Archive for the ‘General’ Category
Posted by Larry Doyle on July 2nd, 2011 10:16 AM |
What happened to America? How is it that we lost our way? Has the silent majority remained silent for too long? I believe it has.
“It’s time to stand up” and speak out for the virtues upon which our great land was founded. Regrettably these virtues of truth, transparency, and integrity –and many more–have been eroded by interests not aligned with those of America’s great but silent majority.
I for one have had enough of the bulls&%t that has brought our nation to its knees. I strongly believe many others who collectively define our nation’s silent majority have had enough as well.
Let’s take back our land. Let’s reinvigorate our social fabric and elevate our prized virtues.
In this spirit, I welcome sharing my blog today with a singer/songwriter who gives voice and passion to a cause which I believe is resonating throughout our land.
I thank the regular reader of this blog who has brought this artist, Jordan Page, to my attention. I hope and believe you will be hearing more of Jordan in the months and years ahead. Who is Jordan Page? (more…)
Tags: America's great but silent majority, I am sick and tired of the bullshit, It's time to stand up, Jordan Page bio, Jordan Page music, Jordan Page Sings to America, Jordan Page song Liberty, music for July 4th, music for liberty, music for our nation's birthday, music for the 4th, music for the 4th of July, music for The Tea Party, music of revolution, musician speaking out for America, photo of flag with eagle and statue of liberty, rebel music for America, Sense on Cents Hall of Fame, sick of the bullshit, the silent majority speaks out, what can one man do
Posted in General | 5 Comments »
Posted by Larry Doyle on July 1st, 2011 5:50 AM |
The Project on Government Oversight has, in my opinion, proven itself as the finest “nonpartisan independent watchdog that champions good government reforms” in our nation.
POGO’s work is superb. I check their site daily. America needs a lot more of what POGO does.
What do they really do? POGO digs deeper and works harder on promoting our prized virtues of truth, transparency, and integrity. How do they do it….? (more…)
Tags: good government, government oversight, government reforms, government watchdog, POGO, project on Government Oversight, Provoke Accountability, provoke accountability by POGO, provoke accoutability by Project on Government Oversight, pursuit of truth transparency and integrity
Posted in General | No Comments »
Posted by Larry Doyle on June 30th, 2011 4:29 AM |
I strongly believe that the marketing and distribution of auction-rate securities was the single greatest scam perpetrated on investors by Wall Street.
While a full forty months have passed since the ARS market failed that fateful day in February 2008, approximately $100 billion of the original $330 billion ARS remain frozen.
Many thousands of investors continue to wonder if they will ever get a full return of their cash locked up in what were supposedly ‘cash-alternative’, ‘cash-surrogate’, ‘totally liquid’, ‘as good as cash’, ‘money market type’ instruments.
Forty plus months. $100 billion. You think you have stress. Place yourself in the position of these investors. Sense on Cents continues to bang the drum for ARS investors and now we witness two more ‘wins’ but one real ‘disappointment’ on the ARS front. Let’s navigate.
(more…)
Tags: ARS fraud, auction rate securities update, auction-rate securities scam, frozen auction rate securities, Jefferson County auction rate securities, Judge Lawrence M. McKenna in New York, Judge rejects SEC Clai That Morgan keegan Misled ARS Investors, Morgan Keegan ARS nightmare over, Morgan Keegan ARS update, Morgan Keegan auction rate settlement, Morgan Keegan Jefferson County auction rate securities, Morgan Keegan to Repurchase Remaining ARS to End $2B Program, NASAA, North American Securities Administrators Association, Raymond James ARS nightmare over, Raymond James meritorious defense, Raymond James settles charges for up to $350 million, SEC said Raymond James lied, SEC suit vs Morgan Keegan, the failure of auction rate securities, U.S> District Judge Wiliam S. Duffey Jr., Wall Street's greatest fraud, what is new in the auction-rate securities market, why have investors lost confidence
Posted in General | 9 Comments »
Posted by Larry Doyle on June 29th, 2011 1:59 PM |
Do those in Congress know how to read? Do they open their mail?
News is leaking that Congress may be inclined to have Wall Street’s self-regulator, FINRA, gain oversight of the investment advisory industry. That industry is currently regulated by the SEC and operates under a fiduciary standard.
The industry is fighting tooth and nail NOT to be regulated by FINRA which regulates broker-dealers under the less stringent suitability standard.
While the investment advisory industry and FINRA are duking it out, let’s return to my initial questions. Do those in Congress know how to read? Do they open their mail? Why do I ask? (more…)
Tags: Bnet, Boston Consulting Group report on self-regulators, can Congress read, Congress Wants to Give Wall Street Another Chance to regulate Itself, Constantine von Hoffman, does Congress open its mail, fiduciary vs suitability, financial regulation, FINRA, FINRA and RIAs, FINRA investigation of SAC, FINRA liquidation of auction-rate securities, FINRA vs SEC, house Committee on Financial Services, House Committee on Oversight and Government Reform orm, Larry Doyle, mail sent to Congress, Mary Schapiro compensation vs Richard Ketchum, PIABA, POGO letter about FINRA, POGO letter of February 23 2010, POGO on FINRA, public policy, regulation of RIAs, SEC FOIA, SEC foia exemption, Senate Committee on Banking, Senate Committee on Finance, Sense on Cents, UBS sale of Lehman principal protected notes ehman, Wall Street SRO FINRA, Wall Street-Washington incest, where does FINRA invest its money, who is Joseph Sciddurlo, who will oversee investment advisors, who will regulate investment advisors
Posted in FINRA, General | 4 Comments »
Posted by Larry Doyle on June 29th, 2011 6:44 AM |
They must think we’re stupid.
News that Bank of America is poised to pay an $8.5 billion settlement in a claim by investors that the firm and a predecessor sold packages of loans/securities which did not meet standards and provide proper disclosures is a joke. Regrettably the joke is on us, that is, the citizens of this great land.
$8.5 billion may be a lot of money but what price warrants real justice? (more…)
Tags: BAC settlement, Bank of America settlement, Blackrock settlement with Bank of America, borrowing money from the Federal Reserve, Brian Moynihan, capital flight, failure to disclose, financial regulators, investor education and protection, justice denied, Met Life settlement with Bank of America, mortgage mess on Wall street, mortgage scam, mortgage settlement, need for accountability an dtransparency on Wall Street and in Washington, New york fed settlement with Bank of America, real justice is never bought, scam, they must think we're stupid, Wall Street-Washington incest, wealth redistribution into the financial system, wher eis the admission of fraud and guilt, who pays the Bank of America fine, why are trading volumes declining
Posted in General | 7 Comments »
Posted by Larry Doyle on June 28th, 2011 9:52 AM |
While America clearly needs real change in terms of how our financial and political systems operate and interact, regrettably we continue to suffer from the fact that, “the more things change, the more they truly stay the same.”
We hear plenty from Tim Geithner, Mary Schapiro, and Jamie Dimon. We really need to hear more from Sheila Bair (highlighted this morning at Sense on Cents), Gary Aguirre, and Bill Cohan.
While regular readers of Sense on Cents may be familiar with Bair and Aguirre, Cohan has received less attention here. I will look to change that. (more…)
Tags: Bill Cohan Bloomberg commentary June 28 2011, Bill Cohan Bloomberg contributing editor, Bill COhan hits Wall Street fat cats, Bill Cohan interview on Bloomberg June 28 2011, Obama collects $2.4 million from Wall Street fat cats, Obama dinner at Daniel, Obama Serves Lobster and Beets not Justice to Fat Cats, Obama Wall street dinner, Preet Bharara, prosecution of Fabrice Tourre, prosecution of Raj Rajaratnam, RICO, Sense on Cents Hall of Fame, Sheila Bair Gary Aguirre Bill Cohan, the more things change the more they stay the same, Tim geithner Mary Schapiro Jamie Dimon, Wall Street Racket, who is Bill Cohan
Posted in General | 1 Comment »
Posted by Larry Doyle on June 28th, 2011 7:17 AM |
Few people in our nation today have the perspective, the credibility, and the courage to expose the deep, systemic shortcomings within our national psyche and practices.
Sheila Bair possesses all of these traits.
Our soon to depart chair of the FDIC provided a ‘sense on cents’ classic last Friday in her farewell remarks at the National Press Club.
As I read and reread her remarks I kept saying to myself, “give me more!!” (more…)
Tags: adverse consequences from bailouts, America needs real leadership, bailouts undermine market discipline and promote risk taking, behavioral economics and short term thinking, Bill Seidman's advice to Sheila Bair, causes of financial crisis, CEO compensation, Dodd-Frank mandates, effects of short term thinking, efficient allocation of capital, FDIC chair Sheila Bair, financial policy recommendations by Sheila Bair, I'll be gone, if banks are too big to fail then break them up, impact of bank bailouts, long term capital projects, long view on broad policy issues, need for long term focus, need for quality control on Wall Street, need for sacrifice in America, negative impacts of technology, NPC, orderly liquidation authority, QRM, role of short term focus on financial crisis, root cause of financial crisis, Sense on Cents classic, Sheila Bair at National Press Club June 24 2011, Sheila Bair review and recommendations, Sheila Bair's final speech, Sheila Bair's recommendations, Sheila Bair's remarks at National Press Club June 24 2011, Sheila Bair's swansong, short term incentives and financial crisis a, SIFI strategic important financial institutions, TBTF too big to fail, transparency is key to public confidence, what are America's greatest shortcomings, what do future generations need to do, what does America need to do to grow, what does America need to do to preserve its future, what is IBY YBG, what is OLA for SIFIs, what is patient capital, what should America do to grow, what should America do to preserve its future, where are our leaders, why aren't banks lending, why did Wall Street fail, why does short-termism arise, you'll be gone
Posted in General, Sheila Bair | 4 Comments »
Posted by Larry Doyle on June 27th, 2011 10:55 AM |
It is not often that I witness an individual pierce through the smoke and mirrors that disguise our nation’s central problems and state succinctly what Sense on Cents believes so strongly. I had the benefit of capturing the wisdom of just one such individual this morning.
I welcome sharing the wise perspective of one Laurence Meyer, as highlighted in today’s Wall Street Journal,
“I think [pessimism about the state of the country] has absolutely nothing to do with the current cyclical state of the economy. It’s not our budget deficit. It’s not China. It’s our education deficit. You can’t be 20th in the world in every field and be a competitive economy. (more…)
Tags: America's education deficit, America's education system, America's educational rankings s, America's educational ratings, America's greatest problem, dysfunctional family units, dysfunctional government, dysfunctional government units, how will America begin to be competitive again, hwo to fix America's education deficit, Larry Doyle, laurence meyer highlights our nation's greatest problem, Macroeconomic Advisors, Sense on Cents, Sense on Cents Hall of Fame, telling it like it is, the greatest problem in America, urban education, what i sour nation's greatest problem, what's wrong in america, who is Laurence Meyer, why is pessimism high in America
Posted in General | 12 Comments »
Posted by Larry Doyle on June 27th, 2011 8:54 AM |
SHAME AND OUTRAGE
Have we as a nation become so numbed by the level of transgressions and incompetence within our financial and political circles that we allow situations deserving of real shame and outrage to pass by with little exposure and highlight?
Perhaps when there are so many situations over a protracted period, the shame and outrage which needs to be directed at so many within our financial and political circles is overwhelmed by so much bulls&%t and pandering.
Sense on Cents has little appetite for the latter and an insatiable appetite for the former in an attempt to promote our virtues of truth, transparency and integrity.
On this note, in the midst of my weekend reading, I came across a few gems which stopped my reading and had me thinking, “you have got to be kidding me!! How the hell does this pass by without greater attention and outrage.” (more…)
Tags: Amar Bhide opinion of Wall Street, America's shame and outrage, are Wall Street firms too big to manage, Bell California is the tip of the surface, criminal activity on Wall Street, Gary Gensler apology, Gary Gensler CFTC, JP Morgan and Madoff, JP Morgan Irving Picard claim, lack of real pension reform, municipal financial malfeasance anc, nolo contendere, our kids are stuck with the tab, political patronage in pensions, Providence Rhode Island pensions, The Local Government Pension Squeeze, use of derivatives on Wall Street, Wall Street derivatives market, Wall Street lobby to support derivatives, we should have done more to protect the American people, what did JP Morgan know about Madoff scam, what really happened with bernie madoff, where is the shame and outrage, will we ever leaqrn what truly happened with Madoff
Posted in General | 4 Comments »
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Bill Cohan: Wall Street’s “Sins of Omission Were Criminal in Nature”
Posted by Larry Doyle on June 28th, 2011 9:52 AM |
We hear plenty from Tim Geithner, Mary Schapiro, and Jamie Dimon. We really need to hear more from Sheila Bair (highlighted this morning at Sense on Cents), Gary Aguirre, and Bill Cohan.
While regular readers of Sense on Cents may be familiar with Bair and Aguirre, Cohan has received less attention here. I will look to change that. (more…)
Tags: Bill Cohan Bloomberg commentary June 28 2011, Bill Cohan Bloomberg contributing editor, Bill COhan hits Wall Street fat cats, Bill Cohan interview on Bloomberg June 28 2011, Obama collects $2.4 million from Wall Street fat cats, Obama dinner at Daniel, Obama Serves Lobster and Beets not Justice to Fat Cats, Obama Wall street dinner, Preet Bharara, prosecution of Fabrice Tourre, prosecution of Raj Rajaratnam, RICO, Sense on Cents Hall of Fame, Sheila Bair Gary Aguirre Bill Cohan, the more things change the more they stay the same, Tim geithner Mary Schapiro Jamie Dimon, Wall Street Racket, who is Bill Cohan
Posted in General | 1 Comment »