooms--and much of their ability to exist is that damn freedom thing our country offers.  Forming a broker/dealer is a remarkably simple, and inexpensive, thing to do and everybody who does it is presumed to be honest until proven otherwise.


What could happen is to streamline the SEC's abilty to deal with a chop shop once it exposes itself--which is often several months after it starts because until the clients complain the chop shop is flying under the radar.


The country is great because of our legal system, and high on the list of reasons why the legal system is great is that it (normally) does not allow for rush to judgement type behavior.


As for things like skirt chasing managers, the infamous "Boom Boom Room" and other issues--Wall Street is no more immune to that type of stuff than any other industry and that it happens is not a blotch on your reputation, my reputation or anybody else's.  Regardless it is not the role of the NASD, or the SEC, to deal with it.

Sep 9, 2006 10:14 am

Agreed, on the skirt chasing managers and the bimbo female employees seeking a skirt chasing manager as a husband. It isn't just a financial services' industry problem.


On the "junior" comments and being Jim Shorris' bagel boy, please accept my not so "humble, humble, humble" apologies and don't sue me since you probably know who I am by now.


NASD enforcement is very frustrated with how long it takes to discipline and/or shut down chop shops. They must rely on the SEC too much and they, in turn, must rely upon the DOJ or other local law enforcement (AG's, District Attorneys, et al).


Some at the SEC (in enforcement) are not very zealous and I attribute that to them being deadwood waiting to retire. Others are just green as can be and don't quite understand how chop shops work.


If you look at the number of enforcement cases brought this year by the SEC you will see an uptick in the percentage which are against chop shops, penny stock firms, and stock promoters. I applaud that and so does NASD enforcement.


I believe WE as individuals or as a group can do a lot to assist NASD enforcement/SEC enforcement in shutting down these chops shops and part of how we do it is getting on our legislators' behinds and educating them a little. They need to realize that when a chop shop sets up shop, it's usually not just securities fraud it brings with it. Often there's mob money and other criminal activities such as dope dealing, prostitution, guns to gangs sales.....all that stuff that politicians pretend they don't want in their communities.


Sep 13, 2006 11:54 pm

Glauber was THE problem. I am highLEH confident smaller broker-dealers who play by the rules (non bucket shops) will be pleasantLEH surprised by how night and day different Mary Schapiro's NASD is.


Good riddance to Glauber is all I can say.