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HomeHelen Davis Chaitman Reviews In Bed with Wall Street
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…)
DOJ/FBI Pour Hot Acid in America’s Wall St. Wound . . . . . WOW, JUST WOW
Posted by Larry Doyle on July 16th, 2014 8:36 PM |
If the American public thought that it had borne all the excruciating pain of every insult and injury that Wall Street and Washington could deliver . . . think again.
In what has to be a new low in terms of kicking the hard working, God-fearing, taxpaying investors of this land in the proverbial balls, check this WSJ story out about the motivations of the Department of Justice and Federal Bureau of Investigation in meting out large fines on Wall Street (Caution: prior to reading this, I recommend you remove any projectiles or sharp objects from your vicinity): (more…)
Letter to Editorial Board of The New York Times: “Real Cause Is Regulatory Capture/Corruption”
Posted by Larry Doyle on June 30th, 2014 9:56 AM |
I sent a copy of this letter to the members of the Editorial Board of The New York Times this morning.
To the Editorial Board of The New York Times
Re: Sunday Editorial, The Dark Pool Iceberg: Lawsuit Against Barclays Shows Need for More Scrutiny
Dear Mr. Rosenthal, et al,
I was pleased to read your editorial in this past Sunday’s New York Times regarding the recent lawsuit brought by New York Attorney General Eric Schneiderman against Barclays for engaging in a ‘pernicious fraud’ within its equity division and specifically in the operation of its dark pool.
The allegations made by AG Schneiderman are supported by information provided by whistleblowers who had previously worked at Barclays. The outrage by investors and the public should be justifiably long and loud. The erosion of trust and confidence in Wall Street broadly speaking will continue to undermine our economy. We all suffer in the process. (more…)
Senator Warren Indicts Regulators ‘In Bed with Wall Street’
Posted by Larry Doyle on February 7th, 2014 10:06 AM |
“The question I’m asking is whether or not there’s adequate deterrent to prevent the largest financial institutions in this country from breaking the law,” Sen. Elizabeth Warren (D-Mass.) said at a Senate Banking Committee hearing today. “Right now, if financial institutions can just settle their claims out of court, and get a raise for settling them, then where’s the deterrent?”
Senator Warren pressed regulators about their current enforcement efforts, noting that the “the public has little confidence in regulators’ willingness to seek the kind of penalties that will actually deter future financial crimes.”
With those two statements, Senator Warren (D-MA) indicts the current scandalous practices if not outright corruption that lies at the intersection of Wall Street and Washington and provides the public’s concluding sentiment as detailed in In Bed with Wall Street. The clip runs a mere 6-minutes.
What to do about this? How about we start with the following:
1. Congress should launch a privately run Office of Whistleblower Protection.
2. Wall Street’s private police detail, that is the financial self-regulatory organization FINRA, should no longer have absolute immunity and should be subject to the Freedom of Information Act.
3. Wall Street arbitration should be optional and not mandatory so as to end the kangaroo court.
4. End the self-regulatory oversight of Wall Street.
5. BREAK UP THE ‘TOO BIG TO FAIL’ BANKS!!
Is anybody in favor of the ongoing cronyism and corruption that defines our current system?
Larry Doyle
Please order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view the embedded video clip and to comment on this piece of ‘sense on cents.’
Please subscribe to all my work via e-mail.
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.
Madoff Trial Evidence Indicts NASD/FINRA
Posted by Larry Doyle on December 11th, 2013 8:46 AM |
For five years America has been fed a line of bull$h!t that absolved the regulators at the NASD and its offspring at FINRA from their oversight responsibilities in the operation that encompassed Bernie Madoff’s Ponzi scam.
I never believed it for a second when regulators and assorted sycophants said that Madoff’s broker-dealer operation was fully separate and distinct from the Ponzi scheme.
I challenged former SEC chair Harvey Pitt in September 2009 when he tried to provide cover for the NASD/FINRA on its oversight and responsibilities related to Madoff. (Those interested can review that engagement and a lot more on the 20-minute video within this commentary.)
We awake this morning to learn startling new evidence from WSJ coverage of the ongoing Madoff trial, (more…)
SIFMA to Address Investor Distrust of Wall Street . . . Really?
Posted by Larry Doyle on December 9th, 2013 6:34 AM |
When those paid to promote an organization or industry acknowledge that customers do not trust you, then you know you have a real problem.
On that note, Wall Street and, dare I say, Washington as well have real problems. Let’s navigate and work our way through some smokescreens.
The industry’s own trade organization, SIFMA (Securities Industry and Financial Markets Association), has recently launched an initiative designated as Our Partnership with You:
This is just one part of a series of initiatives that SIFMA will be rolling out to demonstrate our commitment to putting customers first.
Really? So quaint. Watch your wallets, folks. (more…)
‘Look Inside’ My Upcoming Book, In Bed with Wall St.
Posted by Larry Doyle on December 4th, 2013 7:21 AM |
Is there any other reason or greater motivation than the virtue of truth for why people ultimately choose to read the material they do? I think not.
Yet all too often the truth is distorted, if not denied, by those who might benefit from seeing that it remains buried. I launched this blog almost 5 years ago in pursuit of the truth and continue to do so today.
On January 7th, I welcome elevating this pursuit of the truth to an entirely new level and a much larger platform. As most who visit here regularly are well aware, on that day my first book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, will be published by Palgrave Macmillan.
I am enormously proud of the endorsements the book has received from a number of individuals, including none other than a former assistant Inspector General for Investigations of the U.S. Securities and Exchange Commission, David Weber. Additionally, a recent review offered the following:
His deep digging . . . qualifies as investigative journalism, and the scandalous details he recounts are impressive. The author has clearly done his homework while thinking about a reform effort . . . An important book . . .
I recently learned that the book will be named as one of “Ten Books That Matter” by the Project on Government Oversight for its upcoming 2014 Winter Reading List.
I am understandably pleased by all these developments, but the success of this book will ultimately be determined by you the reader. In an attempt to help you gain a greater understanding and appreciation for my pursuit of the truth and “deep digging,” we can now take a ‘look inside’ the book. In doing so, readers can check out the Table of Contents, a selected number of pages from the first 3 chapters, almost all of the 140 plus referenced resources in the Notes, and the Index as well.
Look Inside: In Bed with Wall Street: The Conspiracy Crippling Our Global Economy
The book is available both in hard copy and on Kindle, and can be ordered via Amazon, Barnes and Noble, and IndieBound so that it will be delivered to you on the 7th of January.
I hope you will not only want to buy my book, but might also share this post with your family, friends, and colleagues so that they will do so as well. You can rest assured that I am not bashful in revealing details of people and situations from Wall Street to Washington lying ‘in bed’ with each other while the American public across the entire spectrum of our populace has paid and continues to pay a very heavy price.
I thank you for your support.
Larry Doyle
Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’
Please subscribe to all my work via e-mail.
Wall Street: A Crisis of Culture
Posted by Larry Doyle on December 2nd, 2013 10:22 AM |
The Economist recently released a fabulous report addressing these very questions. For those with even a passing interest in Wall Street, this is a must read. (Props to the regular reader who brought this story to my attention.) What do we learn?
Back in 1980, just 9% of Harvard MBAs went into financial services. By 2008, the figure was up to 45%. Lured to Wall Street and the City by generous pay packages, financiers were encouraged to chase rapid earnings growth. (more…)
Will ‘Too Big to Fail’ Banks Charge for Deposits?
Posted by Larry Doyle on November 25th, 2013 9:38 AM |
$82 billion.
What does that figure represent? The subsidy (aka competitive advantage) that accrues to our major banking institutions from favorable borrowing rates given their status as ‘too big to fail.’
Those tens of billions of dollars truly represent a nice, big head start for a handful of banks, and a withering assault on the precepts of free market capitalism for the rest of us.
As if $82 billion were not enough of a subsidy, let’s not forget that these banks pay you, as a depositor, virtually zero interest for the ‘privilege’ of holding your money there. Well, that may be changing. How so? How would you like to actually pay interest to the banks in order to keep your money in their institutions? Really? No way?
Yes way. (more…)
Judge Rakoff: Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?
Posted by Larry Doyle on November 14th, 2013 11:15 AM |
None other than Judge Jed Rakoff, who has heard many of the major financial suits brought over the course of the last few years, spoke the other day to the New York City Bar Association regarding the question so many in our nation still ask, “Why have no high level executives been prosecuted in connection with the financial crisis?”
In what might have been a fabulous foreword to my upcoming book, Rakoff skillfully delivers what I believe is an incredibly excoriating indictment of those within the Department of Justice,the SEC, and elsewhere. (more…)
