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HomeFINRA Investigates Thomas Weisel for ‘Stuffing’ ARS; Will SEC Investigate FINRA for Same?
Posted by Larry Doyle on May 18th, 2010 3:21 PM |
More evidence of the fraud surrounding auction-rate securities is exposed this morning in a story highlighting how Thomas Weisel Partners ‘stuffed’ $15.7 million of auction-rate securities into client accounts in order to raise cash to pay bonuses. The Wall Street Journal reports, Weisel Accused of ‘Stuffing’ Auction-Rate Securities:
Finance industry regulators have charged Thomas Weisel Partners and one of its former executives with improperly “stuffing” $15.7 million of auction-rate securities into client accounts in order to raise cash to pay bonuses. (more…)
Karen Fischer Petitions for FINRA Board Seat
Posted by Larry Doyle on May 18th, 2010 5:45 AM |
A democratic process requires fair, open, and robust interaction between and among elected individuals. That interaction will only occur if the individuals themselves are representative of a wide constituency. To that end, I am happy to post the following petition from Karen Z. Fischer, who is running for a seat on the FINRA Board of Governors. I am not endorsing Karen’s candidacy per se, but I am very much endorsing a process which will promote real transparency and integrity. To that end, I welcome sharing Ms. Fischer’s letter: (more…)
Why is Copper Melting Down?
Posted by Larry Doyle on May 17th, 2010 2:26 PM |
If manufacturing and industrial activity is supposedly picking up in the largest economy in the world, that being the United States, then why is the price of the base metal copper melting down?
Let’s look at a WSJ graph of copper for the last twelve months:
We can witness that copper rebounded strongly during 2009, given the global meltup in virtually every risk-based asset. Copper closed out 2009 at approximately $3.35/lb and then proceeded to melt down in January of this year when markets got hit. (more…)
Jeff Gundlach Provides Sense on Cents
Posted by Larry Doyle on May 17th, 2010 11:12 AM |
We have not heard much lately from the former high profile money maven, Jeff Gundlach. You may recall that Gundlach departed the LA-based Trust Company of the West late last year under very questionable circumstances, leading to an ugly lawsuit. I highlighted as much this past January in writing, “TCW vs Gundlach, et al: Getting Ugly Early.”
What has Gundlach been up to lately? The Wall Street Journal brings us up to date on the once high-flying, but currently humbled, money manager in writing, Gundlach Gets Back in the (Smaller) Game:
Jeffrey Gundlach, the bond-fund manager whose departure from TCW Group in December made headlines, still sees himself as a player in the industry. (more…)
‘There’s No Money Left’
Posted by Larry Doyle on May 17th, 2010 8:46 AM |
Spending money you do not have is a clearly defined road to fiscal ruin.
Politicians the world over, but especially in Washington, have little appreciation for this concept. A departing chief secretary in the U.K. Treasury, Liam Byrnes, addresses this topic with crystal clarity in a message left for his successor, David Laws. (more…)
No Quarter Radio’s Sense on Cents with Larry Doyle Open Mic Night
Posted by Larry Doyle on May 15th, 2010 2:28 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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Do you feel as if nobody is listening to you? Do you feel as if you have been disenfranchised? Do you feel as if Washington is working on its own agenda? Do you sense that large parts of the media are parsing information and representing their protected interests rather than truly pursuing truth, transparency, and integrity?
There is little doubt that many in America feel and believe all of the above. What can you do? Bring your questions and opinions right here as this Sunday from 8-9pm ET No Quarter Radio’s Sense on Cents with Larry Doyle Open Mic invites you to be my guest.
Will the Euro recover or continue to plummet in value? Will the EU break up in the process? Will our economy slide back into a recession if the EU slows, as it assuredly will given necessary fiscal austerity measures. (more…)
May 15, 2010: Market Week in Review
Posted by Larry Doyle on May 15th, 2010 6:12 AM |
The European Union, the European Central Bank, and the International Monetary Fund (and the Fed, as well, although they don’t want to truly highlight it) provide $960 billion in backstops for the Euro-zone and what happens? The Euro ends the week lower by 3%!! Ladies and gentlemen, that is nothing more than a major “F&%@ Y#&“ on behalf of global investors to the aforementioned central banks and government entities.
Think there is tension in Euroland, and specifically between France and Germany? As The UK-based Telegraph reports, President Nicolas Sarkozy ‘Threatened to Pull France Out of Euro’:
President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece’s aid package last Friday, according to Spain’s El Pais newspaper.
The last time there was this kind of tension between these countries, guess who was coming ashore at Normandy? (more…)
Jersey Governor Chris Christie: The anti-Obama
Posted by Larry Doyle on May 14th, 2010 2:11 PM |
America needs more men like recently elected New Jersey governor Chris Christie.
Say what you want about Christie’s politics, but what Christie brings is a straight talking, shoot from the hip, apolitical approach. If you are sick of politicians, and most people in America are, then you are going to like Chris Christie.
Washington better watch out. Christie’s delivery and drive for truth, transparency, and integrity are going to resonate.
Barack, watch, listen, learn.
LD
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Joe Saluzzi Exposes ‘Theft on Wall Street’
Posted by Larry Doyle on May 14th, 2010 9:17 AM |
Themis Trading’s Joe Saluzzi was designated a Sense on Cents Hall of Fame medalist this past January. Mr. Saluzzi has once again distinguished himself by providing a significant degree of transparency into the technical structures of our seriously flawed equity exchanges.
A recently released white paper, Exchanges and Data Feeds: Data Theft on Wall Street,written by Joe and his colleague Sal Arnuk at Themis Trading is getting a LOT of attention on Wall Street and in Washington. I welcome highlighting and bringing this 3-page paper to Main Street. If you have any interest in the markets and our economy, this paper is a MUST read. Allow me to whet your appetite: (more…)
