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…)
Posted by Larry Doyle on February 12th, 2014 6:13 AM |
Who oversees the private, Wall Street funded police detail, aka FINRA, that I have long maintained operates as little more than meter maids?
The SEC, that’s who.
Or at least the SEC is supposed to regulate and oversee FINRA. Whether the SEC effectively oversees an organization which on its face appears to be loaded with conflicts of interest — if not much worse — is the stuff on which books are written.
As a strident critic of both the self-regulator and the self-regulatory model, I have long called for FINRA’s doors and windows to be opened so America can really learn what goes on within this organization and its relationships with the very banks on Wall Street that fund it. Who seems to be joining my call for a serious review of FINRA? (more…)
Posted by Larry Doyle on January 16th, 2014 8:29 AM |
Instead of wasting three hours watching The Wolf of Wall Street, I have a much better video for you to view — and in less than half the time. Much better.
If you really want to know what our financial regulators were doing while the destructive behaviors on Wall Street brought down our markets and our nation’s economy, find 80 minutes to watch remarks delivered recently by former SEC attorney and noted whistleblower Gary Aguirre at the University of Notre Dame. Aguirre’s remarks put a whole new spin on the moniker, Fightin’ Irish. Major props to those at ND for giving Aguirre the forum to speak and spread the truth. Other colleges and universities should be so courageous.
Gary Aguirre is a true American hero. If you cannot watch this video today, come back to it over the weekend. After you watch the clip, I guarantee you will want to share it with your friends and colleagues so they can understand how cronyism and corruption within the financial regulatory system has eroded the sense of trust and confidence that currently permeates our nation. You really need to watch this.
Please order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
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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.