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HomeWilliam Bowen Gives Best Commencement Speech at Haverford
Posted by Larry Doyle on May 19th, 2014 10:01 AM |
Periodically I like to take a break from my standard navigation of our economic landscape to draw attention to more general news or remarks that I believe warrant special recognition.
To that end, I recall the aggressive commentary put forth by Dr. Benjamin Carson at the National Prayer Breakfast (link provides the video of Carson’s “must view” remarks) in early 2013 when he warned our nation on the dangers of the increasing political correctness that is overtaking our society. If you have not viewed Carson’s remarks, do yourself and your kids a favor and view it with them.
In the footsteps of Carson’s forewarning, not surprisingly we have seen a number of institutions of supposed higher learning allow their commencement speakers to be disinvited by a student body, faculty, and/or outside forces that do not appreciate their views and positions. These institutions include Brandeis, Rutgers, Smith, and Haverford. If this is not the essence of political correctness run amuck, I do not know what is.
Yet hopes springs eternal. (more…)
If Credit Suisse Pleads Guilty, Pays $2.5B Fine, Should Brady Dougan Be Fired or Indicted?
Posted by Larry Doyle on May 16th, 2014 10:40 AM |
Credit Suisse is widely speculated to be close to pleading guilty to charges that it facilitated tax evasion for selected American clients.
Pretty heavy stuff indeed.
Truth be told, though, I really think this expected guilty plea by Credit Suisse is more a desired outcome for the DOJ looking for a specific offense rather than a natural progression of an investigation. If that were the case, then the DOJ should have already had a number of guilty pleas and a host of them in the on deck circle.
But let’s take this expected guilty plea on the part of Credit Suisse to the next step. What does it mean? (more…)
Not If But When the Next Crisis Comes . . .
Posted by Larry Doyle on May 14th, 2014 2:39 PM |
With mid-term elections on the near term horizon, I expect we will hear various pols and their selected pundits tout Dodd-Frank as not being perfect but as having brought meaningful reform to Wall Street.
Really? I know, politico-speak is more noise than substance but let’s get real.
When there is not a lot to grab onto in terms of truly meaningful political accomplishments, we should not be surprised that any legislation that has been passed will be used as fodder to feed the masses.
So when you hear a pol from either side of the aisle play this game talking about Dodd-Frank, make sure you hit them with the following insider assessments: (more…)
Message for Tim Geithner On the Release of Stress Test
Posted by Larry Doyle on May 13th, 2014 10:10 AM |
Dear Tim,
Congratulations on the release of your book. I assure you that I will read it and review it here at my blog.
Given your positions formerly as head of the New York Federal Reserve and Secretary of Treasury, you will certainly receive enormous media attention and exposure in touting your book and your take on dealing with the crisis of 2008. To wit, I see just this morning that The Wall Street Journal is running your editorial entitled The Paradox of Financial Crises.
Tim, let’s cut the bull$hit. (more…)
“If You Think Flash Boys Was Explosive, In Bed with Wall Street Is Downright Nuclear”
Posted by Larry Doyle on May 12th, 2014 10:50 AM |
While many in and around Wall Street and Washington have been either dismissive or silent on the issues Michael Lewis addresses in his book Flash Boys, a select few brave souls have issued a real siren call over the years.
Lewis pays respect to these ‘men in the arena’ who have shined a light on the less than pristine plumbing of our equity exchanges. Specifically on page 202 in a footnote, Lewis writes the following:
*Eric Hunsader, the founder of Nanex, a stock market data company, is a fantastic exception to the general silence on this subject. After the flash crash, it occurred to him to use his data to investigate what had gone wrong, and the search never really ended. “Almost every rock I overturn, something nefarious crawls out from under it,” he said. (more…)
CFTC’s Scott O’ Malia ‘Blows The Whistle’
Posted by Larry Doyle on May 8th, 2014 1:19 PM |
What does it say about a regulatory oversight system when individuals from inside start to ‘blow the whistle?’
I think it speaks volumes that all is not well, and somebody better start to really pay attention and take some meaningful action.
A month or so ago we heard from retiring SEC attorney James Kidney voicing real concerns in describing the commission as little more than a “tollbooth on the banksters’ turnpike.” Now we hear CFTC (Commodities Futures Trading Commission) commissioner Scott O’ Malia also blowing the whistle. Let’s navigate as Pensions and Investments highlights O’ Malia’s siren call: (more…)
Are Electricity Markets Being Manipulated in Texas?
Posted by Larry Doyle on May 7th, 2014 8:58 AM |
Market manipulation is certainly not restricted to Wall Street.
In fact, I believe the most egregious case of market manipulation goes back to the early years of this century when traders in a Houston based firm known as Enron — you remember the names Lay, Fastow, and Skilling, right — manipulated the California electricity market. While Enron rolled in the dough, the only things rolling through the California countryside were blackouts.
Well, how interesting that ten-plus years later we revisit Houston to see the name Enron invoked once again in a case alleging manipulation of the electricity markets right there in Texas. Let’s navigate as the Courthouse News Service recently reported: (more…)
Eric Hunsader: SEC Report on Flash Crash “Complete and Utter Nonsense”
Posted by Larry Doyle on May 6th, 2014 9:00 AM |
Every now and then I come across commentaries written by well informed individuals that make me question the integrity of those regulating our markets and leave me thinking, “People really need to know this.”
Earlier this morning I had just such a feeling in reading a report written by perhaps the single most knowledgeable individual in the nation today on the inner workings of our equity exchanges.
In light of all the current focus on this topic and the question as to whether our equity markets are ‘rigged,’ stick with me on this as Eric Hunsader of Nanex reposted a commentary impugning the SEC’s investigation of the Flash Crash that roiled our markets and our nation on May 6, 2010.
Hunsader pulls no punches in asserting that the SEC under then chair Mary Schapiro sold investors a ‘bill of goods’ as to what really happened that fateful day. (more…)
When Jeff Gundlach Talks, Sense on Cents Listens
Posted by Larry Doyle on May 6th, 2014 6:59 AM |
When I want to know where interest rates are headed, the one individual I listen to more than any other is Doubleline’s Jeffrey Gundlach.
What is Gundlach thinking now? He is decidedly cautious on our economy and increasingly believes that interest rates may move lower from current levels. He had recently opined that there is a growing chance that we revisit the lows in rates seen 2 years ago. The 10yr US Treasury rate currently sits at 2.6%. The low was touched in 2012 at approximately 1.4%.
Let’s navigate and listen to this Sense on Cents Hall of Famer talk about the economy, rates, and also why he is bearish on housing and homebuilders:
Navigate accordingly.
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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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.
