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HomeAce Greenberg on Jimmy Cayne: “Dope-Smoking Megalomaniac”
Posted by Larry Doyle on June 22nd, 2010 4:22 PM |
Having worked at Bear Stearns for seven years, I have a keen interest in the behind the scenes stories and personalities leading to the ultimate demise of this once proud firm.
Last summer, I reviewed William Cohan’s book, House of Cards, which details Bear’s demise. In my commentary, I wrote the following about Jimmy Cayne:
Longstanding CEO Jimmy Cayne displays a hardened, street-smart approach throughout the book. At times of stress, however, Cayne showed himself to be a classless individual. I remember this well.
My description of Cayne was more than gracious compared to that provided by former Bear CEO Alan “Ace” Greenberg in his recently released book, The Rise and Fall of Bear Stearns.>>>>> (more…)
FINRA Owes America Answers on These Proposals
Posted by Larry Doyle on June 22nd, 2010 1:28 PM |
FINRA can talk about transparency and integrity all it wants. We all know talk is cheap. FINRA’s board and executives need to show America how they truly define and embrace transparency and integrity. How so?
FINRA is scheduled to hold its first Annual Meeting in almost three years on August 2nd. In anticipation of that meeting, FINRA member firm Amerivet Securities has submitted seven proposals to be included in the FINRA proxy materials. The FINRA board and executives owe their member firms, and ultimately America, the opportunity to address and then receive complete answers on each of these proposals. (more…)
FINRA’s ‘2009 Year in Review’: INCOMPLETE
Posted by Larry Doyle on June 22nd, 2010 10:32 AM |
What good is a 2009 Annual Report released in September 2010?
Picture a student informing his teacher that he has not been able to complete his 75-page year end review, but that he will surely get it done over the summer and “I’ll have it for you when school starts back up in September.” Additionally, the student tries to ingratiate his teacher by submitting a 6-page summary year in review. If this were not so pathetic it may actually be comical, but my friends this is what we are subjected to by the Wall Street self-regulator FINRA. How so?
FINRA Chairman and CEO Rick Ketchum just released a magnanimous 6-page 2009 Year in Review while informing America that the full 2009 FINRA Annual Report will not be released until September.
American citizens and investors are experiencing one of the most dramatic, traumatic, and anxiety-ridden financial and economic period in our nation’s history, and all we get is a 6-page summary.
The FINRA 2009 Year in Review will not take long to critique, but suffice it to say the grade on this review will certainly be “INCOMPLETE.” (more…)
Is SEC Inspector General Kotz Investigating High Profile Washington Law Firm?
Posted by Larry Doyle on June 21st, 2010 2:04 PM |
America has learned all too well about the revolving door between financial regulators and financial firms along with their legal counterparts. While these revolving doors are not necessarily incestuous by themselves, the fact is the proximity of the relationships that develop has clearly led to an overall atmosphere filled with incest.
Has this incest crept into the corner offices of a high profile Washington D.C. based law firm? (more…)
Media Appearance on The Sue Henry Show, 11:00am ET Today **UPDATED WITH AUDIO CLIP**
Posted by Larry Doyle on June 21st, 2010 10:45 AM |
I can be heard on The Sue Henry Show this morning, shortly after 11am ET. Sue’s show is broadcast on WILK Newsradio in Wilkes-Barre, Pennsylvania.
We will be talking about our favorite financial regulator, FINRA. Representative Paul Kanjorski (D-PA) is scheduled for a dog and pony show with FINRA in early July (details here). The fact is, Kanjorski is a member of two Congressional subcommittees which received a letter from the Project on Government Oversight (POGO) questioning the very validity of the self-regulatory model on Wall Street. Those questions are embodied in my commentary from February 23rd, Is FINRA’s Future in Doubt?.
Kanjorski should forget the dog and pony show and call FINRA on the carpet to answer for the massive shortcomings and transgressions within its purview over the last few years.
If you’d like to listen to The Sue Henry Show live, please click here to bring you to WILK’s website, and then click on the LISTEN LIVE button.
LD
**UPDATE** Click on the following link to listen to an audio clip from my appearance on The Sue Henry Show: LD on The Sue Henry Show
Does Wall Street Add Value?
Posted by Larry Doyle on June 21st, 2010 8:52 AM |
How does one make progress while navigating the economic landscape?
In my opinion, the key that unlocks the door to real, long term progress is the ability of an individual or an enterprise to continually and increasingly “add value.” How does one do that? Initially, one needs to develop skills and relationships. From there, one needs to hone those skills and expand those relationships. Ultimately, one can leverage and ‘sell’ this ability to ‘add value’ to an ever wider audience. In the process, the individual, firm, enterprise, or industry that can drive this process should and typically does flourish.
During the course of my career on Wall Street, I never wanted to plateau in terms of adding value. I was convinced that I needed to continually grow my skills and relationships. I encourage those whom I mentor to take this approach to their careers.
Against this backdrop, the question begs “does Wall Street as an industry truly add value?” (more…)
No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Back Phil Trupp
Posted by Larry Doyle on June 19th, 2010 6:30 PM |
UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar.
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I have often written of the contempt I have for the media, in general, and the financial media, specifically. All too often, I have witnessed shoddy or misinformed reporting in seemingly well respected periodicals. Additionally, many segments of the media seem to merely parrot industry talking points.
In my opinion, the media should not only serve as our nation’s eyes and ears, but also as our national conscience. While navigating the economic landscape and finding rampant evidence of the media’s shortcomings, I have also had the good fortune of meeting an individual who represents the best of what the media should be. (more…)
Saturday in the Park
Posted by Larry Doyle on June 19th, 2010 9:05 AM |
I am a very lucky guy. Having been blessed with a beautiful wife and family, I count my abundant blessings everyday. On that note, I am looking forward to today. I have the good fortune of taking my two youngest boys to Fenway Park for a game between our beloved Boston Red Sox and the legendary boys of Brooklyn moved west, the Los Angeles Dodgers.
Having grown up in Boston and attended games at Fenway as a youth, bringing my own boys to America’s most beloved ballpark is a special treat. They have heard all my stories about going to games (bleacher seats for $1.00, and riding the trolley car back home) more often than they would care to mention. That said, memories created from days like today are truly special.
I witnessed a sign of our current economic times in the purchasing of tickets for today’s game. (more…)
ARS Fight Continues: Another Round with Oppenheimer
Posted by Larry Doyle on June 18th, 2010 11:06 AM |
The fight for justice for auction-rate securities investors has many rounds yet to go. I remain determined to fight, cover this story, and highlight the ongoing fraud and injustice perpetrated on ARS investors everywhere until the last punch has been thrown. On that note, let’s get ready to rumble!
I received a recent message from an individual in Florida. The fact that the financial fraud in this specific case and the ARS market in totality remain largely unknown to the American public is an indictment of Wall Street, the financial industry at large, our financial regulators, the broad financial media, Congress, and ultimately our nation. Let’s strap it back on, and go after those individuals and institutions in our country who have failed to protect our brothers and sisters who were defrauded in the distribution of ARS. (more…)
Protecting Yourself Against Mortgage Fraud
Posted by Larry Doyle on June 18th, 2010 9:20 AM |
Financial distress leaves people increasingly vulnerable to financial predators and resulting financial scams and fraud. With homeowners increasingly underwater on their mortgages, the scum in our society are diligently pursuing and perpetrating their vile works. Homeowners looking to modify their mortgages or otherwise investigating avenues of financial assistance need to be exceptionally careful at this point in time.
What should homeowners do? I would highlight two recommended paths. In my local paper this morning were rules of the road to Avoid Becoming a Victim of Fraud:
According to an FBI advisory, these are steps to take to avoid becoming the victim of mortgage fraud: (more…)
