Posted by Larry Doyle on November 5th, 2014 11:28 AM |
America awakes this morning to a Republican wave breaking over Washington and coursing across our nation. While some may view yesterday’s election results as simply a stamp of approval of “right vs left”, I think the nation as a whole said something far more meaningful than that. I believe a significant percentage of voters tried to send a message to Washington and their state capitols of “right vs wrong.”
In an attempt to echo those who voted for “right vs wrong,” I welcome submitting my book talk given a few months ago but just posted this morning on the Library of Congress’ website.
Future generations are counting on us to stand up and speak out against corruption and crony-style politics. We need to hold those charged with protecting the public interest to proper account. To that end, I hope those who will view this clip will also share it with others. I get very specific in terms of exposing real corruption, naming names, and proposing reforms.
(If you find the volume on the clip not to be strong enough, I encourage you to utilize the closed captioned (cc) button in the lower right of the clip accessed at the library’s website, the link to which is below the first paragraph above, so as to visualize the spoken words, especially during the Q/A segment.)
Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
For those who are interested in contacting me, please write to me via e-mail at email@example.com.
Posted by Larry Doyle on August 15th, 2014 9:44 AM |
“The findings of this study suggest that the SEC is influenced by considerations other than the merits of the case and raise questions regarding the effectiveness with which the agency plays its deterrence and compensation roles.”
Maria M. Correia
London Business School
The phrase “quid pro quo” is universally understood as something that is given or taken in return for something else. The actions involved are not necessarily always illegal or unethical but very often the connotation of the phrase especially when used in a political context expressly implies a form of corruption.
“On the federal level, the Hobbs Act makes it a felony for a public official to extort property under color of office. Trading campaign contributions for promises of official actions or inactions are also prohibited under the act.”
I think most people in our nation today would accept the premise that Washington politicians actively engage in practices that would fall under the heading of quid pro quo. How do they often play this game? Let’s navigate as Ms. Correia hits the Washington establishment and the SEC hard: (more…)
Posted by Larry Doyle on August 14th, 2014 9:16 AM |
I truly appreciate reading the thoughts of highly intelligent professionals. I appreciate even more reading the thoughts of those highly intelligent professionals who stand up and speak out in courageous fashion on the serious issues of the day.
Very few individuals with whom I have crossed paths since launching Sense on Cents in early 2009 embody these character traits more than Helen Davis Chaitman.
Helen Davis Chaitman is a nationally recognized litigator with a diverse trial practice in the areas of lender liability, bankruptcy, bank fraud, RICO, professional malpractice, trusts and estates, and white collar defense. In 1995, Ms. Chaitman was named one of the nation’s top ten litigators by the National Law Journal for a jury verdict she obtained in an accountants’ malpractice case. Since early 2009, Ms. Chaitman has been an outspoken advocate for investors in Bernard L. Madoff Investment Securities LLC. She has lobbied in Congress for statutory changes to assure Madoff investors of the protections of the Securities Investor Protection Act.
Ms. Chaitman is truly tireless in fighting for justice and recently launched the site JPMadoff to expose the relationship between JP Morgan and Bernie Madoff that facilitated the perpetration of Wall Street’s largest Ponzi scam.
I am honored that Ms. Chaitman would review my book In Bed with Wall Street. Her review is currently being widely disseminated throughout the blogosphere. I welcome sharing her thoughts here: (more…)
Posted by Larry Doyle on July 23rd, 2014 11:34 AM |
In late April I had the good fortune to speak to a packed house about my book In Bed with Wall Street at the Boston Public Library, the third largest library — and one of the oldest — in our nation. In early June I was pleased to regale a filled room at the Library of Congress, the largest library in the world, about the exploits and escapades of those ‘in bed with Wall Street.’
Thursday July 31 at 6pm
New York Public Library: Science, Industry, and Business Branch
188 Madison Avenue (at 34th Street) (more…)
Posted by Larry Doyle on July 23rd, 2014 9:55 AM |
I am honored and humbled to read a message that was recently widely disseminated to FINRA member firms. The full body of the e-mail is an endorsement by Lieutenant Colonel Elton Johnson Jr. of Karen Fischer, a candidate for a position on the FINRA Board of Governors. Johnson prefaces his endorsement of Ms. Fischer by writing:
My name is Elton Johnson, Jr. I am an Iraq-Afghanistan war vet having served two tours in Iraq and one tour in Afghanistan and a small broker-dealer owner who took FINRA to task to provide more meaningful transparency.
Much of my story is prominently detailed in the book “In Bed With Wall Street” written by Larry Doyle which I would strongly recommend to EVERY FINRA member (Mr. Doyle was introduced to me by Karen Fischer). (more…)
Posted by Larry Doyle on June 17th, 2014 8:58 AM |
The United States Senate Permanent Subcommittee on Investigations is holding a hearing today to “examine conflicts of interest, investor loss of confidence, and high speed trading in U.S. stock markets.”
The hearing will focus on two specific conflicts of interest: payments by wholesale broker-dealers to retail brokers for their customer orders, known as “payment for order flow;” and “maker-taker” rebates or fees that, depending on the circumstances, exchanges either pay or charge to brokers for executing trades on their platforms.
While I hope that some meaningful discussion might expose some of the crony, if not corrupt, practices within our markets, if past is prologue I am prepared to be underwhelmed. Why so? (more…)
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…)
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…)
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…)
Posted by Larry Doyle on April 28th, 2014 9:27 AM |
In today’s version of “You Can’t Make This Stuff Up,” we hear from Brad Bennett, the Head of Enforcement at Wall Street’s self-regulatory organization FINRA. Bennett and others spoke on a panel this past Friday at a conference sponsored by the Practicing Law Institute.
On the hot button topic of high frequency trading, Bennett weighed in with a comparison that is so dismissive as to defy credulity. Let’s navigate as the folks at Wealth Management were there to cover and reported:
Benefiting from faster access to the markets is akin to buying a first-class plane ticket, and doesn’t sound unfair, said the top cop at Wall Street regulator FINRA. (more…)