Posted by Larry Doyle on July 22nd, 2014 7:50 AM |
If you became aware of unethical and likely illegal practices at your company, would you consider ‘blowing the whistle?’ This question is a daunting proposition filled with very real risks that should be measured against potential rewards.
Given the risks and unpleasant real life experiences of many whistleblowers on Wall Street, I firmly believe and recommended in my book that Congress should establish a privately staffed Office of Whistleblower Protection. Some may think that is overreach. I don’t. Others in much greater proximity to the ‘whistles’ would seem to share my view that blowing the whistle is a high risk proposition deserving of increased protection.
Let’s navigate. (more…)
Posted by Larry Doyle on July 21st, 2014 10:13 AM |
Global risks on many fronts remain exceptionally elevated.
From the Ukraine to a number of hot spots in the Middle East, to the South China Sea, to our southern border, global risk is rampant. Each of these situations entails real human suffering and generates strong reactions and appropriate empathy.
Yet in the midst of each of these stories, there was another story that broke last week that deserves far greater attention than it has received in terms of our national security. I refer specifically to a story released by Bloomberg Businessweek entitled How Russian Hackers Stole The Nasdaq:
In October 2010, a Federal Bureau of Investigation system monitoring U.S. Internet traffic picked up an alert. (more…)
Chris Whalen: True Perpetrators in Michael Lewis’ Tale of Wall Street Greed and Corruption Are Congress, SEC, FINRA, Major Exchanges
Posted by Larry Doyle on April 23rd, 2014 8:23 AM |
Today I am pleased to elevate author and investment banker Chris Whalen into the highest echelon of the Sense on Cents Hall of Fame.
Whalen distinguishes himself as he properly frames the ongoing debate surrounding the scandalous practices within high frequency trading in a recent commentary that ran at Zero Hedge entitled, In “Flash Boys” Michael Lewis Misses the Point — Deliberately.
Let’s navigate as Whalen further exposes how our public officials and regulators charged with protecting the public interest are really “in bed with Wall Street.” (more…)
Posted by Larry Doyle on April 18th, 2014 7:20 AM |
Most reading this will certainly never forget the tragedy that is forever known as 9-11. However, that fateful day was foreshadowed 8 years prior when another World Trade Center bombing took place. Both attacks were clear-cut indications that terrorist forces were at work to assault American interests by massively disrupting activity on Wall Street. We live with this reality each and every day knowing that these same forces remain at work.
After the attack of 1993, Wall Street firms began implementing significant measures for disaster recovery programs and information systems controls. Against that 20 plus year backdrop, I have to admit I am bewildered if not totally dismayed this morning. Why so? Stick with me here. (more…)
Posted by Larry Doyle on April 9th, 2014 9:07 AM |
James Kidney recently retired from the SEC. He skewered the commission’s culture and management on the way out the door.
For those who care to understand how Wall Street has gotten away with incredibly egregious offenses over the years, Kidney’s brief remarks are well worth the few minutes to review. The highlights include:
1. The revolving door is a very serious problem. I have had bosses, and bosses of my bosses, whose names we all know, who made little secret that they were here to punch their ticket. They mouthed serious regard for the mission of the Commission, but their actions were tentative and fearful in many instances. (more…)
Posted by Larry Doyle on April 8th, 2014 1:51 PM |
In what might only qualify as turning one’s weapon on those formerly running a defense unit, a retiring attorney in the SEC’s Enforcement Division just left the commission and went out with “guns a-blazing.”
I welcome immediately inducting this attorney, James Kidney, into the Sense on Cents Hall of Fame. Let’s navigate as Bloomberg reports:
A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics. (more…)
Posted by Larry Doyle on March 30th, 2014 8:42 PM |
Major props to renowned writer Michael Lewis for using his enormous platform to direct light on the scam that has come to define our equity markets under the construct of high frequency trading.
As Lewis states, the scam is not only restricted to HFT activity but rather the market as a whole has become a scam. Powerful words and worth the minute to listen to the video clip below.
But let’s go deeper than that. (more…)
Posted by Larry Doyle on March 26th, 2014 6:54 AM |
I thank Bill Cohan, Carol Massar, and those at Bloomberg for having me on the show Taking Stock yesterday afternoon to address my take on the recent guilty verdict handed down in the Madoff employees case, corruption within the financial-political-regulatory system, and recent developments within the executive offices at JP Morgan.
Those who have read my book In Bed with Wall Street: The Conspiracy Crippling Our Global Economy will understand exactly what I mean when I say in this 5-minute interview that we need to “expose the corruption.”
For those who have not yet read the book — I hope you will — but would like to know more specifically what I am referring to when I make the statement that we need to “expose the corruption,” I am speaking of the following all of which is voluminously detailed in the book: (more…)
Posted by Larry Doyle on March 25th, 2014 7:00 AM |
If the guilty verdict rendered yesterday in the trial of Madoff employees qualifies as full and fair justice in our nation, then we need to rethink our justice system.
Now, do not get me wrong. I do not have any sympathy for the sorry looking lot of defendants found guilty yesterday. In my opinion, they deserve what they get and were likely integral in aiding and abetting the massive fraud perpetrated by the swindler Bernard Madoff.
Are we to think, though, that the decades long scam perpetrated by Bernie and his rag tag team began and ended strictly inside his offices?
Folks, let’s not be so naive. (more…)