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HomeAn Insider’s Perspective on Insider Trading: “Everyone Doesn’t Belong on Wall Street”
Posted by Larry Doyle on November 26th, 2010 8:16 AM |
The Man in the Arena, written by Teddy Roosevelt in 1910, is certainly one of my favorite passages from history.
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
I thought of this passage in light of a communication I received from a regular reader of Sense on Cents. This reader wrote to me in response to my recent commentaries and appearance on CNBC discussing the ongoing insider trading investigation. This individual had a long and distinguished career on Wall Street. (more…)
Thanksgiving 2010: Reasons to Be Thankful
Posted by Larry Doyle on November 25th, 2010 6:34 AM |
As I sit here in the early morning hours, I pause and reflect on the past year. I have so much for which to be grateful.
While my wife would not want me to bring attention to her, I am not only exceptionally grateful but extremely fortunate to be married to the most beautiful girl in the world. Thank you my love!! I am also not reticent in stating that Sense on Cents would not be what it is without my beloved’s wisdom and technical support.
To my four beautiful children, I am not typically challenged to express my feelings. I have untold love and admiration for what you have accomplished and more importantly for who you are. We all know your own gratitude should be directed to your mother. (more…)
CNBC Appearance This Afternoon at 2:40pm >>> UPDATED with Video
Posted by Larry Doyle on November 24th, 2010 10:44 AM |
***Update: video clip included below
If you’ve got some time this afternoon, please check in to CNBC’s Street Signs at 2:40pm as I will be discussing the recent insider trading probe and the implications it has on our markets.
Hopefully, I’ll be able to grab a video clip of the segment to post later today or tomorrow.
Larry Doyle
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I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
This Is Not “Blue Horseshoe Loves Anacott Steel”
Posted by Larry Doyle on November 24th, 2010 7:50 AM |
Insider trading activity on Wall Street has often been connected to the above line shared by Gordon Gekko with his protege Bud Fox in the movie Wall Street (1987).
Is the insider trading probe currently occurring on Wall Street and entangling a number of firms within hedge fund and mutual fund circles just another case of those on the inside benefiting at the expense of America as a whole? Or is this investigation unfairly maligning those who view themselves as merely being industrious in unearthing corporate information? Rest assured, this posture will clearly be put forth as a defense by many implicated in this ongoing probe. (more…)
Ireland’s Sinn Fein Leaders Say, Screw ‘EU’…and the IMF and ECB as Well
Posted by Larry Doyle on November 23rd, 2010 7:03 AM |
Is there any greater motivation for man than the sense of being disenfranchised?
Throughout history, those who have been disenfranchised have used that reality as the motivation to move mountains…..if not governments. What stokes the fire of those who would take up their cause and speak out on behalf of their people? Not only a sense of injustice but often merely a lack of representation. We witness a growing sense of all these realities in the Republic of Ireland. Why’s that?
The Irish citizenry are increasingly aware that the Irish “bailout” brokered yesterday by the IMF, the European Commission, and European Central Bank is truly a backdoor bailout of international banking institutions on the continent with the costs to be borne by the Irish people. While Ireland’s sitting government may have balked at this bailout, ultimately they caved to the pressure from the powers within the EU. Sinn Fein, the opposition party in Ireland, is speaking out aggressively on behalf of the Irish people who are bearing the cost of bailing out international banks.
The Euro and other related markets overnight are very much aware of the growing opposition within Ireland to the ‘backdoor bank bailout’. Risk premiums are rising across many market segments as a result. Let’s navigate ‘across the pond’ to the Emerald Isle and listen to the leaders of Sinn Fein, including its ‘tough as nails’ President Gerry Adams (the second to speak in this video clip), rail on the sitting Irish government, Fianna Fail, and those within the EU who orchestrated this ‘backdoor bank bailout.’
Navigate accordingly.
Larry Doyle
Federal Reserve: Increasingly Defensive and Admits Structural Issues
Posted by Larry Doyle on November 22nd, 2010 7:55 AM |
The Federal Reserve may be America’s greatest enigma.
The Fed would clearly much prefer to remain opaque in the midst of our current economic turmoil. However, even the ‘all powerful’ Fed is unable to withstand the pressure from those seeking answers and clarity while navigating our economic landscape.
I have often tried to highlight the Fed’s shortcomings and inconsistencies. From the Fed’s overly optimistic economic projections to its unwillingness to openly admit the ongoing structural issues and changes within our economy, I believe the Fed has been playing politics for far too long and well beyond its goals and mandates. (more…)
“Illegal Insider Trading is Rampant and May Even Be On the Rise”
Posted by Larry Doyle on November 20th, 2010 6:54 AM |
How are regular retail investors supposed to compete?
Why have investors been fleeing our markets in droves?
Well, if the financial earthquake of 2008 did not crush you then perhaps the “Flash Crash” of May 6th left you sufficiently unnerved. Were you able to weather both those upheavals? If so, I congratulate you for your discipline and perspicacity. I would also encourage you not to let your guard down. Why’s that?
The fact is the challenge in navigating our economic landscape is not only addressing the squalls and storms that we can observe on the horizon but also the insidious work of those who would betray the very integrity of our markets. Is this even possible? Let’s navigate. (more…)
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…)
Irish Bailout Is a Backdoor Bailout of European Banking System
Posted by Larry Doyle on November 18th, 2010 6:20 AM |
What is going on in Ireland? Those forty shades of green look so inviting. How could it be that the Emerald Isle is the center of the current financial turmoil? Well it is…and it isn’t.
How is it that a variety of Irish officials can claim that they neither need nor want a bailout from the EU but a bailout is assuredly on the way? Are we witnessing a sovereign nation losing the ability to control its own affairs? There is no doubt the Irish are a proud people but are they also being overly stubborn at this juncture (believe me, I know proud and stubborn…!!)? Are the Irish failing to accept the inevitable? Hadn’t the Irish attempted a Swedish style approach in terms of aggressively recognizing losses within their financial sector?
While the answer to all of these questions is a varying degree of the affirmative (especially the proud and stubborn..!!), to truly understand what is happening in Ireland, we actually need to shift our focus to the European mainland. Really? Why’s that? Let’s navigate the tangled web and interconnectedness of the global banking system circa 2010. (more…)
