Posted by Larry Doyle on August 20th, 2014 9:21 AM |
I am compelled to digress today from our standard navigation of the economic landscape to touch upon the troubling situation playing out in Ferguson, MO.
I hope those who read this commentary and my blog would come away thinking the only side I come down upon in any situation is that of the truth. Over and above that pursuit, I hope people would also believe I have a real contempt for corruption and a real love for my fellow man.
The troubles in Ferguson are clearly very fluid and a cauldron for those who feel disenfranchised. Similarly, there are some folks who would use the loss of a young man’s life to further incite violence for violence sake.
Might America be able to use the unrest in Ferguson to have an intelligent conversation on the issues involved? I certainly hope so. (more…)
Posted by Larry Doyle on August 19th, 2014 8:31 AM |
When a penalty does not fit the crime it should come as no surprise that the activity in question is likely to perpetuate.
We would seem to see evidence of this reality in the ongoing “wash, rinse, repeat” cycle of money laundering activities at the laundromat heretofore known as Standard Chartered Bank.
Posted by Larry Doyle on August 15th, 2014 9:44 AM |
“The findings of this study suggest that the SEC is influenced by considerations other than the merits of the case and raise questions regarding the effectiveness with which the agency plays its deterrence and compensation roles.”
Maria M. Correia
London Business School
The phrase “quid pro quo” is universally understood as something that is given or taken in return for something else. The actions involved are not necessarily always illegal or unethical but very often the connotation of the phrase especially when used in a political context expressly implies a form of corruption.
“On the federal level, the Hobbs Act makes it a felony for a public official to extort property under color of office. Trading campaign contributions for promises of official actions or inactions are also prohibited under the act.”
I think most people in our nation today would accept the premise that Washington politicians actively engage in practices that would fall under the heading of quid pro quo. How do they often play this game? Let’s navigate as Ms. Correia hits the Washington establishment and the SEC hard: (more…)
Posted by Larry Doyle on August 14th, 2014 9:16 AM |
I truly appreciate reading the thoughts of highly intelligent professionals. I appreciate even more reading the thoughts of those highly intelligent professionals who stand up and speak out in courageous fashion on the serious issues of the day.
Very few individuals with whom I have crossed paths since launching Sense on Cents in early 2009 embody these character traits more than Helen Davis Chaitman.
Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation’s top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants’ malpractice case. Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC. She has lobbied in Congress for statutory changes to assure Madoff investors of the protections of the Securities Investor Protection Act.
Ms. Chaitman is truly tireless in fighting for justice and recently launched the site JPMadoff to expose the relationship between JP Morgan and Bernie Madoff that facilitated the perpetration of Wall Street’s largest Ponzi scam.
I am honored that Ms. Chaitman would review my book In Bed with Wall Street. Her review is currently being widely disseminated throughout the blogosphere. I welcome sharing her thoughts here: (more…)
Posted by Larry Doyle on August 13th, 2014 9:40 AM |
Information is everything.
Access to information on a timely basis is critical to an agency, an organization, an administration, and a government at large being well run. The sharing of information is often sporadic if the interests of those involved are not properly aligned.
Regrettably for the American public, our interests are not often properly represented and aligned with those atop Capitol Hill — on both sides of the aisle — and those within 1600 Pennsylvania Avenue. All we need to do is look at the pathetic if not anemic levels of public approval to understand that. Truth be told, though, those within power should not operate based purely on public polls and levels of approval.
Although often times it seems that they do take just that tact.
All this said, we are living through seemingly an unprecedented period when sourcing information is forever breaking new ground. How might we know if the information itself is utilized to truly protect and promote the public interest as opposed to allowing waste, fraud, and abuse to propagate? (more…)
Posted by Larry Doyle on August 12th, 2014 11:46 AM |
In early January of this year, JP Morgan was hit with a $2 billion fine and a deferred prosecution agreement for its failures to properly manage and monitor its 20-plus year relationship with the Sultan of Swindle Bernie Madoff.
In my opinion, that settlement had little meaningful correlation with what most in our nation would define as justice. I wrote as much in my commentary, JP Morgan – Madoff: Lots of ‘CYA’ But Little ‘KYC’.
After this settlement was finalized, I can only assume that many of the folks at FINRA, the SEC, DOJ, SIPC (Securities Investor Protection Corporation), and certainly JP Morgan exhaled a welcome sigh of relief to see the JPM-Madoff affair fading into the rear view mirror.
Not so fast!! (more…)
Posted by Larry Doyle on August 11th, 2014 9:38 AM |
If we thought that our nation’s top financial cops had embraced the mantel of truly protecting the public interest, a recent story put forth by CNBC gives us serious reason to pause in that assessment.
This story addresses a leak inside the commission and generates far more questions than answers as to what is really going on inside the offices of the SEC.
Let’s navigate, review, and critique how the SEC Probes Its Own Leak But Can’t Find Culprit:
The inspector general of the Securities and Exchange Commission conducted an intensive, months-long dragnet in 2013 and 2014 involving phone, email and security searches to determine who inside the agency allegedly leaked information to the media about a closed commission meeting discussing the massive JPMorgan “London Whale” settlement, CNBC has learned.
Posted by Larry Doyle on August 8th, 2014 6:24 AM |
While all too many market prognosticators, political pundits, central bankers, and Wall Street economists work overtime at creating and promoting a narrative to fit an improving global growth story, I have not seen the underlying fundamentals here at home or abroad to support that case.
So while I will quickly peruse the views and opinions of the aforementioned lackeys spinning their yarns, I prefer to look elsewhere to find those pursuing the truth.
This morning, I welcome reading the global perspective provided by Ashoka Mody, “visiting Professor of International Economic Policy at the Woodrow Wilson School of Public and International Affairs at Princeton University and a visiting fellow at Bruegel, the Brussels-based economic think tank. He is a former mission chief for Germany and Ireland at the International Monetary Fund.”
Posted by Larry Doyle on August 7th, 2014 9:21 AM |
Little surprise this week that the Federal Reserve and FDIC have assigned failing grades to Wall Street’s ‘too big to fail’ banks assigned to writing ‘living wills.’
As a frame of reference, these ‘living wills’ are required by the Dodd-Frank legislation intended to reform Wall Street and prevent the need for another government bailout of our ‘too big to fail’ banks.
Really? Well, in theory anyways.
Why is it that our ‘too big to fail’ banks cannot write ‘living wills’? (more…)
Posted by Larry Doyle on August 5th, 2014 9:26 AM |
I have real contempt for those in positions of power who engage in abusive treatment of those within their ranks trying to do the right thing.
There are countless reasons why our nation is literally and figuratively “broke.” One of the reasons, though, is that the waste, fraud, and abuse within so many government agencies is tolerated — at taxpayer expense — for the benefit of those engaged in wasteful if not corruptible practices.
While we hear the hue and cry of many political fakers who would claim to do the right thing by whistleblowers, the professional abuse of countless of our fellow citizens persists. Let’s navigate and read of the experience of Paula Pedene, a woman who tried to do the right thing at the VA.