Posted by Larry Doyle on July 24th, 2014 10:42 AM |
I am hard pressed to little more than chuckle at the recently released report by the New York Federal Reserve concerning the regulatory failures at Deutsche Bank. Why so amused?
Well, the Financial Times informs us the regulators at the NY Fed are so ‘steamed’ now due to “Deutsche’s perceived failure to act on similar problems raised by regulators since 2002.” Yes, that is not a misprint. 2002. What does that tell us?
I mean not unlike a bunch of frat boys having their way with an administration that is little more than comical and totally ineffective in maintaining order on campus, is it any real surprise that the crowd at the “Deutsche Haus” has little meaningful oversight of its own operations when its chief regulators at the New York Fed are either asleep and/or complicit in facilitating the party and mayhem? Read the rest »
Posted by Larry Doyle on July 23rd, 2014 11:34 AM |
In late April I had the good fortune to speak to a packed house about my book In Bed with Wall Street at the Boston Public Library, the third largest library — and one of the oldest — in our nation. In early June I was pleased to regale a filled room at the Library of Congress, the largest library in the world, about the exploits and escapades of those ‘in bed with Wall Street.’
Next week I complete the trifecta of the greatest libraries in the land when I talk about my book at the New York Public Library. Details of the talk are as follows:
Thursday July 31 at 6pm
New York Public Library: Science, Industry, and Business Branch
188 Madison Avenue (at 34th Street) Read the rest »
Posted by Larry Doyle on July 23rd, 2014 9:55 AM |
I am honored and humbled to read a message that was recently widely disseminated to FINRA member firms. The full body of the e-mail is an endorsement by Lieutenant Colonel Elton Johnson Jr. of Karen Fischer, a candidate for a position on the FINRA Board of Governors. Johnson prefaces his endorsement of Ms. Fischer by writing:
My name is Elton Johnson, Jr. I am an Iraq-Afghanistan war vet having served two tours in Iraq and one tour in Afghanistan and a small broker-dealer owner who took FINRA to task to provide more meaningful transparency.
Much of my story is prominently detailed in the book “In Bed With Wall Street” written by Larry Doyle which I would strongly recommend to EVERY FINRA member (Mr. Doyle was introduced to me by Karen Fischer). Read the rest »
Posted by Larry Doyle on July 22nd, 2014 7:50 AM |
If you became aware of unethical and likely illegal practices at your company, would you consider ‘blowing the whistle?’ This question is a daunting proposition filled with very real risks that should be measured against potential rewards.
Given the risks and unpleasant real life experiences of many whistleblowers on Wall Street, I firmly believe and recommended in my book that Congress should establish a privately staffed Office of Whistleblower Protection. Some may think that is overreach. I don’t. Others in much greater proximity to the ‘whistles’ would seem to share my view that blowing the whistle is a high risk proposition deserving of increased protection.
Let’s navigate. Read the rest »
Posted by Larry Doyle on July 21st, 2014 10:13 AM |
Global risks on many fronts remain exceptionally elevated.
From the Ukraine to a number of hot spots in the Middle East, to the South China Sea, to our southern border, global risk is rampant. Each of these situations entails real human suffering and generates strong reactions and appropriate empathy.
Yet in the midst of each of these stories, there was another story that broke last week that deserves far greater attention than it has received in terms of our national security. I refer specifically to a story released by Bloomberg Businessweek entitled How Russian Hackers Stole The Nasdaq:
In October 2010, a Federal Bureau of Investigation system monitoring U.S. Internet traffic picked up an alert. Read the rest »
Posted by Larry Doyle on July 16th, 2014 8:36 PM |
If the American public thought that it had borne all the excruciating pain of every insult and injury that Wall Street and Washington could deliver . . . think again.
In what has to be a new low in terms of kicking the hard working, God-fearing, taxpaying investors of this land in the proverbial balls, check this WSJ story out about the motivations of the Department of Justice and Federal Bureau of Investigation in meting out large fines on Wall Street (Caution: prior to reading this, I recommend you remove any projectiles or sharp objects from your vicinity): Read the rest »
Posted by Larry Doyle on July 16th, 2014 7:03 AM |
Is America on the right track?
Overwhelmingly most Americans feel the nation is not headed in the right direction. Consistently over the last 4 years, 2 out of every 3 American voters have expressed their belief that the nation is headed in the wrong direction. Only 1 in 4 American voters believe the nation is headed in the right direction.
In my opinion, what is the critical issue that will define our future? The fact that we live in a nation that is increasingly divided in terms of incomes and opportunities. Both political parties would like to have us believe that they have the right answers to addressing these issues. Really? Count me as not impressed.
While we hear a whole lot of redistribution rhetoric on one side of the aisle, the other seems to talk mostly about simply lowering taxes and regulations. Meanwhile more and more Americans struggle to make ends meet.
What to do? Read the rest »
Posted by Larry Doyle on July 15th, 2014 8:00 AM |
Today I take a break from our normal navigation of the economic landscape to reflect and pay re2pect. This evening the MLB All-Star game will be played in Minneapolis.
Growing up as a sports nut in Boston in the late ’60s and ’70s, one of my favorite days and events of the summer was baseball’s Midsummer Classic. I distinctly recall watching the greats of the game including Al Kaline, Roberto Clemente, Hank Aaron, our own Carl Yastrzemski, and so many more. I recall as if it were yesterday hoping that whomever represented our Red Sox would have a great game.
While the individual All-Stars and their talents were superb, ultimately the game itself was the real attraction. Playing the game the right way was the thing to be truly admired. What was the virtue on display that seems to have passed as the years have gone by? Respect. Read the rest »
Posted by Larry Doyle on July 14th, 2014 11:40 AM |
Running down the clock used to be a strategy employed by renowned North Carolina basketball coach Dean Smith to win many a game. College basketball ultimately employed a shot clock to keep the games going.
Perhaps the Department of Justice should also have some sort of effective ‘shot clock’ imposed upon it in certain circumstances. Why so?
Just look at the announcement today (July 14, 2014) that Citigroup is paying a $7 billion fine to settle an array of egregious practices involved in transactions the firm brought from 2003 to 2008. The WSJ offers that AG Eric Holder will provide the following details: Read the rest »
Posted by Larry Doyle on July 14th, 2014 9:30 AM |
If the employment situation in our nation has improved so markedly, then why isn’t our economy growing more rapidly? I mean with an unemployment rate of 6.1%, wouldn’t it make sense that our economy would be generating a higher level of GDP?
If we were to simply rely upon the prognosis of those paid to spew a party line, then yes we should expect that lower unemployment levels would be highly correlated with an increased level of GDP. But when did we start to rely upon the party line to decipher what is truly happening as we navigate the economic landscape?
Not in the past, now, or in the future should we or will we take that tact at Sense on Cents.
So then why hasn’t the admittedly improved rate of the “officially” unemployed correlated to an improved rate of economic growth? A few specific reasons: Read the rest »