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Barack and Mitt: America’s Unfinished Business

Posted by Larry Doyle on September 6, 2012 1:08 PM |

Should we even have to remind them?

Do the crowds on both sides of the political aisle think Americans are this naive? Well, actually, on that note, the pols from both sides are right. Many Americans remain exceptionally naive regarding far too many issues, financial and otherwise.

The media is clearly of little help in exposing the ugly underside of the Wall Street – Washington conspiracy. That said, many Americans are now far savvier than they were a few short years ago when it comes to appreciating the rackets being run by BOTH political parties, their cronies on Wall Street, and the puppets ensconced within too many of our regulators.

While the sideshows being run in Tampa and Charlotte make for interesting political theatre, the simple fact is the waste and corruption of far too many financial frauds remain outstanding and unanswered.

To hear any politicians claiming that they have cleaned up our financial system is a JOKE. Our pols and their cronies clearly have NO interest in addressing outstanding frauds. I have every interest in reminding them and America that the following financial fiascoes have been outstanding for a protracted period BUT have never been properly addressed and fully adjudicated:

1. Auction-rate securities

2. Freddie and Fannie Accounting Frauds

3. Bernie Madoff

4. Allen Stanford

5. SIPC (Securities Investor Protection Corporation)

6. MF Global/Jon Corzine

7. Flash Crash

8. Mortgage scams

9. FINRA executives lying in a proxy statement used for the merger of the NASD and NYSE Regulation

10. Libor manipulation

11. Money laundering with rogue nations

Knowing that “you never find just one mouse”, this list is just a start. I am sure I have overlooked more than a handful of other frauds. Perhaps readers may want to help complete the list.

What have we gotten for justice? Token fines and convictions for a bunch of ne’er do well hedge fund nitwits (Raj Rajaratnam et al).

Little wonder why Americans have little confidence in Washington and Wall Street. Would Barack and/or Mitt have the backbone to reference any of these frauds over the next two months?

Man up, gentlemen!!

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. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

 

  • Peter S.

    Can you imagine the nightmare for those mom and pop investor’s that remain locked up in the ARS nightmare? Can you imagine that any candidate for higher office, whether it is for the presidency, the senate, or congress, has failed to let those letters come out of their mouths four years later!

    ARS Nightmare…SAY IT…ACKNOWLEDGES THE HARM!

    NOW FIX IT!

    LD at his best!

  • LD

    The SEC gets “top-notch, high-quality people because it’s fun, because it’s challenging, because it’s exciting and because of the economic opportunities after they leave,” said David Gourevitch, a former agency enforcement lawyer who is now in private practice in New York.

    Gourevitch, in comments echoed by other SEC alumni, said the back-and-forth between the industry and the commission doesn’t help ex-officials tip the scale toward their clients.

    “There clearly is a revolving door,” he said. “I don’t see it influencing the results.”

    Others aren’t so sure. Markets are so complex that regulators operate under an “informational disadvantage” with those they police,

    Top Bank Lawyer’s E-Mails Show How SEC’s Door Spins

  • Russ

    Larry,

    The irony is that the VICTIMS are always re-victimized by the government, while the guilty and complicit are allowed to scurry away.

  • BM

    Awesome!

  • RB

    Great article Larry.. but did you REALLY say “you never find just one MOUSE”???? It’s roach, Larry.. ROACH.. and 100% fitting to the topic of your article. Mouse doesn’t even begin to cover it!

    • Peter S.

      You never find one rat.

  • Bravo – brilliant! Right on! Pass this along to everyone you know.

  • Peter

    Dear Larry

    I continue, as a non-US person and as a resident of the original Jersey, to read your daily posts with both interest and astonishment.

    Would you perhaps agree that the reason why the frauds identified by you are not sufficiently investigated can be traced back to the system which you have, in the US, for electing people to political office. There is so much money involved that by the time the victor is in office he/she is so deeply in hock to those who funded the victory, that at least one arm is tied behind their back.

    It also seems to me that the US media does not undertake in depth investigative journalism. I am aware that many elements of the media in Britain (particularly journalists who work on red top newspapers. aka “the gutter press”) leave much to be desired, but there still are many very professional journalists whose articles bring to light matters which those who rule us would rather leave buried.

    The fraud which has particularly held my attention is that relating to MF Global and Jon Corzine. I have come to the conclusion that Mr. Corzine knows where the bodies are buried and has threatened to divulge if he is pursued. On this side of the pond this is known as “doing a Maundy”, a reference to Arthur Maundy Gregory, who sold honours for Prime Minister Lloyd George and, when charge with doing so, threatened to tell all in open court unless a deal was agreed. Surprise, surprise, Maundy Gregory pleaded guilty, was given two months & a fine of £50. When he left prison he was quickly removed to Paris with a pension of

    £2,000 per annum (more than £60,000 in current terms) which was paid for by the Conservative party.

    Keep up the good work.

  • Dave

    Just like the Richard Pryor movie “Brewster’s Millions”, we need the ability to vote for none of the above. If none of the above wins the parties have to submit new candidates until one of them wins. That ought to cull out the herd pretty quickly.

  • LD

    Add this to the list…

    Peregrine Financial

    The trustee overseeing Peregrine Financial Group Inc. said liabilities faced by the brokerage are almost twice the level of its assets, underscoring the uphill task faced by former clients to recoup much of their funds following the firm’s collapse in July.

    Total assets of $270.2 million revealed in a bankruptcy court filing are well below the initial estimate of $500 million to $1 billion stated when the firm filed for protection on July 10, a day after it revealed accounting irregularities following the attempted suicide of its founder and chief executive.

    The collapse has shaken confidence in the U.S. futures industry, and although the trustee this week outlined plans to return an initial round of funds to some clients, the first forensic look at its balance sheet indicates payouts will be limited.

    Liabilities are estimated at $525.3 million, also are above the estimate of $250 million to $500 million made on July 10, according to a court filing from Ira Bodenstein, the trustee appointed to unwind Peregrine.

    Peregrine Assets Well Below Early Estimates, Liabilities Higher






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