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Sense on Cents 2012 Halls of Fame and Shame

Posted by Larry Doyle on December 28, 2012 12:06 PM |

As I reflect on the year 2012 I am compelled to bring honor and fame on many individuals who brought real distinction upon themselves while upholding and promoting our prized virtues of truth, transparency, and integrity. This year’s inductees into the Sense on Cents Hall of Fame is obviously incomplete.

I remain eternally hopeful and optimistic for our nation knowing that there are individuals such as these in our midst who are willing to stand up and speak out for virtues all too often overwhelmed by those more driven by self-interest and cronyism. For those whom I consider more an embodiment of these character traits, the doors to the Sense on Cents Hall of Shame are also opened today and we will find a special spot for them inside.

I do find it particularly interesting that much of the fame is relegated to individuals, while the shame is often directed at organizations and institutions. I link to prior year’s inductees at the end of this commentary. On that note and with no further adieu, let’s commence with the induction ceremonies: 

Sense on Cents 2012 Hall of Shame Inductees
1. Jon Corzine….still counting the returns but this is a landslide…

2. Supreme Court of the United States for failing to hear the Standard Charted vs FINRA case and exposing how Mary Schapiro et al lied in the proxy statement used for the merger that created FINRA.

3. CitiMortgage: after having taken hundreds of billions in bailout funds and still perpetrating mortgage fraud….truly shameful

4. Joe Nocera: reporter for The New York Times who revictimized Madoff investors

5. Al Loewenthal: CEO of Oppenheimer for STILL not repaying investors holding ARS

6. FINRA arbitration aka Kangaroo Court

7. LIBOR Scandal Perpetrators: those involved in this scandal could fill an entirely new wing of our Hall of Shame …special recognition for the senior executives at Barclays, UBS, and elsewhere who “aided, abetted, and supervised ” this RACKETEERING . .

8. Larry Doyle …no not me…the writer Larry Doyle who penned a heinous commentary in The Huffington Post attacking Rick Santorum specifically and people of faith generally . . .

9. Naked Short Sellers: all the firms on Wall Street engaged in this practice over the years that made a mockery of free markets…

10. Hilary Rosen: taking potshots at Ann Romney

11. JP Morgan’s London Whale

12. Preet Bharara: for taking on small time insider trading cases and letting the big fish swim free . . .

13. Mary Schapiro: getting inducted for the third time…wouldn’t it be great if we could hypnotize her and get her to talk??

14. Russell Wasendorf: ran the scandal at Peregrine Financial

15. National Futures Association: duped by Wasendorf for years…

16. Jerry Sandusky and all those at Penn State who stood by while young children were victimized

17. Standard Investment Chartered, HSBC, Wachovia, and every other financial institution that engaged in massive money laundering scandals

18. The media in our country who have long since ceded their responsibility to pursue the truth and uphold the public interest

19. Teachers unions that put their interests ahead of the children whom they are charged to educate

20. Candy Crowley for interjecting herself into a Presidential debate in a blatantly biased fashion

21. Eric Holder…reasons too many to mention

22. Leaders who do not lead . . .

23. JoAnn Watson: Detroit City Councilwoman calling for a bailout of Detroit by Uncle Barack

The gold, silver, and bronze medals for the 2012 Sense on Cents Hall of Shame all go to the same individual….drum roll please...(little surprise here) ….Jon Corzine….we bestow a special platinum award on the recently departed SEC chair Mary Schapiro…(do not worry Mary, we will not soon forget you in the years ahead) 

Let’s lift the dark shroud of doom that prevailed over our opening ceremony and honor those who bring light and truth into our world. With no further adieu . . .

2012 Sense on Cents Hall of Fame Inductees 

1. Gretchen Morgenson: co-author of the fabulous book Reckless Endangerment, she also writes fabulous weekly commentaries in The New York Times that bring transparency to many parts of our financial and economic landscape that others would rather keep dark and opaque . . .

2. Jeremy Grantham of Grantham Mayo, a true giant among giants in the world of financial management

3. Lucas van Praag of Goldman Sachs who near retirement offered the following wisdom, “you can’t legislate and regulate for greed and stupidity.”  

4. Sherry Hunt: whistleblower at CitiMortgage who exposed the fraud within that business . . .

5. Kenneth Rogoff: the best economist in the world today. . .

6. Helen Metchikoff and Dean Tofteland: customers of MF Global who had the courage to stand up and speak out about the injustice  perpetrated upon them and others….juxtapose these individuals next to one Jon Corzine…

7. Al Lewis: writer for Dow Jones who speaks truth to power like few other writers. . .

8. Ray Dalio, Jeff Gundlach, Bob Rodriguez: along with Jeremy Grantham, these three giants are perhaps the finest money managers in the world today and have the character to share their wisdom with the world at large . . .

9. Niall Ferguson:  Harvard University professor who always speaks the truth in bold and daring fashion…

10. Robert Wenzel: editor and publisher of Economic Policy Journal. He was anything but demure in writing, My Speech at the New York Fed and more (must reads)

11. Robert Wilmers: CEO of M&T Bank also penned a fabulous commentary Wall Street vs Main Street

12. Michael Roth: president of Wesleyan University for promoting a program that will help students graduate in 3 years and thus save about 20% of the cost of the education …a real visionary…

13. Tom Coburn (R-OK): in the midst of an interview, Coburn spoke loudly while laying out what all too many in America know all too well. Coburn said, “We have NO leadership.”

14. Rudi K: radio host of Main Street Out Loud a fabulous program that also speaks truth to power and endorses those that do the same …a truly great American. . .

15. Michael Burry: delivered a phenomenal commencement address at UCLA …

16. Jim Bullard: St. Louis Federal Reserve President … a truth teller

17. Neil Barofsky: former Inspector General overseeing the TARP delivered special venom directed at Treasury Secretary Tim Geithner

18. David Skeel: University of Pennsylvania law professor penned a fabulous commentary on the breakdown and lack of respect and practice of the rule of law in our nation

19. Eric Schneiderman: New York Attorney General is a driving force in the pursuit of the ongoing case addressing the manipulation of Libor

20. Benjamin Lawsky: superintendent of the New York State Department of Finance who led the pursuit of the money laundering case against Standard Investment Chartered while the more well known regulators in Washington slow walked this case and others…

21. Joel Thurtell: blogger who exposed the racket embedded in municipal bond transactions for public school financings in California

22. Chris Whalen: THE top banking analyst on Wall Street . . . not even a close second . . .

23. David Weber: formerly the assistant Inspector General at the SEC who is now suing the regulator for a myriad of reasons…

24. All those who comment at Sense on Cents and bring real life to my blog as I try to promote the virtues of truth, transparency, and integrity in the process. I THANK YOU!!

I will defer to you the readers as to whom you believe is deserving of further distinction within the Hall of Fame.

Additionally, I am sure you have your own ideas as to whom I may have overlooked this year and should certainly be inducted into these respective halls. For those who would like to stay a little while longer and review prior year’s inductees, I welcome providing the following links:

2009 Sense on Cents Hall of Fame and Shame

2010 Sense on Cents Hall of Fame and Shame

2011 Sense on Cents Hal of Fame and Shame

Happy New Year to all.

Larry Doyle

Isn’t it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.

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.

  • http://www.foririshgifts.com Tony Grimes

    I would add one more, at #1, to your hall of fame…Larry Doyle.
    I enjoy your work and appreciate the time you take to keep us so informed.
    Have a Happy and Healthy New Year
    Athbhliain faoi mhaise dhuit

  • Erin

    Great column today on the Hall of Shame! I noticed in the MF Global settlement: the trustee’s decision to cut down secured holders of allocated physical assets – namely gold & silver, backed by individual warehouse receipts – by 28%!

  • http://www.deadlyclear.com DeadlyClear

    Please don’t forget to add Timothy Geithner to the Hall of Shame! Now about his foaming the runway (Barofsky’s Bailout) for the banks in lieu of helping homeowners?!

  • Randee

    My Hall of Shame:

    1). John Boehner. Impotent, ineffective doofus leader who has accomplished zero and is an embarrassment to the state of Ohio.

    2). Rick Santorum. Weakened the future nominee, Mitt Romney, with his hyperbolic, religious right charges.

    3). Jeremy Grantham. His outmoded formulas have been wrong for several years running. Completely missed the housing turnaround, assuming this is it.

    4). CNBC. Serves no purpose other than to scare the pants off investors.

    5). CNN financial reporter Ali Velshi. Moronic idiot. The sky is always falling in this guy’s eyes. Sure, sometimes the sky is falling. But not every day.

    My Hall of Fame

    1). Warren Buffett. The voice of reason.

    2). Hillary Rodham Clinton. A tremendous statesman who will be sorely missed.

    3). Jim Cramer. He doesn’t know much but it is entertaining.

    4). The Westboro Baptist Church. While I do not agree with a lot of the tactics, Westboro reminds us that we live in a great country where freedom of speech is tolerated. It’s our greatest right.

    5). The coal industry. Thanks to sheep-like investors writing off the industry as dead, about six months ago I was able to pick up severely beaten down shares that are already up 50 percent. There’s life in them there mines.

  • Peter Scannell

    I would like to nominate H. David Kotz, the former SEC Inspector General.
    How is it that Kotz’s 477 page investigative report on the Madoff ponzi scheme failed to include the following emails from Stephen M. Cutler, the former SEC Enforcement Director, and now JPMorgan Chase General Counsel
    RE: Other Limit Order Referrals Page 1 of 2
    RE: Other Limit Order Referrals 8/7/20015 :16:17P M
    From: Harris, Sandr
    To: Cutler, Stephen
    Steve (who is now handling the case) is reviewing th and Madoff materials. After she has
    compl we will contact you to set up a call. Sandy
    —–Original Message—–
    From: Cutler, Stephen
    Sent: Tuesday, August 07, 2001 1:44 PM
    To: Harris, Sandra J.
    Subject: RE: Other Limit Order Referrals
    I’d like to discuss. I need more analysis of and madoff.
    Stephen Cutler
    US SEC
    —–Original Message—–
    From: Harris, Sandra J.
    To: Cutler, Stephen
    Sent: Tue Aug 07 14:45:31 2001
    Subject: RE: Other Limit Order Referrals
    Steve – Art Richardson no longer works here. The nvestigation has been -My recollection from
    various discussions with Valerie and others is that olations appeared to be more serious than the oth
    firms. Because we are not recommending action again t does not seem to be appropriate to do so agains
    and Madoff, both of whom were taking steps to correct oblems discovered during the exam. Please let m
    if you would like to discuss this. Sandy
    —–Original Message—–
    From: Cutler, Stephen
    Sent: Monday, August 06, 2001 3:19 PM
    To: Richardson, Arthur W.
    Cc: Harris, Sandra J.
    Subject: F-W: Other Limit Order Referrals
    Arthur — Could you give me an update on the and Madoff limit order referrals?
    SMC
    —–Original Message—–
    From: Richards, Lori A.
    Sent: Monday, August 06, 2001 4:16 PM
    To: Cutler, Stephen
    Subject: PW: Other Limit Order Referrals
    —–Original Message—–
    From: McCarthy, John A.
    Former
    Enforcement Staff
    Attorney #2
    Personal Privacy
    Examination
    Material
    Examination
    Material
    Examination Material
    Examination
    Material
    Examination
    Material
    Examination
    Material
    Examination
    Material
    RE: Other Limit Order Referrals • Page 2 of 2
    Sent: Monday, August 06, 2001 3:14 PM
    To: Richards, Lori A.
    Subject: FW: Other Limit Order Referrals
    FYI
    —–Original Message—–
    From: Barry,TinaC.
    Sent: Monday, August 06, 2001 2:57 PM
    To: McCarthy, John A.
    Subject: RE: Other Limit Order Referrals
    On March 8,2001, we sent a package to Arthur Richar cement attor taining all the information he
    had requested regarding the limit order display referral Madoff, and
    Since then, I haven’t heard anything about or Madoff.
    -Tina
    —–Original Message—–
    From: Cutler,Stephen
    Sent: Monday, July 30, 2001 10:26 AM
    To: Richards, Lori k; McCarthy, John A.
    Subject: Other Limit Order Referrals
    Lori and John — I’m trying to remember where we•are viz nd Madoff, which also had h
    limit order compliance. O just forwarded to Lori a memo ing that we shouldn’t pursue I
    knowt hatw e asked@ acki n Novembera) numbero f questionsth atw e wantedt o havea nsweredb efore ther
    of these,a ndI just don’tr emembewr heret hingsw entf romt here. (Nowt hat I’m 40, I can’tr ecallm ucha bouta nything.)I f
    either of you has a better memory of these items than I, please fill me in. Thanks.
    SMC

  • Peter Scannell

    That is – Kotz to the Hall of Shame’

    http://www.sec.gov/news/studies/2009/oig-509/exhibit-0526.pdf

  • wall street 69

    what is your logic for including naked short sellers in the hall of shame?

    • LD

      69,

      Why are naked short sellers relegated to the Hall of Shame?

      I personally believe the uptick rule should be reinstated and that the practice of naked short selling plays a role in destructive market behaviors.

      For further material on this topic, I encourage you to digest the following:

      UPDATE: Naked Short Selling: A Wall Street Conspiracy?

  • fred

    I have one nominee to the hall of shame…

    All those Democrats shouting that President Obama received a mandate as a result of the Nov election.

    Far from it, if you reverse the electoral college vote of just 3 states, OH and PA, FLA, (involving less than 1/2 of 1% of the popular vote), Romney wins the electoral vote 273 to 265.

    Interesting that both OH and PA are NOT “right to work” states and are heavily unionized while FLA has the largest number of AARP members (AARP endorses Obamacare-”Profits over principles: How AARP Wins When Seniors Lose”. Obama only lost 2 of the highest 20 unionized states, Alask(oil) and W. Virginia(coal), neither of which has a significant number of electoral college votes. Do you think unions will be looking for political payback?

    Although the fiscal cliff gets all the attention, beyond the media hyped “smoke screen”, the real battle will be faught under the radar, union v. nonunion, right to work v. closed shop, state job gain v. state job loss.

    How do the democratic political operatives stop the worker migration to right to work states from densely populated, high electoral vote states? Increased gov’t spending, new regulation, and entitlement programs; think of the armies of public union hires and Davis-Bacon contracts; think of all the mandatory dues collected and funneled back to city halls, state capitals, and DC.

    LD, the incestuous relationship between Wall St and Washington is only matched in size and scope by the conveyor belt called unions moving mandatory, coerced dues money to the Democratic Party in exchange for political influence.

    When our founding fathers settled upon the electoral process to select our President, I’m certain they did not forsee the role of unions or the present calls for mandate.

    • LD

      Fred,

      Your timing on this topic is uncanny.

      Just two days ago I came across a book called Shadowbosses written by Mallory Factor on this very topic.

      Here is a link to his book with some interesting reviews and interviews.

      Your point is well taken. Cronyism and racketeering come in all shapes, sizes, and forms. Our country is suffering in a HUGE way as a result.

      Does anybody doubt this?

      But who is willing to bang this drum repeatedly and incessantly within the halls of our state capitals and atop Capitol Hill?

      Thanks for capping off our year 2012 with this heavy dose of “sense on cents”.

      • fred

        WOW, I had no idea about the book ‘Shadowbosses’ but it looks like a facinating read.

        I give all the credit for my post to Randee and his continued investment prowess (50%+) in the coal industry…it got me wondering, I remembered Romney pandering for the coal miner vote in Ohio (and the negative letter written to Obama by union members) but I was curious by the fact that the industry had remained elevated after the election and an Obama victory; could it be that Obama’s EPA “thugs” were called off in exchange for last minute union support?

        LD, the closer you look the greater the stench. Our entire government has been compromised by special interests, chief among them Wall Street and Unions!

        I think another “special interest” story emerging in the new year will be Obamacare and the role of AARP in Obama’s reelection. AARP is fast emerging as just another quasi governmental propoganda tool. Can’t wait to see how AARP spins comparative effectiveness and cuts in medicare benefits to it’s membership.

        • fred

          I would like to add another name to the hall of shame, Richard Windsor.

  • Tim Favero

    Larry, another great post. Happy New Year!

  • crusader

    I nominate Randee along with Westboro Baptist Heathens to The Hall of Shame

  • Stanley

    fred,

    I’m sorry, I’m new to this site, I’m familiar with most of the names and concepts listed in the Hall of Fame and the Hall of Shame, you reference Richard Windsor.

    I’m curious, who is Richard Windsor?

    • LD

      Stanley,

      Thanks for asking as to who is Richard Windsor. I do not think Fred will mind if I respond as I did not know who she was either.

      She? Richard is a she?

      In fact she is.

      As recently reported,

      The name Richard Windsor may sound innocuous, but it is allegedly one of the secret “alias” email accounts used by Obama EPA Administrator Lisa Jackson.

      “That is the name — sorry, one of the alias names — used by Obama’s radical EPA chief to keep her email from those who ask for it,” Chris Horner, senior fellow at the Competitive Enterprise Institute and author of the new book “The Liberal War on on Transparency,” told the Daily Caller News Foundation in an email.

      EPA Chief’s Secret ‘Alias’ Email Account Revealed






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