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Archive for April, 2012

MF Global: “This Was a Massive Theft”

Posted by Larry Doyle on April 30th, 2012 7:56 AM |

Six months and counting.

The lives of countless numbers of families and individuals are likely forever changed by what transpired at MF Global. Yet there remains no real accounting nor full retribution for the fiasco which unfolded within the walls of the firm that traced its roots to the late 1700s.

Certainly we can expect that trustees and regulators will put forth some thousand page reports trying to detail the minute by minute demise of MF Global. Do you think those reports will mean anything to the lives of the people impacted? I don’t. Why? How do you recapture trust? When there is NO real trust, there is NO real justice, and NO real closure. It is that simple. (more…)

Niall Ferguson’s Keys To Economic Growth Recommended

Posted by Larry Doyle on April 29th, 2012 12:41 PM |

I truly love gaining global insights and perspectives from highly intelligent people. I had just such a treat this morning in reading a Barron’s interview with the economic and financial historian Niall Ferguson.

What did this Harvard professor have to say on a topic which should be a MAJOR point of debate for our 2012 Presidential election? A lot. Let’s navigate.

Barron’s: There are once again concerns about U.S. growth. What factors are keeping the economy from reaching what you call “escape velocity”?  (more…)

R. Wenzel: Federal Reserve An Unmitigated FAILURE

Posted by Larry Doyle on April 28th, 2012 9:17 AM |

This commentary is a little lengthy but a great and absolute MUST READ!! LD

Who really runs America?

The media may actively and aggressively debate the pandering provided by those on both ends of the political spectrum. But to whom do these pols really answer? The American public? I do not think so.

The Washington establishment strikes me as little more than puppets played by the one controlling the money. Who might that be? The all powerful and, all assertions to the contrary, perpetually opaque Federal Reserve.

Let’s navigate deep into the chambers of the New York Federal Reserve. (more…)

Spanish Unemployment Hits 24.4% !!!

Posted by Larry Doyle on April 27th, 2012 11:26 AM |

Think Spain is speeding on its way over the proverbial cliff? Let’s emphasize the “speeding”.

Continuing on our focus today of issues within the EU, Spain — merely the 9th largest economy in the world — announced today that its unemployment rate hit 24.4%. For purposes of context, that rate stood at a relatively mild 7.9% in 2007. 

OUCH…24.4% unemployment is a whole lot of pain!!!  (more…)

Who/What is Driving European Sovereign Spreads?

Posted by Larry Doyle on April 27th, 2012 9:11 AM |

The center of our global financial crisis squarely rests upon the Euro-zone in general and a number of peripheral sovereign states specifically. The movement in spreads within this market are often vicious.

The  European Central Bank has thrown the kitchen sink in the form of its 3-year LTRO (long term refinancing operation) at the massive debt problem. The LTRO aside, do you get the sense that there is a far greater force at work behind the scenes driving these markets? I do. Who and what are really driving spreads within the Euro-zone?

Let’s navigate as the Journal of International Money and Finance addresses this critically important topic in its April 2012 issue.  (more…)

The SEC vs Whistleblowers: Round 2

Posted by Larry Doyle on April 26th, 2012 8:28 AM |

Yesterday’s story regarding the SEC inadvertently, or not, blowing the cover of a whistleblower generated a lot of interest here at Sense on Cents and elsewhere. So much interest, in fact, that parties in both camps, the SEC and the whistleblower, got right back in the ring to make their case.

While I have my own strongly held beliefs, stated yesterday, as to the real driving force within SEC Enforcement, fairness dictates that I highlight competing views as well. On that note, what does the director of the New York Office of the SEC have to say on this matter? Let’s review a letter to the editor in today’s WSJ(more…)

SEC Exposes Whistleblower: Inadvertent? STOP IT!!

Posted by Larry Doyle on April 25th, 2012 10:24 AM |

News this morning that an SEC attorney, in the midst of an investigation, blew the cover of a whistleblower might have been formerly thought of as inadvertent or unfortunate. America is no longer so naive.

The Wall Street Journal’s lead story today highlights, Source’s Cover Blown by SEC:

Federal securities regulators, in a sensitive breach, inadvertently revealed the identity of a whistleblower during a probe of a firm that ran a stock trading platform.  (more…)

Gundlach: “We’re Going to Jump the Track”

Posted by Larry Doyle on April 25th, 2012 4:59 AM |

When Jeffrey Gundlach talks, I listen.

The perennial Morningstar Fixed Income Manager of the year and CEO of Doubleline Capital spoke yesterday at the Investment Management Consultants Association national conference. What did he have to say? A lot.

You may want to put down your coffee and dispose of any sharp objects prior to reading this. Let’s navigate as Investment News shares Gundlach’s wide ranging views on our economy, policy and investments in writing, Dour Gundlach Sees Dramatic Comeuppance for U.S., >>>>> (more…)

Will Uncle Sam Takeover Your IRA? Part II

Posted by Larry Doyle on April 24th, 2012 7:23 AM |

Those engaged in massive strategic maneuvers know all too well that progress is typically made not in one fell swoop but painstakingly inch by inch.

With deficits beyond the scope of imagination but oh so very real, I cautioned people to keep a watchful eye on Uncle Sam. Where might the old man go to beg, borrow, or steal money to fill that enormous fiscal hole? Your retirement accounts. I first broached this topic in early 2010 in writing, Blueprint for Government Takeover of IRAs and Will Uncle Sam Takeover Your IRA?.

Fast forward and we now witness rumblings around Washington that the drunken sailors disguised as our political leaders are discussing how to make a move on your retirement savings.  (more…)

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