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Barney Frank: “…Now They’re Starting to Hate Me…”

Posted by Larry Doyle on July 1st, 2009 12:21 PM |

U.S. Rep. Barney Frank (D-MA), House Financial Services Committee Chairman

Barney Frank should not be so presumptuous to think that it is just “now” that a large percentage of America is starting to hate him. The displeasure, if not the contempt, for Barney and his minions who have run our country into the ground over the last twenty years is soaring!!

As the Wall Street Journal reports this morning, Finance Lobby Cuts Spending as Feds Targeted Wall Street:

Wall Street’s spending on efforts to influence policy making diminished at the start of this year as the image of financial institutions has suffered with lawmakers and the public. Some of the sector’s major advocate groups lost funding and staff. Their spending declined just as the administration was hammering out its proposal for the biggest reorganization of financial-market oversight since the 1930s, details of which the White House released last month.

Industry lobbyists met last week to craft a response to the White House’s draft regulatory overhaul, particularly its creation of a consumer-oriented regulator for financial products, which could force major changes in how financial instruments are created and marketed. Whether or not the industry can influence this top administration priority, now that the plan is in the hands of Congress, will be a big test of its remaining clout.

The gig is up!! (more…)

Charlie Rose Speaks to Tim Geithner

Posted by Larry Doyle on March 11th, 2009 12:54 PM |

I will provide my insights and perspectives on Charlie Rose’s interview of Treasury Secretary Tim Geithner last evening. The interview has been broken down into 6 separate clips, with my commentary preceding each clip.

Part 1
In this clip, Geithner wears both the political and policy hats. While promoting the Obama agenda initially (housing, education, healthcare, energy), he then turns toward the specifics of unlocking the consumer credit securitization markets via the TALF (Term Asset Backed Securities Loan Facility). This facility attempts to restart the securitization market and model which I wrote was broken back on November 12th (The Wall Street Model Is Broken…and Won’t Soon be Fixed). That market provides approximately 40% of the financing to a wide array of consumer finance markets. Geithner attempts to portray a measure of confidence and aggressiveness. The market has currently responded with a vote of no confidence.


Part 2 (more…)

How Wall Street Bought Washington

Posted by Larry Doyle on March 9th, 2009 3:35 PM |

A great American and loyal reader (thanks FL) shared a report recently produced by not-for-profits Essential Information and The Consumer Education Foundation.  This report, Sold Out: How Wall Street and Washington Betrayed America, has gotten little to no attention in the general media. What a shame.  I find of particular interest the fact that a number of the currently discussed regulatory changes are directly addressing the points highlighted in this report. I personally view these proposed regulatory changes as substantiating this report and adding credibility to its effort. For the naysayers in the audience, I would ask you to review the report and reconsider your assessment.

I was struck a month ago by the incriminating statements put forth by Senator Chuck Hagel and CIA head Leon Panetta, which I highlighted on February 16th in Legalized Bribery. Those statements bluntly indict our massive system of lobbying, political fundraising, and the quality of those running for elected office! In light of that article, I am more and more convinced that our elected officials have turned their offices into massive for profit machines at the expense of our public well being.

I commend the authors of this report, Roger Weissman and James Donahue, for taking the time and making the extensive effort to expose the truth. The full report, 231 pages in length, spares no detail. In studying it, I found the information and analysis riveting. Let me try to summarize it for you. (more…)

Legalized Bribery

Posted by Larry Doyle on February 16th, 2009 6:57 PM |

Quality business relationships are always mutually beneficial. If they are not mutually beneficial, then they will not thrive or perhaps even last at all. A strong business relationship, like any personal relationship, needs a foundation of honesty andmoney_signintegrity. As in any relationship, there will be plenty of instances in which the parties have disagreements and misunderstandings. If the relationship is strong enough, it can not only endure through these times but often grow stronger as a result of them.

The challenge in any relationship is when one party is conflicted and attempts to serve two masters. These conflicted relationships – whether personal, political, social, or business – must change in order to grow or are doomed to languish and underperform if not die completely. On Wall Street, a business that so grossly prioritizes short term profits versus long term customer relationships will not grow. Perhaps for a period of time the excess profits will be addicting and mesmerize management, but over time that model will not work. Bear Stearns is a classic example of this principle. From having worked there for 7 years in the 90s, I evidenced it firsthand. (more…)

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