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Guest Post: How Does FINRA Lose 8 Hours of Testimony? Wall Street’s “Kangaroo Court”

Tyler Durden's picture





 

Submitted by Larry Doyle of Sense on Cents

How Does FINRA Lose 8 Hours of Testimony? Wall Street’s “Kangaroo Court”

I will admit that having written extensively and aggressively about Wall Street’s self-regulator FINRA over the last three years, I did not think there was anything more I could see that would surprise me.

Today I am surprised, shocked, and saddened.

For those in our nation who have a semblance of decency and a desire to see due process reflected in legal hearings and financial arbitration, I believe you will be similarly dismayed.

The case to which I will refer strikes deep into the core of Wall Street arbitration.  

I hope you are sitting down and do not have any sharp objects nearby as Dow Jones’ Al Lewis provides a scathing expose of a FINRA arbitration entitled Broker Bankrupted in Kangaroo Court,

Mark Mensack joined Morgan Stanley (MS) in 2008, landing an $873,000 signing bonus, but now he’s in personal bankruptcy and just moments away from losing his home in Cherry Hill, N.J.

 

He’s turning 50. He’s got a wife and three kids. And this is where he’s landed after losing an arbitration with his former employer before his industry’s self-regulating body, the Financial Industry Regulatory Authority.

 

Mensack claimed he was forced to leave Morgan Stanley after he accused the firm of taking hidden fees from its retirement-account customers. In July, a Finra panel ruled against this would-be whistleblower and ordered him to pay Morgan Stanley $1.2 million, essentially demanding most of his bonus back after quitting, plus interest and legal fees.

 

It is extraordinarily difficult to successfully appeal a Finra ruling. It is even more difficult when Finra mysteriously loses several hours of recorded testimony.

 

Mensack told me that when his attorney requested recordings for an appeal, Finra wouldn’t produce them. He said he eventually learned eight of about 18 hours of testimony from his case were missing. He sent me audio files that were inexplicably cut off at the end. He also showed me a Jan. 13 letter that Finra regional director Katherine Bayer wrote to his attorney. It said:

 

“Finra is required to make a…recording of every hearing. …Unfortunately, portions of testimony returned to us by the panel are missing. …I apologize for this and any perceived miscommunications from the Finra staff about the status of the recordings. …I understand Mr. Mensack’s disappointment with the arbitrator’s decision. However, Finra has no authority to reverse the award.”

 

A Finra spokeswoman declined to comment on the case.

The plaintiff’s charges of Morgan Stanley effectively double dipping into its 401-K accounts is obviously a very serious allegation. If I were a Morgan Stanley 401-K customer, I would be on the horn to my representative TODAY.

Those charges are NOT the main point here.

If there is supposed to be a whiff of justice and fair dealing in our nation, then each and every plaintiff is entitled to a fair hearing and a full record of testimony.

The fact that FINRA cannot and did not provide the full testimony of his hearing to Mr. Mensack renders the FINRA arbitration process as nothing more than a kangaroo court.

Richard Ketchum and his cronies at FINRA can talk all they want about progress on the financial regulatory front.

If they want to have a scintilla of credibility with the American public then they should go back and rehear Mr. Mensack’s case AND this time make sure that ALL of the testimony is properly recorded and provided for all the parties involved.

Statements such as,

 …Unfortunately, portions of testimony returned to us by the panel are missing. …I apologize for this and any perceived miscommunications from the Finra staff about the status of the recordings…

may work in kangaroo courts of third world nations but last I checked, this is America.

This smells.

Losing 8 of 18 hours of testimony?……America?………Really?

Come on Mr. Ketchum, you have work to do here.

Reopen the case.

 


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Tue, 03/13/2012 - 20:00 | Link to Comment I_ate_the_crow
I_ate_the_crow's picture

Fuck the legal system and all the complicit douchebag attorneys who let the charade continue.

Tue, 03/13/2012 - 20:17 | Link to Comment vast-dom
vast-dom's picture

Larry: I'm shocked that you of all people are shocked. I wouldn't expenct anything less and would be shocked if anything of significance at this stage were above board....

Tue, 03/13/2012 - 20:23 | Link to Comment Zero_Sum
Zero_Sum's picture

Statements such as,

 …Unfortunately, portions of testimony returned to us by the panel are missing. …I apologize for this and any perceived miscommunications from the Finra staff about the status of the recordings…

may work in kangaroo courts of third world nations but last I checked, this is America.

 

Check again. This hasn't been America for quite some time.

Tue, 03/13/2012 - 20:35 | Link to Comment MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Post-constitutional America.

Tue, 03/13/2012 - 21:11 | Link to Comment jcaz
jcaz's picture

As much as I believe in most conspiracies in this biz,  I believe even more that FINRA is just this incompetent, to actually lose the tape, rather than "lose";   

However, I totally concur with the lack of appeal available when the Great Ones rule-  in this biz, "arbitration" is code for the weird Monarchy that rules not out of wisdom and knowledge, but out of political favor and fear.....

Used to be a broker who had a hickey on their U-4 was an outcast.....  Now it's an inevitable consequence of walking thru the muck long enough.......

Tue, 03/13/2012 - 22:10 | Link to Comment Doña K
Doña K's picture

Arbitration is another invention of TPTB to avoid jury trials. There has never been an arbitration vacated unless fraud was proven. Odds of that 200 to 1.

Whatever you do people, never sign conracts that specify arbitration as the sole dispute resolution. Rely on the jury.

Tue, 03/13/2012 - 22:25 | Link to Comment wee-weed up
wee-weed up's picture

Agreed, but the number of contracts with fine print offering arbitration as an ONLY option are multiplying faster than rabbits on viagra.

Tue, 03/13/2012 - 22:32 | Link to Comment LetThemEatRand
LetThemEatRand's picture

Because it's worth repeating....  Another gift of the conservative members of our Supreme Court.   The U.S. Supreme Court decision upholding the validity of adhesion contracts containing arbitration provisions that no consumer ever reads was a 5-4 decision on party lines.  The Conservatives voted in favor of fucking the consumer.  No juries for you!!!!!!  More activist judge bullshit.

Wed, 03/14/2012 - 05:09 | Link to Comment mick_richfield
mick_richfield's picture

So you think it's a problem that people can agree to settle their disputes without state involvement?

Oh, but wait -- it's unfair because "no one ever reads" those things?

And you call that "judicial activism" ?

wow.

Wed, 03/14/2012 - 06:29 | Link to Comment Ace Ventura
Ace Ventura's picture

I get your point and essentially agree, but c'mon.....have you seen the acres of fine print in almost any financial transaction lately? Not only is it plentiful, but has gotten to the point in some cases where even a magnifying glass doesn't help much, the text is so tiny.

Common sense ordinarily dictates the main reason for doing this probably has little to do with 'saving paper', and much more to do with attempting to insert language in a contract which the originator of the document would prefer you didn't read or understand.

 

Wed, 03/14/2012 - 07:21 | Link to Comment Willzyx
Willzyx's picture

At the time of the American Revolution, the right to negotiate a contract was one of the fundamental rights the colonists fought for.  Try to negotiate the finer points of your cell phone contract.  Sure, the consumer hasa the right to refuse to sign the contract, but they are not on equal footing with the team of corporate lawyers who wrote the contract.

Tue, 03/13/2012 - 22:29 | Link to Comment grid-b-gone
grid-b-gone's picture

Arbitration is inherently unequal, which is exactly its function.

The problem with declining arbitration, especially for credit cards and most online terms and conditions, is that arbitration is less a request than it is a prerequisite. 

 

Tue, 03/13/2012 - 23:25 | Link to Comment PlausibleDenial
PlausibleDenial's picture

Agreed, better yet, though... Own nothing in your name.  There are too many ways to play their game.  For myself, I would rather accept divorce risk than give anyone else the satisfaction of trying to take my assets.  Oh, and I am self employed as well.

"Freedom is having nothing left to lose"  Kristopherson.

Tue, 03/13/2012 - 21:18 | Link to Comment Crab Cake
Crab Cake's picture

FASCISM.

Northcom. Torturing. Indefinite detentions. Cameras and drones spying on us. A compromised political economic structure that equates to disenfranchisement. Endless foreign wars of profit, and an endless War on Drugs that leads to significant portiions of our population being locked in corporate gulags..... It goes on and on and on....

IT IS TIME FOR REVOLUTION. IT IS OUR RIGHT SO STATED BY THE FOUNDERS AND IN ACCORDANCE WITH NATURAL LAW.

How's Apple doing?

Tue, 03/13/2012 - 22:29 | Link to Comment palmereldritch
palmereldritch's picture

iPad 3 to be re-named iPadFree!

Tue, 03/13/2012 - 22:40 | Link to Comment Harlequin001
Harlequin001's picture

Revolution. Fuck me you've only just finished the last one. What's up, wasn't it good enough?

Seems everytime you see something you don't like you want ANOTHER revolution. How is there supposed to ba any basis of law if all you want to do is revolt?

WTF...

It's not going to change jack shit about who holds the mortgage.

Tue, 03/13/2012 - 22:47 | Link to Comment UP Forester
UP Forester's picture

Cuz some 'Merikans don't want to end up like a bunch of disarmed, crooked toofed, fish-n-chips eatin', warm beer-swillin', ruled by beloved inbred Limeys....

Wed, 03/14/2012 - 01:31 | Link to Comment Harlequin001
Harlequin001's picture

What do you mean by 'end up?'

Do you think you ever weren't?

You were given a central bank by English bankers despite your 'revolution', and your new revolution will last for as long as it takes for them to give you another.

You might as well get used to it, now that you've finally woken up to it, that those 'disarmed, crooked toofed, fish-n-chips eatin', warm beer-swillin', ruled by beloved inbred Limeys' are still the ones that call the shots as far as you're concerned...

 

Tue, 03/13/2012 - 22:55 | Link to Comment palmereldritch
palmereldritch's picture

George the Turd was holding his dick in his hand in 1776...so what's different now?

Wed, 03/14/2012 - 04:26 | Link to Comment Harlequin001
Harlequin001's picture

yes but he still came back and kicked your arse didn't he. Why do you think the White House is painted white? Because it looks nice?

and all that in sailing ships too...

Rule Britania eh, for the old colonials that know what's good for them...

Now England has American aircraft carriers in its fleet, but paid for and manned by freedom loving dreamers in its old colonies that think they have some say in things through their revolution created Congress which in truth is duly ignored by its English nominated Presidents. You can vote for anyone you like as long as it's us.

Perhaps you're finally 'getting it' now... Looks like someone had his dick in hi hands, but it wasn't Good King George III...

Wed, 03/14/2012 - 06:41 | Link to Comment Ace Ventura
Ace Ventura's picture

Compelling words no doubt, and there is certainly an unavoidable link between the American government and old blue-blooded european money. Where I'm not sure I make the full connection is the 2nd amendment. If the idea was to simply rule the colonies through a puppet government, why 'allow' such a vast swath of 'subjects' to be armed? Doesn't history show that even peasants armed with pitchforks can eventually storm the castle and physically access those same aristocrats who would rule them? Difference now is that instead of pitchforks the peasants have high-powered long reach accessories?

I'm not disputing the overall sentiment, just wondering why they would even permit the 2A to exist at all, when they don't allow it amongst their own populace?

Wed, 03/14/2012 - 07:55 | Link to Comment Commander Cody
Commander Cody's picture

Our benevolent dictators have been trying to undo the Second Amendment for awhile now.  It is a continuous struggle on all fronts to maintain individual freedoms.  Don't ever relent.

Wed, 03/14/2012 - 10:02 | Link to Comment Harlequin001
Harlequin001's picture

absolutely Cody, you take care of your 'freedoms', just don't ever take a real close look at the bigger picture. It will only piss you off...

Wed, 03/14/2012 - 09:47 | Link to Comment Harlequin001
Harlequin001's picture

Because the 2A is irrelevent. This is about the money. You can install any government you like but the real power is in he who holds the money, and that is still England and its banking families.

If you guys want to run around shooting yourselves go ahead, knock yourself out, but the money appoints the sherrif to protect its interests, and he will tell you what gives...

You'ra all running around telling yourselves about this 'miracle' that is your Constitution but reality reared its very ugly head last week when Secretary Paneta made it quite clear to some insignificant Congressman that it was the President who made the decisions, and he didn't need the approval of your Congress to do it. English money will give you your candidates, and Ron Paul will not be among them, and when England tells America to invade iran or Syria it will do exactly as it is told, just like it always has.

All England needs your President to do is take care of the 'marketing'...

If you want to shoot yourselves, go ahead, nobody else gives a shit...

Wed, 03/14/2012 - 07:32 | Link to Comment palmereldritch
palmereldritch's picture

Good King George III still lives!....in your insane sentiments...

Wed, 03/14/2012 - 10:00 | Link to Comment Harlequin001
Harlequin001's picture

suuuure he does...

and your vote counts for what?

Wed, 03/14/2012 - 22:24 | Link to Comment palmereldritch
palmereldritch's picture

I vote fatalistic-apathetic-helplessness dear leader...show us the way!

Wed, 03/14/2012 - 16:03 | Link to Comment Meatier Shower
Meatier Shower's picture

"God forbid we should ever be 20 years without such a rebellion. The people cannot be all, & always, well informed. The part which is wrong will be discontented in proportion to the importance of the facts they misconceive. If they remain quiet under such misconceptions it is a lethargy, the forerunner of death to the public liberty."

- Thomas Jefferson

Tue, 03/13/2012 - 22:51 | Link to Comment Yes We Can. But...
Yes We Can. But Lets Not.'s picture

How is Hope/Change doing?

Wed, 03/14/2012 - 05:14 | Link to Comment falun bong
falun bong's picture

I moved out of the US about 6 years ago. Recently I've been watching COPS on TV from the US. It is absolutely shocking to see what is permitted these days by the police, way more than when I left. In one episode the cop came upon some people sleeping in their car. He woke them up, and asked them to step outside. Then without charges or anything illegal being mentioned, he cuffed the guy. Then he searched the guy; came up with a tiny baggie of pot; and he stated "I now have probable cause to search the vehicle" where he found some more pot. It's also true now that illegal search becomes legal if something illegal is found. And it used to be that is you were innocent and resisted arrest, they couldn't charge you with resisting arrest. Now if you are innocent but you resist a false arrest, they charge you.

Folks you live in a true police state. Our Founding Fathers are weeping.

Wed, 03/14/2012 - 06:48 | Link to Comment Ace Ventura
Ace Ventura's picture

It's way worse than that, dude. Do an internet search for videos regarding 'filing a complaint against the police'. What you will see is the modern reincarnation of SS/Stasi police thuggery and intimidation. And even that is just the tip of the iceberg.

I'm 100,000 times more afraid of my own government (at any level), than I am of any potential 'terist'.

Tue, 03/13/2012 - 21:11 | Link to Comment Unprepared
Unprepared's picture

Yet another example of "We have absolutely no idea where the 8 hours are"

Everything is vaporizable nowadays

Tue, 03/13/2012 - 21:16 | Link to Comment Whoa Dammit
Whoa Dammit's picture

Mensack should tell Morgan Stanley and FINRA that the $1.2 million they wish to recover from him has vaporized, and they should check with Jon Corzine as to its whereabouts. 

Tue, 03/13/2012 - 21:47 | Link to Comment Real Money Wins
Real Money Wins's picture

The 8 hours of tape are not missing. They know right where they are. along with the MF Global funds, the missing Watergate tapes, The Kennedy assassination files and the UFO recovered from Roswell New Mexico.

Nothing is ever LOST only MISPLACED!

Tue, 03/13/2012 - 21:50 | Link to Comment WillyGroper
WillyGroper's picture

except the stench on wall street & in dc-------it lingers

Tue, 03/13/2012 - 21:14 | Link to Comment Jim_Rockford
Jim_Rockford's picture

I recall this question from the 10 Trillion Dollar Pyramid:

As a citizen you are guaranteed "Due Process", not "Judicial Process"

- Name that Atty. General.

Tue, 03/13/2012 - 21:26 | Link to Comment nmewn
nmewn's picture

Sounds like something Holder would say.

Tue, 03/13/2012 - 22:16 | Link to Comment Global Hunter
Global Hunter's picture

Was Lavrentiy Beria an Attorney General?

Tue, 03/13/2012 - 21:07 | Link to Comment THECOMINGDEPRESSION
THECOMINGDEPRESSION's picture

"In God We Trust" was adopted as the official motto of the United States..

Can't trust that motto anymore. Throw it out the window.

Tue, 03/13/2012 - 21:53 | Link to Comment Real Money Wins
Real Money Wins's picture

Your assessment is incorrect the Motto is still valid because God is the only one you can still trust. That's why they are trying so hard to get him out of the schools, the media and public buildings and public view altogether. That way you mistrust everyone, because people who distrust and fear everyone are easier to manipulate and control.

Tue, 03/13/2012 - 22:42 | Link to Comment candyman
candyman's picture

I was sued because the market went down in "87.  It was my fault the customer claimed. I won. Make sure you fill out the new account form correctly- err to the downside.

Tue, 03/13/2012 - 22:50 | Link to Comment candyman
candyman's picture

 

This is why I'm so glad I'm out of the industry:
 
Chief compliance officers received a number of stern warnings on Thursday during the Investment Adviser Association’s annual compliance conference in Arlington, Va., just outside Washington.
Robert Plaze, deputy director of the Securities and Exchange Commission’s Division of Investment Management, warned CCOs during the conference that the newly created Asset Management Unit that’s housed within the SEC’s Division of Enforcement “is dedicated to suing you.”

Wed, 03/14/2012 - 10:00 | Link to Comment Willzyx
Willzyx's picture

Arbitration is hardly the legal system.  Same goes for FINRA.  Your ire ought to be pointed at the internal dispute resolution system of a self regulatory organization.

Tue, 03/13/2012 - 20:02 | Link to Comment trampstamp
trampstamp's picture

Wonder of the old man finally couldn't take it anymore.. he was getting weak in the mind and the the good person in him got the better part of him. I'm sure he has plenty of money from his early years screwing folk. Bankster will always be a bankster.

Tue, 03/13/2012 - 20:01 | Link to Comment SimpleSimon
SimpleSimon's picture

This doesn't smell. It stinks.

Get out of the system NOW.  Physical all the way.

Tue, 03/13/2012 - 21:37 | Link to Comment Gidas19
Gidas19's picture

Fuck yea, he should have cashed out 600K and bought gold, FuCK you MS!!! Where is your signing bonus money sir? REPLY-I dont fucking have it!!! and walk away with Corzine's swagga...

Tue, 03/13/2012 - 22:22 | Link to Comment Doña K
Doña K's picture

Was'nt he in a boating accident?

Tue, 03/13/2012 - 22:32 | Link to Comment palmereldritch
palmereldritch's picture

The real 'Corzine boating accident' has the precious surviving and Jon going for an extended swim...

Tue, 03/13/2012 - 20:02 | Link to Comment IndicaTive
IndicaTive's picture

Are you fucking kidding me? Even I get this one 100 fucking percent.

Tue, 03/13/2012 - 20:03 | Link to Comment LongSoupLine
LongSoupLine's picture

This is beyond sickening. It stinks of rotting, maggot infested corruption.

Tue, 03/13/2012 - 20:18 | Link to Comment SheepDog-One
SheepDog-One's picture

Fukin cesspool.

Tue, 03/13/2012 - 20:50 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Yes! It's a murky pool made just for fornicating

Tue, 03/13/2012 - 21:01 | Link to Comment disabledvet
disabledvet's picture

Looks like millions of dollars of murkiness they're swimming in to me.

Tue, 03/13/2012 - 20:04 | Link to Comment pies_lancuchowy
pies_lancuchowy's picture

why the surprise? he didn't obey the Honor of Thieves , so he loses his share of the loot.. That's a very lenient punishment by the head of the gang

Tue, 03/13/2012 - 21:15 | Link to Comment vato poco
vato poco's picture

Also, Why the Surprise? The clowns momentarily in charge of the guvmint - or their shadow guvmint opposition - have been pulling this shit for decades, and getting away scot-free every fucking time. JFK autopsy pics: missing. Zapruder film: confiscated, maybe altered in god knows how many different ways before its return 20 years later. The pics the kid photog took of the RFK assasination: confiscated, then 'lost'. Whoops. Sorry. LAPD physical evidence from that scene - missing. Clinton records of every kind - gone, deleted, missing. The front door at Mt. Carmel in Waco - the one with bullet holes heading INwards, proving blind fire from the ATF dipshits...lost. Sandy Berger's excellent 'docs-down-the-pants' adbventure, and he was of course never charged. Vince Foster on-site & autopsy pics: missing, blurred, vague, useless. And on & on & on. 

And don't even get me STARTED on all the missing/hidden 9-11 evidence.

Cause that's how they ROLL, Bitchez! My only question would be what kind of a shit-for-brains lawyer didn't know about this, and why didn't he make sure he had his own tape/vid recorder rolling at the procedure?

Tue, 03/13/2012 - 22:26 | Link to Comment Doña K
Doña K's picture

When you blow the whistle, you first get copies of the evidence to as many TV stations and newspapers in the US and oversees as you can.

Wed, 03/14/2012 - 11:12 | Link to Comment CoolBeans
CoolBeans's picture

Good thought...but it is scary how the media is ultra-controlled by the bad guys/gals.

Wed, 03/14/2012 - 01:17 | Link to Comment Clashfan
Clashfan's picture

How true.

 

And anyone who can't see that 911 was an inside job is an idiot. Unfortunately, a lot of regulars on here fall into that category.

Tue, 03/13/2012 - 20:05 | Link to Comment Heroic Couplet
Heroic Couplet's picture

Given the CDOs squared, I want Occupy Wall Street Squared.

Tue, 03/13/2012 - 20:06 | Link to Comment DeadFred
DeadFred's picture

Are you really surprised? Really?

Tue, 03/13/2012 - 20:06 | Link to Comment tovar2
tovar2's picture

Sounds like a legal process staight out of an old KGB file?  Unfortunately, it is going to take a lot more of these railroad jobs to get the peasants to put down their xbox and pick up their pitchforks. Then again, they would have to be privy to such strories... unfortunately these type of events never seem to get air time on the 400+ entertainment channels that are piped into the average US household. 

 

Tue, 03/13/2012 - 20:07 | Link to Comment darteaus
darteaus's picture

You want justice?

Talk to the Godfather the day of his daughter's wedding.

Tue, 03/13/2012 - 21:00 | Link to Comment Unprepared
Unprepared's picture

"Make them suffer"

Tue, 03/13/2012 - 22:36 | Link to Comment palmereldritch
palmereldritch's picture

I thought Michael handled things well in the final reel...food for thought

Tue, 03/13/2012 - 23:49 | Link to Comment sgorem
sgorem's picture

handled IT better in SCARFACE.......

Tue, 03/13/2012 - 20:07 | Link to Comment alien-IQ
alien-IQ's picture

You seem to be operating under the misguided premise that in America there is such a thing as justice.

Stop watching movies about how things were once believed to be and look around at the real world. The only thing "exceptional" about America is the degree of fraud the banking oligarchy is allowed to commit.

If you think you're going to find justice against the banking industry in a courtroom...you are indeed the greater fool they've been waiting for.

The game is rigged. It's time to step off the court and take a few players into the alley for a bit of rehypothicated justice...old school style. (Brass knuckles are optional, brass balls are required).

Want justice? Don't ask for it, execute it.

Tue, 03/13/2012 - 20:07 | Link to Comment Yen Cross
Yen Cross's picture

 No Comment. I'll hemorrhage if I do!

Tue, 03/13/2012 - 20:07 | Link to Comment Likstane
Likstane's picture

FINRA is corrupt.  Wall St. is corrupt.  The US gov is corrupt.  Larry Doyle is corrupt.  All banks are corrupt.  Tyler Durden is corrupt.  Everyman is corrupt.  Your mother is corrupt.  The reader and writer of this sentence is corrupt.  The 2 month old baby is corrupt.   My second grade teacher was/is teacher is corrupt.  The pope is corrupt.  The world is corrupt.  Why is it you are surprised at the corruption?  Look at your self.  Are you somehow better?  Try and find something/someone not corrupted.  Then read the Bible.  Find someone uncorrupted. 

Tue, 03/13/2012 - 20:14 | Link to Comment Cursive
Cursive's picture

@Likstane

Your smarmy moral equivalence is disturbing and yet another example of the social pathologies that plague American society.  A multitude of cowards.

Tue, 03/13/2012 - 20:18 | Link to Comment Thomas
Thomas's picture

Yes. if I ever concede that I am corrupt, then I am at least going to use that newfound freedom to even up some scores.

Tue, 03/13/2012 - 20:34 | Link to Comment Likstane
Likstane's picture

Thereby proving your corruption.

Tue, 03/13/2012 - 21:38 | Link to Comment Boxed Merlot
Boxed Merlot's picture

If your point is to shame into silence, you are correct, it does and will work as an effective technique for the vast majority of people to stay silent and cash the check.

Whistleblowers typcially however have a different motivation and many times will suffer the ridicule, ostricizing and even punishment for past "corruption" as a means of personal cleansing.

Restitution is funny that way.  The proper sequence is always repentence prior to restitution, otherwise it's not restitution, it's punishment. 

Repenting is always much more difficult than restitution.  It's likely the single most difficult thing a person will ever do.  Unfortunately, there are no good secular "how to" books on the subject as winning through intimidation, blatent denial and faulty memories are so much easier to muster.

Tue, 03/13/2012 - 20:36 | Link to Comment Likstane
Likstane's picture

Cursive-Do you deny your corruption? I gave you the answer.  It is no longer my problem if you deny the truth. The truth is we are all corrupt-  That is equivalence.

Tue, 03/13/2012 - 20:53 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Therefore if I corrupt your kids I'm doing them and you a favor 

Tue, 03/13/2012 - 21:01 | Link to Comment Likstane
Likstane's picture

Caviar Emptor-I just told you my kids and myself are corrupt already.  Why would you think you have the power to corrupt them anyway?  It sounds like you need to get honest with yourself.

Tue, 03/13/2012 - 21:05 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Exactly. Then you won't mind, will you? 

Tue, 03/13/2012 - 21:45 | Link to Comment nmewn
nmewn's picture

While it is true everyone has at least a drop of larceny in their soul, it doesn't mean they are corrupt.

Some just take a ball point pen home from work. Others order two printers or see one sitting on a shelf as backup and take it home.

Degrees of larceny/corruption perhaps, but indentifiable.

Tue, 03/13/2012 - 21:50 | Link to Comment Likstane
Likstane's picture

mnewn-you are corrupt also

Tue, 03/13/2012 - 21:54 | Link to Comment nmewn
nmewn's picture

Yes, but I could be so much worse if I really wanted.

You'll have to trust me on that ;-)

Tue, 03/13/2012 - 22:03 | Link to Comment Likstane
Likstane's picture

Maybe my motivation for posting about the shock of corruption was corrupt!

Tue, 03/13/2012 - 22:51 | Link to Comment palmereldritch
palmereldritch's picture

Or maybe your motivation is just to randomly/specifically threadjack ZH topics with wak shat?

Wed, 03/14/2012 - 11:09 | Link to Comment CoolBeans
CoolBeans's picture

Social services is looking for you...

Tue, 03/13/2012 - 21:00 | Link to Comment Cursive
Cursive's picture

@Likstane

Are you going biblical on us?   (channeling the evangelical minister): "We are all sinners!  Every! Damn! One! Of! Us!"  Well, brother, I agree that we are all imperfect and I agree that the greatest tragedies in human history were perpetrated by men who believed that the human condition could be perfected.  We will never have Utopia/Heaven on earth, but that doesn't stop us from trying to be good and decent people.  Aristotle and St. Paul could agree on that and it is all I've ever tried to do.  I would rather transcend my baser instincts than to make trifling arguments to excuse my wrongdoings.

Tue, 03/13/2012 - 21:11 | Link to Comment Likstane
Likstane's picture

@cursive- You may agree we are imperfect, but you and most others will not agree with the Bible and call yourself what you are.  You are a thieving, lying, murderous, adulterous, wretch.   You and your people are not "good and decent".  The corruption is in you-to the bone(you will not transcend your baser instincts/your instincts are corrupted), and only after you admit that are you able to find real life outside of your corruption and in the life of someone uncorrupted. 

Tue, 03/13/2012 - 21:29 | Link to Comment vato poco
vato poco's picture

@Likstane - exactly what purpose does your ostensibly humble but in fact proud & public flagellation serve other than your own self-aggrandizement? "You are a lying, murderous, adulterous wretch". WTF is that shit? Do you seriously think that by channeling Cotton Mather & Johnathon Edwards that you're going to carry the day here? Or are you just an (odd) corporate stooge in a basement cubicle at Goldman posting this horseshit for $6/hour, trying to peddle the (quite) old-fashioned notion that heinous sinners such as us, doomed to an eternity screaming in the lakes of Hellfire, have no right to criticize our governmantal/corporate/bureaucratic/regulatory Masters?

Are you suggesting we hush up and devote ourselves to being good darkies, and Know our Place? 'Cause that's sure what it sounds like. "Criticism of our shepherds is a sin of Pride!" Interesting message there, pard. Who, I wonder, would benefit most from the unruly mass of troublesome, uppitty proles adopting this attitude?

Wed, 03/14/2012 - 00:11 | Link to Comment prains
prains's picture

vato

what i think you mean is "take your moralistic relativism and shove it" dikstane

 

 

ca.news.yahoo.com/us-military-unveils-non-lethal-heat-ray-weapon-032512781.html

Tue, 03/13/2012 - 21:48 | Link to Comment Likstane
Likstane's picture

Not many will benefit from the truth.  If the message is really interesting, then why wouldn't you investigate it farther instead of passing it off in cursory fashion as an old-fashioned notion?  What if I am an odd corporate stooge in a basement cubicle?  Would my personage offend you or would the message offend you?  I don't intend to carry the day, but there are a few souls that will recieve the message, and those are the ones I am speaking to.  Maybe you are one of them.  Sometimes those with the most animosity to the truth are the ones that wind up on the same side as the truth.  Don't be afraid to examine yourself and what you believe. 

Tue, 03/13/2012 - 23:53 | Link to Comment sgorem
sgorem's picture

are you saying we're "dirty, filthy rags"? what the fuck is new dude? 

Tue, 03/13/2012 - 23:54 | Link to Comment Goldilocks
Wed, 03/14/2012 - 00:00 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

... and only after you admit that are you able to find real life outside of your corruption and in the life of someone uncorrupted.

Then what?   Finish the sentence you stupid christian moron.

On second thought I'll finish it for you since I know how you morons think.   You believe "finding your salvation in Christ" will save you.

Of course you're wrong.  Completely wrong.  Christ never said his righteousness would save anyone. 

But you'll discover it the hard way, when it's too late to alter your course

... just like all your christian moron friends will discover it the hard way, when it's too late to alter their course.

No, I'm not intrested in showing you the truth.  Go right on believing the way you do.

I'll be delighted when all you christian morons discover you're lost.

Wed, 03/14/2012 - 01:25 | Link to Comment Likstane
Likstane's picture

C-O-G Thanks for finishing the sentence.  "I have kept My Father's commandments and abide in His love"-Jesus/John 15:10,   "For their sakes I sanctify Myself, that they themselves also may be sanctified in truth"-Jesus/John 17:19,  Jesus has stated in plain Aramaic/greek/english that His righteousness is EXACTLY what would save some.   I am interested in showing you the truth.  Tough way to go out, old man.

Wed, 03/14/2012 - 02:21 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

Enjoy your eternity in the lowest rungs of hell moron. 

You'll have lots of company, all your christian moron friends.

Wed, 03/14/2012 - 06:50 | Link to Comment awakening
awakening's picture

Either your trolling or a sinful Christian (pride in your religion and disdain for those whom chose not to follow said beliefs).

https://thechristianbible.wordpress.com/2009/05/24/the-sin-of-pride/

Wed, 03/14/2012 - 02:53 | Link to Comment Andy Lewis
Andy Lewis's picture

Seek help.

Tue, 03/13/2012 - 23:05 | Link to Comment el Gallinazo
el Gallinazo's picture

Speak for yourself.  Oh ...... you did.  OK.  Lickstain.  You are corrupt.  Let's just leave it there.

Tue, 03/13/2012 - 20:16 | Link to Comment SHEEPFUKKER
SHEEPFUKKER's picture

Sad but true.  I guess corruption breeds more corruption, except that the rules do not apply for the most corrupt. I guess that is the worst part. 

Tue, 03/13/2012 - 21:11 | Link to Comment crawldaddy
crawldaddy's picture

umm who put the king james bible together? umm that would be a bunch of corrupt religous leaders lookingto further gain and coral power.  

Looking to manmade religion is nto gonn atake you away from corruption, but actually towards it further still.

Tue, 03/13/2012 - 22:20 | Link to Comment alien-IQ
alien-IQ's picture

thanks for the laugh.

Tue, 03/13/2012 - 22:22 | Link to Comment CoolBeans
CoolBeans's picture

Are you still here?

B-Y-E

Tue, 03/13/2012 - 22:21 | Link to Comment CoolBeans
CoolBeans's picture

Shitstain, I mean Lickstains -

You seriously need to find another place to haunt.  You got someone's attention to two seconds after causing minor angst and now we've all tired of your commentary.  Move along, please.

Tue, 03/13/2012 - 20:08 | Link to Comment Firing Pin
Firing Pin's picture

FINRA is a freaking joke...just like the SEC they miss HUGE fraudsters and make the little guys jump through pointless hoops. They audit firms (member firms nonetheless that pay membership dues), find BS errors ("oh, page 7 of 73 was not initialed by your client..."), and then they shake down their members for big fines. Oh, and forbid you ever go to an arbitration. They molly-coddle clients and there is an immediate presumption that the broker is guilty. This about sums it up:

http://www.youtube.com/watch?v=CiyKoM4R0nA

Tue, 03/13/2012 - 20:09 | Link to Comment whoisjohngalt11
whoisjohngalt11's picture

WOW just wow, they are trying to get us all either very mad(not angry) or to give in...all part of their banana republic plan right????

Tue, 03/13/2012 - 20:09 | Link to Comment Tsar Pointless
Tsar Pointless's picture

This is my "shocked" face.

Tue, 03/13/2012 - 20:10 | Link to Comment Cursive
Cursive's picture

My prayers are with Mr. Mensack and his family.  I was a whistleblower.  What I learned was that no one really cares if they are getting screwed.  Sure, people will express rigtheous indignation if they learn of some fraud (that didn't benefit them), but easily 95% of all people won't lift a finger to protect their rights or their assets.  The new "activisim" of our sad times is taking a moment to sign a class action mailer and letting the lawyers get all the winnings while we wait patienty for a $3 check that never comes.  That's American society circa 2012.  I'm looking forward to the reset....

Tue, 03/13/2012 - 20:14 | Link to Comment Yen Cross
Yen Cross's picture

Meant or Knaut? That was a nice post. +1

Tue, 03/13/2012 - 20:22 | Link to Comment Cursive
Cursive's picture

@Yen Cross

Thank you and I definitely meant it.  I went through a very sobering 5 year ordeal and I am a better man for it.  I learned that most "friends" are worthless, that my faith and my wife were the best things that ever happened to me and that your health really is more important than your money.  I knew all of these things before, but nothing brings it all home like a "trial by fire."

Tue, 03/13/2012 - 20:25 | Link to Comment Yen Cross
Yen Cross's picture

Thank You.  I'm speechless.

Tue, 03/13/2012 - 20:39 | Link to Comment Likstane
Likstane's picture

Cursive, you are still a corrupt bastard like the rest of us.

Tue, 03/13/2012 - 21:06 | Link to Comment Cursive
Cursive's picture

@Likstane

Lulztroll.  I am totally enjoying your one-trick pony imitation.

Tue, 03/13/2012 - 21:55 | Link to Comment UP Forester
UP Forester's picture

Which totally proves you are totally corrupt....

Tue, 03/13/2012 - 22:10 | Link to Comment Likstane
Likstane's picture

I think you're getting it.

Tue, 03/13/2012 - 22:51 | Link to Comment UP Forester
UP Forester's picture

That Khan's bug has burrowed through your ear to starve to death?

If that's the case, everyone's already got it.

Tue, 03/13/2012 - 23:00 | Link to Comment palmereldritch
palmereldritch's picture

Connnnnnnnnnnnn!!!!!

Tue, 03/13/2012 - 20:55 | Link to Comment Caviar Emptor
Caviar Emptor's picture

@Cursive : hat tip to you

Tue, 03/13/2012 - 22:10 | Link to Comment CoolBeans
CoolBeans's picture

May you reap your rewards soon.  If not in this life, the next.  You are better for the experience.  I firmly believe we are all sent here to learn something... then we can move on to the next plane.  I know...may sound off the wall.  So, consider yourself a more evolved soul.

Bless you for sticking to what is right.

Tue, 03/13/2012 - 23:25 | Link to Comment Cursive
Cursive's picture

@CoolBeans

Yes, I have my reward.  I'm not a broken man and my career is back to what it was.  I'd do it all over again, no regrets.  And, who knows, I may have to do it again....

 

 

All that is necessary for the triumph of evil is that good men do nothing

- Edmund Burke

 

Tue, 03/13/2012 - 20:47 | Link to Comment Likstane
Likstane's picture

Mensack is a corrupt bastard too.

Tue, 03/13/2012 - 20:16 | Link to Comment Thomas
Thomas's picture

Rule of Law or not? They should chose carefully cause eventually we will also chose "no", and then some Morgan Stanley guys may be in trouble.

Tue, 03/13/2012 - 20:50 | Link to Comment LawsofPhysics
LawsofPhysics's picture

There it is.  Moral Hazard is a bitch.   The problem is that generations have long passed since a time when consequences meant something.  Russia and America are coming to the same "conclusion", just from different directions.

Tue, 03/13/2012 - 20:53 | Link to Comment Yen Cross
Yen Cross's picture

The land speed record, has your thesis printed all over it!

Tue, 03/13/2012 - 21:01 | Link to Comment LawsofPhysics
LawsofPhysics's picture

You may or may not be suprised at how hard it is to get people to acknowledge the obvious today.  

Tue, 03/13/2012 - 21:17 | Link to Comment Yen Cross
Yen Cross's picture

 You are a very intelligent person. Perhaps it's time to mentor/ just a thought.

Tue, 03/13/2012 - 20:16 | Link to Comment SheepDog-One
SheepDog-One's picture

WTF do you do when theres no recourse at all for you, the govt is rogue and passing 'you better shut up or we will kill you' bills....WTF can you do?

Tue, 03/13/2012 - 21:27 | Link to Comment TN Jed
TN Jed's picture

Joe Stack asked the same thing.

Tue, 03/13/2012 - 23:01 | Link to Comment brettd
brettd's picture

He's fighting in the wrong venue.  The courts?  Arbitration?  Jeeze.

Someone's got to know Gasparino/Stossel/Rivera et al at Fox....

Failing that, someone at NPR, Salon or Breitbart media.

Assuming that M's claim actually has merit...

There are plenty of media outlets who can and would LOVE a story like this.

Tue, 03/13/2012 - 20:17 | Link to Comment Buck Johnson
Buck Johnson's picture

I wonder what was on that 8 hours that was so incriminating to them.

 

http://www.fi360.com/main/pdf/11competition_submission_mensack.pdf

Tue, 03/13/2012 - 20:27 | Link to Comment SheepDog-One
SheepDog-One's picture

401K's are about to get bent over and kornholed, big time. Do people really think the FED is pumping all these bullshit stocks just for shits and grins? Theyre buying them all up for themselves, and will pull the trapdoor one of these nites. After all, it was the FED central banksters that pumped up the stocks values themselves, so who really owns them then? The bankers do.

And no one will do a damn thing about it...just look at MF Global, same shit.

Tue, 03/13/2012 - 20:30 | Link to Comment unununium
unununium's picture

DING DING DING DING DING DING DING DING

We have a winner!

Tue, 03/13/2012 - 21:05 | Link to Comment LawsofPhysics
LawsofPhysics's picture

How is that going to work again if the vast majority of 401K money is in treasuries?  This was covered earlier on ZH.  The big takedown will be in government deb, followed immediately by a "revaluation" of gold, more price and capital controls and an attempt in general to outlaw transactions using anything other than the fiat du jour.

Tue, 03/13/2012 - 21:56 | Link to Comment UP Forester
UP Forester's picture

So we won't be able to use Tide for transactions?

Tue, 03/13/2012 - 22:25 | Link to Comment Global Hunter
Global Hunter's picture

+1

Wed, 03/14/2012 - 07:52 | Link to Comment Ace Ventura
Ace Ventura's picture

Is this not already the case with the so-called 'legal tender' laws? Witness the recent stormtrooper raids of facilities which were 'creating counterfeit currency', such as the liberty dollar, etc. Shockingly, the feds confiscated all the 'counterfeit currency' and stashed it an a 'secure location' somewhere.

They can revalue gold and silver to whatever they like...if you own it, isn't your purchasing power retained? Unless you think physical metals confiscation is in the cards at some point before the revaluation. Not saying they aren't working on a way to do that, just wondering how they will go about justifying such a move in an era when gold and silver are no longer 'officially' considered legal tender, as they were during the last gubment robbery in 1933.

Then again, who says they have to justify anything. Of course if they pull the 'cuz we said so' card at that point, then the jig will mostly be up, and even the most boobified american will realize the party has started.

Or not. Just trying to figure all this crap out.

 

Wed, 03/14/2012 - 00:39 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

401K's are about to get bent over and kornholed, big time.

Oh yes, and IRAs, pension funds, all of it, gonna be confiscated, just flat out taken.

And I'll have a big belly laugh when it happens. 

I feel like banksters do, I love seeing stupid sheeple get sheared.

I know someone who lost 80% of their retirement money after cashing out their 401k and giving it to "investment advisors" to look after. 

I laughed my ass off at that stupid dumbass sheep. 

I hope they end up living on the street.  They deserve it. 

Tue, 03/13/2012 - 20:28 | Link to Comment Amish Hacker
Amish Hacker's picture

If only Rose Mary Woods were around to explain it to us.

Tue, 03/13/2012 - 20:30 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

The same thing that the missing 16 hours of Nixon's tape had during Watergate....nothing to see here, move along.

Tue, 03/13/2012 - 20:58 | Link to Comment Caviar Emptor
Caviar Emptor's picture

But in those days Nixon was going to be impeached. Plus without a Ford pardon he was going to be tried after the resignation. Also all of his immediate WH staff did hard time including a former attorney general. 

Tue, 03/13/2012 - 21:25 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

Touche C.E. You are quite correct...those guys did the time for the crime, unlike today.

Wed, 03/14/2012 - 01:24 | Link to Comment Clashfan
Clashfan's picture

That's because it specifically had to do with "that Bay of Pigs thing."

Tue, 03/13/2012 - 20:18 | Link to Comment newengland
newengland's picture

This is a mis-trial in effect, putting aside legalese,  and it is corrupt for the apparatchik Ms Barely Credible to declare: '...Finra has no authority to reverse the award...”.

The process was ongoing, and the 'court' has corrupted the evidence, regardless of whether that is due to incompetence or something more sinister.

It's a grave injustice when the machine gets so big that it can crush any small cog with impunity, and damage the entire system on which everyone depends.

Tue, 03/13/2012 - 20:19 | Link to Comment q99x2
q99x2's picture

Appeal. The filing of the paper work is pretty simple and doesn't cost that much in a regular court. Also put someone to work on digging up dirt on all persons responsible at county recorders. Local newspapers work great but may harm the case. Hire PIs to do research. They are fairly inexpensive and can trace other illegal activities in process by those personally responsible. Journalists may also be used to dig into it. Google ariel photos are sometimes helpful if real estate scams are part of the dirt dug up. Once you get all the shit together on a RICO case probably one of many that you find then begin the process of filing the lawsuit and all associated complaints at all the various government agencies.

If your case gets out in front of enough people someone that can do something might make a call to resolve the issue.

Tue, 03/13/2012 - 20:23 | Link to Comment SheepDog-One
SheepDog-One's picture

Yes place an appeal to Ceasar.

Tue, 03/13/2012 - 20:20 | Link to Comment shinola
shinola's picture

Nixonian.

 

Mussolini would be proud of his legacy.

Tue, 03/13/2012 - 20:20 | Link to Comment navy62802
navy62802's picture

In order to be surprised by this, you have to come into this article with the assumption that the legal system is not corrupt.

Tue, 03/13/2012 - 20:22 | Link to Comment Bartanist
Bartanist's picture

The corruption that people are capable of is absolutely amazing. What is so important that people would stoop to such a low moral and ethical level?

It is so prevalent. Maybe there was promise never again to wipe out all living things on earth again ... but there was no promise to never again wipe out a new sodom and gomorrah.

Can people be so ignorant?

Tue, 03/13/2012 - 20:27 | Link to Comment SillySalesmanQu...
SillySalesmanQuestion's picture

Mutha Fuckin Global...that is why things disappear, get shredded, burnt, sunk in the Hudson, "I don't know where the money went" and are vaporized.

Tue, 03/13/2012 - 20:30 | Link to Comment SheepDog-One
SheepDog-One's picture

One of these mornings the FED spokesman will be saying

'We dont know how it happened, overnite we saw mass electronic runs on the banks, we had to stop it by any means or the whole system would have collapsed, again, so yep your 401K's and pensions and stocks are all now worth 10% of wat they were yesterday so we saved  you, now get back on those damn oars and ROW, damn peasants! And we dont want to hear any bitching! We SAVED your asses!'

Tue, 03/13/2012 - 20:53 | Link to Comment fonzannoon
fonzannoon's picture

We get to keep 10%??!!!!!

Tue, 03/13/2012 - 21:05 | Link to Comment Bringin It
Bringin It's picture

That's your chains.  No chains .. you might walk free.

Tue, 03/13/2012 - 20:29 | Link to Comment Yen Cross
Yen Cross's picture

 It is well known that MF. Global will be solved, after the ( vapor trail) has disolved. A U.S. Senator?

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