General | Sense on Cents - Part 90 Sense on Cents

Archive for the ‘General’ Category

Let’s Go To the Videotape: “Attorney Claims Wall Street’s Cop, FINRA, Invested in Madoff”

Posted by Larry Doyle on May 20th, 2011 9:02 AM |

Did you ever have one of those days where you just feel like watching a movie or perhaps checking out a preview?

I feel like today, a Friday in the latter part of May, is one of those days.

I am guessing that market activity may be muted so let’s go into our “archives” for a clip in which numerous questions posed by an attorney bringing suit against Wall Street’s self-regulator, the head of the Madoff Investors Coalition, and yours truly are on display. Former SEC chair Harvey Pitt provides a rejoinder. The bulk of the questions raised in this clip are key points in the aforementioned suit, voluminous details of which are included in this compendium, Amerivet Securities v FINRA.

Be careful not to spill your popcorn or your soda because some of what you may see and hear during this 18 minute clip might truly disturb you. (more…)

Tags: Amerivet Securities vs FINRA
Posted in General | 3 Comments »

ECRI Forecasting Global Economic Slowdown

Posted by Larry Doyle on May 19th, 2011 8:30 AM |

What lies ahead on our global economic landscape?

Pack lightly because the economic road ahead appears to be increasingly challenging. While government mouthpieces and their media friends are wont to look in the rear view mirror for hints of easier traveling, the wise travelers amongst us always keep our eyes on the road ahead.

Who can help us navigate the upcoming terrain and is forecasting a steep economic slope? I thank one of this blog’s most loyal supporters for introducing the Economic Cycle Research Institute to Sense on Cents.

What exactly makes the ECRI so special?

ECRI is the world’s foremost predictor of recessions and recoveries. (more…)

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Posted in Economy, General | No Comments »

Wall Street’s Meaningless ‘Mea Culpas’

Posted by Larry Doyle on May 18th, 2011 8:56 AM |

“I’m sorry. No, really I am. I did not mean to do it….er, I mean we did not mean to do it. I hope nobody got too badly hurt. Oh, sorry if you did. Really, I mean it and we mean it. I think we were well intentioned but things just got a little out of control. We will definitely try to make sure this stuff NEVER happens again…no, really. This time we definitely mean it. Will you still trust us? Please?”

Are you kidding me? Is “sorry” the best America gets for the ineptitude, incompetence, reckless and abusive behaviors of those on Wall Street and their regulatory overseers in Washington after driving our markets and economy over the cliff?

Who is issuing these meaningless mea culpas? (more…)

Tags: Amerivet lawsuit against FINRA, Bertie Ahern, Donald Kohn's mea culpa, Elton John's Sorry seems to be the hardest word, Elton Johnson lawsuit against FINRA, Fianna Fail, FINRA's pleas for immunity, Green party in Ireland, I'm so sorry, irish debt crisis, Jamie Dimon says sorry, Jamie Dimon's mea culpa, JP Morgan, JP Morgan annual meeting in Columbus Ohio, Kohn regrets Pains of Millions in Crisis, mary schapiro and mark mcgwire, Mortgage Crisis, mortgage foreclosure crisis, open the books, problems in mortgage servicing, sorry means nothing without transparency, sorry seems to be the hardest word, the cops were not on the beat, Wall Street apologizes, Wall Street's meaningless mea culpas, what do i do to make you love me, who is Donald Kohn, who is Elton Johnson, who is to blame for economic crisis, why is Jamie Dimon apologising
Posted in Amerivet Securities, Federal Reserve, General, Jamie Dimon, Mortgage Crisis, Mortgages | 4 Comments »

Sense on Cents Calls Out Jamie Dimon, Vikram Pandit, Brian Moynihan, Michael Carpenter, and John Stumpf

Posted by Larry Doyle on May 17th, 2011 9:30 AM |

(This commentary is a little lengthy, but not overly so. I strongly encourage you to read and ponder the details embedded here as I firmly believe America’s core principles of decency and justice are on the line. Let’s stand up for America!!)

What would be the outcry in America if a foreign government or corporation knowingly and willingly abused the personal finances of multiple tens of thousands of our fellow citizens? Imagine if that entity were a large Chinese national bank or a Russian financial conglomerate? What if it were a division of an organization involved in illicit activities or even worse?

Do you think the United States government would intervene very aggressively on behalf of our fellow brethren? Might the media be up in arms with headline stories on a daily basis? Would the personal assaults precipitate an international trade embargo or a discontinuation of diplomatic relations? Does this sound like the stuff of a Harrison Ford virtuoso performance? Even better, this must be the plot to the next James Bond thriller, right? (more…)

Tags: A Low Bid for Fixing a Big Mess, abusive financial practices, abusive mortgage servicing practices, Bank of America Brian Moynihan, Citigroup Vikram Pandit, Congressional hearings on mortgage foreclosure abuses, defending America's principles, Department of Justice, disclosure and discovery of Wall Street's mortgage practices, GMAC Michael Carpenter, gretchen morgenson, Harrison Ford performance, how much will Wall Street pay for mortgage servicing abuses, James Bond flicks, JP Morgan Jamie Dimon, Mortgage Crisis, mortgage foreclosure, mortgage foreclosure abusive, mortgage servicing practices, our nation's principles of decency and justice, problems ion mortgage servicing, RICO Act, robo-signing, Sense on Cents, United States bankruptcy system, United States Trustee Program, Wall Street abusive practices, Wall Street fine for mortgage servicing abuses, Wells Fargo John Stumpf, who is Clifford J. White III
Posted in General, mohamed el-erian, monetary policy, money, Money Market Funds | 9 Comments »

Weekend Assaults: Dominique Strauss-Kahn, Greece, and Goldman Sachs

Posted by Larry Doyle on May 16th, 2011 6:17 AM |

What a weekend. I would like to comment on two specific situations.

1. Dominique Strauss-Kahn

Just when you think the world could not suffer any further ‘assaults’ from global financial executives on our sense of decency and the virtuous pursuit of truth, transparency, and integrity, enter IMF chief Dominique Strauss-Kahn. While Kahn obviously is innocent until proven guilty and is entitled to due process, his arrest this weekend in New York City on charges of attempted rape, sexual assault, and unlawful imprisonment upon a hotel maid evinces many reactions including:

1. Did he not have other things on his mind worrying about an imminent Greek default and/or restructuring of Greece’s financial debacle?

2. Do you think this is the first time he has engaged in this type of behavior? (more…)

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Posted in General | 25 Comments »

Real Liberty and Meaningful Justice for All?

Posted by Larry Doyle on May 14th, 2011 11:00 AM |

In light of the ongoing and overwhelming evidence of the deeply embedded regulatory capture in a variety of industries (including the Wall Street-Washington incest), is it any surprise why so many in our nation continue to question the differing standards of liberty and justice on both ends of our national spectrum? The powerful unions have bought and paid for so many pols on the left. Large corporations have done the same to many pols on the right. The monied interests on Wall Street always hedge themselves by paying for favors on both sides of the aisle.

Do you sometimes wonder who is working for you and if our nation truly embraces and practices one standard of real liberty and meaningful justice for all?

What do we need? I strongly believe we need a meaningful and vibrant Third Party!!

Larry Doyle

Isn’t it time to subscribe to all my work via e-mail, an RSS feed, onTwitteror Facebook?

I have no affiliation or business interest with any entity referenced in this commentary. 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.

Tags: do we need a third party, double standards, how to correct our political system, liberty and justice for all, political payoffs, Tea Party movement, union payoffs to politicians
Posted in General | 10 Comments »

Matt Taibbi Presents ‘The People vs. Goldman Sachs’

Posted by Larry Doyle on May 13th, 2011 8:58 AM |

Lloyd Blankfein Lloyd Blankfein, chairman and CEO of The Goldman Sachs Group, hears from a lawyer while preparing to testify before the Senate Homeland Security and Governmental Affairs Investigations Subcommittee on Capitol Hill on April 27, 2010 in Washington, DC. The subcommittee is investigating the role of investment banks during the Wall Street financial crisis. (This is a long commentary, but if you have any interest whatsoever in Wall Street, our markets, our economy, and our national character it is a MUST READ. Rolling Stone’s Matt Taibbi lays out in voluminous detail why I have aggressively questioned the validity of a self-regulatory model for Wall Street and whether under that construct Wall Street violated the Racketeering Act. Read it and weep. Then for our national interest, please share this with your friends and colleagues. I thank the loyal Sense on Cents supporter who brought this story to my attention. LD)

On March 2, 2010, I was invited on CNBC’s Street Signs to discuss Goldman Sachs. I pulled no punches that day in cautioning people interested in Goldman Sachs that the greatest risk with Goldman was its’ ‘reputational risk’. For those who care to view that 4 minute Media Appearance on CNBC, my specific comments about GS’ reputation come in at about the 3-minute mark.

Over the last fourteen plus months, the Dow Jones Industrial Average is higher by approximately 20% and Goldman Sachs’ stock is lower by approximately 10%. (more…)

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Posted in General, Goldman Sachs | 8 Comments »

What Is The Smart Money Thinking and Doing?

Posted by Larry Doyle on May 12th, 2011 6:03 AM |

I chuckle as I write the title for this commentary for the very simple reason that it is a line heard so often on the sales and trading desks on Wall Street. We can get a sample of “what the smart money is thinking and doing” from a very recent Bloomberg Poll. Be mindful that those polled represent a global random sampling of 1,263 Bloomberg subscribers.

Would you like to know what they think of the following?

1. Which national markets will offer investors the BEST and WORST opportunities over the next year?

2. What asset class will offer the BEST and WORST RETURNS over the next year? (more…)

Tags: Bloomberg poll May 2011, how will market perform over the next six months May 2011, what do people think of dollar vs euro May 2011, what do people think of global economy May 2011, what do people think of Goldman Sachs, what do people think of US economy May 2011, what is the smart money doing, what is the smart money thinking, which asset classes will perform best and worst May 2011 m, which markets will have best and worst returns May 2011
Posted in General | No Comments »

Gary Aguirre’s Commentary on Rajaratnam Verdict and Wall Street Insider Trading

Posted by Larry Doyle on May 11th, 2011 3:34 PM |

There are few Americans in our nation today who have displayed a greater degree of integrity and character than Gary Aguirre.

Gary who?

Gary Aguirre is a former SEC attorney who sued and settled with the SEC for wrongful termination. After departing the SEC he continued to pursue the case which brought Art Samberg of Pequot Capital to his knees.

I highlighted Gary Aguirre, that case, and much more last December in writing, Connecting the Dots: The US Attorney, The SEC, Art Samberg, Pequot Capital, Hush Money, Lying and More. Today we hear from Mr. Aguirre. (more…)

Tags: abuse of capitalism, Gary Aguirre Art Samberg Pequot Capital John Mack, gary Aguirre comments on insider trading on Wall Street, Gary Aguirre comments on raj Rajaratnam verdict, Gary Aguirre comments on Wall Street insider trading scandal, gary Aguirre Congressional testimony, Gary Aguirre David Zilkha hedge funds insider trading, Gary Aguirre hedge funds, Gary Aguirre press release, hedge funds insider trading, insider trading scandal on Wall Street, integrity in the markets, Preet Bharara, Robert Khuzami
Posted in General, insider trading | 1 Comment »

Raj Rajaratnam: GUILTY ON ALL COUNTS!!

Posted by Larry Doyle on May 11th, 2011 10:43 AM |

In the case of Raj Rajaratnam, he was just found guilty on all 14 counts.

I am sure he will appeal this verdict. That said, under the sentencing guidelines he faces up to 20 years in the sin bin. Let’s revisit the story I highlighted on Rajaratnam back in the fall of 2009 when he was initially indicted.