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Archive for the ‘FCIC’ Category

Is Ferdinand Pecora Rolling Over in His Grave?

Posted by Larry Doyle on November 19th, 2010 6:57 AM |

Where are our statesmen?

Where are the individuals who would choose to sacrifice personal gain for our national welfare? I am not talking about mere public policy implementation. I am talking about those who would choose to pursue and embrace the truth while exposing the incestuous Wall Street-Washington relationship that has brought our nation to its knees.

Where is today’s Ferdinand Pecora when we need him? I shudder to think that the great Pecora, who led the investigation of Wall Street practices which brought on the Great Depression, might be rolling over in his grave right now. Why’s that? (more…)

What Wall Street Secrets Will FCIC Reveal?

Posted by Larry Doyle on September 2nd, 2010 10:06 AM |

Information is everything.

There is no doubt that the development of the internet and a wide array of websites has led to a significant increase in the amount and quality of information accessed and processed by many. That said, there is also no doubt that there is an equally aggressive, if not public, effort to protect information, privileged or otherwise. Industry and company specific trade secrets can often be the key to developing and maintaining a hard earned competitive edge in the marketplace. I fully support and appreciate those ‘secrets.’ On the other side of this coin, though, there are ‘secrets’ which can often be the key to unlocking bad practices, if not much worse.

On this note, after a day’s worth of travel yesterday, I was particularly intrigued to read the Financial Times’ Probe Chief to Issue Wall Street Data. A few comments. Why is it that the FT’s electronic delivery entitles this article as such, while the hard copy entitled it, Probe Chief to Issue ‘Secret’ Wall Street Data? That one little word, ‘secret,’ is exceptionally powerful. What is Wall Street hiding? Why are they hiding it? Who specifically is hiding it? Do the secrets entail illicit and fraudulent activities? So many questions. (more…)

Is the Financial Crisis Inquiry Commission Providing Cover for FINRA?

Posted by Larry Doyle on May 6th, 2010 11:03 AM |

The Financial Crisis Inquiry Commission is charged with the following:

… a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people.

So far, I would grade the Commission’s work as an F, as in failing . . . as in f@*%ing pathetic. Why so harsh?   (more…)

Forget Daniel Mudd. Let’s Cross Examine Franklin Raines, Tim Howard, and James Johnson

Posted by Larry Doyle on April 9th, 2010 4:19 PM |

Former CEO of Fannie Mae Daniel Mudd took the stand today to get grilled by the Financial Crisis Inquiry Commission. Ooooohhh, ahhhhh….what did we learn from Mr. Mudd? Very little. Although Mr. Mudd fed at the Fannie trough for a good number of years and was paid tens of millions of dollars during his tenure, the fact is he only took over the reins in what amounted to the bottom of the eighth inning.

If the Financial Crisis Inquiry Commission truly wanted to serve America’s interests, they would shine the bright lights on three former Fannie execs who cultivated a culture which, in my opinion and others, allowed for Fannie Mae to cook their books while effectively paying off their friends up on the Hill. Who are these execs? (more…)

Robert Rubin, Raise Your Right Hand . . .

Posted by Larry Doyle on April 8th, 2010 9:15 AM |

Robert Rubin

Perhaps no one single individual is more representative of the Wall Street-Washington incestuous relationship than Robert Rubin.

Today, Mr. Rubin will provide testimony to the Financial Crisis Inquiry Commission which is charged with investigating the root causes of the economic crisis which emanated on Wall Street. Will the FCIC allow Mr. Rubin to hide behind the veil of platitudes, unnamed consultants, unknown risks, and the like? Will the FCIC finally stand up for American citizens and drill Mr. Rubin to expose the deeply embedded, culturally corrosive nature of the incestuous relationship between Wall Street and Washington? (more…)

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