Posted by Larry Doyle on June 13th, 2014 9:22 AM |
Those engaged in cronyism and corruption much prefer to operate under a cover of darkness. When transgressions due occur, those caught in the web of such practices typically like to pay a fine and quickly move on.
Given the preponderance of these practices in our current economy, I think it is a good idea that, rather than addressing cases on an individual basis, we compile an index of those involved. In doing so, we can then reflect back on them and gain a fuller appreciation for how widespread and destructive this cronyism and corruption is within our nation.
With no further adieu, I kick off the Sense on Cents Index of Cronyism and Corruption:
The IRS Scandal: “That’s a Lie; (June 14, 2014)
Today’s FT highlights (June 12, 2014): “Goldman Sachs and Bain Capital paid $121m to settle a lawsuit alleging they conspired with other private equity firms to fix the price of some of the biggest ever leveraged buyouts. (more…)
Posted by Larry Doyle on January 16th, 2014 8:29 AM |
Instead of wasting three hours watching The Wolf of Wall Street, I have a much better video for you to view — and in less than half the time. Much better.
If you really want to know what our financial regulators were doing while the destructive behaviors on Wall Street brought down our markets and our nation’s economy, find 80 minutes to watch remarks delivered recently by former SEC attorney and noted whistleblower Gary Aguirre at the University of Notre Dame. Aguirre’s remarks put a whole new spin on the moniker, Fightin’ Irish. Major props to those at ND for giving Aguirre the forum to speak and spread the truth. Other colleges and universities should be so courageous.
Gary Aguirre is a true American hero. If you cannot watch this video today, come back to it over the weekend. After you watch the clip, I guarantee you will want to share it with your friends and colleagues so they can understand how cronyism and corruption within the financial regulatory system has eroded the sense of trust and confidence that currently permeates our nation. You really need to watch this.
Please order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view this video and comment on this piece of ‘sense on cents.’
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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 25th, 2013 7:09 AM |
For those who might still be wondering why America is rotting from within, please find 45 minutes to watch Bill Moyers recent interview with Mark Leibovich, author of This Town, a best selling expose of how crony capitalism has become pervasive in our nation’s capital.
After watching this clip, I think there is little doubt that people will understand how public service has become a major for profit undertaking; I think people may also feel the need to take a shower. This is truly a must view as Leibovich names names and does not pull any punches in doing so.
Washington is clearly filled with a pack of losers. But unfortunately the real losers are the American public.
I thank the regular reader who brought this clip to my attention.
Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view this clip and comment on this piece of ‘sense on cents’.
I have no 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 1st, 2013 10:04 AM |
Follow the money.
The Citizens United decision allowing for corporate and union funding for the public support or denouncement of political candidates evokes strong reaction from those on both sides of the debate like few other topics.
Are we to believe, though, that the right of corporations and/or unions to speak out does not also come with a payoff tied along with it? Come on, really?
Is this what our founding fathers intended in promoting freedom of speech? I think not. Why is it that some individual entities’ freedom of speech carries more weight and substance than others? Simply because they can provide payoffs to our pols and demand the same in return?
No doubt. Money talks…
Posted by Larry Doyle on July 30th, 2013 8:08 AM |
People of faith are likely very familiar with the seven deadly sins: pride, envy, gluttony, lust, anger, greed, and sloth.
I think it goes without saying that our nation would be a better place if we had less of these vices on display. That said, our greatest virtues emanate from the very freedom that allows the aforementioned vices to gain a foothold. What if we did not have our freedom, though? Then what?
To explore this question, let’s navigate to The People’s Republic of China and review a recent report from Global Post that highlights:
In a directive reportedly distributed last month to local party committees, China’s top propaganda officials issued new
restrictions banning discussion of seven topics deemed to be “dangerous Western influences.” (more…)
Posted by Larry Doyle on May 9th, 2013 7:31 AM |
In May 2010, financier Cliff Asness said in The Wall Street Journal that the Dodd-Frank Act was “perfectly designed to create the largest and most powerful crony system in history. It’s not that the people, regulator or regulated, are personally corrupt. It’s that the system will itself select for, reward and enforce corruption.”
I would not agree with a blanket assessment that all the regulators and regulated are not personally corrupt but I give Cliff Asness credit for going where few in the industry are willing to navigate.
I will be watching Asness this afternoon from 2-3pm EST talk at the American Enterprise Institute about the impact of Dodd Frank — er, that is, aka Fraud Dank here at Sense on Cents — and the state of competition in America’s financial markets. (more…)