RSS Feed
Twitter
Facebook
Email
HomeLibor Scandal Update: More Evidence from Mid-1990s
Posted by Larry Doyle on November 21st, 2012 10:00 AM |
Headlines this morning highlight the fact that SAC’s “portfolio manager A”, aka Steven A. Cohen, is linked to the largest insider trading scandal brought to date by the US Attorney’s Office in New York.
This $276 million scandal and the fact that Stevie-boy might finally be hooked is sure to create ooh’s and aah’s across Wall Street and the nation. If proven, Cohen and other conspirators deserve what they get in terms of hard time.
Meanwhile in the adult pool little attention is paid to the fact that the “institutional” Libor manipulation scandal had bombshell developments yesterday. Let’s navigate. (more…)
Fiscal Cliff: Stupid Is as Stupid Does
Posted by Larry Doyle on November 20th, 2012 10:58 AM |
What is that danger sign on our economic landscape? That sign is warning us that the fiscal cliff is right around the bend. You can not open the papers or turn on the news without seeing the phrase “fiscal cliff” staring you in the face. What is this dangerous precipice all about?
At the request of a number of readers, I welcome addressing this current impending reality given that the wizards in Washington were not able to properly manage our nation’s fiscal affairs a year ago, or the year before that, or the many years before that and so on and so forth. So, just what exactly is this “cliff?” (more…)
SEC Whistleblower Suit: Sex, Lies, Stupidity, Oh My!!
Posted by Larry Doyle on November 19th, 2012 7:56 AM |
If the whistleblower complaint I read this weekend did not have the United States Securities and Exchange Commission and Mary Schapiro as defendants, one might have thought it belonged in a cheap tabloid at a supermarket checkout.
Regrettably, given the incestuous (pun intended) activities that have been all too prevalent on Wall Street and in Washington over the last four years, this complaint brought by the recently deposed Assistant Inspector General of the SEC may be tawdry in its delivery but not surprising in its content. Let’s navigate and review David P. Weber, Plaintiff vs. United States Securities and Exchange Commission and Mary L. Schapiro, Chairman. (more…)
Market In a Minute
Posted by Larry Doyle on November 19th, 2012 5:50 AM |
I welcome launching a new initiative here at Sense on Cents. With credit to Oliver Pursche, I will run weekly posts entitled, Market In a Minute. The opinions expressed are his own and should not be construed as an endorsement of recommendation on my part. The inaugural rendition of this self-explanatory delivery provides the following expected highlights:
The Market in a Minute:
Although the S&P 500 lost about 1 ½% last week, I believe stocks want to move higher. (more…)
SEC Settles with JP Morgan/Bear Stearns: Crime Pays . . . . . . . . . . (“Why I Left Bear Stearns”) . . . . . . . . . . .
Posted by Larry Doyle on November 16th, 2012 8:29 PM |
This evening I feel the need to take a shower after having just read the most despicable settlement yet rendered by the SEC. In fact, having just read this settlement, I am embarrassed to be a citizen of a nation with such little moral fiber as to let what is a blatant criminal act go properly unpunished. This is a sad day in America. I do not write that for simple effect.
I write that because I believe a settlement this afternoon between the SEC and JP Morgan/Bear Stearns closes the door on perhaps the single most egregious criminal act I have yet come across while writing this blog. (more…)
Regulatory Insider: How/Why MF Global Failed Recommended
Posted by Larry Doyle on November 16th, 2012 9:20 AM |
We all know that MF Global failed because it had put on massive bets on sovereign bonds in the Euro-zone. There has to be more to it than that, though, right? Yes, indeed.
Wasn’t Dodd-Frank passed in mid-2010 supposed to limit the leverage that could be utilized by banks and broker-dealers? How and why was MF Global able to leverage itself upwards of 50 times in bets placed in late 2010 and throughout the better part of 2011?
Let’s navigate and go over the financial regulatory wall to learn the answers to those questions from a regulatory insider. This insider recently wrote to me and offered the following:
(more…)
Sense on Cents Poll: Is Jon Corzine Guilty?
Posted by Larry Doyle on November 15th, 2012 8:11 AM |
I have received endless requests from readers to continue to address the debacle that is MF Global and Jon Corzine. I have also received inquiries from friends and former colleagues on the street wondering why I persist in drilling Mr. Corzine whom they indicate is actually a pretty good guy.
To those in both camps, please allow me to state that the demise of MF Global reaches far beyond one man. I think of the countless numbers of farmers who at this very minute continue to suffer from the consequences of the actions that played out at MF Global. Beyond those individuals, I think about the truth, that prized virtue which remains under attack each and everyday in our once great nation. (more…)
Who Should/Will Be Next SEC Chair?
Posted by Larry Doyle on November 14th, 2012 8:16 AM |
Have you had enough of the crony capitalism that has been running rampant throughout our country?
Have you had enough of the “neither admitting nor denying” statements put forth by far too financial firms writing checks to cover corrupt activities?
Have you had enough of seeing Jon Corzine, Angelo Mozilo, Albert Loewenthal, and a whole host of other individuals connected to financial frauds walk free while ordinary everyday Americans pay the price for the ravage these fraudsters left in their wake?
Have you had enough of the financial dirt continually being swept under the rug as the pols and their cronies stuff their campaign coffers and pad their personal accounts/portfolios? When will “enough be enough”? (more…)
Who Should/Will Be Next Treasury Secretary?
Posted by Larry Doyle on November 13th, 2012 2:30 PM |
With the fiscal cliff staring us straight in the face and a host of other fiscal issues continuing to haunt our domestic and global economies, the pressure on our next Secretary of Treasury will be significant. Who is up to the task? Whom would you like to see fill this enormous role?
American Banker presents this question today and puts forth the following candidates: (more…)
How Bear Stearns Really Screwed Investors
Posted by Larry Doyle on November 12th, 2012 8:57 AM |
The Wall Street Journal reports this morning that JP Morgan will merely pay a fine for transgressions that occurred at Bear Stearns prior to the large money-center bank’s life-saving takeover of the former Wall Street broker.
With merely a fine to be paid, global investors and American taxpayers are once again left scratching their heads wondering if the transgressions involved happened without any sort of meaningful human involvement. I mean, how is that JP Morgan will pay a fine likely in the hundreds of millions of dollars and not one single individual is likely to face the music? More on that in a second. What today’s WSJ report and many other reports fail to identify is what really happened at Bear Stearns. Let’s navigate.
Investors got screwed by the actions at Bear Stearns in two ways: (more…)
