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Archive for May, 2014

Eric Hunsader: SEC Report on Flash Crash “Complete and Utter Nonsense”

Posted by Larry Doyle on May 6th, 2014 9:00 AM |

Every now and then I come across commentaries written by well informed individuals that make me question the integrity of those regulating our markets and leave me thinking, “People really need to know this.”

Earlier this morning I had just such a feeling in reading a report written by perhaps the single most knowledgeable individual in the nation today on the inner workings of our equity exchanges.

In light of all the current focus on this topic and the question as to whether our equity markets are ‘rigged,’ stick with me on this as Eric Hunsader of Nanex reposted a commentary impugning the SEC’s investigation of the Flash Crash that roiled our markets and our nation on May 6, 2010.

Hunsader pulls no punches in asserting that the SEC under then chair Mary Schapiro sold investors a ‘bill of goods’ as to what really happened that fateful day. (more…)

When Jeff Gundlach Talks, Sense on Cents Listens

Posted by Larry Doyle on May 6th, 2014 6:59 AM |

When I want to know where interest rates are headed, the one individual I listen to more than any other is Doubleline’s Jeffrey Gundlach.

What is Gundlach thinking now? He is decidedly cautious on our economy and increasingly believes that interest rates may move lower from current levels. He had recently opined that there is a growing chance that we revisit the lows in rates seen 2 years ago. The 10yr US Treasury rate currently sits at 2.6%. The low was touched in 2012 at approximately 1.4%.

Let’s navigate and listen to this Sense on Cents Hall of Famer talk about the economy, rates, and also why he is bearish on housing and homebuilders:

Navigate accordingly.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or by e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’

Please subscribe to all my work via e-mail.

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.

 

Bart Chilton: “Regulators Were Asleep at The Wheel”

Posted by Larry Doyle on May 5th, 2014 9:18 AM |

It is not often when a regulator effectively turns on his own. I did a double take this morning while watching an interview on Bloomberg Surveillance when Bart Chilton, former commissioner at the CFTC, did just that.

This 4-minute clip also addresses the following: the perception of liquidity in the marketplace; Bloomberg’s Adam Johnson misconstrues some activity of high frequency traders during the Flash Crash as beneficial; the captains of finance operating in an irresponsible fashion.

The highlight of this clip, however, comes at the 2-minute mark when Chilton exposes his regulatory brethren while also alluding to the fact that some regulators were trying to do the right thing. One can only assume the powers that be must have silenced those who were not willing to bow down.

(more…)

Sense on Cents Instant Classic: ProPublica’s Jesse Eisinger Exposes Wall Street and Washington

Posted by Larry Doyle on May 4th, 2014 2:04 PM |

The failure to protect the public interest has not only gained a strong foothold on Wall Street, in Washington, and throughout the financial regulatory system but also in the fourth estate, that being our media.

There are a mere handful of journalists who truly expose in meaningful fashion the money and power that dominate our nation’s financial and political capitals. Today I had the distinct pleasure of observing one of these special individuals, ProPublica’s Jesse Eisinger. In a delivery that touches upon many of the issues I address within my book, Eisinger provides a Sense on Cents Instant Classic in this 40-minute interview with Q/A on CSpan.

After this stellar performance, Jesse Eisinger gains immediate induction into the Sense on Cents Hall of Fame.

I thank the regular reader who brought this clip to my attention.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or by e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’

Please subscribe to all my work via e-mail.

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.

SEC Fines NYSE for Being ‘In Bed with Wall Street’

Posted by Larry Doyle on May 2nd, 2014 9:25 AM |

As long as the markets are firm who really cares whether they might be rigged, right?

That seems to be the mentality of those who would prefer not to have meaningful transparency and accompanying truths revealed on scandalous practices (if not very real corruption) at the core of our equity markets and financial regulatory oversight.

The fact that the SEC imposed a fine of $4.5mm yesterday on the NYSE and related parties for a failure to uphold or impose rules that would maintain fair markets is a meaningful event. That said, a token fine of this sort leads to far more questions than answers. Let’s navigate and review the fine and then pose questions and comments. Forbes offers this review:  (more…)

Bill Black: Regulators’ Latest Betrayal of Homeowners

Posted by Larry Doyle on May 1st, 2014 10:22 AM |

I sing the praises of former banking regulator Bill Black in my book, In Bed with Wall Street, for many reasons.

Black stands up, speaks out, and tells it like it is while all too many in our nation’s capital and regulatory offices prostrate themselves in service and homage to powerful financial elites. Major props to Black for bringing attention today to another in a long line of betrayals of American homeowners.

The WSJ and other periodicals recently made passing reference to an egregious travesty within the bank settlements of foreclosure abuse. Props to Barry Ritholtz at The Big Picture for providing the forum for Black to expose real fraud in the system and the accompanying degradation of the rule of law in the process. Let’s navigate as Black provides the transparency that is truly the great disinfectant to a system that smells: (more…)






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