Posted by Larry Doyle on August 24th, 2012 5:13 AM |
I guess I could address another in a long line of financial scandal or another rendition of “kick the can”. I think I will defer. As with any effort, there is always a benefit to pause and reflect. So on that note, I will do just that and return to regular commentary after Labor Day.
Perhaps those who enjoy coming to Sense on Cents might care to navigate the site and peruse the extensive links and resources, which I find to be of real value in my own personal pursuit of the truth.
As I take pause and reflect, I hope you can do the same. To that end and while we endure what some may deem the normal hand to hand political combat of another Presidential campaign, I hope this 4-minute video might be able to provide some semblance of perspective. (more…)
Posted by Larry Doyle on August 22nd, 2012 8:32 AM |
If we do not have the courage to enact laws and then mandate that they are upheld, what type of future will we have? Not the future that we could have and should have. I have tried to address this topic regularly here at Sense on Cents.
A few months back, I highlighted a clip from Barron’s that I found quite chilling:
When countries improve rule of law, property rights, and investor protections, and when regulation becomes more transparent and corruption reduced, there are major payoffs. The World Justice Project says the U.S. has been deteriorating for close to 10 years by all these measures, which contrasts with improvements in some emerging markets, like Hong Kong. (more…)
Posted by Larry Doyle on August 21st, 2012 7:20 AM |
I am firmly convinced that self-regulation for Wall Street will NEVER work. The inherent conflicts of interest preclude that from happening.
Whether we have a self-regulatory model or not, though, bad practices on Wall Street need to be brought to light and properly addressed. What do I believe is the most effective means to make that happen? Promoting and protecting whistleblowers. Wall Street has little interest in this.
To think that whistleblowers will be protected and whistleblowing promoted under Dodd-Frank is naive. Why so? Do we really think career regulators Mary Schapiro and Richard Ketchum will shepherd whistleblowers and expose bad practices? (more…)
Posted by Larry Doyle on August 17th, 2012 6:08 PM |
I spoke with Michelle Makori on China Central TV the other evening regarding the Standard Chartered – Iranian money laundering scandal. 3 minutes goes by very quickly.
Related Sense on Cents Commentary
Standard Chartered: Keep the Fine, Deliver the Truth
Standard Chartered Scandal: “Asian Regulators Had Lost Faith in American Regulators”
Standard Chartered Scandal: Crime Pays
Standard Chartered: Friends Like This, Who Needs Enemies
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Posted by Larry Doyle on August 17th, 2012 7:36 AM |
“I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all.”
Really? Why is it that more and more people who deeply love America now seriously doubt that justice for all is truly practiced? What would our founding fathers think?
As each and every financial scandal comes and goes (don’t make me list them, there are too many) without meaningful justice being dispensed, the sense of rage in our nation may simmer but the despair only deepens. (more…)
Posted by Larry Doyle on August 16th, 2012 9:37 AM |
One might only guess that New York Attorney General Eric Schneiderman and his colleague NY Department of Financial Services’ superintendent Benjamin Lawsky are not on the distribution list for the Wall Street-Washington Incestuous Regulatory Relationship mailings. That is a good thing.
Hopefully other state regulators and attorneys general might take a cue from these two.
On the heels of Lawsky playing hardball with the Standard Chartered – Iranian Laundromat, we now see Schneiderman doing the same with seven Wall Street heavyweights implicated in the largest financial scandal in history, that is, the manipulation of Libor. Which heavyweights? (more…)
Posted by Larry Doyle on August 14th, 2012 6:23 PM |
Virtually every credible politician from both sides of the aisle points to the Simpson-Bowles plan as the blueprint for bringing real fiscal sanity back to America.
With America sinking deeper into economic depression if not depravity, plenty of politicians from both camps have made long careers out of “playing politics” with little sense of real caring or sanity. Little has been solved in Washington and America has suffered tremendously in the process.
Having tried to be largely apolitical here at Sense on Cents, I felt so strongly about the selection of Paul Ryan as the Vice-Presidential selection on the Republican ticket that I felt compelled to voice my enormous support of Ryan and by extension Mitt Romney. (more…)
Posted by Larry Doyle on August 14th, 2012 1:17 PM |
I look forward to the opportunity to share my thoughts and opinions — and pursue the truth — about the ongoing drama surrounding Standard Chartered Bank on live TV the next two evenings.
Tonight I will be on Bloomberg’s First Up with Susan Li that runs from 7-8pm EST. Barring any unforeseen circumstances, I expect to be on during the second half of the show. Tomorrow evening I am grateful for the opportunity to spread some ‘sense on cents‘ on the Standard Chartered affair on China Central TV, which runs between 9-10pm EST. (Channel 134 on Time Warner cable in NYC, FIOS 277, or via CCTV’s Youtube page)
Hope you can tune in. (Too bad…I just received word the segment this evening was bumped. C’est la vie.) (more…)
Posted by Larry Doyle on August 14th, 2012 7:59 AM |
All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. –Arthur Schopenhauer
L’affaire Standard Chartered Bank – Iranian Money Laundering takes center stage tomorrow with an expected meeting between senior bank executives and Benjamin Lawsky, superintendent of the New York Department of Financial Services.
Recall that Lawsky just last week unilaterally castigated the UK-based bank for brazenly and wantonly eviscerating state and federal banking rules against dealing with Iranian entities. (more…)