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Home“White House Could Grant Mary Jo White a Waiver From Ethics Pledge”
Posted by Larry Doyle on February 19th, 2013 6:04 AM |
If Mary Jo White were to be confirmed as the new head of the SEC, might she be the most conflicted individual to be our nation’s chief financial cop since the first person to occupy that seat, that being Joe Kennedy himself?
The White House and Washington would like to position Ms. White’s confirmation as nothing more than a formality. Our democracy deserves better than that. (more…)
Taibbi on HSBC: Blood Money
Posted by Larry Doyle on February 15th, 2013 7:22 AM |
There are few writers today who hit as hard as Rolling Stones’ Matt Taibbi. That is a good thing for those who actually care about free market capitalism, let alone a sense of moral decency.
Two months ago, the European based bank HSBC was hit with a $1.9 BILLION fine for allowing — if not promoting — its operations to be used as little more than a laundromat by a host of very unsavory characters for a protracted period. Huge story, right? RIGHT!
Where are the major media outlets to dig in, unearth the dirt, clean out the residue in this laundromat, and bring the unbridled truth to the public? I will tell you where the media is: in the tank.
Leave it to Taibbi to make the contacts and expose the dirt, the grime, and the blood that was (is?) HSBC. In a Sense on Cents classic, Taibbi writes>>>>>>>>> (more…)
POGO Opens Wall Street-Washington Revolving Door
Posted by Larry Doyle on February 12th, 2013 7:04 AM |
A few years back in the course of an interview with Fox Business host David Asman, I was asked what I thought of the exceptionally close relationships between the regulators and the industry. I responded, “David, I think the term there is ‘incestuous’.”
Fast forward three plus years and we receive a scathing review of just how widely developed and deeply embedded the incest runs. Let’s navigate as the folks at the Project on Government Oversight take us round and round through this revolving door in releasing,
SEC’s Revolving Door Blurs Line Between Regulator and Industry
A Project On Government Oversight (POGO) study of thousands of government records found that former staff of the Securities and Exchange Commission (SEC) routinely: (more…)
Libor Scandal: “Companies Do NOT Commit Fraud, People Do”
Posted by Larry Doyle on February 7th, 2013 6:19 AM |
I will tell you what it means. It means that free market capitalism is losing, and cronyism in the financial system is simply becoming more deeply embedded. Do you disagree? (more…)
Uncle Sam Charges S&P with FRAUD!!!
Posted by Larry Doyle on February 6th, 2013 9:28 AM |
“Fraud,” cried the maddened thousands, and the echo answered “Fraud.”
Fans of our national pastime are likely well acquainted with the classic poem, Casey At The Bat. In that well worn tale, the patrons of the game go home with heads bowed as their power hitter, that being the mighty Casey, fails to drive home the winning runs in the bottom of the ninth.
In similar fashion but in real life, the fans of the red, white, and blue team with USA adorned across their breast are also disappointed to date as justice officials have yet to swing at pitches seemingly thrown right over the plate. To what do I refer? Financial frauds emanating on Wall Street. Although our very real game is seemingly in the late innings, mighty Sam is in the process of swinging his bat as he charges the rating agency Standard & Poors with fraud. About time right? (more…)
1 in 5 Trust Our Banks
Posted by Larry Doyle on January 28th, 2013 8:56 AM |
What is the basis of any relationship?
Trust.
How much do you want to engage somebody if you have little to no trust in that individual or institution? Obviously not much. A healthy society is one in which trust is pervasive. The premise and foundation of trust within our relationships allows for the free flow of information, capital, and goods. Everybody benefits.
Regrettably, our nation has an enormous trust deficit currently. Why so? Once violated, trust does not easily or quickly return or regenerate. Although many within positions of leadership in our nation would like to present the rebound in our markets and supposedly within our economy as indicative of a return to a healthy nation, they are FOOLS if they truly believe that. Why so? (more…)
JP Morgan Holding Back Madoff Documents
Posted by Larry Doyle on January 4th, 2013 11:57 AM |
Four years after the fact and America still does not know what really transpired within the Madoff scandal. Who knew what? Who did what?
Are we supposed to believe that only Bernie and a few other miscreants within his web perpetrated this scam unbeknownst to others on Wall Street and within the halls of our financial regulators? That premise would take the definition of naivete to an exceptionally elevated level.
What other entities benefited from feeding off Bernie Madoff? Well, if we needed to rely on the likes of JP Morgan, we will seemingly never learn that info and likely more. Why is that? (more…)
Obama’s Failure to Reform Wall Street: “The Letter”
Posted by Larry Doyle on September 27th, 2012 7:20 AM |
Yesterday’s commentary addressing the gross injustice of an SEC attorney walking away largely unscathed after having blown the cover of a whistleblower resonated far and wide. What is it about this story of the whistleblower Peter Sivere having his confidence violated that consumes me and strikes right at the core of America?
Sivere was victimized by those charged with upholding our laws, protecting our values, and promoting a system of free and fair trade. Peter Sivere’s story epitomizes the essence of the Wall Street -Washington Incest which I have railed on for the last three years.
Yet, Peter Sivere awakes again today a victim with no real justice. While he bears the brunt of the pain of being victimized, the simple fact is Sivere is every good and decent man and woman in America. As Sivere suffers, so do we all.
It does not have to be this way. How might it begin to change? (more…)
Obama’s Failure to Reform Wall Street: SEC No Evil Recommended
Posted by Larry Doyle on September 26th, 2012 5:51 AM |
While listening to the upcoming Presidential and Vice-Presidential debates and you hear selected politicians make the case that they have reformed Wall Street, I recommend you get yourself a barf bag and think of the story I share with you today.
I introduced readers of this blog to whistleblower and former JP Morgan Chase compliance officer Peter Sivere in early 2010. For those unaware, Mr. Sivere had his identity revealed — that is, his confidence was violated — by an SEC attorney while in the process of blowing the whistle in an after hours trading case ongoing at JP Morgan.
Going on three years later Sivere and America still wait for the SEC to make proper amends in his case. Why is that fact and this case so important? (more…)
Won’t Have Mary Schapiro To Kick Around Anymore
Posted by Larry Doyle on September 10th, 2012 9:09 PM |
Sense on Cents first crossed paths with current SEC chair and former FINRA head Mary Schapiro in mid-January 2009.
I have often thought Ms. Schapiro – more than any other single individual – knows where more of the bones are buried on Wall Street and throughout the incestuous Wall Street – Washington circle of influence and intrigue. I have tried to be fair but aggressive in questioning Mary’s lack of transparency on so many fronts.
Well readers, if reports circulating around Washington have a measure of truth to them, we will likely not have Mary to kick around all that much longer. (more…)
