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HomeBear Stearns circa 1985, “Thanks for the Memories”
Posted by Larry Doyle on February 8th, 2012 6:31 PM |
I worked as a mortgage trader at Bear Stearns from 1990 until the end of 1996. Having started my career in the early ’80s and learned a lot about the business at First Boston, I will readily admit that my stint at Bear took my time on the sell side of Wall Street to an entirely new level.
While Bear obviously suffered a traumatic demise in 2008, I hope whomever views this marketing video clip of Bear Stearns circa 1985 will appreciate that Bear was a dynamic company filled with many great people and a truly unique culture.
I thank the friend who shared this clip with me. I share it here in the hope that former colleagues may appreciate the memories and others may get a feel for a Wall Street trading desk from this era.
http://youtu.be/RLrQeJBRZAQ
I remember a lot from my days at the Bear. What do I most appreciate? (more…)
Questions of Fairness and Rectitude
Posted by Larry Doyle on February 8th, 2012 6:45 AM |
Stephen Moore wrote a commentary entitled A Fairness Quiz for the President in the Wall Street Journal yesterday which generated hundreds of comments. The comments seemed to break down largely along party lines. I think most of those commenting might not grasp the full picture.
With our nation in the midst of an increasingly confrontational political debate, I think it useful to promote serious questions of fairness and rectitude. In doing so, I would like to reference a fair bit of Mr. Moore’s commentary while passing over some of his more overtly political statements. Additionally, I include my own ‘sense on cents’ and add some of my own questions at the end. (more…)
Will Whistleblower Protections Suffer at Hands of Rep. Michael Grimm “Reaper” (R-NY)?
Posted by Larry Doyle on February 7th, 2012 11:14 AM |
Representative Michael Grimm (R-NY) was ceremoniously inducted into the Sense on Cents Hall of Shame in May 2011. Not that I ever believed there was reason to doubt his induction, but recently I witnessed further reason to cement his status in the elevated ranks of shame.
As regular readers are fully aware, I write passionately about pursuing the truth while promoting investor education and investor protection. The history of the last few years has shown that the financial services industry has not exactly shared our passion.
Who has shared the passion and took very real professional risk in the process? Numerous and sundry whistleblowers. (more…)
Rogoff:“Incredibly Cynical About Governments”
Posted by Larry Doyle on February 6th, 2012 1:55 PM |
I first referenced Kenneth Rogoff here at Sense on Cents in early 2009.
As I navigate the global economic landscape I look for this Sense on Cents Economic All Star often. Why?
I ALWAYS learn something when I read Rogoff’s work and I love the way he thinks. On that note, I got a real pleasure this weekend in reading Lunch with the FT: Kenneth Rogoff. Let’s navigate………
Did Senate Show Character in Passing the Stock Act? Can We Do the Same for ARS?
Posted by Larry Doyle on February 2nd, 2012 11:03 PM |
To know what is right and not do it is the worst cowardice. ~Confucius
Did the United States Senate do the right thing today and show real character in passing the Stock Act (Stop Trading on Congressional Knowledge Act…aka, Stop Insider Trading in Congress!!)?
Let’s come back to that question.
The simple fact is the Stock Act was first introduced SIX YEARS ago. How is it that this piece of legislation languished for so long and now passes the Senate by a vote of 96-3? (more…)
“Administration Officials Don’t Really Want Housing Program to Work”
Posted by Larry Doyle on February 2nd, 2012 11:57 AM |
I find myself in a daily battle not to write cynically about our economy and the political dynamic within our nation.
Just this morning I find myself wanting to rail on the Obama administration’s latest efforts to support housing when past efforts have been such enormous disasters.
How enormous? I cannot help myself……. (more…)
Might Germany “Annex” Greece and “Breakthrough to a New Europe”?
Posted by Larry Doyle on January 31st, 2012 6:37 AM |
You do not need me to tell you that it can get mighty cold in Germany during the winter months.
Don’t you think many Germans would like a nice warm vacation in the Greek Isles when those winds are whipping through the cold, dark forests and industrial cities of Deutschland? Sounds nice, heh??
Think the Germans may bargain for discount vacations in Greece if not outright ownership of some prime beachfront real estate in the Greek Isles as potential compensation for bailing Greece out of its current fiscal mess?
I am speaking largely in jest…but not totally. Why so? Let’s navigate. (more…)
We Need an MF Global Grand Jury
Posted by Larry Doyle on January 30th, 2012 9:53 AM |
I still very much have the “sense on cents” that many on Wall Street and in Washington desperately wish that l’affaire MF Global would just fade away.
Let’s work hard to make sure that does not happen and that the MF Global customers who may NEVER see THEIR money again at least receive some justice in return.
NEVER see THEIR money again? Is that right? (more…)
Quantitative Easing: To Infinity and Beyond?
Posted by Larry Doyle on January 29th, 2012 12:02 PM |
What does the Federal Reserve know that we don’t?
I mean, why would the Federal Reserve commit to keeping prevailing interest rates at next to zero through the end of 2014 if they were not aware of just how weak our underlying economy truly is?
Bernanke and team know our domestic economy and the global economy at large remain in need of significant and steady oxygen support. (more…)
Book Review: Fraternity, Ultimately a Love Story
Posted by Larry Doyle on January 27th, 2012 1:03 PM |
In the process of navigating our economic landscape, we are perpetually encountering risks. These risks not only present themselves from the standpoint of the market and the economy but also on a much larger scale from a social, political, and personal perspective as well.
How do we learn to manage risks going forward? We are compelled to study and appreciate the lessons from the past.
To do just that, I strongly encourage people to read a recently published book which takes us back to the volatile days of the late 1960s. This literary masterpiece very personally details how a group of young African American students and the Jesuit mentor who recruited them to college took very real risks. What was the result of managing these great risks?
A foundation for long term and very real rewards. This fascinating book is Fraternity by Diane Brady. (more…)
