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No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Back The Daily Bail

Posted by Larry Doyle on March 13, 2010 6:47 PM |

UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar.


Feedback from my initial conversation with Steve Megremis of The Daily Bail was so overwhelming that I am compelled to have Steve back on No Quarter Radio’s Sense on Cents with Larry Doyle this Sunday evening from 8-9pm ET.

I first spoke with Steve in mid-January. Given the pace of developments in Washington, on Wall Street, and at so many other points on our economic and political landscape, I am thrilled to have him back on the show. We will leave no stone unturned in discussing healthcare, financial regulatory reform, the Fed, Lehman Bros., and so much more. I guarantee we will pull no punches in promoting truth, transparency, and integrity in our discussion. Don’t miss it!!

Join us live at the BlogTalkRadio (BTR) website at 8pm ET on Sunday night. You can also mix it up in our always energized chat room, which runs simultaneously with the show at the BTR site. As a reminder, all of my radio shows are archived and previous episodes can be listened to right here at Sense on Cents by clicking on the No Quarter Radio tab located under the page header. (FYI, I keep an audio player of my most recent episode in the right sidebar). In addition, all No Quarter Radio programming is available as a free podcast on iTunes. From the iTunes Store, type “NQR podcasts” in the search window.


  • fiscalliberal

    Future guest might be Lawerance McDonald who wrote, A Collosal Failure of Common Sense regarding Lehman. He was a admirer of McDade and would have some insight on Repo 105. He might be available to promote his book

    Worth a try

    • LD

      Interesting that you raise his name.

      I saw a Bloomberg interview with Mr. McDonald the other day, and I recognized him as he is from my adopted hometown (the town where my family moved when I was in 9th grade).

      With all due respect to Mr. McDonald, during his interview he struck me as speaking mostly in platitudes. That prompted me to go check readers’ reviews of his book. The reviews were overwhelmingly and resoundingly negative and largely said the book provided very little real insight.

      • ??????

        Stop the lies..

        My book, New York Times Best Selling “A Colossal Failure of Common Sense – The Inside Story of the Collapse of Lehman Brothers”: it’s translated into 12 languages!

        has 95 five star reviews on amazon, more than In Fed We Trust, House of Cards and Fool’s Gold combined

        I was on nationally syndicated radio show, Bob Brinker’s Money Talk twice, including two weeks ago.

        I’ve been a guest and or contributor on CNBC, MSNBC, the New York Times, Fortune, CNN, CCTV China, France 24, BBC World, BBC America, Barron’s, Channel 4 News London, Bloomberg TV, Fox TV, Fox Radio, CBS, PBS Frontline and NewsHour with Jim Lehrer, CBC News Canada, Business Week, The Economist, Die Zeit Germany, Tokyo TV, the Financial Times, Time Magazine, NPR, and the New York Post.


        • fiscalliberal

          For a lay person to the financial industry, it was a good read. Now that I have more insight, I agree he could have provided more insight. Essentially he was a wounded employee. I know the feeling after I got laid off from GE after 10 years.

          I still reiterate my point, for the first hald of the show, let him promote his book and provide additional insight. However the last half of the show allows a person like yourself to ask questions which might provide more insight. For example did he know about the 105 manipulations. He knew McDade fairly well and it would be interesting to just get more information on why McDade went back. In a way, it is not critical as the bankrupcy court has opened up the pandora box and it should be interesting to see the litigation that will result. More over, the report indirectly puts heat on the FED and further justifies the audits being proposed.

        • LD


          First off, thanks for taking the time to comment on my blog. You certainly did not have to do that.

          Let me first say I commend you for taking the initiative to write your book and share your insights. America and the world need a lot more information than less, so to that end well done.

          I also commend you and your publisher for clearly doing a fabulous job in marketing your work. You would not have received all of these media and speaking opportunities if people did not think you had something truly valuable to offer.

          In regard to my thoughts of your interview on Bloomberg, perhaps it is merely my bias as an industry insider that colored my opinion. I do not and would not put my comment in the category as disrespectful.

          In regard to my spreading lies, I think you’re reaching. I never would. I have no reason to do anything along those lines. I will share that when I googled your book it brought me to a cross section of comments at Amazon which were uniformally negative. I have no reason to misrepresent what I read. That’s the truth.

          I appreciate your sharing with us the link to all the reviews. I congratulate you for all the positive reviews as well.

          I now plan on going out and getting your book. I look forward to reading it and reviewing it.

          Again, I appreciate and respect the fact that you took the time to comment. I will certainly repay that respect by reading your book and offering a respectful and professional review.

          From there, hopefully in the spirit of professional respect we can continue our conversation.


  • Gents,

    Thanks for taking the time.

    I spent hundreds of hours with members of the executive committee, risk committee and countless senior MDs. I spoke with some of the whistle blowers, helping the examiner, the Justice dept and others, 200 people in all.

    You must understand the legal issues in publishing a book like this in 12 lanuages. I spent 3 weeks over at Random House editing and vetting the book with their lawyers. You cannot write everything you want and know!

    Likewise, you have to understand the potentially negatively convexed trade when you speak on national television on these issues. Small upside and tons of downside legally. I chose my words carefully.

    As far a reviews, the national press has been very good to my book. Especially the tough and highly respected Michiko Kakutani of the New York Times.

    Major National Reviews

    “…the story of the firm’s failure as told through the perspective of a group of in-house dissidents who saw disaster approaching back in 2005 and tried repeatedly (and vainly) to warn CEO Dick Fuld. One of the most compelling of the current crisis chronicles and possibly the most engagingly written.”
    –New York Magazine

    “…poignantly told… from an insider [who] witnessed, often in amazement and disgust, the corporate dysfunction and hubristic leadership that led to [Lehman’s] demise.”

    “…McDonald, a former Lehman trader, presents a scathing inside account of how the Wall Street securities firm became a house divided. It’s framed as a breathless thriller, yet packed with invaluable insights.”
    –Review by James Pressley, Bloomberg

    “…gives the readers a visceral sense of what it was like to work at Lehman Brothers and the fateful decisions and events that led to the company’s death spiral…”
    —Michiko Kakutani, The New York Times

    “…A Wall Street insider and former Lehman trader reflects on the collapse of the nation’s oldest investment bank, a venerable vessel run aground by executives with a reckless addiction to financial leverage and a simplistic grasp of structured finance.”
    –By Gary Rawlins, USA TODAY

    “… describes a CEO acting as if his firm was too big to fail.”
    —Wall Street Journal

    “…poignantly told…from an insider [who] witnessed, often in amazement and disgust, the corporate dysfunction and hubristic leadership that led to [Lehman’s] demise.”

    “…engaging and even funny.”

    Lastly, my only frustration earlier Larry, is I would have thought from you I would have received the benifit of the doubt. After all I used to caddy for your Dad, he was always great to me.

    There are a small number of loyalists to Fuld, O’mera, Goldfarb, Gregory, Walsh, Sherr who have trashed my book because of our hard hitting light shined on some of their actions. What do you expect?

    They try and say I wasn’t high enough in rank, all the bs.. When we wrote this book, “A Colossal Failure of Common Sense” we caught many top Lehman insiders at a unique moment, most had been decimated financially and had enormous motivation to help me. And they did.

    Most of the reviews in the national press and among people on amazon are overwhelmingly positive.


    • LD


      Again I am deeply appreciative of your taking the time to respond here as thoroughly as you have.

      I have one book that I need to start and finish quickly but will then thoroughly read and review your work.

      I will be back in touch with you. Thanks again. Please accept my apology for any perceived disrespect. It was not intended.

  • fiscalliberal

    LGM – Thank you for responding. I bought and read your book and for a non financial person it gave me some basis for starting to understand what went on. Initially I had lost about 30% of my savings because of the financial crisis and I was not happy. I was for a trial at 10:00 and public hanging at noon.

    That said, does the banckrupcy court revalation allow you to further expond and provide insight. More important are you willing to comment on the pending legislation being put forward to try to preclude this happening again. My view is that not much is being done to manage a industry which is not able to control itself ala the Ayn Rand ideology from Greenspan and to some extent Bernanke.

    Also, it is rumored the banks are at it again with high risk and we are only headed for a repeat which could destroy all of our savings, including our country which is heavly leveraged with foreign debt.

    By the way, I like the term you gave to the real estate underwriters: body builders

  • James H

    Larry, what a pleasant surprise to hear that Steve Megremis would be back on the show tonight. Just like last time, it was a great conversation. You guys are both fun to listen to and work well together – hope The Daily Bail becomes a regular feature!

  • silver

    Just listened to last night’s show! Fantastic!! To borrow from one of your other readers/listeners, “always learning”! Feel like I now know what to pay attention to this week in Washington and on Wall Street!

    Thanks LD!

  • Domenica

    Hello there, Happy April Fool’s Day!!!

    A man in a bar sees a friend at a table, drinking by himself.
    Approaching the friend he comments, “You look terrible. What’s the problem?”
    “My mother died in August,” he said, “and left me $25,000.”
    “Gee, that’s tough,” he replied.
    “Then in September,” the friend continued, “My father died, leaving me $90,000.”
    “Wow. Two parents gone in two months. No wonder you’re depressed.”
    “And last month my aunt died, and left me $15,000.”
    “Three close family members lost in three months? How sad.”
    “Then this month,” continued the friend, “absolutely nothing!”

    Happy April Fool’s Day!

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