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HomeT. Hoenig: ‘TBTF’ Banks Insufficient Equity Capital; The Case for Glass-Steagall
Posted by Larry Doyle on March 7th, 2014 7:05 AM |
I inadvertently overlooked a recent commentary written by a Sense on Cents favorite, Simon Johnson, that ran at Project Syndicate.
Johnson writes a fabulous piece entitled Truth From the Top highlighting the work of former Fed governor Thomas Hoenig about just how fragile our banking system truly is and how the politics of promoting the ‘too big to fail’ model have persisted. Let’s navigate.
It is unusual for a senior government official to produce a short, clear analytical paper. It is even rarer when the official’s argument both cuts to the core of the issue and amounts to a devastating critique of the existing order. (more…)
Making Swiss Cheese of Derivatives Reform
Posted by Larry Doyle on March 6th, 2014 5:02 AM |
Yes, that quadrillion (thousand trillion) sized market with 95% of the concentration in the 5 largest ‘too big to fail’ banks.
Thanks to our friends at POGO for highlighting the following loopholes large enough for a Mack truck: (more…)
Insider Trading at the SEC??
Posted by Larry Doyle on March 5th, 2014 4:07 AM |
The abbreviated definition of insider trading is “the buying or selling of a security by someone who has access to material, nonpublic information about the security.”
Who could possibly be more “inside” than an individual who is in the position to take action against a company, that is employees of the Securities and Exchange Commission?
In another edition of “You Can Not Make This Stuff Up,” a recent paper highlights how employees at the SEC are superb in terms of their stock trading and specifically their stock selling skills. Let’s navigate. (more…)
Deficit Projections Out To 2024
Posted by Larry Doyle on March 4th, 2014 12:51 PM |
The Wall Street Journal addresses that widening gap between how the administration and the CBO view future deficits in writing: (more…)
Geographic and Strategic Importance of Crimea
Posted by Larry Doyle on March 4th, 2014 7:06 AM |
With all eyes in the markets, if not the world, focused on the ongoing crisis developing in the Ukraine and its southern peninsula known as Crimea, let’s navigate and gain a greater understanding as to the geographic, economic, and political importance of this region.
Crimea is a short, 2 hour plus flight from Moscow or perhaps a half day ride given that it is approximately 850 miles/1400 km due south. More importantly than the proximity of Crimea to Moscow is its geographic location. (more…)
Did Credit Suisse CEO Dougan Commit Perjury?
Posted by Larry Doyle on March 3rd, 2014 8:55 AM |
Perjury is a very serious offense or at least it is supposed to be.
If our system of justice and Congressional oversight do not uphold the law against those who commit or may have committed perjury, what does that say about the rule of law in our nation?
In my opinion, a situation in which perjury occurs and goes unpunished is another nail in the coffin holding the American ‘rule of law.’
To this end, let’s navigate and look a little deeper into a high profile case centered on Wall Street in which the immediate question begs whether Credit Suisse CEO Brady Dougan committed perjury in providing Congressional testimony last week. (more…)
My Talk at Baruch: In Bed with Wall Street
Posted by Larry Doyle on March 2nd, 2014 12:03 PM |
I thank the countless number of individuals who have introduced me to various media representatives (print, radio, and TV) throughout the country to discuss my work both here at Sense on Cents and in my book In Bed with Wall Street. In the hope that even more media doors might open, I would like to link to a talk I gave earlier this week at Baruch College.
I thank the individual whom I have not met and do not know for having captured my remarks and posted them online. In my talk, I touch upon a host of topics addressed in my book including serious allegations and evidence connected to the misappropriation of funds and insider trading within Wall Street’s self-regulatory organization FINRA, abuse of whistleblowers, sham protection provided by SIPC, and much more including my proposed reforms.
Confident that more than one door to media outlets will be opened by my posting these remarks, I thank those who might share this link with friends and colleagues both inside and outside of the world of media.
Transparency remains the only true disinfectant.
Thank you.
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 receiving it via e-mail or another delivery, please visit the blog to listen to this clip and 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.
PBS Frontline: Secrets of The Vatican
Posted by Larry Doyle on February 28th, 2014 8:54 AM |
I could not possibly recommend more strongly the viewing of this recently released documentary on PBS Frontline. The issues addressed are almost too numerous to properly categorize, but at the core is scandal and corruption at the highest level of the Catholic Church.
I will pray for Pope Francis that he is successful in cleansing the church of those deeply ensconced within it who have engaged in corruptible practices.
The comments attached to this documentary are also worth reviewing. I found this one to be of particular interest:
A remarkable program about the Vatican. We need a similar one on Wall Street, the US Congress and the United Nations.
I thought of INTOXICATION stemming from SEX, MONEY, SUBSTANCES, POWER, RELIGION and KNOWLEDGE. It would be a mistake to see all that this great Television exposed without some introspection on intoxication and what we encounter before a mirror.
The documentary runs for about 80 minutes. I hope those navigating these parts will find the time to view it and share it.
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 receiving it via e-mail or another delivery, please visit the blog to view this video and 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.
Geithner: “We Saved The Economy, Lost The Country”
Posted by Larry Doyle on February 26th, 2014 7:01 AM |
Given the steady stream of platitudes put forth by many past and present political and financial figures in and around Washington, I find myself typically dismissing much of what is said as simply “more of the same.” In the process, I usually scan headlines and quickly move on to review news or issues that I find more meaningful.
Yesterday I paused, though, upon seeing a headline in The Wall Street Journal that caused me to want to look a little deeper. The headline, Geither: ‘We Saved The Economy . . . We Lost The Country.’ This I had to read. (more…)
Wall Street’s Greatest Racket: FINRA’s ‘Meter Maids’
Posted by Larry Doyle on February 25th, 2014 6:45 AM |
In 2013 the six largest banks on Wall Street generated profits of $76 billion.
Last year, Wall Street’s primary self-regulatory organization FINRA imposed fines of $57 million.
Anybody still wondering why Wall Street likes being a self-regulated industry? Is Wall Street this clean or are the regulators little more than meter maids, as I have long maintained? Thanks to the folks at Sutherland Asbill & Brennan, let’s look at the fines imposed by FINRA last year and over the last 9 years (including the years prior to FINRA’s formation in 2007 as a result of the merger of the NASD and the regulatory arm of the NYSE):
Numbers don’t lie. (more…)
