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.
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.
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.
Posted by Larry Doyle on December 2nd, 2013 10:22 AM |
Five plus years after the demise of Lehman Brothers and the onset of our ongoing economic crisis, the questions still beg as to whether Wall Street has learned the lessons needed to rebuild meaningful confidence in our markets and implemented real changes to do just that.
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…)
Posted by Larry Doyle on November 25th, 2013 9:38 AM |
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 |
It is not often that I have had the pleasure of reading and reviewing two Sense on Cents instant classics in the course of just a few days but today I am excited to bring you another absolute MUST READ.
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…)
Posted by Larry Doyle on November 8th, 2013 7:33 AM |
Wow, just wow.
It is not often if ever that a major Federal Reserve governor will turn on his own banking bedmates, but we witnessed just that yesterday in an address delivered by New York Fed governor William Dudley at the Global Economic Policy Forum in New York City.
Dudley’s talk was intended to provide an outline for ending the ongoing ‘too big to fail’ reality of our major banking institutions.
Hey, wait a second. I thought Dodd-Frank ended too big to fail, didn’t it? President Obama told us so. Well, he also told us that if we liked our health care plan and our doctors and our hospitals that we could keep them . . . and we see where that got us. Back to Dudley’s talk in which he let slip a statement that should unnerve Wall Street and Washington to their very core. (more…)
Posted by Larry Doyle on September 10th, 2013 7:07 AM |
The more things change, the more they stay the same.
For those in and around Wall Street and Washington who pretend that there has been meaningful change in the issues that brought about our crisis in 2008, I have endless archives to highlight all too much remains the same.
The simple fact is both Wall Street and Washington remain very much the same as details within Banks Seen at Risk Five Years After Lehman Collapse attest. What is Wall street currently? (more…)
Posted by Larry Doyle on September 4th, 2013 10:07 AM |
With the five year anniversary of the demise of Lehman Brothers right around the corner, a financial reporter from a major news outlet reached out to me yesterday to get my take on the current situation on Wall Street.
He was interested in touching upon the current culture within the industry and what has changed.
We had a fair bit to discuss and I was not bashful. (more…)
Posted by Larry Doyle on August 20th, 2013 10:10 AM |
Three full years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, less than 40 percent of the watered-down rules within the reform have actually been written.
And those that have fall mostly under the heading of low-hanging fruit.
President Obama played the populist card again yesterday, calling on Congress and the independent regulators to complete their work on this reform.
Does President Obama think the American public actually believes Wall Street has been or will be reformed via Dodd-Frank? Really? Is he serious?
Posted by Larry Doyle on June 19th, 2013 8:10 AM |
At one point in time, the USA may have been viewed as the preeminent world leader on major financial issues.
While many arrogant bankers, regulators, and political leaders here in the USA might care to continue to believe they hold that leadership position, I think most who might read this blog know that those days have passed.
Dodd-Frank reformed our financial system? Really? Then why is it that bankers from Citigroup are virtually writing entire new legislation under the heretofore now designated Fraud-Dank umbrella?
If we care for a more honest assessment of the comparably incestuous, crony, corruptible dynamic at play within these parts, let’s redirect our focus across the pond. (more…)
Posted by Larry Doyle on June 14th, 2013 9:02 AM |
Not that we needed any further evidence of the racketeering enterprises run within the mortgage operations on Wall Street, but with the recently delivered testimony of Simone Gordon, a senior collection officer within Bank of America’s mortgage ‘racket’ . . . we got it.
I first questioned whether the activities within the mortgage servicing enterprises on Wall Street rose to the level of racketeering in early 2011 after having becoming aware of Wall Street’s practice of robo-signing mortgage documents in order to engage in the fraudulent conveyance of countless mortgages. (more…)