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Sense on Cents 2009 Halls of Fame and Shame

Posted by Larry Doyle on January 4, 2010 9:47 AM |

For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.

Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .

Sense on Cents 2009 Hall of Shame Inductees

1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician
23. SEC: failed American investors miserably
24. ACORN
25. Robert Rubin: embodiment of Wall Street-Washington incest
26. Richard Ketchum: current head of FINRA
27. Cash for Clunkers
28. Chuck Schumer (D-NY): reasons too numerous to mention
29. Financial media in general
30. PPIP
31. Goldman Sachs
32. Harvey Pitt: former SEC head and serial apologist for SEC and FINRA
33. Chris Cox
34. SIPC: charged Wall Street firms annual premium of $150
35. Angelo Haligiannis: another Ponzi scum
36. Taylor, Bean, Whitaker: unscrupulous mortgage brokers
37. Walter Noel of Fairfield Greenwich: huge Madoff feeder fund
38. Ruth, Peter, Mark, Andrew and Shana Madoff: they didn’t know? stop it.
39. Robert Jaffe: more Madoff scum who raised big money for the snake
40. Sonny and Marcia Cohn of Cohmad Securities: more Madoff scum
41. Mary Schapiro: SEC Chair, former head of FINRA, owes America answers on many fronts
42. Robert Benmosche: head of AIG, sold AIG Asset Mgmt. for a song
43. Helmut Kiener: K-1 hedge fund scam
44. Raj Rajaratnam of Galleon Group
45. Jeffrey Picower: Madoff’s largest single investor…he didn’t know? stop it
46. Ben Nelson (D-NE), Mary Landrieu (D-LA), Chris Dodd (D-CT), him again: these three used and abused the legislative process during healthcare debate
47. Tiger Woods
48. Financial Regulatory Reform …nothing happened here.
49. John Edwards, Mark Sanford, Rod Blagoevich: what a pack of losers
50. Media, in general, have failed America

Sense on Cents 2009 Hall of Fame Inductees

1. Sheila Bair
2. Lew Rockwell: bank analyst
3.
John Mauldin:
Sense on Cents Economic All-Star
4. Larry Johnson: host of No Quarter
5.
Kenneth Rogoff and Carmen Reinhart: outstanding economists
6. Jonathan Cuneo and Richard Greenfield: attorneys bringing suits against FINRA
7. Paul Volcker
8. Joe Saluzzi of Themis Trading
9. Laurie Goodman of Amherst Securities: top rated mortgage analyst
10. Sean D’Arcy of Northwestern Mutual
11. Paul Keating: former Prime Minister of Australia
12. Martin Feldstein: Harvard economist
13. Judge Lawrence McKenna: designated sales of ARS as a fraud
14. Jonathan Weil of Bloomberg
15. Susan Antilla of Bloomberg
16. Daniel Hannan: conservative member of European Parliament in UK
17. Rep. Thaddeus McCotter (R-MI)
18. Stephen Harper: Prime Minister of Canada
19. Edward Liddy: CEO of AIG, served for $1.00
20. Charles Bowsher: headed Office of Finance for FHLBs
21. George Rieger of Greenwich Investment Management
22. Bob Rodriguez of First Pacific Advisors: authored a treatise “Reflections and Outrage.” A MUST READ!
23. William K. Black: former bank regulator
24. Robert Reich: Clinton Secretary of Labor
25. Sin-Ming Shaw: authored a treatise “Crony Capitalism.” A MUST READ!
26. Jeff Gundlach: top rated money manager, formerly of TCW
27. Mike Duggan of DOMUS
28. Tom Lauria: attorney who represented Chrysler creditors, charged White House with threatening one of his clients
29. Clifford S. Asness: hedge fund manager wrote “Unafraid in Greenwich, CT”
30. Ronnie Sue Ambrosino: head of Madoff Coalition for Investor Protection
31. Helen Davis Chaitman: attorney representing Madoff investors
32. Genevievette Walker-Lightfoot: former SEC attorney investigating Madoff
33. Pete Peterson of The Peterson Foundation
34. Congressman Peter King of Long Island
35. Phil Trupp: author focused on auction-rate securities scandal
36. Dennis Kucinich, (D-OH)
37. Elizabeth Warren, overseer of TARP
38. John Wooden
39. Charlie Doyle, an honest politician
40. Joe the Plumber
41. Howard Kastel: securities attorney suing Nuveen for ARS fraud
42. Thomas Hoenig: head of Kansas City Fed
43. Colonel Elton Johnson Jr.: head of Amerivet Securities suing FINRA
44. Arianna Huffington
45. Judge Jed Rakoff
46. Erin Arvedlund: author of
Too Good to Be True. Best book on Madoff
47. Peter Weinberg of Perella Weinberg: wrote great piece on Wall Street compensation
48. Marta Mossburg of
Washington Examiner and Baltimore Sun
49. Tea Parties
50. Readers of
Sense on Cents

From the above Fame and Shame lists, I believe the top three in each Hall deserve special recognition. On that note, the medals go to the following:

Hall of Fame
Gold Medal: Richard Greenfield, who called Mary Schapiro a liar during my interview with him on NQR’s
Sense on Cents with Larry Doyle in October.
Silver Medal: Helen Davis Chaitman
Bronze Medal: Joe Saluzzi of Themis Trading

Hall of Shame
1. Gold Medal:
Mary Schapiro, the centerpiece of the Wall Street-Washington incest
2. Silver Medal: Bernie Madoff, a special place in hell for this vermin
3. Bronze Medal: collectively, all participants in the Wall Street-Washington incest

That completes our ceremony. Thanks for your interest. Who did I miss? Who deserved a medal? Who would you have included? Who is undeservedly recognized here?

Thoughts, comments, color always appreciated.

LD

  • kd

    hmmmm….no 12th street capital?? Those guys seem pretty sharp.

    • Larry Doyle

      KD….no doubt the 12th Street crowd is exceptionally sharp. In fact, they received an extraordinary amount of support amongst a lot of readers and listeners.

      Could be a bad miss on the judge’s part.

  • Taxpayers Unite

    Chris Dodd deserves the gold, silver, and bronze in the Hall of Shame.

    High time for him to go get a real job and earn a living. Maybe his wife can continue to pick up some nice fees from some boards. That guy sickens me.

  • Fed Up

    LD,

    Great list but how could you not single out both Nancy Pelosi and Harry Reid for the pork-filled legislation that came out of Congress in 2009.

    They are both deserving of Shameful recognition if not a medal.

  • silver

    did I miss Harry Markopolos?

    • Larry Doyle

      Silver,

      Glad you brought up Harry’s name. No doubt after his initial Congressional testimony highlighting the shortcomings of the SEC and FINRA he was most deserving.

      However, in his second prepared testimony Harry struck me as attempting to be as much a showman as a persistent and diligent investigator. Not to besmirch his reputation but when Harry “played up” to Mary Schapiro in his second testimony he lost my support. What happened? I think Harry may have been trying to curry favor in an attempt to gain leverage and business. I guess I can understand his line of reasoning if in fact he is generating more governmental leads for his current business, but he lost my support and admiration in the process.

      Granted, this is all conjecture and speculation on my part based upon my watching that second testimony.

      I did share my opinion with a Madoff investor and interestingly enough that individual had the same take.

      Thus, no Sense on Cents Hall of Fame for Harry Markopolos in 2009.

      Thanks for the plug and support as well.

  • silver

    Also, without a doubt a top duo member of the Hall of Fame should be LD and his better half! Who work so beautifully together to produce this awesome work! onward in 2K10!

  • http://bernardmadoffvictims.org Ronnie Sue Ambrosino

    Larry,

    I am honored to be on your list of inductees to the Hall of Fame along with many others who have worked hard to see that justice and equality prevail in this country.
    As the Coordinator of the Madoff Coalition for Investor Protection, I was literally thrust into an arena that was foreign to me.
    In the last 13 months, since I learned that my life savings was lost because of the Bernard Madoff fraud, I have also learned a lot about our government and regulatory systems.
    I respect and admire the others on the list for their efforts and ideals.
    Thank you for your support and for recognizing the failures and achievements of so many on your well thought out lists.
    Let’s hope that the Hall of Fame will outnumber those on the Hall of Shame next year!

    Regards,
    Ronnie Sue Ambrosino

  • Always Learning

    Loved the Hall of Fame/Shame. I’m sure 2010 will bring many new names to add to each list. Fasten your seatbelt, though . . . the ride will get bumpy.

    Happy New Year, LD.

  • Jed Kline

    Re: the Hall of Shame. Auction Rates should be no. 1. The amount of money involved dwarfs Madoff. And the reprehensible actions of the brokerage firm Oppenheimer & Co make it a clear no 1.

    BlackRock, Pimco and Van-Kempen all deserve to be included. What terrible, awful, disgusting firms they are.

  • Jed Kline

    just saw that the names appear in no particular order. Well, if they did, Oppenheimer should be no 1 in any Hall of Shame. With BlackRock no. 2.

  • Honest Abe

    LD,

    Happy New Year! Always enjoy your daily, thought provoking pieces…..however, I do have to give you some ^*^* as relates to Sheila Bair…..really?

    Banks are sitting on a powderkeg…of interest rate risk…..93% of all bank funding in the U.S. matures in 1 year….80% in 6 months……know that banks are gapping like crazy to create earnings…but the next bubble will be a squeeze on margins stemming from gapping (remember the 80’s)….redeemer, the banking industry operates on a 3.50% gross margin (NIM)….in good times….industry generates about a 1% ROA ($13Trillion in assets—about $130Billion in earnings)……am sure you are more schooled than I in terms of deltas….and likely future interest rates…but my bet is that we will get more upward pressure, quicker than most pundits (of course, I have no formal schooling in this regard…..)

    I think Sheila Bair has been draconian as relates to community banks…..remember, Citi is/was “well capitalized”……as dictated by the FDIC…..despite needing $65Billion in TLGP, $40Billion in equity, etc……all the while crushing banks all over the country…my sense is that she has done more to help “too big to fail”..by her regulatory stance…..remember, in 1999, the top 5 banks comprised 25% of all banking assets….today it is about 60%……

    • Larry Doyle

      Honest Abe,

      Wow. You have provided a wealth of informative and educational material for our readers. Thank you. Where do I start? No doubt the large “too big to fail” banks have only gotten larger over the last year. Do the wizards in Washington truly regulate and control these institutions? Honestly, no pun intended, Wall Street has been shown to run and own Washington as much if not much more than the other way around.

      In light of all this, I think Ms. Bair is a medium sized fish swimming very much against the tide of the massive sharks (Geithner, Schapiro, Wall Street banks) coming the other way. Could she do more? Who couldn’t.

      Thanks for the insights and support. Best of luck in 2010.

  • Charleston Voice

    Patriotic Americanists’ opinion of Massachusetts is the same that foreigners hold for Amewrica.

  • Fed Up

    Could you be alluding to that entity known as The People’s Republic of Massachusetts?

    The intellegentsia that is so much smarter than the rest of the country. Just ask them.

    If we melded MA with NY, NJ, IL, and CA and had them form their own country, America would likely be 80% of the way to solving its problems.

  • kbdabear

    How can the Hall of Shame leave out Nancy Pelosi and Harry Reid, who are legislating the theft of our tax dollars on socializing medicine in secretive backroom deals and bribes. In spite of growing opposition, they are ramming through ruinous health care and cap and trade bills that may devastate generations of American taxpayers.

    • Larry Doyle

      I definitely stand corrected. Pehaps my brain intentionally blacks out at the mere sight of Nancy’s and Harry’s mugs and/or names that I somehow neglected to bring attention to them.

      They are certainly deserving of every bit of shame we can heap upon them.

      My oversight is a shameful act unto itself.

      Our friend Fed Up will be happy to see this redesignation of …what’s their names? I can’t bear to write them again…

  • Pissed in Philly

    LD,

    How did you overlook, Chris “I get this thrill up my leg” Matthews in talking about Barack Obama.

    Talk about a blatantly biased and shameful member of what is supposed to be an independent media. Matthews is deserving of serious medal consideration.

  • Fed Up

    Is the White House getting ready to drop kick Larry Summers?

    Very interesting. Check this out…

    Larry Summers Out?

  • Larry Doyle

    Wow. That is interesting. The problem is that the White House economics bench is not all that deep. Volcker is effectively persona non grata so I do not see them moving him closer to BO. Thanks for sharing.

  • http://www.sonicninjakitty.wordpress.com Sonic Ninja Kitty

    Any reason Ben Bernanke didn’t make the shamer list? Also, I know you have GS up there, but how about a special mention of Lloyd Blankfein–really, the ‘doing God’s work’ comment merits a singling out!!

    Great lists!!

    • http://www.sonicninjakitty.wordpress.com Sonic Ninja Kitty

      Oh, and I’m VERY glad to see Lew Rockwell up in the famers list, but please don’t forget the one who started Lew on his path (and who has been tirelessly speaking out against corruption, bailouts, spending, and weak economic policy)–RON PAUL!!!!

    • Larry Doyle

      Sonic Ninja Kitty…

      Blankfein is singled out amongst all of Wall Street management at #11 on the Shame list.

      Bernanke left me with mixed feelings. Amidst all of the failings of the Fed in general, there were more than a few times when I felt he was actually trying to do the right things. I do not feel the same about Geithner.

      Thanks for the tip about the Rockwell-Paul connection. I was not aware of that.

      • http://www.sonicninjakitty.wordpress.com Sonic Ninja Kitty

        Oh yes–one of Rockwell’s first jobs was as Ron Paul’s congressional chief of staff back in the 70’s. And the main reason Ron Paul went into politics in the first place (he was an obstetrician before) was his concern about sound money/the Fed. So without RP, who knows what Rockwell would be doing today?

        Sorry to miss the Blankfein mention–rage does cloud one’s vision, ha ha!

        • Larry Doyle

          SNK,

          Thanks for the insights on Paul and Rockwell. Learning new things each and every day. So good.

          America needs more of Ron Paul, Lew Rockwell, and …Sonic Ninja Kitty!!

  • Michelle

    Great website. Please do not forget AIG, which funelled over $62 billion of its’ Tarp funds to companies like swiss bank, money launderer, and tax shelter UBS.

    UBS’s CEO Robert Wolf, is Soros pal, and has plays golf with Obama, while his company was under Federal Investigation.

    http://www.democracynow.org/2009/8/27/as_obama_golfs_with_ubs_exec

  • John Wallace

    HALL OF SHAME LEADERS FOR JANUARY 2010
    some unforgetables from 2009

    5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock

    Who will achieve number 1 in 2010. Its the above 6 cockroaches in the lead with 1/12 of the lap done.

  • Rob

    LD…love the hall of shame. I am still laughing because its so on point.

    • raccoon

      I 2nd that motion, it is SPOT ON!!!

      We will probably see them all staring together in “RUTHLESS” BY Phil Trupp as well.

      I say we all contribute and have a “complimentary” copy sent to all of the aforementioned firms’ CEO’s this fall.
      Their management can be sooooo proud of themselves.

      Great press for them too!

  • raccoon

    I was very happy to see the PM of Canada in the Hall of Honor/Fame!

    18. Stephen Harper: Prime Minister of Canada

    The Canadian regulators didn’t put up with any nonsense, by the summer of 2009 Canada told all the broker scum who were affiliated with the crimminals in the U.S. would sold ARS to redeem all their clients asap, or Canada and the provinces would yank their licenses’ to do business in Canada!!!

    Our Congress is bought and paid for by Wall Street, Canada has a much higher standard of ethics, and morality.

    For ‘non-public’ reasons Canada booted out E*Trade back in 2008, apparently they violated many Canadian regulatory issue. E*trade said for public comsumption the Canadian division wan’t profitable.

    HA, was/is the truth E*Trade.??… and why does your corporate ethos condone fraud and lies? Isn’t honestly the best policy??

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