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HomeSpent: Looking for Change (Compelling Documentary)
Posted by Larry Doyle on June 12th, 2014 8:23 AM |
Are you aware that nearly 70 million Americans are underserved, that is effectively locked out, by traditional financial services companies? How about the fact that these underserved fellow Americans paid $89 billion — that’s right billion with a B — in interest and fees to manage their finances? What do you think of the reality that 25% of the children in America live in underbanked homes? Are you aware that almost half of all US households report that they could not come up with $2,000 in case of an emergency? Yes, almost half.
To witness some first hand accounts of people representative of so many in America struggling to make ends meet, I strongly encourage you to watch a recently released documentary that runs a little more than a half hour. I believe this film, Spent: Looking for Change, will leave a strong impression on you. It certainly did on me.
In light of the statistics shared above, there should be no real surprise why our economy continues to lag and the disconnect between Wall Street and Main Street grows ever wider. There are many reasons for these realities, but regrettably the American dream is becoming nothing more than a pipe dream for many in our nation.
What do you think?
Larry Doyle
Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
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How Are People ‘Tweeting’ Dave Brat’s Victory Over Eric Cantor?
Posted by Larry Doyle on June 11th, 2014 9:52 AM |
Twenty four hours ago, how many people who follow politics and the markets in America knew the name Dave Brat? I would guess not that many.
I will admit that, prior to last evening, I did not know Dave Brat or that there even was a Republican primary scheduled in the state of Virginia. What a difference a day makes. Talk of Dave Brat’s historic upset of Eric Cantor is now dominating the airwaves and social media. In the quintessential example of ‘David slays Goliath,’ Brat brought down Cantor after having raised a paltry sum of $231,000.
Is it appropriate to compare Brat’s victory to the throwing of tea into Boston Harbor?
While plenty of the established talking heads will look to quickly paint Brat’s victory with the standard political fare, I think — and hope — that Brat’s victory is a statement that “the system is broken.” Is Brat’s victory an indication that the established status quo in Washington should be nervous? Let’s navigate and see how folks are tweeting this monumental upset: (more…)
SEC Commissioner Stein Tells FINRA To Toughen Up
Posted by Larry Doyle on June 10th, 2014 9:38 AM |
“Speak softly but carry a big stick.”
Real leaders and financial cops very much appreciate that principle. Those playing politics and crony capitalism circa 2014 find it to be anathema.
Why is it that bad practices on Wall Street (e.g high frequency trading, abusive sales practices, market manipulation) are too often tolerated in Washington while costing ordinary Americans untold sums? Very simply, when the punishments do not fit the crimes the practices will perpetuate. The penalties become little more than a cost of doing business. Those ‘writing the tickets’ are little more than meter maids.
Those engaged in regulatory oversight might not appreciate these assertions but these realities are part and parcel of the self-regulatory model on Wall Street. To think otherwise is simply to be willfully blind. SEC commissioner Kara Stein recently told the folks at FINRA to take off their blinders. (more…)
The People v Big Finance: “This Case Is About Broken Promises” . . . . Strongly Recommended
Posted by Larry Doyle on June 9th, 2014 10:04 AM |
For those who care about free and fair markets — and the accompanying concerns about captured and corrupted regulators and politicians — a recent case filed against the major equity exchanges in our nation qualifies as an absolute must read.
This case brought on behalf of Harold R. Lanier et al against every major exchange in America including the NYSE, NASDAQ, et al centers on the ongoing debate surrounding high frequency trading within our markets.
I believe there is no doubt that those who operate within the high frequency trading arenas hope that compliant financial regulators and like-minded media will provide them the cover necessary to let the games go on. (more…)
Preparation for My Talk at the Library of Congress
Posted by Larry Doyle on June 4th, 2014 11:30 AM |
In preparation for my talk tomorrow at the Library of Congress, I thought I would gather some quotes from my book to share with those in attendance regarding shortcomings and failures within our financial regulatory system.
Some in the audience may think these quotes are evidence of meaningful corruption.
I would concur.
pg 105, Attorney Richard Greenfield
“We were able to get discovery, that is document presentation from the NASD (FINRA), very early on. Many of these documents were produced under a confidentiality order; in other words, the NASD wouldn’t produce them unless they could be kept confidential, i.e not in the public record. These documents showed unequivocally that the NASD defendants lied to the members of the NASD. Blatantly, unequivocally, you can’t put any coloration on it, you can’t say they were negligent. They intentionally lied. The lies are repeated over and over in a proxy statement. They are repeated in road shows taken all around the country.” (more…)
BOE’s Mark Carney Displays Real Leadership . . . Instant Classic
Posted by Larry Doyle on June 3rd, 2014 10:00 AM |
There is little doubt that our society and those abroad are under enormous pressure given the growing disparity between social classes and a strong sense that many of the games ongoing within our markets are rigged.
We certainly hear plenty of political pandering on these topics, but regrettably few of our supposed leaders are willing to aggressively address the systemic and structural nature of these problems. Sufficiently upsetting the status quo is not an accepted practice in our nation, so leave it to a Canadian, Mark Carney, to display the real leadership sorely lacking in America.
Carney just so happens to be the Governor for the Bank of England. He recently spoke at the Conference on Inclusive Capitalism. His remarks, Creating a Sense of the Systemic, qualify as a Sense on Cents Instant Classic: (more…)
Lessons from a Wall Street Whistleblower
Posted by Larry Doyle on June 2nd, 2014 8:51 AM |
Those occupying positions of financial and political leadership typically like to promote themselves as possessing real courage and bold vision. Yet, when it comes to defending people who display those very virtues, our supposed leaders often look very much like cowards.
I am reminded of this very reality in reading of the travails of selected whistleblowers on Wall Street. Let’s navigate to a commentary in this weekend’s Financial Times, highlighting lessons shared by Peter Sivere, a former compliance officer at JP Morgan whose confidence was violated by an SEC attorney named George Demos and subsequently his career derailed while trying to do the right thing.
I hold Sivere in the highest regard for trying to do his job in sharing information of illegal practices at JP Morgan. He deserved to be treated as a true hero. Cowards are unfamiliar with the virtues Sivere displayed.
Sivere shared the following chilling perspectives and lessons on his experience: (more…)
Book Talk: In Bed with Wall Street at Library of Congress, June 5th
Posted by Larry Doyle on May 24th, 2014 12:28 PM |
For those in and around the metro Washington DC area, I hope you might be able to join me on June 5th when I speak about my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, at the Library of Congress.
The Library of Congress happens to be the largest library in the world. That said, as I have only half-kiddingly told friends about this speaking engagement, I feel like my book talk at the LoC is the equivalent of going into the reading room next to the master bedroom and revealing a host of illicit behaviors of the masters of the house.
How so? Recent reviewers have shared the following impressions regarding the financial-political-regulatory menage-a-trois exposed within the pages of my book:
“If you think Flash Boys was explosive, In Bed with Wall Street is downright nuclear.” (more…)
Wall Street’s Kangaroo Court: Calling Out FINRA’s Linda Fienberg
Posted by Larry Doyle on May 22nd, 2014 11:27 AM |
Do you ever hear or read a statement put forth by a public official, industry representative, or regulatory spokesperson and think “Are you kidding me?” . . . if not something far less polite than that?
I would guess that in a world in which politicians and their spokesmen are not often called on the carpet, many people allow statements worthy of being challenged to go in one ear and out the other if they bother to listen at all.
Today I am not of a mind to be quite so dismissive given the fact that the topic at hand — Wall Street arbitration — not only touches every employee on Wall Street, but also every investor in the nation.
Let’s navigate and continue to play to win for those who care about real transparency and integrity in America. (more…)
Sheila Bair Recommends Geithner’s Book, Warns of Future Bailouts. Instant Classic
Posted by Larry Doyle on May 20th, 2014 6:24 AM |
Hell hath no fury like a woman scorned.
Those watching the Wall Street-Washington regulatory battles over the years are well aware that there is no love lost between former Treasury Secretary Tim Geithner and former FDIC chair Sheila Bair. While Tim is now out making the rounds promoting his new book, Stress Test, Bair takes the opportunity to offer some faint praise but also some glancing and direct hits.
In what I would qualify as deftly slipping a punch, Bair actually recommends Geithner’s book. In doing so, though, she then proceeds to lay Tim and his cohorts out with a serious warning we all should heed. (more…)
