Archive for the ‘Wall Street’ Category
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
In December 2011, President Obama was interviewed on 60 Minutes and had the following exchange with CBS’ Steve Kroft in regard to behaviors on Wall Street:
KROFT: One of the things that surprised me the most about this poll is that 42%, when asked who your policies favor the most, 42% said Wall Street. Only 35% said average Americans.
My suspicion is some of that may have to do with the fact that there’s not been any prosecutions, criminal prosecutions, of people on Wall Street.
And that the civil charges that have been brought have often resulted in what many people think have been slap on the wrists, fines. “Cost of doing business,” I think you called it in the Kansas speech. Are you disappointed by that? (more…)
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »
Posted by Larry Doyle on February 20th, 2013 9:45 AM |
There is not even one credible individual in the world today who would believe that we do not still operate under a “too big to fail” model for our banking industry.
We now know that “too big to fail”also means “too big to regulate” and “too big to prosecute.” Free market capitalism is dying a slow and steady death in the process.
Might we ever get out from under the heavy burden of this model? We can only hope. Yet I awaken this morning and vomited my coffee as I read in the WSJ,
Should the government backstop even more of the financial system than it already does?
Sure, if you love a mix of crony capitalism and socialism, wave it in, right? (more…)
Tags: capitalism did not fail, crony capitalism, cronyism, Federal Reserve, free market capitalism, how did capitalism fail, nonbank financing activity, shadow banking, too big to fail, too big to prosecute, too big to regulate, william dudley
Posted in Banking Institutions, Federal Reserve, General, Wall Street | 13 Comments »
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…)
Tags: Khuzami revolving door myth, POGO Dangerous Liaisons, POGO Darcy Flynn, POGO Gary Aguirre, POGO John Nester, POGO Larry Doyle, POGO Mary Jo White, POGO Mary Schapiro, POGO Michael Smallberg, POGO Putnam Peter Scannell, POGO regulatory capture, POGO report February 2013, POGO report on financial regulation, POGO report on regulatory capture, POGO report on revolving door, POGO revolving door, POGO Robert Khuzami, POGO SEC report, POGO SEC Revolving Door Database, POGO Sense on Cents
Posted in General, POGO, regulation, SEC, Wall Street, Wall Street Washington Incest | 5 Comments »
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…)
Tags: George Demos, JP Morgan compliance, justice for Peter Sivere, Nita Lowey letter to SEC chair Mary Schapiro, Nita Lowey Peter Sivere, Peter Sivere, Peter Sivere case, Peter Sivere JP Morgan, Peter Sivere whistleblower, protection of whistleblowers, SEC whistleblower protection, Wall Street-Washington incest, whistleblower protection
Posted in General, SEC, Wall Street, Wall Street Washington Incest | 17 Comments »
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…)
Tags: Dodd Frank reform of Wall Street, Dodd-Frank financial regulatory reform, Eliot Spitzer interview with Bill Cohan, JP Morgan Canary after hours trading scandal, JP Morgan Joan Guggenheimer, Obama reform of Wall Street, Peter Sivere case, Peter Sivere George Demos, Peter Sivere whistleblower, SEC after hours trading scandal, SEC in bed with Wall Street, Spitzer interview with William Cohan, Wall Street corruption, Wall Street-Washington incest, who violated Peter Sivere
Posted in General, SEC, Wall Street, Wall Street Washington Incest | 13 Comments »
Posted by Larry Doyle on September 25th, 2012 5:51 AM |
Few people had as much interaction in the heat of battle with financial CEOs than former FDIC chair Sheila Bair. What does Ms. Bair think of both past and current chief executives on Wall Street?
American Banker provides a riveting review of the good, the bad, and the ugly according to Ms. Bair in writing, What Sheila Bair Really Thinks of Big Bank Execs,
Former Federal Deposit Insurance Corp. Chairman Sheila Bair was always known for speaking her mind, even when she ran the agency from 2006 to 2011. (more…)
Tags: American Banker Sheila Bair, Bull by the Horns by Sheila Bair, leadership in America, leadership on Wall Street, Sheila Bair, Sheila Bair FDIC chair, Sheila Bair grades Vikram Pandit, Sheila Bair grades Wall Street's CEOs, Sheila Bair rates Jamie Dimon, Sheila Bair rates John Thain, Sheila Bair rates Ken Lewis, Sheila Bair rates Lloyd Blankfein, Sheila Bair rates Richard Kovacevich, Wall Street executives, Wall street management
Posted in General, Sheila Bair, Wall Street | 3 Comments »
Posted by Larry Doyle on March 18th, 2012 10:06 AM |
Former Goldman executive Greg Smith created quite a firestorm on Wall Street this week. Smith tarred and feathered his former firm for the manner in which they engage their clients.
While I believe Smith should have been more pointed in directing his fire, for those impugning Mr. Smith, including New York City Mayor Michael Bloomberg, I would offer that what Mr. Smith asserts is HIGHLY unlikely just a Goldman issue.
Why do you think JP Morgan’s CEO and Morgan Stanley’s CEO James Gorman informed their troops to hold their own fire in response to the bombshell launched by Mr. Smith? (more…)
Tags: derivatives on Wall Street, Goldman Sachs business model, Goldman Sachs Greg Smith, Goldman Sachs JP Morgan Morgan Stanley, Greg Smith, Greg Smith bombshell, Larry Doyle, Larry Doyle comments on Goldman Sachs, Larry Doyle interview on CNBC, Lloyd Blankfein Jamie Dimon James Gorman, Michael Bloomberg comments on Greg Smith, need for transparency on wall street, reputation risk with Goldman Sachs, TRACE, Wall Street oligopoly, Wall Street post crisis
Posted in General, Goldman Sachs, Wall Street | 1 Comment »
Posted by Larry Doyle on March 13th, 2012 5:51 AM |
If the Wall Street mortgage settlement is supposed to define justice, then crime certainly does pay.
Having asked repeatedly in 2011 whether Wall Street mortgage servicing practices qualified as a racket and thus the charges filed should have been addressed as a RICO violation, yesterday we received our answer.
By any measure of ‘sense on cents’, the evidence provided screams of a RICO violation. The verdict delivered? (more…)
Tags: Ally Financial mortgage servicing, Bank of America mortgage servicing, Citigroup mortgage servicing, crime on Wall Street, crime pays, false or fraudulent claims, FHA mortgage insurance, Foreclosure Pact Alleges a Pattern of Malfeasance, JP Morgan Chase mortgage servicing, MERS, mortgage abuses, mortgage servicing practices, mortgage servicing settlement, mortgage settlement, racketeering violation on Wall Street, RICO Act, robo-signing, unfair and deceptive practices, Wall Street justice, Wall Street mortgage settlement, Wells Fargo mortgage servicing
Posted in General, Mortgage Crisis, Mortgages, Wall Street | 9 Comments »
Posted by Larry Doyle on March 9th, 2012 8:58 AM |
“The problem here is, when the public becomes aware of the nature of the game, they may choose not to play. This is the problem not only for Goldman but for Wall Street as a whole if people choose not to play.”
I made that statement in the midst of an interview two years ago with CNBC’s Mark Haines (may he rest in eternal peace) about Goldman Sachs. (For those interested you can access that interview here. My comments about Goldman specifically and this topic begin around the 3 minute mark.)
What have trading volumes done on the NYSE over the last two years? (more…)
Tags: BATS, CNBC, derivatives volume, Euronext NYSE, European derivatives, flash crash, front running, Goldman Sachs, hft, high frequency trading, Larry Doyle, Larry Doyle speaks about Goldman Sachs, Mark Haines, MF Global, new york stock exchange, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, NYSE Volumes Cut in half in Three Years, nyxdata.com, people choose not to play, Securities Technology Monitor, trading volumes, what is behind decline in trading volumes, when principal is not protected, why are trading volumes down so much, why have trading volumes declined
Posted in General, Wall Street | 5 Comments »
Posted by Larry Doyle on June 23rd, 2011 8:32 AM |
You do not need to read Sense on Cents to know that Wall Street and America have problems. That said, the future of both the financial services industry and our nation are inextricably linked.
The innovative ideas which our nation must generate to drive future growth and employment require capital. Wall Street has that capital. In my opinion, Wall Street needs to seriously refine the use of its capital for its own benefit and that of our nation.
Can Wall Street adapt? Does Wall Street understand the errors of its ways? When might some real leaders on Wall Street call out for the industry to clean up its act? These questions can only be properly addressed in the future if there is an acknowledgment and understanding of where and when did Wall Street go wrong in the past. Let’s navigate.
(more…)
Tags: black box trading on wall street, Brady Dougan, Brian Moynihan, declining volumes on Wall Street, do you trust your mechanic, failure of wall street leadership, failure of wall street management, failure of wall street regulation, failure to protect investors on wall street, financial services industry, impact of high frequency trading on equity volumes, its not a bug its a feature, James Gorman, Jamie Dimon, John Gapper, JP Morgan CDO settlement with SEC, lack of quality control on wall street, lack of transparency and opacity on wall street, Lloyd Blankfein, need for integrity on wall street, need for transparency on wall street, putting derivatives on exchanges, quants on wall street, regulation of CDS, regulation of derivatives market, Robert Wolf, selling risk on Wall Street, structured transactions on Wall Street, The Price of Wall Street's Black Box, the quants, Tom Montag, wall street developments since mid 1990s, Wall street fraud, wall street mechanics, wall street over the last fifteen years, Wall Street sales, when did wall street go wrong, where and when did wall street go wrong, where did wall street go wrong
Posted in General, Wall Street | 2 Comments »
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Holder Refutes Obama with “Indictment” of TBTF
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »