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Archive for May, 2014

Book Talk: In Bed with Wall Street at Library of Congress, June 5th

Posted by Larry Doyle on May 24th, 2014 12:28 PM |

For those in and around the metro Washington DC area, I hope you might be able to join me on June 5th when I speak about my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, at the Library of Congress.

The Library of Congress happens to be the largest library in the world. That said, as I have only half-kiddingly told friends about this speaking engagement, I feel like my book talk at the LoC is the equivalent of going into the reading room next to the master bedroom and revealing a host of illicit behaviors of the masters of the house.

How so? Recent reviewers have shared the following impressions regarding the financial-political-regulatory menage-a-trois exposed within the pages of my book:

“If you think Flash Boys was explosive, In Bed with Wall Street is downright nuclear.”  (more…)

Wall Street’s Kangaroo Court: Calling Out FINRA’s Linda Fienberg

Posted by Larry Doyle on May 22nd, 2014 11:27 AM |

Do you ever hear or read a statement put forth by a public official, industry representative, or regulatory spokesperson and think “Are you kidding me?” . . .  if not something far less polite than that?

I would guess that in a world in which politicians and their spokesmen are not often called on the carpet, many people allow statements worthy of being challenged to go in one ear and out the other if they bother to listen at all.

Today I am not of a mind to be quite so dismissive given the fact that the topic at hand — Wall Street arbitration — not only touches every employee on Wall Street, but also every investor in the nation.

Let’s navigate and continue to play to win for those who care about real transparency and integrity in America.   (more…)

Sheila Bair Recommends Geithner’s Book, Warns of Future Bailouts. Instant Classic

Posted by Larry Doyle on May 20th, 2014 6:24 AM |

Hell hath no fury like a woman scorned.

Those watching the Wall Street-Washington regulatory battles over the years are well aware that there is no love lost between former Treasury Secretary Tim Geithner and former FDIC chair Sheila Bair. While Tim is now out making the rounds promoting his new book, Stress Test, Bair takes the opportunity to offer some faint praise but also some glancing and direct hits.

In what I would qualify as deftly slipping  a punch, Bair actually recommends Geithner’s book. In doing so, though, she then proceeds to lay Tim and his cohorts out with a serious warning we all should heed. (more…)

William Bowen Gives Best Commencement Speech at Haverford

Posted by Larry Doyle on May 19th, 2014 10:01 AM |

Periodically I like to take a break from my standard navigation of our economic landscape to draw attention to more general news or remarks that I believe warrant special recognition.

To that end, I recall the aggressive commentary put forth by Dr. Benjamin Carson at the National Prayer Breakfast (link provides the video of Carson’s “must view” remarks)  in early 2013 when he warned our nation on the dangers of the increasing political correctness that is overtaking our society. If you have not viewed Carson’s remarks, do yourself and your kids a favor and view it with them.

In the footsteps of Carson’s forewarning, not surprisingly we have seen a number of institutions of supposed higher learning allow their commencement speakers to be disinvited by a student body, faculty, and/or outside forces that do not appreciate their views and positions. These institutions include Brandeis, Rutgers, Smith, and Haverford. If this is not the essence of political correctness run amuck, I do not know what is.

Yet hopes springs eternal.  (more…)

If Credit Suisse Pleads Guilty, Pays $2.5B Fine, Should Brady Dougan Be Fired or Indicted?

Posted by Larry Doyle on May 16th, 2014 10:40 AM |

Credit Suisse is widely speculated to be close to pleading guilty to charges that it facilitated tax evasion for selected American clients.

Pretty heavy stuff indeed.

Truth be told, though, I really think this expected guilty plea by Credit Suisse is more a desired outcome for the DOJ looking for a specific offense rather than a natural progression of an investigation. If that were the case, then the DOJ should have already had a number of guilty pleas and a host of them in the on deck circle.

But let’s take this expected guilty plea on the part of Credit Suisse to the next step. What does it mean?  (more…)

Not If But When the Next Crisis Comes . . .

Posted by Larry Doyle on May 14th, 2014 2:39 PM |

With mid-term elections on the near term horizon, I expect we will hear various pols and their selected pundits tout Dodd-Frank as not being perfect but as having brought meaningful reform to Wall Street.

Really? I know, politico-speak is more noise than substance but let’s get real.

When there is not a lot to grab onto in terms of truly meaningful political accomplishments, we should not be surprised that any legislation that has been passed will be used as fodder to feed the masses.

So when you hear a pol from either side of the aisle play this game talking about Dodd-Frank, make sure you hit them with the following insider assessments: (more…)

Message for Tim Geithner On the Release of Stress Test

Posted by Larry Doyle on May 13th, 2014 10:10 AM |

Dear Tim,

Congratulations on the release of your book. I assure you that I will read it and review it here at my blog.

Given your positions formerly as head of the New York Federal Reserve and Secretary of Treasury, you will certainly receive enormous media attention and exposure in touting your book and your take on dealing with the crisis of 2008. To wit, I see just this morning that The Wall Street Journal is running your editorial entitled The Paradox of Financial Crises.

Tim, let’s cut the bull$hit.  (more…)

“If You Think Flash Boys Was Explosive, In Bed with Wall Street Is Downright Nuclear”

Posted by Larry Doyle on May 12th, 2014 10:50 AM |

While many in and around Wall Street and Washington have been either dismissive or silent on the issues Michael Lewis addresses in his book Flash Boys, a select few brave souls have issued a real siren call over the years.

Lewis pays respect to these ‘men in the arena’ who have shined a light on the less than pristine plumbing of our equity exchanges. Specifically on page 202 in a footnote, Lewis writes the following:

*Eric Hunsader, the founder of Nanex, a stock market data company, is a fantastic exception to the general silence on this subject. After the flash crash, it occurred to him to use his data to investigate what had gone wrong, and the search never really ended. “Almost every rock I overturn, something nefarious crawls out from under it,” he said. (more…)

CFTC’s Scott O’ Malia ‘Blows The Whistle’

Posted by Larry Doyle on May 8th, 2014 1:19 PM |

What does it say about a regulatory oversight system when individuals from inside start to ‘blow the whistle?’

I think it speaks volumes that all is not well, and somebody better start to really pay attention and take some meaningful action.

A month or so ago we heard from retiring SEC attorney James Kidney voicing real concerns in describing the commission as little more than a “tollbooth on the banksters’ turnpike.” Now we hear CFTC (Commodities Futures Trading Commission) commissioner Scott O’ Malia also blowing the whistle. Let’s navigate as Pensions and Investments highlights O’ Malia’s siren call:  (more…)

Are Electricity Markets Being Manipulated in Texas?

Posted by Larry Doyle on May 7th, 2014 8:58 AM |

Market manipulation is certainly not restricted to Wall Street.

In fact, I believe the most egregious case of market manipulation goes back to the early years of this century when traders in a Houston based firm known as Enron — you remember the names Lay, Fastow, and Skilling, right — manipulated the California electricity market. While Enron rolled in the dough, the only things rolling through the California countryside were blackouts.

Well, how interesting that ten-plus years later we revisit Houston to see the name Enron invoked once again in a case alleging manipulation of the electricity markets right there in Texas. Let’s navigate as the Courthouse News Service recently reported:   (more…)

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