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Sense on Cents Halls of Fame and Shame: 2010 Inductees

Posted by Larry Doyle on December 30, 2010 10:44 AM |

With 2010 now close to being in the rear view mirror, I am compelled to provide my accolades and derision to those who did or did not embrace Sense on Cents’ perpetual pursuit of truth, transparency, and integrity. My lists are certainly far from complete. I welcome and encourage an open, healthy debate with these selections. The numbering of my picks is based on the calendar–that is, when I referenced these individuals/institutions during the course of the year– more than on any degree of fame or shame.

I put forth the following names with enthusiasm. I would ask you to comment liberally. Do you agree, disagree, or have names you would add? Who deserves even further recognition in terms of gold, silver, and bronze medals? With no further adieu . . .

2010 Sense on Cents Hall of Fame Inductees
1. Project on Government Oversight (POGO)
2. Peter Sivere
3. Steve Megremis of The Daily Bail
4. 12th Street Capital
5. David Rosenberg of Gluskin, Sheff
6. John Williams of Shadow Government Statistics
7. Reverend James Meeks, who railed on the Democratic establishment.
8. Orin Kramer, chairman of council overseeing New Jersey state pension.
9. Ronald Holland, who has written extensively on potential government takeover of retirement accounts.
10. David Kotz, SEC’s Inspector General has fought hard in face of bureaucracy.
11. Senator Judd Gregg
12. Rick Davis of Consumer Metrics Institute
13. Senator Richard Durbin, who said “the banks own Congress.”
14. Ron Paul
15. Harry Markopolos, who said “don’t trust your government.”
16. Ed Morrow of the International Association of Registered Financial Consultants
17. Rep. Jeb Hensarling (R-TX)
18. James Kwak and Simon Johnson, authors of 13 Bankers
19. Citigroup’s Richard Bowen, who railed on the “garbage in, garbage out” in mortgage securitizations.
20. The Wall Street Journal’s Jason Zweig
21. Baupost’s Seth Klarman
22. The New York Times’ Gretchen Morgenson
23. Liam Byrnes, departing chief secretary of the UK Treasury, who wrote, “there’s no money left.”
24. New Jersey governor Chris Christie
25. UK Prime Minister David Cameron
26. David Roche, president and global strategist at Independent Strategy
27. Eli Broad, renowned philanthropist and head of The Broad Foundation, who wrote on education, “the American public doesn’t get it.”
28. John Wooden…simply the best…of all time!!
29. Gary Aguirre, sued (and settled) the SEC for wrongful termination, a Great American!!
30. Russ Feingold (D-WI), called out the Dodd-Frank financial regulatory reform for its massive shortcomings.
31. Levy Economics Institute
32. Colorado Securities Commissioner Fred Joseph for taking on E*Trade in the auction-rate securities debacle.
33. BASTA: Bell (CA) Association to Stop the Abuse
34. Ron Rhoades, who chastised FINRA at RIABiz
35. Boston Fed President Eric Rosengren
36. Kevin Dillon of JP Morgan
37. West Roxbury’s own Ed Doyle, “market’s don’t go up, they are put up.”
38. Judge Ellen Segal Huvelle who threw out the settlement between the SEC and Citigroup, “Why would I find this fair and reasonable?”
39. Joe Giannone of Reuters
40. Caroline Herson, who filed a lawsuit targeting FNMA’s mismanagement of its mortgage modification program
41. Congressman Ed Perlmutter of Colorado, who supported Colorado based auction-rate securities investors
42. POGO’s Angela Canterbury, who testified so eloquently on behalf of restoring the Freedom of Information Act at the SEC.
43. Ruthless by Phil Trupp
44. Sean Bielat who fought the good fight in his Congressional contest vs Barney Frank
45. Ben Davies, CEO of London based Hinde Capital. Ben wrote Ex Scientia Pecuniae Libertas (Out of Knowledge of Money Comes Freedom).
46. Ray Dalio of Bridgewater Associates, who espouses hyper-realism, that is the perpetual pursuit of the truth.
47. Professor Edward J. Kane of Boston College, who wrote “the crisis is about loss redistribution.”
48. Wikileaks for bringing transparency where little formerly existed
49. Greenlight Capital’s David Einhorn
50. All those who read, support, live and spread Sense on Cents!!

2010 Sense on Cents Hall of Shame Inductees
1. George Demos, formerly of the SEC and implicated by the SEC for outing whistleblower Peter Sivere.
2. Ben Bernanke
3. Judge Jed Rakoff, who had been in the SoC Hall of Fame but is switched for his failure to pursue truth and transparency at FINRA.
4. Ed Schultz, who said he would cheat to keep Scott Brown from winning.
5. David Slaine of insider trading notoriety.
6. Mary Schapiro, well worthy of being reinducted.
7. FCIC, that is the Financial Crisis Inquiry Commission, a far cry from the Pecora Commission.
8. FINRA’s board.
9. Peter Orszag
10. Those involved in internet porn-surfing at the SEC.
11. The Wall Street oligopoly!!
12. Every entity that has still yet to repay those holding auction-rate securities.
13. Dodd-Frank FINREG.
14. Susan Merrill, formerly of FINRA.
15. Dick Fuld
16. Treasury’s Herb Allison, who said that there is no “too big to fail” guarantee.
17. The concept known as ‘absolute immunity’ for financial regulators.
18. Financial ignorance in Washington and in our media.
19. Chuck Schumer…whom is he really protecting?
20. Wall Street-Washington incestuous partners
21. FINRA fraud team…would they investigate FINRA’s liquidation of ARS from its own internal portfolio in mid-2007?
22. Washington Mutual’s former mortgage banking team
23. Hudson Castle
24. Paul Kanjorski (D-PA)
25. Members of the House Finance Committee which NEVER pursued POGO’s letter on FINRA’s lack of transparency.
26. Arthur Samberg of Pequot Capital.
27. MMS
28. John Paulson
29. David Zilkha, also implicated in the Pequot Cpaital insider trading scandal.
30. Paul Krugman of The New York Times
31. European Bank Stress Tests….what a sham!!
32. Whoever wrote the SEC exemptions from FOIA (Freedom of Information Act) into Dodd-Frank? Will we ever learn who wrote this into the legislation?
33. Bell, CA City manager Robert Rizzo
34. $550 million fine imposed on Goldman Sachs by SEC. Was America bought off this cheaply?
35. high-frequency trading
36. H-P’s Mark Hurd
37. All those involved in the Flash Crash
38. Robert Rubin for the arrogance in his comments on municipal accounting at the Buttonwood Conference
39. Bart Stupak
40. HAMP
41. Sister Carol Keehan, president and CEO of Catholic Health Assocation.
42. Every individual involved in insider trading.
43. Judge Bruce Levine of the CFTC
44. Spencer Bachus (R-AL)
45. Operation Broken Trust…what about auction-rate securities?
46. Those involved in perpetuating financial malfeasance within municipal finance.
47. Nancy Pelosi
48. Those involved in perpetuating our failed public education system.
49. Steven Rattner….again.
50. FINRA’s board….worthy of being inducted twice this year.

There you have it. What do you think? Whom did I miss? Who deserves special recognition?

For those who would like to review last year’s “winners,” I humbly submit Sense on Cents 2009 Halls of Fame and Shame.

You can access a wealth of information on any and all of the individuals, institutions, and concepts receiving recognition this year by typing the respective name in the search window in the upper right hand of any page here at Sense on Cents.

Larry Doyle

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I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own and not those of Greenwich Investment Management. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

  • Shannon

    I suggest that Wikileaks belongs on both lists. On the Fame list for the reasons you stated. On the Shame list for not doing a better job of discerning (or not trying to discern) which documents could assist the common enemies of most of the world.

  • JD

    LD,
    Happy New Year.
    Interesting and provocative list.

    How about…..

    David M. Walker…..former Comptroller of the Currency, resigned in disgust at the direction of US fiscal policy, and now leading a new initiative to achieve specific fiscal solutions to the situation we are in. (Comeback America Initiative). He has been a tireless fighter for fiscal sanity and one of the earliest on my screen to call attention (years ago) to the unsustainability of government deficit spending.

    Your list has plenty of politicians. How can Congressman Paul Ryan, singularly knowledgeable and courageous, not be on your list ? He may look like Don Quixote right now, but let’s wait and see if people don’t wake up and start following his leadership.

    Contrarily, I cannot imagine what would possess anyone to put the ultimate sycophant, Dick Durban, on to a list of heroes. egad! (and by the way, if “Judd Gregg” a true five star selection, doesn’t get the title “Senator” on your list, neither should “Dick” !!!)

    Where does The Concord Coalition fit into your hall of heroes?

  • HOTEL CALIFORNIA

    NOMINEE HALL OF SHAME:

    E*TRADE SECURITIES IN THE HALL ON SHAME LIST, TWO YEARS IN A ROW.

    They continue to obfuscate and deny their AUCTION RATE SECURITIES SALES FRAUD.

    HALL OF FAME NOMINEE:

    COLORADO ATTORNEY GENERAL JOHN SUTHERS’ OFFICE IN DENVER

    for filing FRAUD charges vs. E*Trade in connection with above.

    Trial starts June 6th 2011

  • HOTEL CALIFORNIA

    LARRY PLEASE PUT THESE ON HALL OF SHAME, still worthy to be mentioned by name specifically.

    *Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E*Trade Securities LLC, Schwab,

    HALL OF FAME}

    * Canada, PM John Harper, for not tolerating financial terrorism like the USA. He told any broker dealer involved in the ARS scandal to redeem, or lose their dealer license. NO nonsense, no FINRA ! Looks like the crooks ran to the USA for shelter. And mainting a sound fiscal policy that has brought the Canadian loonie to par with the soon to be worthless paper greenback!

    * also: Don’t forget an honorary mention to the gentlemen in Colorado who helped lead the charge vs E*Traded & motivate the CO AG to file charges vs E*Trade in the ARS fraud.

    • HOTEL CALIFORNIA

      CORRECT TO A NAME

      HALL OF FAME

      PRIME MINISTER STEVEN HARPER OF CANADA
      (not John )

  • Bud in PA

    I would add Thomas Hoening and Sen. Bernard Sanders to the “fame” list. I think they both have the best interests of the country in mind.

    I also wouldn’t be too hard on all of the FCIC members. Ms. Born and Ms. Murrin, in particular, have always been professional and sought out the thruth during the many hours of testimony I watched. I do expect, as you do, that the final report will be dismal.

    On the “shame” list I would add the Mozilo and Rattner settlements, Geithner, and above all, our attorney general and the DOJ. If the greatest deterent to crime is the certainty of punishment then these people are absolute failures in their jobs.

    Happy New Year LD,

    Bud in PA

  • Edward Mack

    To the hall of fame, I would add my state of Virginia’s AG Ken Cucinelli for taking the Federal Government to court over provisions in the new, baffling, troubling, unread Health Care law (Pelosi: we have to pass the bill to know what’s in the bill). To the hall of shame, many inductees. I would add George Soros for all of his shameful anti-U.S. propaganda and new world order nonsense. And U.S. AG Holder for his proposed NYC terror trials and failure to prosecute the documented and taped Black Panther voter intimidation incidents. As well as the ACORN organization, shamefully exposed with the taped evidence. Of course, the Left, Obama, Holder and mainstream media ignore the obvious.

  • alexandra

    Hall of shame: SIPC, Stephen Harbeck.

  • Barbara in Needham

    Hi Larry:

    Definitely agree with JD that Congressman Paul Ryan should be on Hall of Fame list. He is extremely knowledgeable and courageous and I think destined for higher office nationally.
    Eric Holder should be added to Shame List for sure.

  • Floyd

    I’d add Harry Newton to the Hall of Shame. He seemingly fought for all auction rate holders and then virtually stopped the fight sometime after he was personally redeemed. I’d also add Barney Frank if he’s not already on there — hard to believe he’s not — for his mishandling of everything that came across his desk.
    Also the entire Madoff family, who continue to stink and suck and smell…I feel no empathy for them, despite their “tragedies.”
    And, let me add most of the commenters on Yahoo Finance who seem to think that every day is Armageddon, while the market has run up 85%. These are people gathering canned food for the financial collapse that never comes.

    • LD

      Floyd,

      Given your awareness of Harry Newton, I am guessing you are entangled in the ARS mess. I never owned an ARS but am fully empathetic and continue to bang the drum on behalf of all ARS investors.

      Barney and the Madoffs were all inducted last year. I think Barney may have been inducted twice and the Madoffs may have won a Hall of Shame medal last year.

  • Seroun

    George Painter, CFTC Judge on the Hall of Fame or the Giraffe List of 2010 for sticking his neck out and blowing the whistle on Levine of the CFTC.






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