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# Sense on Cents

Navigating the Economic Landscape

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## Posts

- [Dick Kovacevich Calls BofA $17Bln Fine, 'Extortion'; "You Have To Put People in Prison"](https://www.senseoncents.com/2014/08/dick-kovacevich-calls-bofa-17bln-fine-extortion-you-have-to-put-people-in-prison/) - Former Wells Fargo CEO is no lightweight within financial circles. He packed a heavy punch just yesterday in railing on the Department of Justice's $17 billion settlement with Bank of America. Kovacevich defined this penalty imposed on BOA as purely political. I do not necessarily agree with everything stated by Kovacevich in this 4-minute video
- [What Is Really Going On at The SEC?](https://www.senseoncents.com/2014/08/what-is-really-going-on-at-the-sec/) - If we thought that our nation's top financial cops had embraced the mantel of truly protecting the public interest, a recent story put forth by CNBC gives us serious reason to pause in that assessment. This story addresses a leak inside the commission and generates far more questions than answers as to what is really going on
- [How Does the Islamic State Fund Itself? Here's How](https://www.senseoncents.com/2014/08/how-does-the-islamic-state-fund-itself-heres-how/) - Ongoing developments in the South China Sea, the Ukraine, and Gaza all present very real dangers and risks to our global economic and political landscape. That said, I think most people might agree that the perilous situation playing out within the Islamic state in Iraq and surrounding locales is like nothing we have ever seen
- [Be Careful of Fraud with Reverse Mortgages](https://www.senseoncents.com/2009/08/be-careful-of-fraud-with-reverse-mortgages/) - Given the current state of our economy, opportunities to access credit are diminishing. Where are more and more people going to gain credit? Their homes. What? With home values down so much and banks tightening credit standards, how are people utilizing their homes to get money? Welcome to the arcane world of reverse mortgages. In
- [<em>In Bed with Wall Street</em>: Book Talk at Library of Congress ](https://www.senseoncents.com/2014/11/in-bed-with-wall-street-book-talk-at-library-of-congress/) - America awakes this morning to a Republican wave breaking over Washington and coursing across our nation. While some may view yesterday's election results as simply a stamp of approval of "right vs left", I think the nation as a whole said something far more meaningful than that. I believe a significant percentage of voters tried
- [Taking a Time Out   ](https://www.senseoncents.com/2014/09/taking-a-time-out/) - I owe it to the very loyal and faithful followers of my blog to share with you that I am taking a break from my regular writing. Rest assured, Sense on Cents is not going away. I have grown to love this blog and all that it has meant in terms of relationships and information.
- ["Banks Do Not Commit Misconduct, Bankers Do" ](https://www.senseoncents.com/2014/08/banks-do-not-commit-misconduct-bankers-do/) - The Department of Justice is soon expected to announce a $17 billion settlement with Bank of America. Is this justice? I will defer in writing my own commentary this morning because the words and details on this topic provided by Dean Starkman qualify as a Sense on Cents Instant Classic: There’s a much deeper problem
- [Juan Williams' Wide-Angled View of Ferguson, MO](https://www.senseoncents.com/2014/08/juan-williams-wide-angled-view-of-ferguson-mo/) - I am compelled to digress today from our standard navigation of the economic landscape to touch upon the troubling situation playing out in Ferguson, MO. I hope those who read this commentary and my blog would come away thinking the only side I come down upon in any situation is that of the truth. Over
- [Standard Chartered Money Laundering: Wash, Rinse, Repeat  ](https://www.senseoncents.com/2014/08/standard-chartered-money-laundering-wash-rinserepeat/) - When a penalty does not fit the crime it should come as no surprise that the activity in question is likely to perpetuate. We would seem to see evidence of this reality in the ongoing "wash, rinse, repeat" cycle of money laundering activities at the laundromat heretofore known as Standard Chartered Bank. The Financial Times
- [Official Study: The SEC and Quid Pro Quo   ](https://www.senseoncents.com/2014/08/official-study-the-sec-and-quid-pro-quo/) - "The findings of this study suggest that the SEC is influenced by considerations other than the merits of the case and raise questions regarding the effectiveness with which the agency plays its deterrence and compensation roles." Maria M. Correia London Business School The phrase "quid pro quo" is universally understood as something that is given
- [Helen Davis Chaitman Reviews <em>In Bed with Wall Street</em>  ](https://www.senseoncents.com/2014/08/helen-davis-chaitman-reviews-in-bed-with-wall-street/) - 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
- [Inspectors' General 'Limitations on Access to Records' ](https://www.senseoncents.com/2014/08/inspectors-general-limitations-on-access-to-records/) - Information is everything. Access to information on a timely basis is critical to an agency, an organization, an administration, and a government at large being well run. The sharing of information is often sporadic if the interests of those involved are not properly aligned. Regrettably for the American public, our interests are not often properly
- [<em>JPMadoff</em>: New Site Hits JPMorgan Hard in re: Madoff   ](https://www.senseoncents.com/2014/08/jpmadoff-new-site-hits-jpmorgan-hard-in-re-madoff/) - In early January of this year, JP Morgan was hit with a $2 billion fine and a deferred prosecution agreement for its failures to properly manage and monitor its 20-plus year relationship with the Sultan of Swindle Bernie Madoff. In my opinion, that settlement had little meaningful correlation with what most in our nation would
- [Ashoka Mody: "Global Economy's Groundhog Day"](https://www.senseoncents.com/2014/08/ashoka-mody-global-economys-groundhog-day/) - While all too many market prognosticators, political pundits, central bankers, and Wall Street economists work overtime at creating and promoting a narrative to fit an improving global growth story, I have not seen the underlying fundamentals here at home or abroad to support that case. So while I will quickly peruse the views and opinions
- [Wall St 'Living Wills' & 'TBTF'?? Watch Your Wallets, Folks!!](https://www.senseoncents.com/2014/08/wall-st-living-wills-tbtf-watch-your-wallets-folks/) - Little surprise this week that the Federal Reserve and FDIC have assigned failing grades to Wall Street's 'too big to fail' banks assigned to writing 'living wills.' As a frame of reference, these 'living wills' are required by the Dodd-Frank legislation intended to reform Wall Street and prevent the need for another government bailout of
- [VA Whistleblower Abuse: The Story of Paula Pedene](https://www.senseoncents.com/2014/08/va-whistleblower-abuse-the-story-of-paula-pedene/) - I have real contempt for those in positions of power who engage in abusive treatment of those within their ranks trying to do the right thing. There are countless reasons why our nation is literally and figuratively "broke." One of the reasons, though, is that the waste, fraud, and abuse within so many government agencies
- [<em>60 Minutes</em>: "China's Real Estate Bubble" ](https://www.senseoncents.com/2014/08/60-minutes-chinas-real-estate-bubble/) - "Property prices have always gone up more than inflation . . . just like they believed in the US." Would you know as asset bubble if you saw it? Well if you saw 60 Minutes last evening as I did then you saw what is certainly a bubble in the Chinese real estate market. The
- [Daniel Ellsberg and Edward Snowden: A Conversation <em>Video</em> ](https://www.senseoncents.com/2014/08/daniel-ellsberg-and-edward-snowden-a-conversation-video/) - "When government fears the people, there is liberty. When people fear the government, there is tyranny." Daniel Ellsberg and Edward Snowden are certainly two of the highest profile whistleblowers in our nation's history. Some might think of these men as traitors. Others would categorize them as national heroes and the ultimate patriots. I am in
- [Whistleblower Appreciation Day: My Top 5 ](https://www.senseoncents.com/2014/07/whistleblower-appreciation-day-my-top-5/) - Not a day goes by in which the citizens of our nation are not forced to continue to wade through a financial-political-regulatory cesspool of real cronyism and corruption. The stench from this menage-a-trois is overpowering. Transparency is the only real disinfectant. Who provides that transparency? Whistleblowers. We owe immeasurable thanks to our fellow brethren who
- [GDP Review: How's Our Economy 'Really' Doing? ](https://www.senseoncents.com/2014/07/gdp-review-hows-our-economy-really-doing/) - Most pundits and analysts will understandably try to hype the better than expected 4% growth rate of 2nd quarter GDP reported this morning. I get it. Some might temper the hype by highlighting that growth in inventories accounted for approximately 1.7% of the growth. Others might choose to direct attention to the fact that the
- [Alan "Ace" Greenberg, Rest In Peace](https://www.senseoncents.com/2014/07/alan-ace-greenberg-rest-in-peace/) - In early 1990 after 7 fabulous years learning the ins and outs of Wall Street while working at The First Boston Corporation, I departed that venerable firm for the rough around the edges ways of Wall Street that defined Bear Stearns. I had been cautioned by some not to make that move. I am glad
- [What's Going On at The 'Deutsche Bank Haus'? <em>Video</em>   ](https://www.senseoncents.com/2014/07/whats-going-on-at-the-deutsche-bank-haus-video/) - I am hard pressed to little more than chuckle at the recently released report by the New York Federal Reserve concerning the regulatory failures at Deutsche Bank. Why so amused? The Financial Times informs us the regulators at the NY Fed are so 'steamed' due to "Deutsche’s perceived failure to act on similar problems raised by
- [Lt. Colonel Elton Johnson 'Strongly Recommends' <em>In Bed with Wall Street</em> ](https://www.senseoncents.com/2014/07/lt-colonel-elton-johnson-strongly-recommends-in-bed-with-wall-street/) - I am honored and humbled to read a message that was recently widely disseminated to FINRA member firms. The full body of the e-mail is an endorsement by Lieutenant Colonel Elton Johnson Jr. of Karen Fischer, a candidate for a position on the FINRA Board of Governors. Johnson prefaces his endorsement of Ms. Fischer by
- [Book Talk: <em>In Bed with Wall Street</em> at New York Public Library, July 31 at 6pm   ](https://www.senseoncents.com/2014/07/book-talk-in-bed-with-wall-street-at-new-york-public-library-july-31-at-6pm/) - In late April I had the good fortune to speak to a packed house about my book In Bed with Wall Street at the Boston Public Library, the third largest library -- and one of the oldest -- in our nation. In early June I was pleased to regale a filled room at the Library
- [SEC Whistleblower Program: Risks vs Rewards ](https://www.senseoncents.com/2014/07/sec-whistleblower-program-risks-vs-rewards/) - If you became aware of unethical and likely illegal practices at your company, would you consider 'blowing the whistle?' This question is a daunting proposition filled with very real risks that should be measured against potential rewards. Given the risks and unpleasant real life experiences of many whistleblowers on Wall Street, I firmly believe and
- [Russian Hacking of Nasdaq: Further Color  ](https://www.senseoncents.com/2014/07/russian-hacking-of-nasdaq-further-color/) - Global risks on many fronts remain exceptionally elevated. From the Ukraine to a number of hot spots in the Middle East, to the South China Sea, to our southern border, global risk is rampant. Each of these situations entails real human suffering and generates strong reactions and appropriate empathy. Yet in the midst of each
- [DOJ/FBI Pour Hot Acid in America's Wall St. Wound . . . . . WOW, JUST WOW](https://www.senseoncents.com/2014/07/dojfbi-pour-hot-acid-in-americas-wall-st-wound-wow-just-wow/) - 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,
- [AEI: "What Works in Helping the Poor?" ](https://www.senseoncents.com/2014/07/aei-what-works-in-helping-the-poor/) - Is America on the right track? Overwhelmingly most Americans feel the nation is not headed in the right direction. Consistently over the last 4 years, 2 out of every 3 American voters have expressed their belief that the nation is headed in the wrong direction. Only 1 in 4 American voters believe the nation is
- [RE2PECT for The Game ](https://www.senseoncents.com/2014/07/re2pect-for-the-game/) - Today I take a break from our normal navigation of the economic landscape to reflect and pay re2pect. This evening the MLB All-Star game will be played in Minneapolis. Growing up as a sports nut in Boston in the late '60s and '70s, one of my favorite days and events of the summer was baseball's Midsummer
- [Citi's $7Bln Settlement: Truth and Justice Delayed Is Truth and Justice Denied   ](https://www.senseoncents.com/2014/07/citis-7bln-settlement-truth-and-justice-delayed-is-truth-and-justice-denied/) - Running down the clock used to be a strategy employed by renowned North Carolina basketball coach Dean Smith to win many a game. College basketball ultimately employed a shot clock to keep the games going. Perhaps the Department of Justice should also have some sort of effective 'shot clock' imposed upon it in certain circumstances.
- [Part-Time America:Unemployment Rate of Little Value  ](https://www.senseoncents.com/2014/07/part-time-america-unemployment-rate-of-little-value/) - If the employment situation in our nation has improved so markedly, then why isn't our economy growing more rapidly? I mean with an unemployment rate of 6.1%, wouldn't it make sense that our economy would be generating a higher level of GDP? If we were to simply rely upon the prognosis of those paid to
- [Hot New Magazine: <em>Unsung Heroes: Truth, Support and Free Speech for Financial Advisors</em>](https://www.senseoncents.com/2014/07/hot-new-magazine-unsung-heroes-truth-support-and-free-speech-for-financial-advisors/) - Information is everything. The other day a reader left a comment with the following inquiry: I would love to join any other advisors who have issues with FINRA. I am a former CPA.PFS financial advisor with Morgan Stanley. I too went through a long and expensive FINRA process. In addition, we filed two whistle blower
- [Will It Take Another Crisis for Real Reform?  ](https://www.senseoncents.com/2014/07/will-it-take-another-crisis-for-real-reform/) - "Our current cronyism is not the property of one political party or the other. As with any cancer, it does not care who it attacks or where it spreads. In the process of unearthing and exposing these crony Wall Street- Washington paths, we have come to learn that large numbers from both political parties, their
- [The DOJ's Double Standard ](https://www.senseoncents.com/2014/07/the-dojs-double-standard/) - Let's see here. The public at large rails on those in Washington for going easy on our 'too big to fail' banks for a host of clearly criminal practices. Uncle Sam -- that is the SEC, other regulators, and ultimately the Department of Justice -- try to talk tough and hit an array of institutions
- [Bill Isaac Embraces The Rule of Law  ](https://www.senseoncents.com/2014/07/bill-isaac-embraces-the-rule-of-law/) - The overarching theme both at this blog and in my book is the need for our nation to embrace the rule of law as the prerequisite to healing our economy and leading to better days ahead. Flouting the rule of law is regrettably an all too common pursuit by those engaged in crony and corrupt
- [Journalist Sues SEC To Get Naked Short Selling Files](https://www.senseoncents.com/2014/07/journalist-sues-sec-to-get-naked-short-selling-files/) - Selling counterfeit stock would seem to be a nefarious undertaking worthy of meaningful exposure. It is. A recent suit against the SEC under the Freedom of Information Act looks to do just that. Let's navigate as the law offices of highly acclaimed and widely respected SEC whistleblower Gary Aguirre recently released the following statement: Lawsuit
- [Chuck Lewis on Moyers: <em>935 Lies</em>, A National Crisis <em>Must Watch Video</em>  ](https://www.senseoncents.com/2014/07/chuck-lewis-on-moyers-935-lies-a-national-crisis-must-watch-video/) - How unsettling that as we approach the anniversary of our nation's independence that we find ourselves a nation in crisis. What is at the core of our crisis? Very simply, the truth, or dare I say the lack thereof. If the truth is fundamental to our national well being -- and I for one think it is
- [Buy Used Car from Barclays, BNP Paribas, GM, et al?   ](https://www.senseoncents.com/2014/07/buy-used-car-from-barclays-bnp-paribas-gm-et-al/) - In light of recent developments I am compelled to wonder why anybody might care to deal with the following organizations: 1. Barclays: New York Attorney General Eric Schneiderman lays out detailed allegations showing the bank to have engaged in a 'pernicious fraud' and lied to customers regarding the operation of its equity dark pool. In
- [Letter to Editorial Board of The New York Times: "Real Cause Is Regulatory Capture/Corruption"  ](https://www.senseoncents.com/2014/06/letter-to-editorial-board-of-the-new-york-times-real-cause-is-regulatory-capturecorruption/) - 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
- [<em>From the Archives</em>: Shedding Light on Dark Pools ](https://www.senseoncents.com/2014/06/from-the-archives-shedding-light-on-dark-pools/) - In light of the recent legal action brought by NY AG Eric Schneiderman against Barclays, I thought it might be beneficial to rerun a commentary that I posted here on October 20, 2009. Ponder that date for a minute. The issues exposed in the suit brought against Barclays are not new developments. Think of the theft
- [Barclays Dark Pool Lawsuit and the 'In Bed with Wall Street Conspiracy'  ](https://www.senseoncents.com/2014/06/barclays-dark-pool-lawsuit-and-the-in-bed-with-wall-street-conspiracy/) - The lawsuit filed by New York Attorney General Eric Schneiderman against Barclays for 'pernicious fraud' in the operation of its dark pool sent shock waves through Wall Street yesterday. The equity valuations for a number of large Wall Street banks declined significantly under the premise that this lawsuit will impact their own business operations in a
- [What Was The 'Real' Level of 1st Qtr GDP?   ](https://www.senseoncents.com/2014/06/what-was-the-real-level-of-1st-qtr-gdp/) - Anyone with a modicum of 'sense on cents' is well aware of the maxim 'garbage in, garbage out.' If we are to believe that the inflation data reported by Uncle Sam does not properly capture the true level of price increases in our economy -- did somebody say intentionally misleading -- then the immediate question
- [1st Qtr GDP (-2.9%) Turns Corner, Goes Off Cliff ](https://www.senseoncents.com/2014/06/1st-qtr-gdp-2-9-turns-corner-goes-off-cliff/) - Are you sick of being lied to? Virtually every economist and political pundit came into 2014 touting this year as being the one in which our economy turns the corner. Well, in the first quarter of the year I guess we did turn the corner . . . and in doing so ran right off
- [Pope Francis: A True Leader and Inspiration ](https://www.senseoncents.com/2014/06/pope-francis-a-true-leader-and-inspiration/) - Given the many challenges facing us these days, our nation and world badly need real leaders. How do I define a leader? An individual who puts the interests of others ahead of his own, does what is right with no regard for how it will impact him/her personally, and speaks up in forceful fashion when
- [Charles Lewis: <em>935 Lies/The Future of Truth and the Decline of America's Moral Integrity</em>](https://www.senseoncents.com/2014/06/charles-lewis-935-lies-the-future-of-truth-and-the-decline-of-americas-moral-integrity/) - One of the best lines I ever read in The Wall Street Journal was attributed to then CEO of First Boston, Allen Wheat. When asked about a senior executive who had recently departed the firm, Wheat rhetorically inquired and responded, "How do you know when he is lying? His lips move." Regrettably, couldn't we say
- [<em>Wikileaks</em>: How Banks Will Continue to Rule the World     ](https://www.senseoncents.com/2014/06/wikileaks-how-banks-will-continue-to-rule-the-world/) - I had a little wind in my sails this morning when I saw a lead article in today's Wall Street Journal regarding the pathetic investor protection provided by the meter maids at FINRA. While adding a little spice to the mix by commenting on that article, I got blown away by a tsunami coming from
- [Charles Lewis: If Truth Be Told ](https://www.senseoncents.com/2014/06/charles-lewis-if-truth-be-told/) - The truth. The health of our democracy demands that we pursue and embrace the truth wherever it may take us and whatever we may learn. Regrettably as a nation the truth often largely escapes us due to forces wielded by those who might suffer in the process. We see evidence of this reality almost on
- [Federal Reserve Quandary: Stagflation  ](https://www.senseoncents.com/2014/06/federal-reserve-quandary-stagflation/) - The Federal Reserve will wrap up its regularly scheduled meeting and release its highly anticipated statement this afternoon at 2pm. The markets always eagerly await this statement so as to read the tea leaves and see what they say about our economy and the impact on interest rates. Do we really need to wait for
- [Senate Investigation of High Frequency Trading: Will We Learn Anything? ](https://www.senseoncents.com/2014/06/senate-investigation-of-high-frequency-trading-will-we-learn-anything/) - The United States Senate Permanent Subcommittee on Investigations is holding a hearing today to "examine conflicts of interest, investor loss of confidence, and high speed trading in U.S. stock markets." The hearing will focus on two specific conflicts of interest: payments by wholesale broker-dealers to retail brokers for their customer orders, known as “payment for
- [Uncle Sam Wants Names of VA Whistleblowers; POGO Protects Identities  ](https://www.senseoncents.com/2014/06/uncle-sam-wants-names-of-va-whistleblowers-pogo-protects-identities/) - You do not need to read my blog to know the Veterans Administration has some serious issues that have impacted the health and well being of countless veterans. These issues are not new developments. Very simply, the failures within the VA are due to a government that is badly mismanaged and often engaged in practices
- [<em>Sense on Cents</em> Index of Cronyism and Corruption  ](https://www.senseoncents.com/2014/06/sense-on-cents-index-of-cronyism-and-corruption/) - Those engaged in cronyism and corruption much prefer to operate under a cover of darkness. When transgressions due occur, those caught in the web of such practices typically like to pay a fine and quickly move on. Given the preponderance of these practices in our current economy, I think it is a good idea that,
- [The IRS Scandal: "That's a Lie" ](https://www.senseoncents.com/2014/06/the-irs-scandal-thats-a-lie/) - Saturday morning in America. Should be a great day and a beautiful weekend with plenty of sports activity to captivate fans and fathers in the crowd. In the process of making the most of the weekend, though, let's not lose sight of the fact that our nation remains under assault both from without and within.
- [Spent: Looking for Change <em>(Compelling Documentary)</em>](https://www.senseoncents.com/2014/06/spent-looking-for-change-compelling-video/) - Are you aware that nearly 70 million Americans are underserved, that is effectively locked out, by traditional financial services companies? How about the fact that these underserved fellow Americans paid $89 billion -- that's right billion with a B -- in interest and fees to manage their finances? What do you think of the reality that 25%
- [How Are People 'Tweeting' Dave Brat's Victory Over Eric Cantor?  ](https://www.senseoncents.com/2014/06/how-are-people-tweeting-dave-brats-victory-over-eric-cantor/) - Twenty four hours ago, how many people who follow politics and the markets in America knew the name Dave Brat? I would guess not that many. I will admit that, prior to last evening, I did not know Dave Brat or that there even was a Republican primary scheduled in the state of Virginia. What a
- [SEC Commissioner Stein Tells FINRA To Toughen Up ](https://www.senseoncents.com/2014/06/sec-commissioner-stein-tells-finra-to-toughen-up/) - "Speak softly but carry a big stick." Real leaders and financial cops very much appreciate that principle. Those playing politics and crony capitalism circa 2014 find it to be anathema. Why is it that bad practices on Wall Street (e.g high frequency trading, abusive sales practices, market manipulation) are too often tolerated in Washington while
- [The People <em>v</em> Big Finance: "This Case Is About Broken Promises" . . . . <em>Strongly Recommended</em> ](https://www.senseoncents.com/2014/06/the-people-v-big-finance-a-case-about-broken-promises-strongly-recommended/) - For those who care about free and fair markets -- and the accompanying concerns about captured and corrupted regulators and politicians -- a recent case filed against the major equity exchanges in our nation qualifies as an absolute must read. This case brought on behalf of Harold R. Lanier et al against every major exchange
- [Preparation for My Talk at the Library of Congress ](https://www.senseoncents.com/2014/06/preparation-for-my-talk-at-the-library-of-congress/) - In preparation for my talk tomorrow at the Library of Congress, I thought I would gather some quotes from my book to share with those in attendance regarding shortcomings and failures within our financial regulatory system. Some in the audience may think these quotes are evidence of meaningful corruption. I would concur. pg 105, Attorney
- [BOE's Mark Carney Displays Real Leadership . . . <strong>Instant Classic</strong>  ](https://www.senseoncents.com/2014/06/boes-mark-carney-displays-real-leadership-instant-classic/) - There is little doubt that our society and those abroad are under enormous pressure given the growing disparity between social classes and a strong sense that many of the games ongoing within our markets are rigged. We certainly hear plenty of political pandering on these topics, but regrettably few of our supposed leaders are willing
- [Lessons from a Wall Street Whistleblower](https://www.senseoncents.com/2014/06/lessons-from-a-wall-street-whistleblower/) - Those occupying positions of financial and political leadership typically like to promote themselves as possessing real courage and bold vision. Yet, when it comes to defending people who display those very virtues, our supposed leaders often look very much like cowards. I am reminded of this very reality in reading of the travails of selected
- [Book Talk: <em>In Bed with Wall Street</em> at Library of Congress, June 5th](https://www.senseoncents.com/2014/05/book-talk-in-bed-with-wall-street-at-library-of-congress-june-5th/) - For those in and around the metro Washington DC area, I hope you might be able to join me on June 5th when I speak about my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, at the Library of Congress. The Library of Congress happens to be the largest library in
- [Wall Street's Kangaroo Court: Calling Out FINRA's Linda Fienberg  ](https://www.senseoncents.com/2014/05/wall-streets-kangaroo-court-calling-out-finras-linda-fienberg/) - Do you ever hear or read a statement put forth by a public official, industry representative, or regulatory spokesperson and think "Are you kidding me?" . . . if not something far less polite than that? I would guess that in a world in which politicians and their spokesmen are not often called on the
- [Sheila Bair Recommends Geithner's Book, Warns of Future Bailouts. <em>Instant Classic</em>](https://www.senseoncents.com/2014/05/sheila-bair-recommends-geithners-book-warns-of-future-bailouts-instant-classic/) - Hell hath no fury like a woman scorned. Those watching the Wall Street-Washington regulatory battles over the years are well aware that there is no love lost between former Treasury Secretary Tim Geithner and former FDIC chair Sheila Bair. While Tim is now out making the rounds promoting his new book, Stress Test, Bair takes
- [William Bowen Gives Best Commencement Speech at Haverford ](https://www.senseoncents.com/2014/05/william-bowen-gives-best-commencement-speech-at-haverford/) - Periodically I like to take a break from my standard navigation of our economic landscape to draw attention to more general news or remarks that I believe warrant special recognition. To that end, I recall the aggressive commentary put forth by Dr. Benjamin Carson at the National Prayer Breakfast (link provides the video of Carson's "must
- [If Credit Suisse Pleads Guilty, Pays $2.5B Fine, Should Brady Dougan Be Fired or Indicted?  ](https://www.senseoncents.com/2014/05/if-credit-suisse-pleads-guilty-pays-2-5b-fine-should-brady-dougan-be-fired-or-indicted/) - Credit Suisse is widely speculated to be close to pleading guilty to charges that it facilitated tax evasion for selected American clients. Pretty heavy stuff indeed. Truth be told, though, I really think this expected guilty plea by Credit Suisse is more a desired outcome for the DOJ looking for a specific offense rather than
- [Not If But When the Next Crisis Comes . . .    ](https://www.senseoncents.com/2014/05/not-if-but-when-the-next-crisis-comes/) - With mid-term elections on the near term horizon, I expect we will hear various pols and their selected pundits tout Dodd-Frank as not being perfect but as having brought meaningful reform to Wall Street. Really? I know, politico-speak is more noise than substance but let's get real. When there is not a lot to grab
- [Message for Tim Geithner On the Release of <em>Stress Test</em> ](https://www.senseoncents.com/2014/05/message-for-tim-geithner-on-the-release-of-stress-test/) - Dear Tim, Congratulations on the release of your book. I assure you that I will read it and review it here at my blog. Given your positions formerly as head of the New York Federal Reserve and Secretary of Treasury, you will certainly receive enormous media attention and exposure in touting your book and your take
- ["If You Think <em>Flash Boys</em> Was Explosive, <em>In Bed with Wall Street</em> Is Downright Nuclear"   ](https://www.senseoncents.com/2014/05/if-you-think-flash-boys-was-explosive-in-bed-with-wall-street-is-downright-nuclear/) - While many in and around Wall Street and Washington have been either dismissive or silent on the issues Michael Lewis addresses in his book Flash Boys, a select few brave souls have issued a real siren call over the years. Lewis pays respect to these 'men in the arena' who have shined a light on
- [CFTC's Scott O' Malia 'Blows The Whistle'  ](https://www.senseoncents.com/2014/05/cftcs-scott-o-malia-blows-the-whistle/) - What does it say about a regulatory oversight system when individuals from inside start to 'blow the whistle?' I think it speaks volumes that all is not well, and somebody better start to really pay attention and take some meaningful action. A month or so ago we heard from retiring SEC attorney James Kidney voicing
- [Are Electricity Markets Being Manipulated in Texas? ](https://www.senseoncents.com/2014/05/are-electricity-markets-being-manipulated-in-texas/) - Market manipulation is certainly not restricted to Wall Street. In fact, I believe the most egregious case of market manipulation goes back to the early years of this century when traders in a Houston based firm known as Enron -- you remember the names Lay, Fastow, and Skilling, right -- manipulated the California electricity market.
- [Eric Hunsader: SEC Report on Flash Crash "Complete and Utter Nonsense"](https://www.senseoncents.com/2014/05/eric-hunsader-sec-report-on-flash-crash-complete-and-utter-nonsense/) - Every now and then I come across commentaries written by well informed individuals that make me question the integrity of those regulating our markets and leave me thinking, "People really need to know this." Earlier this morning I had just such a feeling in reading a report written by perhaps the single most knowledgeable individual
- [When Jeff Gundlach Talks, <em>Sense on Cents</em> Listens ](https://www.senseoncents.com/2014/05/when-jeff-gundlach-talks-sense-on-cents-listens/) - When I want to know where interest rates are headed, the one individual I listen to more than any other is Doubleline's Jeffrey Gundlach. What is Gundlach thinking now? He is decidedly cautious on our economy and increasingly believes that interest rates may move lower from current levels. He had recently opined that there is a
- [Bart Chilton: "Regulators Were Asleep at The Wheel"](https://www.senseoncents.com/2014/05/bart-chilton-regulators-were-asleep-at-the-wheel/) - It is not often when a regulator effectively turns on his own. I did a double take this morning while watching an interview on Bloomberg Surveillance when Bart Chilton, former commissioner at the CFTC, did just that. This 4-minute clip also addresses the following: the perception of liquidity in the marketplace; Bloomberg's Adam Johnson misconstrues some
- [<em>Sense on Cents</em> Instant Classic: ProPublica's Jesse Eisinger Exposes Wall Street and Washington ](https://www.senseoncents.com/2014/05/sense-on-cents-instant-classic-propublicas-jesse-eisinger-exposes-wall-street-and-washington/) - The failure to protect the public interest has not only gained a strong foothold on Wall Street, in Washington, and throughout the financial regulatory system but also in the fourth estate, that being our media. There are a mere handful of journalists who truly expose in meaningful fashion the money and power that dominate our
- [SEC Fines NYSE for Being 'In Bed with Wall Street' ](https://www.senseoncents.com/2014/05/sec-fines-nyse-for-being-in-bed-with-wall-street/) - As long as the markets are firm who really cares whether they might be rigged, right? That seems to be the mentality of those who would prefer not to have meaningful transparency and accompanying truths revealed on scandalous practices (if not very real corruption) at the core of our equity markets and financial regulatory oversight.
- [Bill Black: <em>Regulators' Latest Betrayal of Homeowners</em> ](https://www.senseoncents.com/2014/05/bill-black-regulators-latest-betrayal-of-homeowners/) - I sing the praises of former banking regulator Bill Black in my book, In Bed with Wall Street, for many reasons. Black stands up, speaks out, and tells it like it is while all too many in our nation's capital and regulatory offices prostrate themselves in service and homage to powerful financial elites. Major props
- [Elizabeth Warren Exposes Larry Summers: <em>The Game Is Rigged</em>  ](https://www.senseoncents.com/2014/04/elizabeth-warren-exposes-larry-summers-the-game-is-rigged/) - Why is it that our nation does not have real statesmen in public service? Why is it that very real corruption and scandal -- legal and otherwise -- have gained a stranglehold on our political process? Why is it that an SEC attorney states at his retirement sendoff that "the system is broken?" Say what you
- [<em>Sense on Cents</em> Instant Classic: SEC Commissioner Stein Accuses Agency "Strayed From Its Mission"](https://www.senseoncents.com/2014/04/sense-on-cents-instant-classic-sec-commissioner-stein-accuses-agency-of-having-strayed-from-its-mission/) - "Financial institutions that are 'too big to fail,' combined with politicians who are too compromised to govern and regulators who are too captured and corrupted to protect, produce an incestuous cabal that is simply too big to trust." pg 187, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy America is now well attuned
- [FINRA Enforcement Chief Brad Bennett on HFT, "Better To Be Silent and Thought a Fool . . ."](https://www.senseoncents.com/2014/04/finra-enforcement-chief-brad-bennett-better-to-be-silent-and-thought-a-fool/) - In today's version of "You Can't Make This Stuff Up," we hear from Brad Bennett, the Head of Enforcement at Wall Street's self-regulatory organization FINRA. Bennett and others spoke on a panel this past Friday at a conference sponsored by the Practicing Law Institute. On the hot button topic of high frequency trading, Bennett weighed
- [The Fascinating Case of Louis and Donna Pitch <em>v.</em> Mark "Hollywood" Hotton and Oppenheimer and Co.  ](https://www.senseoncents.com/2014/04/the-fascinating-case-of-louis-and-donna-pitch-v-mark-hollywood-hotton-and-oppenheimer-and-co/) - In a case that strikes at the core of so much that is wrong on Wall Street and the financial regulatory system (SEC and FINRA), Susan Antilla once again distinguishes herself by bringing real light to a regulatory arbitration system that much prefers to operate in darkness. The following case might appear to be fodder
- [Bill Moyers on the American Oligarchy ](https://www.senseoncents.com/2014/04/bill-moyers-on-the-american-oligarchy/) - Prior to correcting a problem, one needs to identify and expose it. That said, bringing about real change is challenging when the interests of those charged with protecting and promoting the public interest are outweighed by their personal pursuits and willingness to trade their position for payoffs. Make no mistake, this reality is ultimately a
- [Chris Whalen: <em>True Perpetrators in Michael Lewis' Tale of Wall Street Greed and Corruption Are Congress, SEC, FINRA, Major Exchanges</em> ](https://www.senseoncents.com/2014/04/chris-whalen-true-perpetrators-in-michael-lewis-tale-of-wall-street-greed-and-corruption-are-congress-sec-finra-major-exchanges/) - 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"
- [Clinton Presidential Documents c.1998: "Who's on First?"     ](https://www.senseoncents.com/2014/04/clinton-presidential-documents-c-1998-whos-on-first/) - Every now and then I come across a document or statement that simply stops me in my tracks. In the process of pondering the weight and importance of the embedded message, I am typically left totally aghast. Today I had one of those experiences as I continued to review the treasure trove of material in the
- [Clinton Presidential Documents on Glass-Steagall Repeal: <em>No Good Reason For Doing This</em>   ](https://www.senseoncents.com/2014/04/clinton-presidential-documents-on-glass-steagall-repeal-no-good-reason-for-doing-this/) - I do not think there is any single piece of legislation in the last 50 years that has had such a profoundly detrimental impact on the American public than the repeal of the Glass-Steagall Act separating commercial and investment banking. That repeal is certainly not the sole factor that led to the economic crisis of
- [SEC Failures in Systems and Controls: Matter of National Security](https://www.senseoncents.com/2014/04/sec-failures-in-systems-and-controls-matter-of-national-security/) - As I sit here collecting my thoughts in the early morning hours of April 18, 2014, I think back to the chilling days of February 26, 1993 and September 11, 2001. 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
- [FINRA Broker Check: Watch Your Wallet, Folks ](https://www.senseoncents.com/2014/04/finra-broker-check-watch-your-wallet-folks/) - Of all the questions facing investors these days, I would think two of the most important are: (1) with whom are you doing business? (2) how much are you paying for the investment product being pitched to you? Watch this 6-minute clip and you will understand why I write at length, both at my blog
- [Sharyl Attkisson: Death of Investigative Journalism](https://www.senseoncents.com/2014/04/sharryl-atkisson-and-the-death-of-investigative-journalism/) - What does it say about a nation when a highly respected investigative journalist speaks out that she is compelled to leave her place of employment because her voice and her stories are not being given air time? I do not know about you but that tells me the money and power behind the forces at
- [Book Review: Is Wall Street Rigged? "Michael Lewis Is Just Scratching The Surface" ](https://www.senseoncents.com/2014/04/book-review-is-wall-street-rigged-michael-lewis-is-just-scratching-the-surface/) - I appreciate anybody who takes the time and makes the effort to read and review my book, In Bed with Wall Street. That said, I deeply appreciate those who in reading my book really seem to "get it" and are then willing to lay it on the line in "delivering it" in their review. On
- [Book Review: <em>All The Presidents' Bankers</em> by Nomi Prins   ](https://www.senseoncents.com/2014/04/book-review-all-the-presidents-bankers-by-nomi-prins/) - While all too much of our analysis of market developments comes to us in the form of sound bites and snippets, leave it to the great writers of our time to provide real depth and study of the business and political relationships that ultimately impact all of us. I recently completed reading just such a
- [UPDATED w/Podcast: Listen to LD and Gary Aguirre Saturday Night on KFMB 760AM San Diego, CA](https://www.senseoncents.com/2014/04/listen-to-ld-and-gary-aguirre-saturday-on-kfmb-760-am-san-diego-ca/) - Last evening I was truly honored to share the forum of "It's Your Money and Your Life" with renowned securities lawyer and SEC whistleblower Gary Aguirre. What has and still is going on within the realm of our financial regulators while corrosive practices such as high frequency trading and much more perpetuate on Wall Street?
- [James Kidney Stones the SEC: "A Tollbooth on The Bankster Turnpike" ](https://www.senseoncents.com/2014/04/james-kidney-stones-the-sec-a-tollbooth-on-the-bankster-turnpike/) - 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
- [Retiring SEC Lawyer Indicts Schapiro, Khuzami et al as Being 'In Bed with Wall Street'  ](https://www.senseoncents.com/2014/04/retiring-sec-lawyer-indicts-schapiro-khuzami-et-al-as-being-in-bed-with-wall-street/) - 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:
- [HFT Exposed: <em>Market Is Not Fair; Little Guy Loses</em>](https://www.senseoncents.com/2014/04/hft-exposed-market-is-not-fair-little-guy-loses/) - Of all the questions on all the topics across all the market segments, the one that keeps being repeated by most investors -- both institutional and retail alike -- is the question regarding the fairness of the game. That question and others were posed yesterday to James McCaughan who, as President of Principal Global Investors,
- [The Stock Exchange Brothel and Regulatory Pimps](https://www.senseoncents.com/2014/04/the-stock-exchange-brothel-and-regulatory-pimps/) - I am compelled to share a fabulous post from Wall Street on Parade that outlines the corruptible relationship and practices that lie at the core of the ongoing debate around high frequency trading. Major props to Pam Martens for drawing further attention to the ugly reality within this incestuous relationship. Other media outlets should be so
- [Upcoming <em>In Bed with Wall Street</em> Book Events in April](https://www.senseoncents.com/2014/04/upcoming-book-events-in-april/) - This month is shaping up to be a busy one for In Bed with Wall Street. I am thrilled that I have been invited to speak at what I would call the triple crown of library institutions: Library of Congress, New York Public Library, and Boston Public Library. First up is Boston Public Library later
- [<em>WSJ</em>: HFT's Real Villains Are Financial Regulators  ](https://www.senseoncents.com/2014/04/wsj-hfts-real-villains-are-financial-regulators/) - In what might read as a prologue for my book, none other than the Wall Street Journal writes today that the real villains in the ongoing high frequency trading debate are our financial regulators. Truer words were never spoken. While America is fed a steady diet of technical terms on latency, co-location, and the like,
- [SEC 'Failure to Regulate' NYSE on HFT  ](https://www.senseoncents.com/2014/04/sec-failure-to-regulate-nyse-on-hft/) - The high frequency topic is all the rage these days and with good reason. Free market capitalism is dependent on free and fair markets. Are our equity markets free and fair these days? By my definition they are not. With people on both sides of this topic voicing their strongly held opinions, more and more
- [FBI Investigation of Wall Street HFT But "'Big Boys' Always Seem to Get Away with Murder"](https://www.senseoncents.com/2014/04/fbi-investigation-of-wall-street-hft-but-big-boys-get-away-with-murder/) - News late yesterday that the FBI is investigating high frequency trading operations for potential securities violations including insider trading sent a shock wave through the industry. As well it should. All too much evidence from respected industry insiders over the last five years has painted a picture of massive front running via HFT disguised as
- [Michael Lewis on HFT: "It's All A Scam"; Here's the Cause and Effect   ](https://www.senseoncents.com/2014/03/michael-lewis-on-hft-its-all-a-scam-heres-the-cause-and-effect/) - 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
- [Taking Stock on <em>Bloomberg</em>: Expose the Corruption ](https://www.senseoncents.com/2014/03/taking-stock-on-bloomberg-expose-the-corruption/) - 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
- [Wall St 'Too Big to Fail' Subsidy: You Pay, They Play ](https://www.senseoncents.com/2014/03/wall-st-too-big-to-fail-subsidy-you-pay-they-play/) - In the midst of your morning routine, you can probably lay out a number of situations in which you reach into your pocket to pay people or vendors for services/products provided. I would imagine that many reading this blog pay for a daily coffee and newspaper, perhaps a periodic shoe shine, a highway toll, or train
- [Madoff Verdict Further Indicts JPM, SEC and FINRA](https://www.senseoncents.com/2014/03/madoff-verdict-further-indicts-jpm-sec-and-finra/) - 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
- [AG Holder Owes America Answers on Mortgage Fraud ](https://www.senseoncents.com/2014/03/ag-holder-owes-america-answers-on-mortgage-fraud/) - Are you sick of being lied to? Seriously. At what point do we as a nation say ENOUGH to the lies and scandalous practices within and around Washington? I am referring to the lies -- and yes, they are lies -- that were put forth by the Attorney General's office in the investigation of mortgage
- [Geographic and Strategic Importance of Crimea](https://www.senseoncents.com/2014/03/geographic-and-strategic-importance-of-crimea/) - With all eyes in the markets, if not the world, focused on the ongoing crisis developing in the Ukraine and its southern peninsula known as Crimea, let's navigate and gain a greater understanding as to the geographic, economic, and political importance of this region. Crimea is a short, 2 hour plus flight from Moscow or
- [A Great Day for The Irish: Happy St. Patrick's Day!!](https://www.senseoncents.com/2014/03/a-great-day-for-the-irish-happy-st-patricks-day/) - It seems only fitting that, with a surname like Doyle, on the 17th of March I should take a break from the daily navigation of the economic landscape, show off my ancestors' breastplate, and spread a wee bit of Irish hopefulness to all who come here. On that note, I welcome sharing this Irish blessing:
- [<em>Rolling Stone</em> Interview: Bill Gates Is Clueless on US Government Corruption](https://www.senseoncents.com/2014/03/rolling-stone-interview-bill-gates-is-clueless-on-us-government-corruption/) - Bill Gates did not become one of the wealthiest individuals in the world by accident. Gates is a visionary, exceedingly charitable, and clearly 'scary smart'. All this said, Gates is neither perfect nor infallible. In fact, on some of the most critically important topics of the day, I think he is downright clueless. Let's navigate.
- [Congress: Telemarketing Central USA    ](https://www.senseoncents.com/2014/03/us-congress-telemarketing-central-usa/) - Do you get annoyed by telemarketing calls coming into your home at all hours? Imagine, instead of a pitchman for just another product you would never need, that the individual on the other end of the line is your US Congressman. Ridiculous? Think again. Have we sunk so low that our elected officials now spend
- [DOJ Lies, Lies, and Damn Lies re: Mortgage Fraud   ](https://www.senseoncents.com/2014/03/doj-lies-lies-and-damn-lies-re-mortgage-fraud/) - When people knowingly misrepresent critically important information to you and do so on a repeated basis, why would you ever trust them? Human nature being what it is, you would not. That is exactly the quandary the Department of Justice finds itself in currently. How so? Let's navigate and review a recently released report from
- [State of The Union: 55 Things You May Not Know . . . but Should ](https://www.senseoncents.com/2014/03/state-of-the-union-55-things-you-may-not-know-but-should/) - Every now and then there are selected commentaries brought to my attention that just scream, "SHARE THIS!" To that end, I thank the reader who sent along the following article with voluminous links. Think our society is not in distress and decline? I compel you to take a few minutes to review a listing of 55
- ['Canaries In Coal Mines': Copper and Iron Ore Markets Breaking Down ](https://www.senseoncents.com/2014/03/canaries-in-coal-mines-copper-and-iron-ore-markets-breaking-down/) - Having focused meaningful attention on developments in China in recent commentaries, I am compelled to draw even further focus to the 'canaries in the coal mines,' that is, the copper and iron ore markets. Let's navigate eastward once again as the FT writes, Copper continued to take a pummelling, with Shanghai traded futures in the metal
- [Greatest Market Risk: China's Shadow Banking  ](https://www.senseoncents.com/2014/03/greatest-market-risk-chinas-shadow-banking/) - As I navigate the markets and global economy, I am always on the lookout for sectors and regions where leverage has built up to the point where it bubbles over and needs to be reined in. In the process, markets tend to retrace. On this note, I drew attention to what I deemed our current,
- [Baupost's Seth Klarman Warns of Asset Bubble   ](https://www.senseoncents.com/2014/03/bauposts-seth-klarman-warns-of-asset-bubble/) - More often than not, I take the wisdom provided by selected talking heads and industry insiders with a pound of salt. Without being overly cynical strictly for cynicism's sake, I discount a fair bit of the analysis put forth by many financial sleuths based on the individual 'talking his own position.' In fact, I believe
- [Upcoming Book Events](https://www.senseoncents.com/2014/02/upcoming-book-events/) - I typically use Facebook and Twitter to promote events relating to In Bed with Wall Street, but a few readers who do not use social media have requested that I post upcoming events here on the blog. I will do so every once in a while for events that are open to the public. Wednesday
- [World Justice Project: 2014 Rule of Law Report <em>Recommended</em>](https://www.senseoncents.com/2014/03/world-justice-project-2014-rule-of-law-report-recommended/) - Among various reports that I look for on an annual basis, I appreciate the Rule of Law Index produced by the World Justice Project as much as any. Why do I anticipate reading and reviewing this report so much? Because we are a nation of laws and not of men. At least I think we
- [My Talk at Baruch: <em>In Bed with Wall Street</em>](https://www.senseoncents.com/2014/03/my-talk-at-baruch-in-bed-with-wall-street/) - I thank the countless number of individuals who have introduced me to various media representatives (print, radio, and TV) throughout the country to discuss my work both here at Sense on Cents and in my book In Bed with Wall Street. In the hope that even more media doors might open, I would like to
- [Is That Broker Soliciting You an Ex-Con? ](https://www.senseoncents.com/2014/03/is-that-broker-soliciting-you-an-ex-con/) - Not that we needed any more evidence that Wall Street's primary self-regulator is a challenged organization when it comes to protecting investors, but in a lead commentary in today's Wall Street Journal we get it: The Financial Industry Regulatory Authority "routinely" strips out some possible red flags on brokers from its database in the information it
- [T. Hoenig: 'TBTF' Banks Insufficient Equity Capital; The Case for Glass-Steagall ](https://www.senseoncents.com/2014/03/t-hoenig-tbtf-banks-insufficient-equity-capital-the-case-for-glass-steagall/) - I inadvertently overlooked a recent commentary written by a Sense on Cents favorite, Simon Johnson, that ran at Project Syndicate. Johnson writes a fabulous piece entitled Truth From the Top highlighting the work of former Fed governor Thomas Hoenig about just how fragile our banking system truly is and how the politics of promoting the 'too
- [Making Swiss Cheese of Derivatives Reform ](https://www.senseoncents.com/2014/03/making-swiss-cheese-of-derivatives-reform/) - In what would appear to be a classic case of pandering to the public while allowing Wall Street to effectively write its own set of rules and 'reforms', we witness this bait and switch tactic within the legislation pitched to the American public as having brought meaningful transparency to the derivatives markets. Yes, that quadrillion
- [Insider Trading at the SEC??](https://www.senseoncents.com/2014/03/insider-trading-at-the-sec/) - The abbreviated definition of insider trading is "the buying or selling of a security by someone who has access to material, nonpublic information about the security." Who could possibly be more "inside" than an individual who is in the position to take action against a company, that is employees of the Securities and Exchange Commission?
- [Deficit Projections Out To 2024](https://www.senseoncents.com/2014/03/deficit-projections-out-to-2024/) - The Wall Street Journal addresses that widening gap between how the administration and the CBO view future deficits in writing: The White House on Tuesday forecast the budget deficit would return to prerecession levels by 2018, completing the turnaround through higher taxes and improved economic growth. President Barack Obama's blueprint foresees more spending on mandatory
- [Did Credit Suisse CEO Dougan Commit Perjury?  ](https://www.senseoncents.com/2014/03/did-credit-suisse-ceo-dougan-commit-perjury/) - Perjury is a very serious offense or at least it is supposed to be. If our system of justice and Congressional oversight do not uphold the law against those who commit or may have committed perjury, what does that say about the rule of law in our nation? In my opinion, a situation in which
- [PBS Frontline: <em>Secrets of The Vatican</em>](https://www.senseoncents.com/2014/02/pbs-frontline-secrets-of-the-vatican/) - I could not possibly recommend more strongly the viewing of this recently released documentary on PBS Frontline. The issues addressed are almost too numerous to properly categorize, but at the core is scandal and corruption at the highest level of the Catholic Church. I will pray for Pope Francis that he is successful in cleansing
- [Geithner: <em>"We Saved The Economy, Lost The Country"</em> ](https://www.senseoncents.com/2014/02/geithner-we-saved-the-economy-we-lost-the-country/) - Given the steady stream of platitudes put forth by many past and present political and financial figures in and around Washington, I find myself typically dismissing much of what is said as simply "more of the same." In the process, I usually scan headlines and quickly move on to review news or issues that I find
- [Wall Street's Greatest Racket: FINRA's 'Meter Maids' ](https://www.senseoncents.com/2014/02/wall-streets-greatest-racket-finras-meter-maids/) - In 2013 the six largest banks on Wall Street generated profits of $76 billion. Last year, Wall Street's primary self-regulatory organization FINRA imposed fines of $57 million. Anybody still wondering why Wall Street likes being a self-regulated industry? Is Wall Street this clean or are the regulators little more than meter maids, as I have
- [Federal Reserve Minutes Reveal "Ignorance"      ](https://www.senseoncents.com/2014/02/federal-reserve-minutes-reveal-ignorance/) - I know of few descriptive terms more harsh than classifying an individual or organization as being ignorant. Yet that is exactly how The New York Times labels the most powerful institution in the world, that being the Federal Reserve, after reviewing the recently released minutes from the Fed's meetings back in 2008. The hundreds of
- [5 Years Later, 'TBTF' Elephant In America Remains ](https://www.senseoncents.com/2014/02/5-years-later-tbtf-elephant-in-america-remains/) - A slew of minutes and commentary related to Federal Reserve meetings held during the crisis of 2008 are just now being released. While many of the minutes provide a riveting look at the topics on the table at that point in time, I found the following highlighted in a synopsis at The Street.com to be particularly
- [DANGER: Unknown Size, Location of Financial WMD](https://www.senseoncents.com/2014/02/danger-unknown-size-location-of-financial-wmd/) - If there are hackers in far off countries who can figure out how to penetrate the computer systems of our nation's banks and retailers, how is it that a full 5 years after the greatest crisis since the Depression that our financial regulators are not able to properly monitor the financial weapons of mass destruction,
- [Raising the Minimum Wage: Not the Answer ](https://www.senseoncents.com/2014/02/raising-the-minimum-wage-not-the-answer/) - Raising the minimum wage is another hot button issue that will serve to incite strong reactions on both ends of the political spectrum, but fails to address core structural issues in our nation. Who is not supportive of helping people rise out of poverty and try to earn a reasonable wage? While some political pundits
- [J. Weil: Wall St. Arbitration 'Plenty Rigged' ](https://www.senseoncents.com/2014/02/j-weil-wall-st-arbitration-plenty-rigged/) - Bill Cohan, Susan Antilla, Gretchen Morgenson. Although these individuals are not the only financial journalists whom I hold in high regard, they are certainly among the very few. Who else is in their company? Bloomberg's Jonathan Weil, who just the other day wielded a very sharp pen in addressing the arbitration process on Wall Street,
- [Mr. Old Man Winter](https://www.senseoncents.com/2014/02/mr-old-man-winter/) - There was a time when I loved days like this. The prospect of making $10 to 15 dollars or so after shoveling out various neighbors' driveways and walkways was energizing. After that, constructing a snow fort from the mountain of snow left from the city snowplow made for great fun with boyhood friends. Those days were
- [SEC Commissioner Stein: <em>We Must Better Understand FINRA</em>](https://www.senseoncents.com/2014/02/sec-commissioner-stein-we-must-better-understand-finra/) - 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
- [Better Markets <em>v</em> DOJ in re: $13 Billion JPM Fine, A Question of Trust  ](https://www.senseoncents.com/2014/02/better-markets-v-doj-in-re-13-billion-jpm-fine-a-question-of-trust/) - $13 billion is a lot of money even by Wall Street standards. But is the $13 billion fine imposed on JP Morgan by the Department of Justice an appropriate penalty for the array of transgressions involved? In order to answer that question, one needs to rely on the inputs reviewed and the process utilized by
- [The Real Employment Situation in America](https://www.senseoncents.com/2014/02/the-real-employment-situation-in-america/) - The most recent employment report released this past Friday showed an increase in non-farm payrolls of only 113k jobs but a continued decline in the overall rate of unemployed to 6.6%. While the growth in jobs is not what we would like, the overall rate of unemployment is not bad by historical measures, right? To
- [Senator Warren Indicts Regulators 'In Bed with Wall Street'  ](https://www.senseoncents.com/2014/02/senator-warren-indicts-regulators-in-bed-with-wall-street/) - "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
- [Hank Paulson Trusts Neither Wall Street Nor Washington    ](https://www.senseoncents.com/2014/02/hank-paulson-trusts-neither-wall-st-nor-washington/) - Do you ever wonder if those who 'find religion' late in life so to speak are trying to conveniently cleanse their souls before making their way to the pearly gates? I think in the case of public officials, it is fair to ask if the 'cleansing process' is done for purposes of resurrecting an image
- [The Effect of the Obamacare Tax](https://www.senseoncents.com/2014/02/the-effect-of-the-obamacare-tax/) - The release of the Congressional Budget Office report yesterday on the effects of Obamacare has not surprisingly set off a firestorm in respective political camps and among their media friends. Let's dispense with the heavy clanging noise connected to this topic that is resonating throughout our land and take a more measured approach in assessing
- [Janet Yellen "Will Spot Asset Bubbles Before They Burst." Can She Also Walk on Water and Cure Aging?   ](https://www.senseoncents.com/2014/02/janet-yellen-will-spot-asset-bubbles-before-they-burst-can-she-also-walk-on-water-and-cure-aging/) - Do you ever get incoming e-mails that just leave you scratching your head and thinking, "Are you kidding me?" I am going to guess that we all do and most would typically delete them in short order. I almost did that late yesterday when I saw an incoming message informing me that Janet Yellen, the
- [Not Surprised by Size but Swiftness of Market Decline ](https://www.senseoncents.com/2014/02/not-surprised-by-size-but-swiftness-of-market-decline/) - Without trying to be a Monday morning quarterback, I am not at all surprised by the market's decline. I remain hard pressed to believe that our domestic economy and the global economy remain on sufficiently firm ground that would justify the fact that equity valuations belong even at current levels. That said, I long ago
- [<em>NY Times</em> Exposes Wall Street-Washington Revolving Door ](https://www.senseoncents.com/2014/02/ny-timesexposes-wall-street-washington-revolving-door/) - There are very few issues in our nation today that can generate such a uniformly vehement reaction as the practices encompassed within the Wall Street-Washington revolving door. The American public may often be duped by those politicians and lobbyists well schooled in the art of working backroom deals, but the blatant elitist crony style behaviors
- [Mary Schapiro Leaving Promontory Financial          Hmmmmmmmmmmm.......](https://www.senseoncents.com/2014/02/mary-schapiro-leaving-promontory-financial-hmmmmmmmmmmm/) - In the category of things that make you go hmmmm, we read a late Friday evening announcement that former SEC chair -- and Sense on Cents Hall of Shame 2009 inductee -- Mary Schapiro is leaving her role at Promontory Financial after a mere 9 months. Let's navigate as DealB%k reports, Former Chief of SEC
- [What's Going On: Market Pullback, Pump 'n Dump?  ](https://www.senseoncents.com/2014/01/whats-going-on-market-pullback-pump-n-dump/) - The consensus opinion by most market strategists coming into the year was that our equity markets would follow up the 25-30% gains of 2013 with another 8-10% gain this year. The markets will have to experience a hellacious rally in the next two trading days or make an exception to an age old rule that
- [Eric Ben-Artzi: Another Whistleblower Who Was Fired](https://www.senseoncents.com/2014/01/eric-ben-artzi-another-whistleblower-who-was-fired/) - Recently Deutsche Bank surprised the markets by pre-releasing its earnings with a surprise loss of 1.5 billion Euros. Do you think that the bank may have been previously mismarking positions or, in layman's terms, 'cooking the books' and is just now playing catch up given that the stock price of the bank has rebounded? Does
- [Dennis Kelleher Calls Out President Obama on Mortgage Fraud    ](https://www.senseoncents.com/2014/01/dennis-kelleher-calls-out-president-obama-on-mortgage-fraud/) - Do you plan on watching President Obama's State of the Union address this evening? Why do I think I hear many people who might read this blog say, "Why would I want to do that?" In the midst of leaving an event last evening in New York City, a very informed pollster told me that
- [Mortgage Foreclosure Abuse: The Fight Continues ](https://www.senseoncents.com/2014/01/mortgage-foreclosure-abuse-the-fight-continues/) - I wish I had the silver bullet to address and fix the rampant abusive practices that have transpired within the mortgage servicing entities of many of our large banks and elsewhere. I don't. That said, the ongoing problematic issues within mortgage servicing practices remain prevalent. How do I know? I hear from people entangled in
- [Market Warning Signs ](https://www.senseoncents.com/2014/01/market-warning-signs/) - When everybody is on one side of a ship that vessel will tend to list and often has a hard time continuing to move in the same direction. This navigating analogy is used very often on Wall Street and strikes me as very applicable a mere three weeks into trading for calendar 2014. Let's get
- [Reader Reviews: <em>In Bed with Wall Street</em>  ](https://www.senseoncents.com/2014/01/reader-reviews-in-bed-with-wall-street/) - I thank those who have not only read my book but taken the time to leave their thoughts on the book's page at Amazon. I welcome sharing some selected comments in the hope that they might stimulate others to want to pick up the book. Author Larry Doyle has written a book that you simply
- [<strong>Video:</strong> C-SPAN2/BookTV <em>In Bed with Wall Street</em>  ](https://www.senseoncents.com/2014/01/video-cspan-booktv-in-bed-with-wall-street/) - I have remarked to many people that with the publishing of In Bed with Wall Street, I am taking the pursuit of issues I have written extensively about at this blog to an entirely new level. To that end, the airing by CSPAN2 BookTV of my recent talk in Washington DC is enormously beneficial in
- [C-Span2 BookTV Presentation: <em>In Bed with Wall Street</em>, 1-19-14 @ 7pm  ](https://www.senseoncents.com/2014/01/c-span2-booktv-presentation-in-bed-with-wall-street-1-19-14-7pm/) - Pinch me. I am more than a little bit pleased that C-SPAN2 Book TV chose to tape a recent talk and Q/A I had in Washington DC in which I discussed my book, In Bed with Wall Street. For those watching the NFL playoffs, please set your DVRs at 7pm on C-SPAN2 for this 40
- [What is Greatest Global Risk Lurking in Shadows? Look East](https://www.senseoncents.com/2014/01/what-is-greatest-global-risk-lurking-in-shadows-look-east/) - What is the greatest risk within the global financial system currently? That is a question that could likely be answered with as many opinions as there are global financial sectors. Yet that was a question posed at a recent lunch I attended. An individual who is highly respected within the industry and who has his
- [Video Teaser: <em>In Bed with Wall Street</em>](https://www.senseoncents.com/2014/01/video-teaser-in-bed-with-wall-street/) - 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 this video and comment on this piece of ‘sense on cents.’ Please subscribe to all my work via e-mail. The
- [Gary Aguirre at Notre Dame Details SEC Corruption  ](https://www.senseoncents.com/2014/01/gary-aguirre-at-notre-dame-details-sec-corruption/) - 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
- [Radio Interview: "Business Talk with Jim Campbell"   ](https://www.senseoncents.com/2014/01/radio-interview-business-talk-with-jim-campbell/) - I have truly had the great fortune of meeting some very interesting individuals via Sense on Cents. As I recently wrote to somebody, I never could have written a book if there were no relationships that had emanated from writing this blog. In that spirit, a few years back I met a renowned business radio personality
- [<em>MarketWatch</em>: Don't Fall Victim to QE Trap ](https://www.senseoncents.com/2014/01/marketwatch-dont-falll-victim-to-qe-trap/) - I have a commentary running today on MarketWatch that addresses some perils and potential pitfalls stemming from the tapering of the Fed's quantitative easing. 4 Ways The Fed Taper Puts Your Money at Risk: Don't Fall Victim to The Fed's QE Trap “I don’t know what they are, but I know where they are!” I
- [Interview on <em>Lou Dobbs Tonight</em> on Fox Business ](https://www.senseoncents.com/2014/01/interview-on-lou-dobbs-tonight-on-fox-business/) - There is never any bad press. Although my interview on Lou Dobbs Tonight last evening may have only run for 3 plus minutes, the points covered go to the core of my recently released book. I was about to connect and expose the third leg of the Wall Street-Washington conspiracy, that being the scandalous corruption
- [Interview with Thom Hartmann of <em>The Big Picture</em> ](https://www.senseoncents.com/2014/01/interview-with-thom-hartmann-of-the-big-picture/) - I was pleased to speak with Thom Hartmann of The Big Picture last evening. The clip runs a mere 7-plus minutes and starts at the 15-minute mark. I will be on Lou Dobbs Tonight later this evening between 7-8PM on Fox Business. Navigate accordingly. Larry Doyle Please order a copy of my book, In Bed with
- [JP Morgan - Madoff : Lots of 'CYA' But Little 'KYC' ](https://www.senseoncents.com/2014/01/jp-morgan-madoff-lots-of-cya-but-little-kyc/) - Oh what a tangled web we weave when first we practice to deceive. All too often we have heard senior level individuals from an array of financial institutions and regulatory agencies say that they too were deceived by the master swindler Bernie Madoff. That sort of lame excuse might work for a naive young teenager
- [Radio Interview (Audio Clip): <em>Business for Breakfast</em>](https://www.senseoncents.com/2014/01/radio-interview-audio-clip-business-for-breakfast/) - This morning I was interviewed by Ken Morgan and Julie Dougherty on MoneyRadio's Business for Breakfast show out of Scottsdale, AZ. The audio clip of the interview can be accessed here. The 7-minute interview begins at the 17:30 mark. Navigate accordingly. Larry Doyle Please order a copy of my book, In Bed with Wall Street: The
- [Book Reviews for <em>In Bed with Wall Street</em>   ](https://www.senseoncents.com/2014/01/book-reviews-for-in-bed-with-wall-street/) - I thank everybody who has already purchased In Bed with Wall Street that will be released this Tuesday. I also thank those in the media and blogosphere who have reviewed it. What have reviewers had to say? --The new book by Larry Doyle could be called a "must read". This reviewer would go even farther
- [FINRA Should Crack Down on Management ](https://www.senseoncents.com/2014/01/finra-should-crack-down-on-management/) - The lead article in this morning's Wall Street Journal is entitled FINRA To Crack Down on Brokers with High Numbers of Complaints. This should be a good thing, right? Yes, it should. The question still begs, though, why FINRA has been so amenable to expunging such an overwhelming percentage of complaints against brokers. Recall that
- [Review: <em>The Wolf of Wall Street</em> ](https://www.senseoncents.com/2014/01/review-the-wolf-of-wall-street/) - Martin Scorsese certainly knows how to make movies and Leonardo DiCaprio sure can act. The talents of both the director and the lead actor in The Wolf of Wall Street will attract many people to the theaters, and may win Scorsese and DiCaprio some awards. The debauchery displayed by DiCaprio's character Jordan Belfort and his band
- [Thank You Readers and Happy New Year 2014 ](https://www.senseoncents.com/2014/01/thank-you-readers-and-happy-new-year-2014/) - Having just completed my 5th year of writing Sense on Cents, I owe an enormous debt of gratitude to all those who come here and join me in navigating the economic landscape. I never could have possibly scripted what a fabulous ride it has been over these last years. The people whom I have met,
- [Christmas 1919 - Christmas 2013 ](https://www.senseoncents.com/2013/12/christmas-1919-christmas-2013/) - This story has become my traditional post to embrace the true spirit of faith, hope, and love. This tale of real heroism and sacrifice ran in The Wall Street Journal in 2008. I think if you read it you will understand why I like it so much. Merry Christmas, Happy Hanukkah, Happy Kwanza, or however
- [Rep. Duckworth (D-IL): <em>Shame on You, Mr. Castillo</em> ](https://www.senseoncents.com/2013/12/re-duckworth-d-il-shame-on-you-mr-castillo/) - I truly love it when those who would game our systems are exposed for their lack of integrity. On this note, I thank the regular reader who shared a video clip of just such an undressing from earlier this year when Congresswoman Tammy Duckworth (D-IL) put a beating on an individual who had gamed the
- [The Wolf of Wall Street: Victims' Stories ](https://www.senseoncents.com/2013/12/the-wolf-of-wall-street-victims-stories/) - I just picked up my weekend newspapers and see Leonardo DiCaprio gracing the cover of Barron's. This star will soon grace many movie screens in our nation as "the wolf of Wall Street' or as we would call guys like this in the business, "just another scumbag." But while the movie may entertain and appeal
- [Greg Caron's Story and Building Homes for Heroes  ](https://www.senseoncents.com/2013/12/greg-carons-story-and-building-homes-for-heroes/) - Sticking with our theme of stories providing hope and inspiration, I thank the regular reader who brought this incredible piece to my attention. I welcome sharing it in the hope that we can pause and appreciate people like Greg Caron, all those who serve in the military to protect our freedom, and an organization like
- [George Huynh: <em>We Want To Be a Source of Hope</em>  ](https://www.senseoncents.com/2013/12/george-huynh-we-want-to-be-a-source-of-hope/) - The story of Johnny and George Huynh that broke the other day and which I highlighted this past Wednesday here at my blog continues to attract more attention. As we go through this holiday season and then enter the new year looking for hope and inspiration, who would have though that two young men from
- [The Wall Street Oligopoly at Work in the Oil Markets ](https://www.senseoncents.com/2013/12/the-wall-street-oligopoly-at-work-in-the-oil-markets/) - Information is everything. Unparalleled access to information and the hoarding of the data collected are cornerstone principles of an economic system that is defined as an oligopoly. How does this work? Rather than my writing, let's take a quick 2-minute view of what is going on within the oil markets. Do you think an individual
- [Story of John and George Huynh and American Dream ](https://www.senseoncents.com/2013/12/the-story-of-john-and-george-huynh-american-dream/) - I beg your indulgence today as I swerve from our standard navigation of the economic landscape to highlight a human interest story that is beyond special. I exhort you to take the mere few minutes to look away from the stream of info that pours across the market tape and newswires and focus on this
- [Reed (D-RI), Grassley (R-IA): FINRA Transparency and Expungement Relief  ](https://www.senseoncents.com/2013/12/reed-d-ri-grassley-r-ia-finra-transparency-and-expungement-relief/) - Two weeks ago, the folks at the Project on Government Oversight filed a friend of the court brief in an attempt to bring some meaningful transparency to Wall street's largest self-regulation organization, FINRA. Why is it so important that FINRA be compelled to open its doors? Too many reasons, but one of them is embraced by
- [Arthur Brooks' <em>The Secret to Happiness</em>   ](https://www.senseoncents.com/2013/12/arthur-brooks-the-secret-to-happiness/) - Is there any question more widely pondered than, "What is the secret to happiness?" I think not. From philosophers centuries ago to advice columnists today, there are far more opinions on this question than there are real answers. More often than not, I pass over commentaries or clips addressing this topic. This morning, though, I
- [<em>Sense on Cents</em> Endorses H.R. 3482: Restoring Main Street Investor Protection and Confidence Act  ](https://www.senseoncents.com/2013/12/sense-on-cents-endorses-h-r-3482-restoring-main-street-investor-protection-and-confidence-act/) - A year ago, I strongly endorsed H.R. 757 to restore credibility to the Securities Investor Protection Act that had been decimated by the manner in which the Madoff trustee went about its business. That act went into committee at year-end 2012 and died there, strangled by those legislators feeding at the financial industry's trough. Fortunately,
- [Duke/CFO Survey: Obamacare, Economy and More](https://www.senseoncents.com/2013/12/dukecfo-survey-obamacare-economy-and-more/) - I truly appreciate the opportunity to get information and data from the 'canaries in the coal mine' rather than the highly biased views from many paid political or business pundits talking their position. On this note, I always keep a keen eye out for the surveys of the many hundreds if not thousand-plus CFOs collated
- [JP Morgan To Settle Madoff Claim: Wall Street 'Code of Silence'  ](https://www.senseoncents.com/2013/12/jp-morgan-to-settle-madoff-claim-wall-street-code-of-silence/) - News breaks this morning that JP Morgan, Bernie Madoff's lead banker, is close to settling with the Feds under a seldom used deferred prosecution agreement. What is that? Think of it as the equivalent of: You guys and gals had better behave yourselves going forward or we're going to need to revisit this! Truth be
- [Madoff Trial Evidence Indicts NASD/FINRA](https://www.senseoncents.com/2013/12/madoff-trial-evidence-indicts-nasdfinra/) - 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
- [Lunch with the Legendary John Bogle ](https://www.senseoncents.com/2013/12/lunch-with-the-legendary-john-bogle/) - Throughout the annals of Wall Street history, there have been some true giants. While many of these larger than life individuals have occupied the rarefied air that comes with being a legend, few have simultaneously kept their feet firmly on the ground to help the common man and the individual investor. Then there is John
- [The Volcker Rule: Comments and Questions ](https://www.senseoncents.com/2013/12/the-volcker-rule-comments-and-questions/) - The big news on Wall Street today is the reemergence of the Volcker Rule intended to make our banking system safer from the perils of proprietary trading activity. The question that America will hear bandied about until it makes your head spin is "What exactly defines proprietary trading?" My 'sense on cents' response is that
- [SIFMA to Address Investor Distrust of Wall Street . . . Really? ](https://www.senseoncents.com/2013/12/sifma-to-address-investor-distrust-of-wall-street-really/) - 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
- [3rd Qtr GDP Revised Up to 3.6%: Where's the Beef? ](https://www.senseoncents.com/2013/12/3rd-qtr-gdp-revised-up-to-3-6-wheres-the-beef/) - Not to indiscriminately throw any cold water on the just released upward revision to 3rd quarter GDP (revised from 2.8% to 3.6% . . . hmmmmm) but before we break out the pom-poms, let's take a harder look at the data as released by the Bureau of Economic Analysis, Real gross domestic product -- the
- ['Look Inside' My Upcoming Book, <em>In Bed with Wall St.</em>](https://www.senseoncents.com/2013/12/look-inside-my-upcoming-book-in-bed-with-wall-st/) - 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
- [Stanford Financial Investors: Insult on Top of Injury ](https://www.senseoncents.com/2013/12/stanford-financial-investors-insult-on-top-of-injury/) - If bulls and bears dominate the landscape on Wall Street, there is little doubt that pigs rule the roost in Washington. I know I am stating the obvious with that assertion but a recent report detailing the ongoing nightmare for those who invested money in Stanford Financial provides more evidence that Washington continues to resemble
- [Wall Street: <em>A Crisis of Culture</em> ](https://www.senseoncents.com/2013/12/wall-street-a-crisis-of-culture/) - 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
- [Happy Thanksgiving 2013 from <em>Sense on Cents</em> ](https://www.senseoncents.com/2013/11/happy-thanksgiving-2013-from-sense-on-cents/) - With the wind whipping and temperatures dropping throughout much of the northeast, I sit here, pause, and reflect on the gifts that have been bestowed upon me and consider myself truly blessed. These gifts begin and end with the gift of faith and also include the following great good fortunes: an incredible immediate and extended
- [Industry Insiders Provide 2014 Outlook](https://www.senseoncents.com/2013/11/industry-insiders-provide-2014-outlook/) - As we navigate even further into uncharted waters, many who visit this site are likely wondering what lurks on the horizon for our markets and economy in 2014. The markets may be typically quiet today and tomorrow with sloppy weather in many parts of our nation and preparation underway for our traditional feast of Thanksgiving.
- [Will 'Too Big to Fail' Banks Charge for Deposits? ](https://www.senseoncents.com/2013/11/will-too-big-to-fail-banks-charge-for-deposits/) - $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
- [FINRA 'Cracks Down' on High-Risk Brokers. What About Management? ](https://www.senseoncents.com/2013/11/finra-cracks-down-on-high-risk-brokers-what-about-management/) - I have long maintained that a self-regulatory model for monitoring Wall Street does not and will not work. To think that the brokerage industry could be properly monitored by an organization that it funds in large measure strikes me as ridiculous. I witness further evidence of this reality in a report that some might think
- [Janet Yellen Reminds Me of Chauncey the Gardener  ](https://www.senseoncents.com/2013/11/janet-yellen-reminds-me-of-chauncey-the-gardener/) - I do not think there is any doubt that Janet Yellen will be fully confirmed as our next chair of the Federal Reserve. I have read plenty of material about Ms. Yellen but will admit that I have never heard her speak. After listening to her platitudes this morning, I was struck by the likeness
- [Jeremy Grantham Equity Call: Negative Real Returns Over Next Seven Years  ](https://www.senseoncents.com/2013/11/jeremy-grantham-equity-call-negative-real-returns-over-next-seven-years/) - A week ago noted investor Ray Dalio projected annual equity returns of a less than robust 4% over the next decade. Now we hear from another one of my favorite investment gurus, this being Jeremy Grantham. While Grantham believes the current equity 'party' has one more leg up over the next year or maybe two,
- [Census-gate: Whistleblowers Claim Pre-Election Labor Reports Manipulated](https://www.senseoncents.com/2013/11/census-gate-whistleblower-claims-pre-election-labor-reports-manipulated/) - . . . the only way to deal with a whistleblower’s accusations – again, every single time and often against your own instincts – is with a hyper-bias toward believing that the informant is onto something big. Such a bias must impel you to investigate every claim ferociously. Jack and Susy Welch, Reuters, May 1,
- [Obamacare: "Going To Blow a Hole In The Budget" ](https://www.senseoncents.com/2013/11/obamacare-going-to-blow-a-hole-in-the-budget/) - WALLACE: I'm not saying it's a scandal. I’m just, what it seems to be is rank incompetence. WOODWARD: Yeah, there’s no question about that . . . That rank incompetence is being felt each and everyday by millions across our nation as people learn they are not only losing their healthcare plans, but their doctors
- [Obama Presidency, 01.21.09 -- 11.15.13: R.I.P](https://www.senseoncents.com/2013/11/obama-presidency-01-21-09-11-15-13-r-i-p/) - "Oh what a tangled web we weave, when first we practice to deceive." Sir Walter Scott, in Canto VI Stanza 17 of "Marmion" (1808) I do not think I can count the number of times that I have actually written the specific words, "truth, transparency, and integrity" at my blog over the last 5 years.
- [Judge Rakoff: <em>Why Have No High Level Executives Been Prosecuted In Connection With The Financial Crisis?</em> ](https://www.senseoncents.com/2013/11/judge-rakoff-why-have-no-high-level-executives-been-prosecuted-in-connection-with-the-financial-crisis/) - 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
- [<em>Bloomberg</em> Interview with Mary Jo White ](https://www.senseoncents.com/2013/11/bloomberg-interview-with-mary-jo-white/) - In February 2009 Congressional testimony, Harry Markopolos publicly stated that the Securities and Exchange Commission deserved an A+ in incompetence. Given the massive failings of the commission over many years, I think most investors would say the SEC had earned that grade. Do many people think that the SEC's level of competence and practice of
- ["Greatest Wall Street Backdoor Bailout of All Time": <em>Sense on Cents</em> Instant Classic ](https://www.senseoncents.com/2013/11/greatest-wall-street-backdoor-bailout-of-all-time-sense-on-cents-instant-classic/) - It is not often that, in the midst of my daily morning reads, my jaw drops and I am left aghast by a writer's hard hitting delivery. While many an editorial and commentary dive into topics that I appreciate and find riveting, I do not often find a writer from inside the arena who freely
- [Pray for The Philippines: Shocking Images and Video ](https://www.senseoncents.com/2013/11/pray-for-the-philippines-shocking-images/) - A year ago the metropolitan New York area was dealing with the devastation brought onshore by Hurricane Sandy. Many are still suffering from the impact of that horrific storm. Now the world turns its eyes and its hearts to those in the Philippines and elsewhere in southeast Asia who have been left homeless if not
- [NY Fed's Dudley Indicts Banks' "Lack of Respect for Law, Regulation, Public Trust"](https://www.senseoncents.com/2013/11/ny-feds-dudley-indicts-banks-lack-of-respect-for-law-regulation-public-trust/) - 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
- [Goldman's Call As to Future Federal Reserve Policy  ](https://www.senseoncents.com/2013/11/goldmans-call-as-to-future-federal-reserve-policy/) - What might be the next move by the all powerful Federal Reserve as it goes about trying to nurse our economy back to health? Mike O' Rourke, chief market strategist at Jones Trading recently highlighted that the folks at Goldman Sachs believe Fed policy may be set to shift. I mean, who on Wall Street
- [<em>Exclusive Frontline Video</em>: Stevie Cohen Gets Grilled ](https://www.senseoncents.com/2013/11/exclusive-frontline-video-stevie-cohen-gets-grilled/) - The saga of Stevie-boy Cohen of SAC Capital and the billion dollar plus fine his firm has just been tagged with is the stuff that sells books, papers, movies, and more. Yet Cohen himself is largely a recluse. The folks at Frontline just released the following brief videos of Stevie-boy undergoing serious questioning regarding insider
- [ Madoff Trial: Defendants Hope to Put SEC 'On Trial' ](https://www.senseoncents.com/2013/11/madoff-trial-defendants-hope-to-put-sec-on-trial/) - How did Lehman Brothers CEO Dick Fuld escape the clutches of justice while steering his firm right into bankruptcy? He played the card that many Wall Street execs have played over the last 5 years. Fuld and other Wall Street execs maintained that the regulators were right there in their offices -- or perhaps more
- [Obama's Rubicon: You Can't Lie to American Public ](https://www.senseoncents.com/2013/11/obamas-rubicon-you-cant-lie-to-american-public/) - One does not need to grow up in an urban setting and receive a large serving of 'street smarts' to understand that phrases such as "intentionally misspoke" or "willfully deceived" mean one thing. The scarlet letter attached to these more genteel descriptions is the "Big Red L." Say what you want about our current President,
- [Lowney:<em>Pope Francis:Why He Leads the Way He Leads</em>](https://www.senseoncents.com/2013/11/lowneypope-franciswhy-he-leads-the-way-he-leads/) - I have long railed on the crony if not corrupt actors that populate much of our public stage. One poll after the next highlights the fact that our current global economic and political landscape lacks true leadership. Not a day goes by in which I am not reviled by what some might define simply as spin,
- [Aguirre Addresses Likely Cause of Next Market Crisis: Selling Counterfeit Stock ](https://www.senseoncents.com/2013/11/aguirre-addresses-likely-cause-of-next-market-crisis-selling-counterfeit-stock/) - "The message is simple: Wall Street crime pays and there is no downside." Will there be another market crisis and if so what will precipitate it? In what is an instant Sense on Cents classic, noted attorney and former SEC whistleblower Gary Aguirre takes us on a walk down the path that seems self-evident to
- [<em>Sense on Cents</em> Housekeeping: New Comment System ](https://www.senseoncents.com/2013/10/sense-on-cents-housekeeping-new-comment-system/) - Sense on Cents will be implementing a new comment system in the next day or so. Disqus is an application used on many websites, so I'm sure it will look familiar to many of you. It will add functionality to the comments, and hopefully generate greater interaction for our readers. Posting comments, replies, like/dislike should be
- [Obamacare Trojan Horse: Is White House Muzzling Insurance Companies? ](https://www.senseoncents.com/2013/10/obamacare-trojan-horse-is-white-house-muzzling-insurance-companies/) - Classics scholars are familiar with Virgil's legendary warning, "Timeo Danaos et dona ferentes," i.e. "Beware of Greeks bearing gifts." Just as the Greeks on the mainland would have been well served to be leery of what the Trojans were hiding in their "gift," the American public may also want to be very careful as to what
- [Obamacare Personal Story ](https://www.senseoncents.com/2013/10/obamacare-personal-story/) - With Secretary of Health and Human Services Kathleen Sebelius taking center stage this morning to address the train wreck that defines the roll out of Obamacare, the lives of countless citizens in our nation are being impacted like never before. Who in our nation would not want comprehensive and affordable coverage for all our citizens? The
- [FINRA BrokerCheck: Protecting Who? ](https://www.senseoncents.com/2013/10/finra-brokercheck-protecting-who/) - FINRA's mandate is to protect investors. How do the executives running FINRA reconcile that mandate with the fact that problematic issues raised by Senator Ed Markey (D-MA) back in the mid-1990s continue to be outstanding today? In a recent letter sent by Markey to FINRA CEO Richard Ketchum, the Senator from Massachusetts writes, I was
- [Schweizer Exposes Washington's 'Mafia-Like Tactics'  ](https://www.senseoncents.com/2013/10/schweizer-exposes-washingtons-mafia-like-tactics/) - With this commentary, I welcome inducting Peter Schweizer of the Hoover Institution at Stanford University into the highest echelon of the Sense on Cents Hall of Fame. If you do not think that the folks in Washington employ practices (e.g, shakedowns, protection money) commonly connected to those engaged in 'organized activities', then take the mere
- [Denninger on Obamacare and Health System:   <em>Organized Racketeering</em>  ](https://www.senseoncents.com/2013/10/denninger-on-obamacare-and-health-systemorganized-racketeering/) - With all too many people and organizations in our nation parroting the talking heads from one side of the political aisle or the other, who is willing to take the sledge hammer and break the healthcare vice grip under which we all suffer? If you do not read the work of The Market Ticker's Karl
- [JPM - Madoff: A Fine Would Simply Be 'Cost of Biz'   ](https://www.senseoncents.com/2013/10/jpm-madoff-a-fine-would-simply-be-cost-of-biz/) - Unlike the token fines -- akin to mere parking violations -- that the American public has seen imposed on Wall Street to date, the DOJ now seems to want to regain some degree of credibility by writing up the major Wall Street banks for some speeding tickets. The widely publicized but yet consummated $13 billion
- [Obamacare 'Shop and Browse': <em>Incredibly Misleading</em> ](https://www.senseoncents.com/2013/10/obamacare-shop-and-browse-incredibly-misleading/) - If it were not Uncle Sam but a private entity that put forth "incredibly misleading" pricing quotes for health insurance, do you think The Better Business Bureau might pay them a visit and hit them with a fine if not far worse than that? No doubt. Prevailing market forces typically enact incredibly punishing force on
- [<em>60 Minutes</em>: Washington's Legalized Bribery ](https://www.senseoncents.com/2013/10/60-minutes-washingtons-legalized-bribery/) - The release this morning of September's employment report indicates that our economy continues to limp along like a wounded dog. But while many in our nation seriously wonder how they will make ends meet, there is one group in our nation that has developed a business plan for which most companies would be vilified --
- [My Thoughts on JP Morgan's $13 Billion Fine ](https://www.senseoncents.com/2013/10/my-thoughts-on-jp-morgans-13-billion-fine/) - Does a $13 billion fine such as that levied against JP Morgan represent justice? I was asked by my friends at Global Economic Intersection to weigh in on the following questions regarding this penalty seemingly so large as to be hard to fathom. Is the reported settlement appropriate? Sufficient? Insufficient? How many criminal charges would
- [Gartman: Investment Capital Will Leave US Market](https://www.senseoncents.com/2013/10/gartman-investment-capital-will-leave-us-market/) - After the dysfunctional debacle displayed in Washington over the last few weeks -- and potentially repeated in early 2014 -- what is that strong symbolic wind now blowing offshore? Oh, that is the sound of investment capital leaving our nation. Not that those in Washington have a real appreciation for it but private investment capital
- [Day of Reckoning in De-Americanized World ](https://www.senseoncents.com/2013/10/day-of-reckoning-in-de-americanized-world/) - Regardless of where you fall along the political spectrum, you can rest assured we will all pay ever increasing costs for the dysfunction on display in Washington. Some may discount that reality and think the political power plays properly executed trump the costs incurred. I can assure you they do not. Who holds the ultimate
- [Malpass: <em>Bigger Battle Behind the Shutdown</em> ](https://www.senseoncents.com/2013/10/malpass-bigger-battle-behind-the-shutdown/) - Recent polls regarding confidence in our public officials in Washington are at historic lows and with the can having been kicked down the road for only 3 to 4 months, I do not see those polling figures improving anytime soon. If those in Washington on both sides of the aisle actually care about the public
- [Our Government Remains a Joke!!](https://www.senseoncents.com/2013/10/our-government-remains-a-joke/) - If our supposed leaders holding public office in Washington were not so pathetic, they may actually be comical. But there is little to laugh about when we learn just how much the dysfunction in Washington costs our economy. The Financial Times highlights this morning: Economists are scrambling to assess the damage inflicted on the US
- [Has Uncle Sam Ever Defaulted Before? ](https://www.senseoncents.com/2013/10/has-uncle-sam-ever-defaulted-before/) - The thought of Uncle Sam defaulting on his obligations is virtually unfathomable. I think we can accept as common knowledge that the crowd in Washington is not all that intelligent, especially when it comes to markets, but could they be so stupid as to risk defaulting on our debts? Why do I sense that many
- [Inflation: The Real Deal Not Uncle Sam's Charade ](https://www.senseoncents.com/2013/10/inflation-the-real-deal-not-uncle-sams-charade/) - One of the main arguments made by the Federal Reserve for continuing to run the printing press via its quantitative easing program is the fact that the reported rate of inflation is running below its long term target of 2%. Based on that reality (real or perceived?), Ben Bernanke has been very comfortable opening the
- [Wall Street Proctology: Morgan Stanley Doctors Are In](https://www.senseoncents.com/2013/10/wall-street-proctology-morgan-stanley-doctors-are-in/) - With interest rates at artificially low levels (thanks to the Fed's quantitative easing program) and investors increasingly leery of navigating into the shark infested waters of the high-frequency dominated equity markets, what is an investor to do? More and more investors have been sold on the idea of allocating more capital to alternative investments. One
- [Janet Yellen: The Wrong Choice  ](https://www.senseoncents.com/2013/10/janet-yellen-the-wrong-choice/) - President Obama is widely expected to announce this afternoon that he is nominating Fed governor Janet Yellen as the next chairman of the Federal Reserve, the most powerful institution in the world. I am sure Yellen's nomination will receive the standard praiseworthy platitudes from a wide array of sycophants deeply embedded in the system. For those pleasantly
- [<em>Dear President Obama: Do You Care?</em> ](https://www.senseoncents.com/2013/10/dear-president-obama-do-you-care/) - I am quite pleased when my blog can serve as a vehicle to spread the voice of others. I commend those who are willing to stand up and speak out when it is all too easy to sit down. But standing up and speaking out are often borne out of frustration with a government, a
- [The Madoff Trial: Conflicts of Interest](https://www.senseoncents.com/2013/10/the-madoff-trial-conflicts-of-interest/) - Close to 5 years after Bernie Madoff turned himself in to authorities for running the largest acknowledged Ponzi scheme on Wall Street, America still knows little as to what truly transpired within those offices in the Lipstick Building on 3rd Avenue in midtown Manhattan. Do you find it decidedly suspicious that the government has not
- [Poll: How Is Obamacare 'Treating' You So Far? ](https://www.senseoncents.com/2013/10/poll-how-is-obamacare-treating-you-so-far/) - Well, with Uncle Sam not open for business again today, we can forget about the monthly employment report that is released the first Friday of every month. But let's redirect our focus for the moment. The roll out of Obamacare this week has generated a slew of reports from both ends of the political spectrum
- [Wall Street's SRO Police Take MAJOR Hit  ](https://www.senseoncents.com/2013/10/wall-streets-sro-police-take-major-hit/) - Did you feel a sizable tremor running between Washington and Wall Street overnight? I did. At the epicenter of this tremor was the first meaningful questioning of the practice of self-regulation on Wall Street by their governmental overseers at the SEC. Securities and Exchange Commission Chairman Mary Jo White opened the door to a potential overhaul of
- [$14 Million Whistleblower Award w/o Details  ](https://www.senseoncents.com/2013/10/14-million-whistleblower-award-wo-details/) - What state mottoes do you like most? I am personally partial to New Hampshire's "Live Free or Die" but in light of the opacity displayed across Wall Street and Washington over the last 4 to 5 years, I have a growing appreciation for Missouri as the "Show Me" state: A name attributed to Representative Willard
- [Rogoff: <em>America's Endless Budget Battle</em>](https://www.senseoncents.com/2013/10/rogoff-americas-endless-budget-battle/) - With the shutdown of our government overnight, the proverbial lights in Washington have significantly dimmed and the finger pointing begins in a fashion that seems all too similar to a junior high school lunchroom. Yet while Uncle Sam is not open for business today, our nation faces another enormous issue right around the corner as
- [SAC Capital: <em>Most Likely Done</em>](https://www.senseoncents.com/2013/07/sac-capital-most-likely-done/) - This past March two affiliated entities of Wall Street's largest hedge fund whale, Steven A. Cohen, forked over a cool $616 million in fines to the SEC to settle insider trading allegations. At the time, the firm tried to put the typical spin on this situation and offered that it was continuing to assist with
- [How Do China's Seven 'Speak-Nots' Play in America? ](https://www.senseoncents.com/2013/07/how-do-chinas-seven-speak-nots-play-in-america/) - People of faith are likely very familiar with the seven deadly sins: pride, envy, gluttony, lust, anger, greed, and sloth. I think it goes without saying that our nation would be a better place if we had less of these vices on display. That said, our greatest virtues emanate from the very freedom that allows
- [<em>Sense on Cents</em> Quiz: Average GDP from '02-'12 Is . . ?  ](https://www.senseoncents.com/2013/07/sense-on-cents-quiz-average-gdp-from-02-12-is/) - The Bureau of Economic Analysis this morning released the 2nd quarter GDP report and it registered a surprisingly robust reading of 1.7%. Not that a growth rate of 1.7% is anything to write home about but it was better than the forecasted growth rate of 1% or thereabouts. The cynic in me tells me that
- [<em>Citizens United</em>: Corruption Disguised as Capitalism ](https://www.senseoncents.com/2013/08/citizens-united-corruption-disguised-as-capitalism/) - Follow the money. The Citizens United decision allowing for corporate and union funding for the public support or denouncement of political candidates evokes strong reaction from those on both sides of the debate like few other topics. Are we to believe, though, that the right of corporations and/or unions to speak out does not also
- [More Market Manipulation: Wall Street Out of Control](https://www.senseoncents.com/2013/08/more-market-manipulation-wall-street-out-of-control/) - First it was Libor, then currencies, then commodities. Now the market manipulation game extends to a vehicle known as ISDA fix that is used as a benchmark for pricing only trillions of dollars of worth of transactions. Dodd-Frank reformed Wall Street, right? Bloomberg reports, Swaps Probe Finds Banks Manipulated Rate at Expense of Retirees, U.S.
- [Uncle Sam's Protecting Economic Data: A Fallacy   ](https://www.senseoncents.com/2013/08/uncle-sams-protecting-economic-data-a-fallacy/) - Hardly a day goes by without another piece of mind numbing news regarding the assault on the integrity of our markets. With the folks in Washington and their friends in the media having jumped in bed with those who truly run our financial markets, news that may have shocked the public prior to our economic
- [The Bloomberg Manifesto ](https://www.senseoncents.com/2013/08/the-bloomberg-manifesto/) - Love him or hate him, New York City Mayor Michael Bloomberg may be a lot of things but one thing he is not is a dope. With his final days in office as the mayor of our largest city a mere few months away, he issued a statement yesterday that put the voters of NYC
- [Marks and Klarman: <em>There's No Free Lunch</em>  ](https://www.senseoncents.com/2013/08/marks-and-klarman-theres-no-free-lunch/) - What will future generations do with the massive tab that has been and continues to be run up under the guise of propping our economy? That is not a rhetorical question. Many individuals far wiser than I maintain that we will experience generational defaults as our children and children's children determine that the bills being
- [What/Who Is Holding Back Small Business? Washington DC, That's Who ](https://www.senseoncents.com/2013/08/whatwho-is-holding-back-small-business-washington-dc/) - Put aside everything else that streams across the daily news wire, there is no doubt that the prevailing issue that causes the most concern for people in our nation is how they are putting bread on the table. Yes, we can dispense with all the noise that spews forth from far too many sources, the
- [Business Talk with Jim Campbell   ](https://www.senseoncents.com/2013/08/business-talk-with-jim-campbell/) - What are you doing this weekend? I hope the weekend allows you to spend quality time with family and friends. While I figure out some plans for today, tomorrow I will definitely set aside an hour to listen to the following: Nationally Syndicated Business Talk with Jim Campbell. Sunday August 11th @ 10-11am & 10-11pm
- [Mortgage Fraud Task Force Stats: Did You See This? WOW](https://www.senseoncents.com/2013/08/mortgage-fraud-task-force-stats-did-you-see-this-wow/) - In what has to be one of the greatest indictments to date of the lack of meaningful integrity in Washington, news broke late last week regarding mortgage fraud investigation and enforcement statistics that totally blew me away. Before we dive into the cesspool that defines this story, let's set the proper backdrop. One would think
- [Did We Waste The Crisis? Is the Pope Catholic? ](https://www.senseoncents.com/2013/08/did-we-waste-the-crisis-is-the-pope-catholic/) - In late November 2008, incoming White House chief of staff Rahm Emanuel told a group of corporate executives, "you never want a serious crisis to go to waste." Well, here we sit almost 5 years later. Is there any doubt that in terms of utilizing the crisis to implement the necessary meaningful financial regulatory and
- [Federal Reserve: A 100 Year Old Failure ](https://www.senseoncents.com/2013/08/federal-reserve-a-100-year-old-failure/) - The Federal Reserve was founded in 1913 and here we sit 100 years later wondering who will be the next chair of this all powerful institution. While there is serious politicking going on for both Larry Summers and Janet Yellen, will it really matter whether it is one or the other running this institution? Perhaps
- [Feds Let JPM London Whale Swim Free; Go After London Minnow     ](https://www.senseoncents.com/2013/08/feds-let-jpm-london-whale-swim-free-go-after-london-minnow/) - Can you imagine if instead of suspending Alex Rodriguez and others for the use of PEDs that Major League Baseball went after the clubhouse boy, who may have been perhaps knowingly delivering them "the stuff," and presented that to the public as cleaning up the game? Or, if we were to steal a scene from
- [Americans Are Pissed Off from Being Pissed On  ](https://www.senseoncents.com/2013/08/americans-are-pissed-off-from-being-pissed-on/) - What do readers think about launching a new means to measure consumer sentiment? We can continue to measure Consumer Confidence, but I propose we also launch a monthly reading hereby defined as The Pissed Off Indicator. Why do I sense that so many in our country are pissed off? For the very simple reason that
- [The Ghost of Robert Rubin](https://www.senseoncents.com/2013/08/the-ghost-of-robert-rubin/) - There was a point in time -- pre-crisis, of course but in reality not all that long ago -- when former Fed chair Alan Greenspan was viewed as almost god-like. Greenspan was supposedly smarter than all other central bankers. Well, those times have passed. In retrospect, Greenspan has been shown to be a central player
- [Obama on Dodd-Frank: Is He Serious? ](https://www.senseoncents.com/2013/08/obama-on-dodd-frank-is-he-serious/) - 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
- [Bhide: <em>Wanted: A Boring Leader for The Fed</em> ](https://www.senseoncents.com/2013/08/bhide-wanted-a-boring-leader-for-the-fed/) - So who should be the next chairman of the Federal Reserve? While we are fed a regular diet of drivel from those who might believe they know what is in the best interest of our nation, these political insiders might want to look a little further for truly informed opinion. To whom should they listen?
- [Why Was Australian Chris Lane Really Murdered? ](https://www.senseoncents.com/2013/08/why-was-australian-chris-lane-really-murdered/) - I beg your indulgence today as I navigate off our traditional economic landscape to weigh in on the senseless, cold-blooded murder in Oklahoma of Chris Lane, an Australian student-athlete attending East Central University. This situation bothers me and assuredly countless others on so many levels. While initial reports from many outlets would have us believe
- [Wall Street Criminal Referrals: 96% Decline  ](https://www.senseoncents.com/2013/08/wall-street-criminal-referrals-96-decline/) - How deep in the tank have our regulators gone over the years to protect Wall Street rather than upholding their mandate to provide real investor protection? Really deep. How might we measure the depth? Check out the following incredible statistic highlighted by one of my favorite financial journalists, that being Bloomberg's Jonathan Weil. In
- [President Obama, Please Read: <em>The Real Reason College Costs So Much</em>    ](https://www.senseoncents.com/2013/08/president-obama-please-read-the-real-reason-college-costs-so-much/) - I firmly believe that economic freedom is only achieved by navigating one path, that being, education defined in the broadest of terms (vocational, secondary, higher or even home schooled). To that end, I applaud President Obama and Secretary of Education Arne Duncan for their efforts to improve secondary education in our country via the Race
- [Moyers Interviews <em>This Town</em> Author Mark Leibovich ](https://www.senseoncents.com/2013/08/moyers-interviews-this-town-author-mark-leibovich/) - For those who might still be wondering why America is rotting from within, please find 45 minutes to watch Bill Moyers recent interview with Mark Leibovich, author of This Town, a best selling expose of how crony capitalism has become pervasive in our nation's capital. After watching this clip, I think there is little doubt that
- [What Recovery? Durable-Goods Orders Drop Off Cliff  ](https://www.senseoncents.com/2013/08/what-recovery-durable-goods-orders-drop-off-cliff/) - The economy might never look better for those involved in crony, rent-seeking pursuits. For the rest of us, continued belt tightening is the order of the day. With wages remaining stagnant, we now get to swallow a heaping of further economic gruel as large-ticket durable goods orders are reported to have taken what might only
- [Get Ready for Larry Summers as Next Fed Chair](https://www.senseoncents.com/2013/08/get-ready-for-larry-summers-as-next-fed-chair/) - Has there ever really been a doubt that Larry Summers would be the next chairman of the Federal Reserve? Not in these parts. Remember, President Obama -- just like his predecessors -- will announce who the chairman of the Federal Reserve will be, but that does not mean that he actually makes the selection. Who
- [Federal Reserve Internal Survey: 'Will Beatings Continue Until Morale Improves?' ](https://www.senseoncents.com/2013/08/federal-reserve-internal-survey-will-beatings-continue-until-morale-improves/) - The Federal Reserve has to be one of the single most opaque institutions not only in our nation but in the world. I often think of the Fed as having a door in which those inside can see out, but those outside can never see in. In light of this premise, I am exceptionally surprised to
- [Hank Paulson's Recollections: Mile Wide, Inch Deep ](https://www.senseoncents.com/2013/08/hank-paulsons-recollections-mile-wide-inch-deep/) - Might Hank Paulson have selective amnesia or whatever happened to real journalism? My former question actually could be posed to most pols, bankers, and regulators over the last number of years. The latter would apply even longer than that. Well I guess posing tough questions and demanding answers in this day and age would likely
- [Wall Street & ML Baseball: A Common Thread](https://www.senseoncents.com/2013/09/wall-street-ml-baseball-a-common-thread/) - 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.
- [Dodd-Frank Derivative Reform: Dead on Arrival  ](https://www.senseoncents.com/2013/09/dodd-frank-derivative-reform-dead-on-arrival/) - While many in Washington and elsewhere will look to collect political points for bringing reform to Wall Street, those watching closely knew all too well that the blueprints for this reform were always subject to massive change. So has Dodd-Frank brought real reform to Wall Street? If you believe so, I would invite you to
- [<em>WSJ</em> Interview with Chris Dodd](https://www.senseoncents.com/2013/09/wsj-interview-with-chris-dodd/) - As the 5 year anniversary of the demise of Lehman Brothers approaches, I would expect to see a steady stream of reviews of that critical period and interviews with some of the players involved. Do not expect any mea culpas from those who brought our nation to its knees but let's take a closer look
- [5 years After Lehman: Has Anything Really Changed? ](https://www.senseoncents.com/2013/09/5-years-after-lehman-has-anything-really-changed/) - 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. Rather than diving into the archives,
- [Congressional Insider Trading: Bait and Switch ](https://www.senseoncents.com/2013/09/congressional-insider-trading-bait-and-switch/) - Are people aware that Congress had meaningfully changed the legislation outlawing insider trading atop Capitol Hill? This bait and switch occurred a few months back but received very little fanfare at the time. It deserves not only attention but real exposure. With no transparency there will never be a meaningful return of trust but that
- [5 Years Later: Banks Still Too Leveraged](https://www.senseoncents.com/2013/09/5-years-later-banks-still-too-leveraged/) - Do you think there is a reason why bank balance sheets are so convoluted and opaque? Of course there is. The lack of meaningful transparency allows the banks to continue to employ excessive degrees of leverage across a widely disparate array of businesses and with a paucity of competition all in the hope of generating
- [<em>Morning Joe</em> : How Wall Street Won  ](https://www.senseoncents.com/2013/09/morning-joe-how-wall-street-won/) - Lehman Brothers failed on September 15, 2008. We are now two days away from the 5 year anniversary of that fateful day and the unfolding of a string of events that continue to ripple across our global economy and markets. As with the anniversaries of most cataclysmic events, we can now expect an ongoing stream
- [Won't Have Larry Summers to Kick Around Anymore ](https://www.senseoncents.com/2013/09/we-wont-have-larry-summers-to-kick-around-anymore/) - I have no doubt that Larry Summers' choice to withdraw from his well known desire to be the chairman of the Federal Reserve only came at the behest of the White House. I firmly believe that President Obama and the most senior execs on Wall Street wanted their pal Larry to be the next Fed
- [Simon Johnson's <em>Sense on Cents</em> Classic     ](https://www.senseoncents.com/2013/09/simon-johnsons-sense-on-cents-classic/) - On a daily basis we now get fed less than comprehensive if not fully distorted views of the last 5 years by an array of politicians, industry sponsored economists, and assorted other puppets. While the airwaves and other outlets are filled with much of this noise, let's take a step back so we can get
- [ARS Update: Investors Still Getting Screwed](https://www.senseoncents.com/2013/09/ars-update-investors-still-getting-screwed/) - I am long overdue to address the ongoing -- as in 5+ years -- nightmare that defines the world of auction-rate securities, aka Wall Street's greatest scam. "You mean this is still going on" is a common refrain I have heard from a variety of media representatives, lawyers, investors, and even regulators. Yes, indeed, the
- [Sedating the Quantitative Easing Monster  ](https://www.senseoncents.com/2013/09/sedating-the-quantitative-easing-monster/) - At what point does a patient become addicted to medication so that a subsequent malady is potentially as bad if not worse than the original condition the prescribing doctor was trying to treat? How disturbing is it to learn of individuals strung out on pain medication or more specifically methadone to treat a debilitating condition
- [Global Financial System: <em>Dangerous and Dysfunctional</em> ](https://www.senseoncents.com/2013/09/global-financial-system-dangerous-and-dysfunctional/) - I truly appreciate reading the work and gaining the wisdom of those with informed insights and opinions. Where do I always find people of this ilk? At one of my favorite stops while navigating the economic landscape: Project Syndicate. While various and sundry lapdogs from both sides of the political aisle and others well-schooled in
- [Weekend Reading: <em>Rewriting the Lehman Postmortem</em>](https://www.senseoncents.com/2013/09/weekend-reading-rewriting-the-lehman-postmortem/) - This commentary is fully consistent with my opinions widely shared here at Sense on Cents. I concur with this WSJ writer that relative to where we were 5 years ago, Today, little has changed in our financial system. Rewriting the Lehman Postmortem Have a good weekend. Larry Doyle Please pre-order a copy of my book, In
- [Richard Bowen: <em>The Corruption Extends to the Highest Levels of Government</em>](https://www.senseoncents.com/2013/09/richard-bowen-the-corruption-extends-to-the-highest-levels-of-government/) - I thank the many devoted readers of Sense on Cents who made sure I was aware of a riveting, must-read article in yesterday's New York Times written by Bill Cohan, a Wall Street-Washington critic without peer. Cohan writes of the travails of Richard Bowen, former whistleblower at Citigroup, who ran headlong into the fortress manned by
- [Poll: Should Feds Settle with 'Stevie Boy' Cohen? ](https://www.senseoncents.com/2013/09/poll-should-feds-settle-with-stevie-boy-cohen/) - News breaks in the past 24 hours that one of Wall Street's largest traders, "Stevie-boy" Cohen of SAC Capital, is now looking to cut a deal with the Feds. Is the heat in Stevie's kitchen getting a little too hot? As Bloomberg Businessweek reminds us: After a multiyear investigation conducted by the U.S. Attorney’s Office,
- [Poll: Is an $11B Fine The Right Justice for JPM?  ](https://www.senseoncents.com/2013/09/poll-is-an-11b-fine-the-right-justice-for-jpm/) - The rap sheet that has developed on JP Morgan over the last few years might have made John Gotti proud. But remember, even though the Teflon Don escaped justice for a long time, ultimately the Feds caught up to him and he spent his last days listening to this. Oh how the Don wishes he
- [Guest on Main Street Out Loud Today at 6PM ](https://www.senseoncents.com/2013/09/guest-on-main-street-out-loud-today-at-6pm/) - I welcome the opportunity to return to Main Street Out Loud this afternoon at 6pm. MAIN STREET OUT LOUD is hosted by Rudi. In his own words:"The show covers political issues, local, national and international. We also cover the daily issues that concern each of us on Main Street, whether resident or business owner. Rudi is a resident of the
- [Who and What Are To Blame for Uncle Sam's Imminent Shutdown? ](https://www.senseoncents.com/2013/09/who-and-what-are-to-blame-for-uncle-sams-imminent-shutdown/) - With the government mere hours away from an imminent shutdown, I commented over the weekend that a small proprietor would not run his hot dog stand in such a fashion. Yet here we sit -- with Uncle Sam sticking his mitt ever deeper into our pockets -- faced with the prospect that the puppets in
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Richard Greenfield, Sunday Night at 8PM EDT ](https://www.senseoncents.com/2009/10/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-richard-greenfield-sunday-night-at-8pm-edt/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [ARS Investor Makes Public Plea ](https://www.senseoncents.com/2009/05/ars-investor-makes-public-plea/) - On the heels of Bloomberg breaking the news of FINRA's investment in Auction Rate Securities, I have received a number of e-mails from ARS investors thanking me for my pursuit in publicizing that information. One e-mail in particular touched me. This investor purchased ARS from Oppenheimer. His e-mail to attorneys general around the country and
- [Why Larry Summers Will Be Next Fed Chair](https://www.senseoncents.com/2013/07/why-larry-summers-will-be-next-fed-chair/) - The race to occupy the most influential position in the nation -- that is, the chairman of the Federal Reserve -- is now widely acknowledged to be a two horse sprint between Janet Yellen and Larry Summers. Those supporting the appointment of Ms. Yellen, including Nancy Pelosi, Christina Romer and others, are actively and publicly
- [Weekend Reading: WSJ's <em>Saving Detroit from Itself</em>](https://www.senseoncents.com/2013/07/weekend-reading-wsjs-saving-detroit-from-itself/) - The Wall Street Journal writes today that there should be no federal bailout of Detroit. The AFL-CIO and its friends are mourning Detroit as a victim of capitalism, claiming the government has a moral obligation to rescue the bankrupt city. This is a nice political fable, but the hard truth is that Motown is a
- [Wall Street's Top Strategy: Besiege The Regulators  ](https://www.senseoncents.com/2013/07/wall-streets-top-strategy-besiege-the-regulators/) - Everyday we hear of a new recommended strategy put forth by analysts on Wall Street. Some of the supposed smartest people in the business recommend sector rotation strategies, others a new found pro-growth approach, still more prefer a style that accentuates value, and others investments that generate income. There are seemingly as many strategies on
- [Hoisington: The Case for Lower Long Term Rates  ](https://www.senseoncents.com/2013/07/hoisington-the-case-for-lower-long-term-rates/) - When the herd on Wall Street is moving to one side of the boat, I am inclined to start thinking about moving to the other. Or at the bare minimum, I want to consider getting to the middle. I make that point as many strategists and Wall Street savants are playing the momentum card and
- [Khuzami Goes Through The Revolving Door](https://www.senseoncents.com/2013/07/khuzami-goes-through-the-revolving-door/) - How do people feel about the performance of the SEC over the last number of years? Seriously. On a scale of 1-10 (1 being horrendous and 10 being superb), please share your opinion as to how the SEC has gone about pursuing its mission of protecting investors and our markets while overseeing the manner in
- [Manipulating Electricity: When Will Madness End? ](https://www.senseoncents.com/2013/07/manipulating-electricity-when-will-madness-end/) - Do readers recall how the morally depraved crowd at Enron manipulated the electricity markets so aggressively in California in 2000 as to force the state to implement rolling blackouts? I am assuming there are some in our audience who not only remember the rolling blackouts, but actually lived through them. Market manipulation of a basic good
- [Detroit Files Chapter 9: What Lies Ahead? ](https://www.senseoncents.com/2013/07/detroit-files-chapter-9-what-lies-ahead/) - With no surprise to absolutely anybody, the City of Detroit filed bankruptcy yesterday via Chapter 9. How does an entity such as Detroit get to the point of being 18 billion in debt? Well, I addressed that point a month ago in writing, Detroit: D is for Disaster. There will be years worth of likely
- [International Whistleblowers](https://www.senseoncents.com/2013/07/international-whistleblowers/) - I love when my blog attracts comments from people who share riveting insights and perspectives of real world experiences that can help others who might navigate to these parts. Not that all -- or at least most -- of the comments left here are not valuable but some truly stand out. One left here just
- [Preet Bharara: Big Bark, But Where's The Bite? ](https://www.senseoncents.com/2013/07/preet-bharara-big-bark-but-wheres-the-bite/) - The US Attorney for the southern district of New York, Preet Bharara, certainly occupies one of the most powerful positions within law enforcement in the nation. Yet here we sit 5 full years from the outset of what any reasonably intelligent individual knows is a fraud-induced and executed crisis, and what do we have to
- [Bernanke Walks It Back ](https://www.senseoncents.com/2013/07/bernanke-walks-it-back/) - It took a few weeks, but the relatively recent smokescreen of a strengthening economy put forth by Ben Bernanke began to lift yesterday. I find it especially interesting that it was not some new string of weak economic data that prompted the Fed chair to express increased caution about what is truly going on in
- [Wall Street: <em>Culture of Silence</em>](https://www.senseoncents.com/2013/07/wall-street-culture-of-silence/) - Wall Street often gets very quiet during the hot, hazy days of summer. Yet if we were to take a deeper look into Wall Street, it is eerily quiet in many corners of the industry all too often. How so? Wall Street's code of silence, in which those with knowledge of wrongdoing or improprieties remain quiet,
- [Fabulous Fab The Fall Guy ](https://www.senseoncents.com/2013/07/fabulous-fab-the-fall-guy/) - America has certainly been fed a healthy diet of bluster by a wide array of regulators and government officials about cleaning up Wall Street over the last few years. Those watching closely are well aware, though, that justice on Wall Street typically comes in small packages, token fines, and a whole lot of statements that
- [Marc Faber's 'Sense on Cents'  ](https://www.senseoncents.com/2012/04/marc-fabers-sense-on-cents/) - Marc Faber is commonly referred to as Dr. Doom for his fatalistic outlooks on the economy and markets. I personally would not call him that. I would designate him as Dr. Truth. In a recent Bloomberg interview, he offered a wealth of fabulous insights including: 1. the market is overbought and market technicals are deteriorating.
- [Only If The Price is Right ](https://www.senseoncents.com/2013/07/only-if-the-price-is-right/) - Regulators and the general media have a way of vilifying people and products in a manner that strikes me as overly simplistic. All too often, I see situations in which those charged with protecting the public interest take a belated "ready, shoot, aim" approach and promote that as upholding their mandate. Well, years after the
- [<em>Breaking News</em>: DOJ Whistleblowers Charge Assistant AG Thomas Perez with Discrimination, Retaliation  ](https://www.senseoncents.com/2013/07/breaking-news-doj-whistleblowers-charge-assistant-ag-thomas-perez-with-discrimination-retaliation/) - All too often, whistleblowers in our nation have found themselves ignored, intimidated, or fired. I have welcomed highlighting the stories of many heroic whistleblowers (Peter Sivere, Mark Mensack, Gary Aguirre, Joe Sciddurlo, David Weber) who have been subjected to just such heinous treatment by the powerful and privileged. I welcome doing so again. In a
- [Wall Street's Kangaroo Court Receiving Increased Focus](https://www.senseoncents.com/2013/07/wall-streets-kangaroo-court-receiving-increased-focus/) - Just as you cannot fight City Hall, many people are also well aware that you cannot really fight Wall Street. When disputes on Wall Street are adjudicated through a system of arbitration, the stacked deck against which investors -- and Wall Street employees as well -- are forced to contest can only be properly compared
- [Newedge Market Manipulation: Joe Saluzzi Exposed This Years Ago](https://www.senseoncents.com/2013/07/newedge-market-manipulation-joe-saluzzi-exposed-this-years-ago/) - I awake this morning and see a headline of a lead story on The Wall Street Journal jump out at me. Brokerage Faces Record Fine My interest is piqued. What might it be? I quickly peruse the commentary and see words and phrases used that should concern any investor and/or trader including: manipulate U.S. markets . .
- [Mary Schapiro Has Some 'Splainin To Do...](https://www.senseoncents.com/2009/10/mary-schapiro-has-some-splainin-to-do/) - Big money makes for a very strange bedfellow. Is FINRA sleeping well these days? A pending lawsuit against FINRA would like to pull back the covers and check to see if the money in the FINRA mattress was allocated appropriately. Let's enter the sitting room and take a peek into this corner of the FINRA
- [GS, JPM, MS et al: <em> No Longer Just Banks</em> ](https://www.senseoncents.com/2013/07/gs-jpm-ms-et-al-no-longer-just-banks/) - Can we all agree that banks that are too big to fail, regulate, and prosecute are also too big to exist? That premise strikes me now as a foregone conclusion. But how have the banks gotten bigger? It is not merely via the issuance of home mortgages, credit cards, corporate loans, and some derivatives transactions.
- [<em>Governments Lose Trust as Corruption Soars</em>](https://www.senseoncents.com/2013/07/governments-lose-trust-as-corruption-soars/) - There is not much that shocks me these days. There is even less that causes me to raise my eyebrows. Well, this morning I raised my eyebrows in reading a commentary that hits directly upon a theme known all too well by readers of my blog: a lack of transparency in government generating a whole
- [<em>Sense on Cents</em> Has Gone Fishin'  ](https://www.senseoncents.com/2013/07/sense-on-cents-has-gone-fishin/) - I will return to navigating the economic landscape around these parts in a week or so. I hope everybody who visits here will have the opportunity to take a bit of a break this week and enjoy the company of family and friends as our nation celebrates its 237th birthday. As those now solidly in
- [Pope Francis: <em>No Patience for Corruption</em> ](https://www.senseoncents.com/2013/06/pope-francis-no-patience-for-corruption/) - What defines a real leader? In my opinion, a real leader is one who can inspire while uninhibitedly doing the right things. In other words, "talk the talk" and "walk the walk." Who might we put in the category of real leaders in our nation today? Regrettably, I think the list is very, very short. In fact,
- [John Bogle's Sense on Cents ](https://www.senseoncents.com/2013/06/john-bogles-sense-on-cents/) - When it comes to investing, how does one get ahead? Do not start from behind, that is, do not invest in funds or investments that come with a variety of fees, charges, loads, and assorted other excessive expenses. Think of it as the equivalent of not having to run extra laps in a race of
- [Boston Fed Research Paper: The Key Variable for Monetary Policy Is . . .](https://www.senseoncents.com/2013/06/boston-fed-the-key-variable-for-monetary-policy-is-read-on/) - Are we supposed to really think that Ben Bernanke believes our economy -- and especially our employment situation -- is markedly improving? If we were to gather our news from USA Today or similar outlets, I guess we could just think just that. Let's dig a little deeper. What are many in and around the
- [Parking in Chicago: Two Minutes for Two Bits ](https://www.senseoncents.com/2013/06/parking-in-chicago-two-minutes-for-two-bits/) - Do you ever get to the point when you think your life is one large windshield and every bird in the world has taken a liking to you? Let's take a break from trying to decipher the nuances and obfuscations in all too many statements emanating from the Federal Reserve system and focus on simple
- [What Market Forces Are Driving Long Rates Higher? ](https://www.senseoncents.com/2013/06/what-market-forces-are-driving-long-rates-higher/) - With global markets currently palpitating in a fashion all too similar to those living on the Bowery and beginning a withdrawal program, I think it is overly simplistic to say that Bernanke's remarks alone are forcing 'everybody out of the pool.' What are the underlying forces at work in causing such a sharp move higher
- [Weekend Serving of <em>Sense on Cents</em>  ](https://www.senseoncents.com/2013/06/weekend-serving-of-sense-on-cent-reading-3/) - For those who care to dig a little deeper in order to gain a greater degree of 'sense on cents', I welcome sharing a few commentaries and reports that I found to be of very real interest. Interested in getting a decidedly wider-eyed and detailed view of the world than what might commonly be delivered elsewhere?
- [What Did Bernanke Really Accomplish? ](https://www.senseoncents.com/2013/06/what-did-bernanke-really-accomplish/) - How will the history books treat Ben Bernanke? Well, only time will tell. Supporters will tout his integral role in saving the system. Those who look less kindly on the Fed chair will denigrate him for: 1) his participatory role in allowing Wall Street to bring our economy to its knees, and 2) providing excess
- [Spitzer: Lanny Breuer at DOJ Was a Disaster  ](https://www.senseoncents.com/2013/06/spitzer-lanny-breuer-at-doj-was-a-disaster/) - Hat tip to Barry Ritholtz at The Big Picture and our friends at eWallStreeter. Say what you want about Eliot Spitzer's personal shortcomings but when it comes to many of the regulatory capture issues addressed regularly at this blog, he is not evasive or deferential as so many former pols and regulators are wont to
- [Ben Bernanke: My Work is Done Here](https://www.senseoncents.com/2013/06/ben-bernanke-my-work-is-done-here/) - I just listened to the release of the FOMC's statement and juxtaposed that with the Q/A with Big Ben. I detected some not so subtle differences in these deliveries, and clearly the market did as well. The markets were remarkably stable after the initial release as the Fed stated that its policy remains unchanged and
- [UK Leads, USA Follows: <em>Changing Banking for Good</em>       ](https://www.senseoncents.com/2013/06/uk-leads-usa-follows-changing-banking-for-good/) - 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
- [Detroit: D is for DISASTER ](https://www.senseoncents.com/2013/06/detroit-d-is-for-disaster/) - Those in Washington and elsewhere have little interest in drawing attention to the municipal disaster that is the City of Detroit, Michigan. While nobody likes dealing with disasters, there is no other single appropriate word to describe this once proud burgeoning metropolis. As recently reported by The Wall Street Journal, The city of Detroit's manifold problems
- [Readers Reflect on BofA Mortgage Racket/Lying   ](https://www.senseoncents.com/2013/06/readers-reflect-on-bofa-mortgage-racketlying/) - Would you ever want to do business with an individual or an entity that lied to you? Probably not, right? Should we add Bank of America to the list of those entities (financial institutions, regulators, our government) that have been less than forthright in engaging those with whom it was saying one thing but doing
- [Bank America Mortgage Racket: <em>We Were Told To Lie</em>  ](https://www.senseoncents.com/2013/06/bank-americas-mortgage-racket-we-were-told-to-lie/) - 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
- [Wealth Creation: The Key Principles](https://www.senseoncents.com/2013/06/wealth-creation-the-key-principles/) - It's not how much you make, it's how much you save. ------------------------ Many people in different businesses and within government across America do not like discussing or promoting personal savings rates but the simple fact is the path to financial security and wealth creation is navigated most effectively by embracing that key principle and a
- [Forex Manipulation: Add It To The List ](https://www.senseoncents.com/2013/06/forex-manipulation-add-it-to-the-list/) - Is it possible to manipulate the largest market in the world, that being, the foreign exchange market? Well, if it is possible to manipulate the setting of overnight interest rates (i.e Libor et al) impacting trillions of dollars of derivative contracts and the pricing of equities (i.e. via high frequency trading), we should not be
- [Obamacare: 'Train Wreck' In Ohio  ](https://www.senseoncents.com/2013/06/obamacare-train-wreck-in-ohio/) - Your healthcare premiums were going to go down under Obamacare, right? Not so fast. The benefits will far outweigh the costs, correct? Well, let's navigate to America's heartland and pose that question to the citizens of Ohio who will be picking up the tab. Might some -- perhaps many -- individuals who delivered the state for
- [Uncle Sam's Inside Info and Wall Street's Insider Trading: Excuse Me While I Vomit ](https://www.senseoncents.com/2013/06/uncle-sams-inside-info-and-insider-trading-excuse-me-while-i-vomit/) - Information is everything. You may not be aware whether you own stock in the managed health care company Humana via a mutual fund or not. I would imagine if you own Humana as an individual holding, you would be keenly aware that this company saw close to a 20% increase in its stock price back
- [<em>Sex, Lies, Stupidity, Oh My</em>: SEC Whistleblower David Weber Vindicated, Receives Huge $ettlement  ](https://www.senseoncents.com/2013/06/sex-lies-stupidity-oh-my-sec-whistleblower-david-weber-vindicated-and-receives-huge-ettlement/) - "Doing the right thing can be hard" . . . David Weber, former assistant Inspector General of the SEC, June 10, 2013 ------------------------------ In a world in which it is all too easy to look the other way, to go along to get along, and to sit down when the public needs you to stand
- [A Great Weekend Read: <em>How America Lost Its Way</em>](https://www.senseoncents.com/2013/06/a-great-weekend-read-how-america-lost-its-way/) - I am a big fan of Niall Ferguson. I so respect and appreciate the way this history professor at Harvard thinks and writes. More often that not after reading his work I find myself thinking, "he's right." I find his work to be fully consistent with the thoughts and opinions I try to promote here
- [Eisenhower's Forewarning: <em>Military-Industrial Complex Farewell Speech c 1961</em>](https://www.senseoncents.com/2013/06/eisenhowers-forewarning-military-industrial-complex-farewell-speech-c-1961/) - I think we can forego commenting on this morning's employment report or other specific topics of interest along our economic landscape and focus on the issue that is captivating our nation, that being, our government's intervention into our private lives. As we look forward and wonder what may have transpired to date and how this
- [Chellaney: <em>China's Stealth Wars</em> ](https://www.senseoncents.com/2013/06/chellaney-chinas-stealth-wars/) - President Obama is poised to meet Chinese President Xi Jinping at a secluded estate in California for a two day summit. Given China's current enormous economic surplus, it wields ever more power on the world's stage. As the US is weighed down and held back by the burden of our massive deficits, China is nimbly
- [Madoff on Markopolos: <em>"He Was an Idiot"</em> . . . Really? ](https://www.senseoncents.com/2013/06/madoff-on-markopolos-he-was-an-idiot-really/) - What an as&*%le!! I try not to write about those who have committed financial crimes and especially after they have been put away. I figure why should I give a crook or his comments any of my time or any degree of credibility. To that end, I have welcomed highlighting the ineptitude and corruptible behavior
- [Doubleline/Gundlach: <em>What in the World is Going On?</em> ](https://www.senseoncents.com/2013/06/doublelinegundlach-what-in-the-world-is-going-on/) - A perennial Sense on Cents All Star and Hall of Fame inductee, Doubleline's CEO Jeff Gundlach, presented an investment webcast yesterday. I welcome sharing the slides utilized by the premiere investment manager in the business as he spanned the globe in his presentation dubbed, "What in the World Is Going On?" Anybody with even a
- [Key Economic Driver: Disposable Personal Income ](https://www.senseoncents.com/2013/06/the-key-economic-driver-disposable-personal-income/) - There are a host of economic statistics that can be and are utilized to measure the health and forward path of our economy. From GDP to employment to housing starts to inflation, all of these stats can offer a gauge as to how steep our economic landscape is and will be. What do I believe
- [Taibbi Further Investigates <em>Furey v SEC</em> ](https://www.senseoncents.com/2013/06/taibbi-further-investigates-furey-v-sec/) - Wouldn't you like to have been a fly on the wall to witness what really went on -- and still goes on -- within the offices of the SEC and our other financial regulators? Oh the stories and tales of woe that one might be able to share. Every now and then, though, one does
- [Please Do Not Text and Drive <em>Video</em>](https://www.senseoncents.com/2013/06/please-do-not-text-and-drive-video/) - I beg your indulgence as I defer from navigating the economic landscape to address a far more important topic. I wish there were never a reason for me to be posting this video about texting and driving. That said, a friend of mine lost his son in a tragic accident. That young man's life does
- [The Volcker Alliance](https://www.senseoncents.com/2013/05/the-volcker-alliance/) - Having broached the topic of the launch of The Volcker Alliance in my commentary yesterday, I welcome drawing further attention to it today for the simple reason that the needs are so great. We need to change the debate in America so we can change the outcome. Future generations deserve nothing less. To that end,
- [Volcker Sends Warning Shot to Fed, Wall St, and DC  <em>Recommended</em>](https://www.senseoncents.com/2013/05/volcker-sends-warning-shot-to-fed-wall-st-and-dc-recommended/) - In what can only be described as a Sense on Cents Instant Classic, perhaps the most highly respected chair in the history of the Federal Reserve, that being Paul Volcker, delivered a tremendous address yesterday at the Economic Club of New York. For anybody who cares about the well being of our markets, our economy,
- [Uncle Sam's Rent-Seeking Economy circa 2013 ](https://www.senseoncents.com/2013/05/uncle-sams-rent-seeking-economy-circa-2013/) - Are we in the midst of the greatest transfer of wealth in modern times? I will allow others to debate the merits of that question, but I propose it in order to address what I see increasingly as the "new normal" reality of our current economic condition here in the United States. What lies at
- [IRS' Doug Shulman: <em>We No Longer Chase Bad Guys</em>   ](https://www.senseoncents.com/2013/05/irs-doug-shulman-we-no-longer-chase-bad-guys/) - Have you ever read a passage or a line from a speech and thought, "He didn't actually say that, did he?" I had just that experience this morning in reading a delivery made by Douglas Shulman. Who is Mr. Shulman? The former commissioner of the Internal Revenue Service during the time when the targeting of
- [Memorial Day 2013: Honoring Our Fallen Heroes ](https://www.senseoncents.com/2013/05/memorial-day-2013-honoring-our-fallen-heroes/) - In the midst of thinking about the greatest sacrifice made by the countless numbers of fallen American heroes this Memorial Day morning, I navigated my way to this National Memorial Day Concert site. Let us pay our respect to all those men and women who have made the ultimate sacrifice in all the conflicts and
- [Weekend Viewing: Moyers and Morgenson ](https://www.senseoncents.com/2013/05/weekend-viewing-moyers-and-morgenson/) - A healthy does of 'sense on cents' in this 18 minute exchange between Bill Moyers and The New York Times' Gretchen Morgenson. Call it what you want but from my standpoint capitalism and democracy are being compromised by cronyism and corruption. The evidence is overwhelming. The health and well being of future generations require that
- [Rep Steve Pearce (R-NM) Unloads on Treasury Secretary Lew : MUST SEE Video ](https://www.senseoncents.com/2013/05/rep-steve-pearce-r-nm-unloads-on-treasury-secretary-lew-must-see-video/) - WOW ... This 5-minute video has received very few viewings. That is a shame. Let's change that. In a recent Congressional hearing Rep. Steve Pearce throws high hard heat right at the head of Treasury Secretary Jack Lew. In a delivery that would have made Hall of Fame pitcher Bob Gibson proud, Pearce knocks Lew
- [Book Review: <em>Bull by The Horns</em> by Sheila Bair](https://www.senseoncents.com/2013/05/book-review-bull-by-the-horns-by-sheila-bair/) - I am a Sheila Bair fan. Throughout our continuing economic crisis, I have found the former chair of the FDIC to be an individual who tried to do what was right on behalf of the American people while promoting the rule of law and principles of free market capitalism. I juxtapose those strengths with practices
- [Jamie Dimon: The King and His Court ](https://www.senseoncents.com/2013/05/jamie-dimon-the-king-and-his-court/) - Little surprise that Jamie Dimon will remain as both CEO and chairman of JP Morgan. Was there really any doubt? There wasn't. While shareholder groups might pretend they can exert influence over the management of large corporations and especially banks, there is little meaningful resemblance to a democratic process in proxy voting. Disgruntled individual shareholders
- [Simon Johnson: <em> Financial Power Corrupts System</em>  ](https://www.senseoncents.com/2013/05/simon-johnson-financial-power-corrupts-financial-system/) - Incestuous activity in every fashion is a destructive and corruptible force. Would anybody hoping to be regarded as a serious, credible individual dare say, "Hey, I think incestuous activity is actually pretty good." Certainly not, although those engaged in the behaviors may appreciate the benefits that accrue to them without wanting them brought to light.
- [Pray for Moore, Oklahoma ](https://www.senseoncents.com/2013/05/pray-for-moore-oklahoma/) - My heart breaks for the thousands of people directly and indirectly impacted by the horrific twister that ripped through the town of Moore, OK and surrounding communities yesterday. I cannot begin to imagine the pain and suffering of families who have lost loved ones, especially young innocent children. Pray for them and let our prayers
- [Fed-speak: Ease Air Out of Bonds - Support Equities](https://www.senseoncents.com/2013/05/fed-speak-ease-air-out-of-bonds-and-support-equities/) - "Don't fight the Fed." While the fundamentals of our underlying economy bump along with continued structural headwinds and fiscal support from Uncle Sam remaining anemic, the Federal Reserve's QE-infinity remains the underlying cornerstone supporting our markets. With equities making new highs and high yield bonds trading at stratospheric levels, recent pronouncements from Fed officials strike
- [UPDATE: Who Directed Abuses of Power at IRS?  ](https://www.senseoncents.com/2013/05/who-directed-abuses-of-power-at-irs/) - Is there any doubt that the IRS engaged in an abuse of power in the manner in which it handled the applications of selected groups for tax-exempt status? In Congressional testimony this morning, the outgoing acting commissioner Steven Miller has done his best to parry -- some would say stonewall -- Republican committee members. The
- [Kathleen Furey <em> v </em> SEC: Wow, Just Wow . . . Read This   ](https://www.senseoncents.com/2013/05/furey-v-sec-madoff-wow-just-wow-read-this/) - For those with an interest in learning how our financial regulators fail to perform in upholding both the law and their duty to protect investors, the SEC is "the gift that keeps on giving." As if we did not already know that the SEC has all too often failed to protect investors, let's navigate and
- [<em>Everything's Political</em>](https://www.senseoncents.com/2013/05/everythings-political/) - How sad. In light of the ongoing developments with the stories centering on Benghazi and the abuse of power within the IRS, I feel compelled to offer a brief comment. Politics is certainly a dirty business. National security in a world filled with new risks has likely never been more challenging. That said, there comes
- [Where Does The Buck Stop? ](https://www.senseoncents.com/2013/05/where-does-the-buck-stop/) - So much for hope and change. The stench of the cesspool of scandalous activities in Washington is now bubbling over into the backyards of those who have previously stridently defended this administration. The flood of filth associated with the three current bombshell stories leaves me with a number of feelings and questions that I would
- [Obamacare: <em>Unaffordable for Many; Broken Promises Are Numerous</em> ](https://www.senseoncents.com/2013/05/obamacare-unaffordable-for-many-broken-promises-are-numerous/) - A month ago Senator Max Baucus, a Democrat from Montana, projected that he envisioned the implementation of the President's new health care program, aka Obamacare, as being "a train wreck." Well, in reviewing a report released yesterday by the US House of Representatives Committee on Energy and Commerce, we gain a greater appreciation for just
- [Paul Ryan: <em>Dodd-Frank Goes In Wrong Direction</em> ](https://www.senseoncents.com/2013/05/paul-ryandodd-frank-goes-in-wrong-direction/) - America is increasingly aware that banks that are too big to fail, trust, regulate, prosecute, and jail are thus -- duh -- TOO BIG TO EXIST!! This basic principle espoused by anybody with even a modicum of "sense on cents" is gaining momentum in Washington given the growing bipartisan support for the Brown-Vitter Bill to
- [Watch Today 2-3pm: Cliff Asness on Crony Capitalism ](https://www.senseoncents.com/2013/05/watch-today-2-3pm-cliff-asness-on-crony-capitalism/) - In May 2010, financier Cliff Asness said in The Wall Street Journal that the Dodd-Frank Act was “perfectly designed to create the largest and most powerful crony system in history. It's not that the people, regulator or regulated, are personally corrupt. It's that the system will itself select for, reward and enforce corruption.” I would
- [Colleges/Universities Leave Lower Income Students Behind   ](https://www.senseoncents.com/2013/05/collegesuniversities-leaving-lower-income-students-behind/) - The business of higher education is changing rapidly. With family incomes stagnant, job prospects for graduates challenging, and pressure on the bottom line -- for families and schools alike -- increasing like never before, those within the executive offices of our nation's ivory towers are scrambling. What is one area that is getting a lot
- [Hedge Fund Survey: <em>"Findings Are Troubling"</em>  ](https://www.senseoncents.com/2013/05/hedge-fund-survey-findings-are-troubling/) - Early last year, the US Attorney for the Southern District of New York, Preet Bharara, in alluding to activities within the hedge fund community asserted that insider trading was rampant and routine. Strong words. Fast forward a year and a recent survey of those within the hedge fund world unsurprisingly shows that a host of
- [JP Morgan Seems To 'Love That Dirty Money' ](https://www.senseoncents.com/2013/05/jp-morgan-seems-to-love-that-dirty-money/) - If those in my beloved hometown of Boston "love that dirty water," then similarly current management at my last stop on the sell side of Wall Street, that being JP Morgan, seem to 'love that dirty money.' The filth and stench surrounding this story runs so high as to have recently influenced JPM's bedmates -- er,
- [Gundlach Talks, <em>Sense on Cents</em> Listens](https://www.senseoncents.com/2013/05/gundlach-talkssense-on-cents-listens/) - Regular readers know how highly I regard the prescient investment insights of Doubleline's Jeffrey Gundlach. A month ago, Investment News laid out 10 Spot On Predictions by Mr. Gundlach. His uncanny calls on specific market sectors and timing include: Treasurys Will Rally, April 2011 Go long Japan, short the yen, December 2012 Natural gas is
- [Ben Bernanke Pulls a Yogi Berra ](https://www.senseoncents.com/2013/05/ben-bernanke-pulls-a-yogi-berra/) - When you come to a fork in the road . . . take it. In the early years of the last decade, I had the pleasant experience of attending a dinner for a major client at which Yogi Berra was a guest speaker. As a lifelong baseball fan -- and by the way, how 'bout those
- [Sachs Unloads Again on Wall St-Washington Incest ](https://www.senseoncents.com/2013/05/sachs-unloads-again-on-wall-st-washington-incest/) - A few days ago Columbia University's Jeff Sachs delivered a diatribe on the crony corruption pervasive in the Wall Street - Washington dynamic to a cadre of elites in attendance at a Philadelphia Federal Reserve symposium. Well, yesterday Sachs took his message to the masses in the midst of an exchange on MSNBC's Morning Joe.
- [No Quarter Radio's<em> Sense on Cents with Larry Doyle</em> Welcomes Daryl Montgomery](https://www.senseoncents.com/2010/03/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-daryl-montgomery/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Back <em>The Daily Bail</em>](https://www.senseoncents.com/2010/03/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-back-the-daily-bail/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em> Sense on Cents with Larry Doyle</em> Welcomes Phil Davis ](https://www.senseoncents.com/2010/03/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-phil-davis/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Rick Davis, Sunday Night at 8pm ET](https://www.senseoncents.com/2010/03/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-rick-davis/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes <em>13 Bankers</em> Co-Author James Kwak, Tonight at 8pm ET  ](https://www.senseoncents.com/2010/04/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes13-bankers-co-author-james-kwak/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's<em> Sense on Cents with Larry Doyle</em> Is Having a Tea Party](https://www.senseoncents.com/2010/04/no-quarter-radios-sense-on-cents-with-larry-doyle-is-having-a-tea-party/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em> Sense on Cents with Larry Doyle</em> Welcomes the IARFC's Ed Morrow, Sunday Night at 8pm ET](https://www.senseoncents.com/2010/04/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-the-iarfcs-ed-morrow/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Back Rick Davis of Consumer Metrics Institute](https://www.senseoncents.com/2010/05/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-back-rick-davis-of-consumer-metrics-institute/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Bill Berliner](https://www.senseoncents.com/2010/05/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-bill-berliner/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em> Sense on Cents with Larry Doyle</em> Open Mic Night](https://www.senseoncents.com/2010/05/no-quarter-radios-sense-on-cents-with-larry-doyle-open-mic/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents</em> Welcomes Back Joe Saluzzi](https://www.senseoncents.com/2010/05/no-quarter-radios-sense-on-cents-welcomes-back-joe-saluzzi/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Michael Shulman](https://www.senseoncents.com/2010/06/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-michael-shulman/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Back Daryl Montgomery, Sunday Night at 8pm ET](https://www.senseoncents.com/2010/06/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-back-daryl-montgomery/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em> Welcomes Back Phil Trupp](https://www.senseoncents.com/2010/06/no-quarter-radios-sense-on-cents-with-larry-doyle-welcomes-back-phil-trupp/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [No Quarter Radio's <em>Sense on Cents with Larry Doyle</em>: Last Call  ](https://www.senseoncents.com/2010/06/no-quarter-radios-sense-on-cents-with-larry-doyle-last-call/) - UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any
- [Book Reviews: <em>Bailout, Confidence Men</em>](https://www.senseoncents.com/2013/04/book-reviews-bailout-confidence-men/) - If the American public is concerned about the dysfunction within Washington D.C., after reading two inside editions on the games being played within our nation's capital, the public should be even more concerned than ever. I recently completed two enlightening books, Confidence Men by Ron Suskind and Bailout by Neil Barofsky. I recommend both to
- [Jeff Sachs UNLOADS on Wall St., D.C, & Obama](https://www.senseoncents.com/2013/04/jeff-sachs-unloads-on-wall-st-d-c-obama/) - If anybody were to think that the fight for decency and justice in our markets, our nation's capital, and throughout our land were to have run its course . . . well think again. In a volley of invectives not often seen in the genteel world of liberal academia, Columbia University professor Jeffrey Sachs recently threw
- [Review 1st Qtr 2013 GDP: The "Final" Answer  ](https://www.senseoncents.com/2013/04/review-1st-qtr-2013-gdp-the-final-answer/) - The 1st quarter 2013 GDP release indicating growth of 2.5% might not be as strong as expected but it is certainly a lot better than the anemic .4% increase registered in Q4/2012, right? On the surface, yes, you would be correct. 2.5 is definitely a larger number than .4. If we were to go by
- [Terror in Boston: Photos of "Good and Evil" ](https://www.senseoncents.com/2013/04/terror-in-boston-photos-of-good-and-evil/) - The photos to which I link in this post are truly graphic in nature. I offer this note of precaution as some may find them too disturbing. On September 11, 2001 I was working in midtown Manhattan. I will never forget the unease and anxiety that ran throughout the city that day and for months
- [ARS Update April 2013: The Nightmare Continues](https://www.senseoncents.com/2013/04/ars-update-april-2013-the-nightmare-continues/) - Five plus years after the meltdown of the largest fraud ever perpetrated on Wall Street, and the nightmare that defines the world of auction-rate securities goes on. While Wall Street, Washington, and the media would very much like to leave the pain encompassing the ARS market largely in the rear view mirror, for many individuals
- [Jon Corzine: "What Balls" ](https://www.senseoncents.com/2013/04/jon-corzine-what-balls/) - Better to keep one's mouth shut and be thought a fool, than to open it and remove all doubt. When you are in a hole, stop digging. I am not sure which of the above quotes might be more applicable to one of Wall Street's greatest pariahs but this individual may want to look for
- [S&P Ratings: 'You Didn't Believe Us, Did You?'  ](https://www.senseoncents.com/2013/04/sp-ratings-you-didnt-believe-us-did-you/) - What are the most important issues you face? I imagine most would think that physical, mental, and emotional well being would rank highest on your list. Imagine, then, the individuals to whom you went for independent and objective advice on these very personal issues were to inform you that their insights were, in fact, highly
- [California Dreamin' ... Now a Pension Nightmare](https://www.senseoncents.com/2013/04/california-dreamin-now-a-pension-nightmare/) - "California's the place you gotta be . . . swimmin' pools . . . movie stars..." The hillbillies profiled in a favorite show from my youth presented plenty of comic material. Regrettably, there is now little that is funny about the state of California's fiscal quandary or that of many other states that have allowed
- [China Hits US Hard in Vulnerable Spot ](https://www.senseoncents.com/2013/04/china-hits-us-hard-in-most-vulnerable-spot/) - If you were in serious debt and your largest creditor offered an opinion on how you managed your affairs, do you think you might listen? Well, if we care to see the political gamesmanship involved in a relationship between debtor and creditor played out on the world's largest stage, let's navigate and take a look
- [Terrorism in Boston](https://www.senseoncents.com/2013/04/terrorism-in-boston/) - Boston, Irish, America, Notre Dame....STRONG!!! With the scene in and around Boston remaining very fluid, let me first offer my concern for the residents of the entire area there. Stay safe. We certainly did not need a situation such as this to make us realize that we are living in a very dangerous time. I
- [Insider Trading in Washington: Here We Go Again](https://www.senseoncents.com/2013/04/insider-trading-in-washington-here-we-go-again/) - If transparency is the great disinfectant, then the stench emanating from Washington not only remains strong but just got a whole lot stronger. How so? Recall that the STOCK Act, that is the legislation passed a year ago to outlaw insider trading in Washington, only came into being after a 60 Minutes expose embarrassed Congress
- [Please Pray for Martin Richard and Family ](https://www.senseoncents.com/2013/04/please-pray-for-martin-richard-and-family/) - There remain no shortage of topics to address along the economic landscape but I beg your indulgence today. There is nothing I might share here that could possibly be more meaningful than to use this forum to honor the request of Bill Richard, who lost his son Martin this past Monday at the Boston Marathon.
- [Patriots Day in Boston: Oh the Memories ](https://www.senseoncents.com/2013/04/patriots-day-in-boston-oh-the-memories/) - "Go get your brother." I fondly recall that statement from my Dad at 9am or thereabouts on Patriot's Day circa 1971. The adrenaline rushed through my body as I jumped on my bike for the mile ride to "the field" to get my brother so we could head into Fenway Park for the traditional Patriot's
- [Obamacare: 12 "Scary" Assessments ](https://www.senseoncents.com/2013/04/obamacare-12-scary-assessments/) - How is Obamacare treating you so far? Are you experiencing any of the maladies highlighted in a recent review by Investor Business Daily that projects that Obamascare will lead to the following: 1. Boost insurance costs. 2. Push millions off employer coverage: In February, the Congressional Budget Office said that 7 million will likely lose their employer coverage thanks to
- [Weekend Reading: <em>The Property Illusion</em> ](https://www.senseoncents.com/2013/04/weekend-reading-the-property-illusion/) - I have no doubt that given the need for sources of revenue by Uncle Sam and other sovereign governments, the topic of "the protection of property rights" will be increasingly brought front and center in the public arena. We saw this play out in Cyprus just a few weeks back, and we witness another example
- [Rackets + Inmates Run Asylum = Banana Republic <em>Recommended</em> ](https://www.senseoncents.com/2013/04/rackets-inmates-run-asylum-banana-republic-recommended/) - Not that we needed any further evidence that the inmates on Wall Street are running the asylum in Washington or that our nation is seriously eroding from within, but recent testimony regarding the settlement of the mortgage foreclosure debacle provides it. You recall the shenanigans within this foreclosure fiasco where the banks often employed individuals
- [The Fed Leak: Who is Brian J. Gross? ](https://www.senseoncents.com/2013/04/the-fed-leak-who-is-brian-j-gross/) - Do you believe that the leak of the Federal Reserve release, a full day before it was to be shared publicly, was a mere accident? If so, I might caution you from opening e-mail solicitations you receive from individuals in Nigeria informing you that you are the beneficiary of millions of dollars from recently deposed
- [Gundlach: "Investment Success Is About Timeliness"  ](https://www.senseoncents.com/2013/04/gundlach-investment-success-is-about-timeliness/) - What is the finest mind in the market thinking now? If I had a nickel for the number of people on Wall Street whom I have heard say that they had all the right trades but not necessarily at the right time, then I would have a lot of nickels. Very simply, trading and investing
- [Hank Paulson: The Wolf in Sheep's Clothing](https://www.senseoncents.com/2013/04/hank-paulson-the-wolf-in-sheeps-clothing/) - Have you ever encountered an individual who seems to be so ingratiating that you are immediately attracted to him and desire to learn more of what he has to offer? I would imagine that many who frequent this blog have been in meetings or other situations where a strong willed, dynamic leader lays out a
- [Stories Deserving More Attention: Did You See This?  ](https://www.senseoncents.com/2013/04/stories-deserving-more-attention-did-you-see-this/) - While taking a brief respite from writing last week, I was struck by a number of stories worthy of real attention. Some of these items have received a fair bit of focus, while others may have passed largely unnoticed. I will reference these stories now and will certainly come back to many, if not all,
- [<em>Sense on Cents</em> Will Return](https://www.senseoncents.com/2013/04/sense-on-cents-will-return-2/) - Due to a mix of various appointments and obligations, your resident writer will return next week. For those who care to utilize this break to navigate the various links here at Sense on Cents, I hope you find them to be informative and reason to visit the site for more than just the regular commentary.
- [An Irish Easter Blessing 2013 ](https://www.senseoncents.com/2013/03/an-irish-easter-blessing-2013/) - This is the day that the Lord hath made, let us rejoice and be glad. I beg your indulgence today and rest assured I will soon return to my regular navigating of our economic landscape but yesterday, today, tomorrow -- and indeed everyday -- is a gift. As we celebrate the great gift of life and
- [Madoff Offers to Names Names  ](https://www.senseoncents.com/2013/03/madoff-offers-to-names-names/) - Has Uncle Sam closed the books on the Madoff investigation? One would have to think so because there have been so few meaningful developments to emanate from the government's 'supposed' pursuit of truth and justice in this case as to lead one to believe that the case is now closed. Aside from a few 'ne'er
- [Fallout From Cyprus: Increasing Unease](https://www.senseoncents.com/2013/03/fallout-from-cyprus-increasing-unease/) - The island nation of Cyprus today implemented a set of capital controls within its banking system so as to forestall a "run on its banks." Having had a number of conversations with individuals since the onset of this meltdown in Cyprus, the consistent theme among people with whom I have spoken is one of increasing
- [More Price Fixing on Wall Street? ](https://www.senseoncents.com/2013/03/more-price-fixing-on-wall-street/) - Here we go again. With the investigation of the greatest financial fraud ever perpetrated on Wall Street -- that being the manipulation of Libor -- still in the early stages, news emanating from Europe this morning redirects the shadow from that organized activity into the dark and dank world of credit derivatives, aka CDS. Recall
- [Update on Cyprus: Russian Banking Ingenuity](https://www.senseoncents.com/2013/03/update-on-cyprpus-russian-banking-ingenuity/) - With the news that the larger depositors (i.e, those accounts with greater than EU100,000) in Cypriot banks will bear the brunt of the burden of the bailout and bail-in, one would think this might incite fear and outrage amongst this crowd. These depositors are being prepped to lose upwards of 40% of their holdings. Many
- [Cyprus: An Insider's Perspective ](https://www.senseoncents.com/2013/03/cyprus-an-insiders-perspective/) - News that Cyprus has negotiated a bailout of its banking system replete with massive haircuts for depositors with greater than EU100,000 and capital controls as well may have forestalled a meltdown within markets. Yet this small island nation faces a very uncertain economic future. How might what unfolds there impact other nations in the EU
- [Health Care Premiums: Bend Over 'n Brace Yourself  ](https://www.senseoncents.com/2013/03/health-care-premiums-bend-over-n-brace-yourself/) - I guess we might soon expect Ben Bernanke and his pals at the Federal Reserve to discount the cost of health care from the core rate of inflation. I mean the cost of health care is not truly indicative of what it costs to run a family now, is it? For those not aware, food
- [Could a "Cyprus-Like" Situation Happen in US? It Already Has   ](https://www.senseoncents.com/2013/03/could-a-cyprus-like-situation-happen-in-us-it-already-has/) - The banks in Cyprus remain closed until at least next Tuesday out of fear that once the doors open a massive run on the banks will ensue. The situation in Cyprus is clearly evidence of a financial system that remains on life support and that drastic situations precipitate drastic actions. Before we lose our heads,
- [Hats Off to Paul "Spider" Scialla ](https://www.senseoncents.com/2013/03/hats-off-to-paul-spider-scialla/) - I would like to take a break from my regular writing on the twists and turns of our economic landscape to pay tribute to a young man with whom I had the good fortune of working at Union Bank of Switzerland back in the late '90s. Yesterday, while making my regular visits to various financial
- [Bobby Knight's Keys to Success](https://www.senseoncents.com/2013/03/bobby-knights-keys-to-success/) - Say what you want about legendary basketball coach Bobby Knight, but he won and played by the rules. Wound a little tight? No doubt. Abrasive? Clearly. Abusive? Nobody's perfect. Knight was run out of the University of Indiana by the administration after an ugly incident in which it was videotaped that he physically assaulted a
- ["Stevie Boy" Cohen: Too Big to Prosecute?   ](https://www.senseoncents.com/2013/03/stevie-boy-cohen-too-big-to-prosecute/) - News released late Friday afternoon that the SEC has agreed to a settlement of $616 million with entities connected to SAC Capital is viewed as another indication that our financial police are playing hardball, right? I mean $616 million is a lot of money, correct? Yes and no. Money is relative and playing hardball is
- [What is Going on in Cyprus? ](https://www.senseoncents.com/2013/03/what-is-going-on-in-cyprus/) - News emanating from the Republic of Cyprus that depositors in its banks will likely be hit with a tax to support an EU bailout of this small nation is a warning signal that the financial system specifically and the world at large remains fraught with risk. Some individuals within central banks and creditor nations may like
- [Happy St. Paddy's Day!!](https://www.senseoncents.com/2013/03/happy-st-paddys-day-2/) - It is a great day for the Irish. Saint Patrick spread the faith throughout Ireland. Today I hope that you may be a channel of the peace that runs through your faith -- whatever it may be -- and that you might spread your faith and peace to others as well. In that spirit, I
- [Josh Rosner Torches JP Morgan](https://www.senseoncents.com/2013/03/josh-rosner-torches-jp-morgan/) - It is not often that an industry insider unleashes a report on a major financial institution that makes me sit up and immediately think, "I need to share this . . . . NOW." Well, I just sat up. If you have any doubts that our "too big to fail" banks are out of control
- [Obama's <em>Two American Governments</em> ](https://www.senseoncents.com/2013/03/obamas-two-american-governments/) - Do you ever think that politicians speak out of both sides of their mouth? Well, we know they do. What do you make of the fact that our wizards in Washington during the current administration have passed pieces of legislation that would appear to be diametrically opposed to actual actions taken? Standard double-speak, double-act? Let's
- [What Is "THE Key" to Asset Management Success?  ](https://www.senseoncents.com/2013/03/what-is-the-key-to-asset-management-success/) - There are many factors that go into developing and maintaining a successful business enterprise. If you were asked, though, what is the single greatest key to business success, what would you say? Gven that this blog is all about helping people navigate the economic landscape, let's delve into what asset management firms believe is the
- [Income Distribution in America ](https://www.senseoncents.com/2013/03/income-distribution-in-america/) - I would like to believe I am the ultimate free market capitalist. I embrace and respect those who take risk and embody the entrepreneurial spirit that is the engine of our nation. I detest and abhor those who utilize their positions to further a spirit of crony capitalism in America. I would count many of
- [Raising Minimum Wage: A Trojan Horse Disaster  ](https://www.senseoncents.com/2013/03/raising-minimum-wage-a-trojan-horse-disaster/) - A few weeks back, I described raising the minimum wage as a jobs killer. Readers chimed in and addressed the fact that the real beneficiaries of raising the minimum wage are the unions that often have wage contracts benchmarked to the minimum wage, and that the raising of this rate is really a Trojan horse.
- [Holder Refutes Obama with "Indictment" of TBTF  ](https://www.senseoncents.com/2013/03/holder-refutes-obama-with-indictment-of-tbtf/) - 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
- [Morgenson:<em>Corralling Mobsters, if Not Many Big Banks</em> ](https://www.senseoncents.com/2013/03/morgenson-corralling-mobsters-if-not-many-big-banks/) - Mary Jo White's confirmation hearing to be the next head of the Securities and Exchange Commission is scheduled for this coming Tuesday. Will any of our officials supposedly representing the public interest have the courage and character to question Ms. White about the skeleton in her closet, that being her intervention on behalf of Morgan
- [<em>Sense on Cents</em> Poll: How Are You Doing?  ](https://www.senseoncents.com/2013/03/sense-on-cents-poll-how-are-you-doing/) - The Dow Jones Industrial Average is at a 5 year high and unemployment is at a post-crisis low. This is good but are these indicators truly representative of what is going on within our land? Rather than listening to those who get paid to pontificate and commenting on their posturing, I would much prefer to
- [Comparing 35 Year Rates of Inflation](https://www.senseoncents.com/2013/03/comparing-35-year-rates-of-inflation/) - A picture tells a thousand words, right? Thank you to Jeff Gundlach and his band of truth tellers at Doubleline Funds for recently highlighting a Bureau of Labor Statistics/Consumer Price Index graph which shows the racket defined as higher education displays that the "thousand" applies not to words but to the rate of inflation within
- [Here Come da Feds: New Trick to Manipulate Market ](https://www.senseoncents.com/2013/03/here-come-da-feds-new-trick-to-manipulate-market/) - I recently received a message from friends in the market apprising me of the newest "trick" being used by those who like to move/manipulate markets. What are the wizards up to? Let's get the inside scoop on what is really going on within our equity markets from our Sense on Cents Hall of Famers Joe
- [<em>"Life's Lessons by Byron Wien"</em> ](https://www.senseoncents.com/2013/03/lifes-lessons-by-byron-wien/) - Let's take a break from our daily navigation of the economic landscape and transition to a far larger and more important path, that is, the path designated as "life." There is no other pursuit I derive greater personal enjoyment from than the mentoring of young professionals. I think back to the multitude of people in
- [What Is "Too Big To Regulate?" ](https://www.senseoncents.com/2013/03/what-is-too-big-to-regulate/) - Going on three years since the passage of the Dodd-Frank Financial Regulatory Reform legislation, aside from a few politicians and perhaps the head of the Federal Reserve nobody -- and I mean nobody -- believes that our major financial institutions are anything but "too big to fail." We have also learned that "too big to
- [Stan Druckenmiller Talks 'Sense on Cents' ](https://www.senseoncents.com/2013/03/stan-druckenmiller-talks-sense-on-cents/) - I truly enjoy listening to and learning from people who are not 'talking their position,' trying to sell me something, and truly 'know their stuff.' I had just such an enjoyable and insightful experience this morning in watching a Bloomberg interview with noted investor Stanley Druckenmiller. All the talk today is about the sequester. Sequester?
- [Jack Lew, Treasury Secretary: Is He Qualified?  ](https://www.senseoncents.com/2013/02/jack-lew-treasury-secretary-is-he-qualified/) - Jack Lew was confirmed yesterday to be the next Secretary of Treasury. I am not impressed. I questioned Lew's qualifications early on when inquiring as to Who Should/Will Be The Next Treasury Secretary? Nothing I have seen or heard since has given me any greater degree of confidence in this appointment. If anything, I am less impressed
- [UBS, FINRA, and Naked Short Selling: <em>"Duration, Scope and Volume of The Trading Created a Potential for Harm to The Integrity of The Market."</em>   ](https://www.senseoncents.com/2013/02/ubs-finra-and-naked-short-selling-duration-scope-and-volume-of-the-trading-created-a-potential-for-harm-to-the-integrity-of-the-market/) - Last summer I tagged Wall Street's industry funded police at FINRA as being little more than meter maids. With a recent review of FINRA's largest fine imposed in its history, I now realize that I have actually done a serious disservice to those diligent and hard working meter maids patrolling our cities and towns. How
- [ARS UPDATE: Cries for Help Go Unanswered ](https://www.senseoncents.com/2013/02/ars-update-cries-for-help-go-unanswered/) - February 14, 2008: The auction-rate securities market freezes, and tens of thousands of our fellow citizens' lives are forever changed as that simple American virtue of "trust" goes out the window never to return. I have long described the ARS market as Wall Street's greatest scam. Five years out, the pain of this fraud continues
- [<em>Mensack v Morgan Stanley, FINRA</em>](https://www.senseoncents.com/2013/02/mensack-v-morgan-stanley-finra/) - What do you think you would do if in the process of appealing a case, you were informed that the court stenographer had "somehow" lost (deleted or destroyed, perhaps??) 8 hours of testimony? Do you think you might be a little pissed off? Just a little? Mind you, what if the 8 hours of "lost"
- [SEC Settles with Great American Gary Aguirre, or Wall Street-Washington Incest Personified <font color=#000000>RECOMMENDED</font>](https://www.senseoncents.com/2010/06/sec-settles-with-great-american-gary-aguirre-or-wall-street-washington-incest-personified-strongly-recommendedi/) - Thanks very much to a regular reader of Sense on Cents for sharing a fascinating story. The Government Accountability Project just released the following story regarding a significant settlement paid by the SEC to a former SEC attorney Gary Aguirre. This story highlights the Wall Street-Washington incest to the 'nth' degree. Will the media pick
- [Will Uncle Sam Expand "Too Big to Fail?" ](https://www.senseoncents.com/2013/02/will-uncle-sam-expand-too-big-to-fail/) - 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
- [CFO Survey: <em>A Time of Extraordinary Risk</em>](https://www.senseoncents.com/2013/02/cfo-survey-a-time-of-extraordinary-risk/) - Who might that be flashing the warning signals about our markets and our economy? I am always predisposed to look for risk on the horizon so that we can all navigate accordingly, but the quote referenced in the title of this commentary comes not from me but from professors at Duke University's Fuqua School of
- [Alchian: In Defense of Property Rights and Liberty](https://www.senseoncents.com/2013/02/alchian-in-defense-of-property-rights-and-liberty/) - Oratorical and literary giants have spoken and written at length on what has made our nation great. People could literally spend a lifetime studying the works of these individuals. Yesterday while traveling on the train I read a simple yet compelling case for what I believe lies at the very foundation of our nation's greatness.
- [Taibbi on HSBC: Blood Money ](https://www.senseoncents.com/2013/02/taibbi-on-hsbc-blood-money/) - 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
- [<em>"White House Could Grant Mary Jo White a Waiver From Ethics Pledge"</em>  ](https://www.senseoncents.com/2013/02/white-house-could-grant-mary-jo-white-a-waiver-from-ethics-pledge/) - 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
- [Weekend Read: The Pension Fund That Ate California ](https://www.senseoncents.com/2013/02/weekend-read-the-pension-fund-that-ate-california/) - If anybody still has any confidence in the manner in which our nation's largest state has been run, this is a MUST READ. Steven Malanga of City Journal writes of how California has methodically gone about screwing its future generations. CalPERS’s corruption, insider dealing, and politicized investments have overwhelmed taxpayers with debt. After spending years
- ['Beggar Thy Neighbor' Leads to Currency Wars ](https://www.senseoncents.com/2013/02/beggar-thy-neighbor-leads-to-currency-wars/) - The United States still has an official policy of pursuing a strong dollar, right? Yes, right, and if you were to believe that, might I interest you in a bridge in Brooklyn? The simple fact is that five years into our economic crisis, the major economic centers of the world, those being the USA, the
- [Raising The Minimum Wage Is a Job Killer ](https://www.senseoncents.com/2013/02/raising-the-minimum-wage-is-a-job-killer/) - I would like to think that I have a heart and detest the fact that there are millions of people living in poverty in our nation. This said, basic economics is less a function of what is one's heart than what is in one's head. The number of people living in poverty in America is
- [Dr. Ben Carson Elevates The National Discussion  ](https://www.senseoncents.com/2013/02/dr-carson-elevates-the-national-discussion/) - I so appreciated the delivery given by Dr. Benjamin Carson at the National Prayer Breakfast the other day, that I welcome highlighting a 7-minute clip in which he continues to attempt to elevate our national discussion. Who in our nation would disagree with Carson's assessment that we need to have a truly engaged debate rather
- [POGO Opens Wall Street-Washington Revolving Door    ](https://www.senseoncents.com/2013/02/pogo-opens-wall-street-washington-revolving-door/) - 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
- [Weekend Video: Dr. Benjamin Carson's <em>Sense on Cents</em> Instant Classic  (<em>Strongly Recommended)</em>](https://www.senseoncents.com/2013/02/weekend-video-dr-benjamin-carson-sense-on-cents-instant-classic/) - There have been few deliveries I have heard since writing this blog over the last four years that have inspired me as much as that which I watched and heard last evening. I so appreciated it I watched it twice. I thank the longtime reader who shared this speech given by Dr. Benjamin Carson, a
- [George Hartzman Blows Whistle on Wells Fargo's Envision Plans  ](https://www.senseoncents.com/2013/02/george-hartzman-blows-whistle-on-wells-fargos-envision-plans/) - A week ago I cautioned people on two fronts in writing about Top Ten Investor Threats and How Much Are You Really Paying for That Fund? In serendipitous fashion, over the weekend I read about a former financial advisor at Wells Fargo who blew the whistle on his firm for not properly informing clients of
- [Libor Scam/Tom Hayes: <em>Goes Much Higher Than Me</em>  ](https://www.senseoncents.com/2013/02/libor-scam-tom-hayesgoes-much-higher-than-me/) - I have long maintained that senior executives on Wall Street were very much aware of the collusive racketeering in the Libor rigging scandal. Why so? When a trader 'makes it rain,' that is, he is connected to a P/L that generates hundreds of millions of dollars, you better believe that the execs up the chain
- [Libor Scandal: <em>"Companies Do NOT Commit Fraud, People Do"</em>](https://www.senseoncents.com/2013/02/libor-scandal-companies-do-not-commit-fraud-people-do/) - What does it mean when news that one of the world's largest financial firms pays a $612 million fine for behaviors that clearly smack of racketeering and nobody even blinks? 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
- [Uncle Sam Charges S&P with FRAUD!!!](https://www.senseoncents.com/2013/02/uncle-sam-charges-sp-with-fraud/) - "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
- [<em>Sucker Born Every Minute</em>: Top Ten Investor 'Threats' ](https://www.senseoncents.com/2013/02/sucker-born-every-minute-top-ten-investor-threats/) - “A con artist will use every trick in the book to take advantage of unsuspecting investors, including exploiting well-intended laws, in order to fatten their wallets.” - NASAA Past-President Jack E. Herstein "There's a sucker born every minute." Although widely attributed to the 19th century showman P.T. Barnum, the above oft-referenced quote was actually delivered by
- [How Much Are You Really Paying for That Fund? ](https://www.senseoncents.com/2013/02/how-much-are-you-really-paying-for-that-fund/) - When is the price on a product not the "real" price you pay? Can you imagine entering a store, comparison shop, select your product, and then find out at the register that the price highlighted on the product is not the real price you pay. How would you feel? Probably find another store, right? What
- [January Unemployment Report: The Lord and Noah  ](https://www.senseoncents.com/2013/02/january-unemployment-report-the-lord-and-noah/) - The unemployment report for January 2013 was released this morning and provides better than expected news on the surface but with some reasons for concern as well. Let's navigate. The Wall Street Journal review highlights the following: Jobs growth for January fell short of expectations but continued at a moderate pace. However, The unemployment rate
- ["How Washington Hurts Small Community Banks" ](https://www.senseoncents.com/2013/01/ab-how-washington-hurts-small-community-banks/) - The other day I addressed the current David vs Goliath situation in the banking industry and presented The Case for Community Banks. There is no doubt that the crisis that emanated on Wall Street required some real regulatory attention. Regrettably the "one size fits all" regulatory changes embedded in Dodd-Frank is not the answer. Not
- [US Economy Contracts in 4Q/2012, Let's Review ](https://www.senseoncents.com/2013/01/us-economy-contracts-in-4q2012-lets-review/) - The positive tone to the equity markets and other risk-based assets may provide a degree of cover to developments within the real economy but it cannot totally negate the fact that our nation's economy continues to move along with all the speed of a pack mule. In fact, Uncle Sam just reported that the old
- [How Much Did Crisis Cost Economy? Begins with a T ](https://www.senseoncents.com/2013/01/how-much-did-crisis-cost-economy-begins-with-a-t/) - Have you ever wondered what a best guesstimate might be as to how much the 2008 crisis cost our economy? Well, not that many outlets around here may care to highlight this information, so let's navigate to a Russian site, Rianovosti, at which we can read and learn, The absence of criminal accountability for a crisis
- [David vs Goliath: The Case for Community Banks ](https://www.senseoncents.com/2013/01/david-vs-goliath-the-case-for-community-banks/) - While the mega-banks on Wall Street flex their oligopolistic muscles (price controls, imperfect information, not sharing data), I want to take this opportunity to throw some support to the Davids of the banking world. Who are these Davids? The community banks. Do you feel like you get a lot of personal touch and proper attention
- [Mark Cuban: <em>Will Your College Go Out of Biz?</em>](https://www.senseoncents.com/2013/01/mark-cuban-will-your-college-go-out-of-biz/) - Last spring as part of a continuing effort to address the Student Loan Crisis here at my blog, I wrote Why So Many Colleges May Fail. That particular commentary went viral in the blogosphere. Clearly the topic of higher education in general and the funding of higher education specifically is forefront in the minds of many
- [1 in 5 Trust Our Banks  ](https://www.senseoncents.com/2013/01/1-in-5-trust-our-banks/) - 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
- [Weekend Read: <em>"All My Babies' Mamas . . ."</em>](https://www.senseoncents.com/2013/01/weekend-read-all-my-babies-mamas/) - Having addressed the extensive and increasing social costs associated with the explosion of single parent births in America, I welcome sharing a hard hitting commentary written by Lloyd Marcus. Who is Lloyd Marcus? His childhood began in a Baltimore ghetto. He grew to manhood in the 1960s. He is an artist, singer, production designer and musical
- [Taibbi: More Dirt on Mack, Samberg, & White  ](https://www.senseoncents.com/2013/01/taibbi-more-dirt-on-mack-samberg-white/) - While most pundits in New York, Washington, and across America are singing the praises of prospective SEC chair Mary Jo White, more dirt on her intervention on behalf of Morgan Stanley and John Mack is filtering into the marketplace. Who writes on this topic today? Rolling Stone's Matt Taibbi undresses Mack and his sidekick Art
- [Barclays Libor Scandal: What is Bob Diamond Hiding? ](https://www.senseoncents.com/2013/01/barclays-libor-scandal-what-is-bob-diamond-hiding/) - To think that scandalous activity of the size and scope involved in the rigging of Libor would be confined to a mere handful of traders and brokers is so ridiculous as to be laughable. Yet, to this point, every institution connected to this racket would try to have us believe just that. Well, we can
- [Mary Jo White: Next SEC Chief's 'Skeleton in Closet' ](https://www.senseoncents.com/2013/01/mary-jo-white-next-sec-chiefs-skeleton-in-closet/) - News breaks this morning that President Obama will nominate Mary Jo White to be the next head of the SEC. Who is Ms. White? A highly decorated attorney at the prestigious law firm of Debevoise & Plimpton. I would expect she might win a very easy approval to be our nation's next top financial cop.
- [Xu Xiaonian Speaks 'Sense on Cents'  ](https://www.senseoncents.com/2013/01/xu-xiaonian-speaks-sense-on-cents/) - Who would have thought that we would or should need to navigate to The People's Republic of China to gain a basic understanding of how to grow our economy but let's do just that and meet Xu Xiaonian of the China Europe International Business School. What is the CEIBS vision? To become the most respected
- [PBS' Frontline: <em>Fraud Was . . . The F-Bomb"</em>](https://www.senseoncents.com/2013/01/pbs-frontline-fraud-was-the-f-bomb/) - I will be watching Frontline this evening on PBS as a documentary on fraud within the mortgage industry airs. This show, The Untouchables, will interview a number of mortgage due diligence underwriters. What did they have to say? This 5-minute Frontline preview says a lot, including .... “Fraud in the due diligence world, fraud was
- [Barclays Wealth: Little More Than a Boiler Room? ](https://www.senseoncents.com/2013/01/barclays-wealth-little-more-than-a-boiler-room/) - The cover up is often worse than the crime. How often have we seen that reality play out? All too often. Might we see it play out once again at Barclays Wealth Management, a division of Barclays Global? Well, depending on how aggressive financial regulators --- I know, that is an oxymoron --- might be,
- [Ignoring Our Deficit Is Irresponsible  ](https://www.senseoncents.com/2013/01/ignoring-our-deficit-is-irresponsible/) - Do you remember where you were and what you were doing in 2005? Although much has transpired over the last 8 years, in many regards 2005 seems like just last week. As I think most would attest, if we think the last 8 years went by quickly, the next 8 will go by even quicker.
- [Martin Luther King: "I Have a Dream" ](https://www.senseoncents.com/2013/01/martin-luther-king-i-have-a-dream/) - In the summer of 1963, Martin Luther King delivered his "I Have a Dream" speech at the Lincoln Memorial in Washington D.C.. On this the day that our nation honors Dr. King, I welcome sharing his words once again so that we may try to reflect on where our nation stood at that point in
- [Weekend Read: Bill Bratton's Cures for Gun Violence   ](https://www.senseoncents.com/2013/01/weekend-read-bill-brattons-cures-for-gun-violence/) - Given all of the attention to the gun issue, I welcome sharing this Wall Street Journal Weekend Interview with William Bratton. Who is he? Former New York City (and Los Angeles) police commissioner. How did he do while In New York? Mr. Bratton publicly promised to cut crime by 10% in his first year and
- [Federal Reserve Governors Comments from 2007 ](https://www.senseoncents.com/2013/01/federal-reserve-governors-comments-from-2007/) - If anybody thinks that the governors of the Federal Reserve have any degree of foresight on the economy, the following transcripts from 2007 are a MUST read. One governor, (yes one and it was not Ben Bernanke), displayed real foresight and expressed real concern on what likely lay ahead on our economic landscape. Who was
- [UPDATE: Who Will Be Next Head of the SEC? ](https://www.senseoncents.com/2013/01/update-who-will-be-next-head-of-the-sec/) - Two months ago, I inquired as to who might be our nation's next chief financial cop, that is, the next head of the Securities and Exchange Commission. Are we about to see a continuation of the Wall Street-Washington revolving door at work for this critically important position? How so? A leak yesterday puts the name
- [Fed Governor Fisher: "Break Up TBTF Banks" ](https://www.senseoncents.com/2013/01/fed-governor-fisher-break-up-tbtf-banks/) - Three days ago I wrote how strongly I believe that the Wall Street landscape needs to be restructured. How so? I made my case in defining Wall Street as an oligopoly and Why Should the Banks Be Broken Up? I concluded my commentary by highlighting that Dallas Federal Reserve governor Richard Fisher would be addressing this
- [America's New Economic Policy: "Screw The Kids"](https://www.senseoncents.com/2013/01/americas-new-economic-policy-screw-the-kids/) - What about me? What is in it for me? How does this work for me? The "ME" mentality strikes me as central to America's new official economic policy. Who is "ME"? Our Washington politicos. What policy is that? Let's navigate. Having recently sidestepped the fiscal cliff, and as we continue to navigate the economic landscape,
- [Calling All Auction-Rate Holders: OPEN FORUM](https://www.senseoncents.com/2013/01/calling-all-auction-rate-holders-open-forum/) - We are now less than one month away from the five year anniversary of what I believe is the greatest fraud ever perpetrated on Wall Street. Regular readers know I am referencing the ARS (auction-rate securities) tragic debacle. I have been remiss in not addressing this situation for more than a few months and apologize
- [JPM - Madoff Laundromat "Cleans" Empty Suits ](https://www.senseoncents.com/2013/01/jpm-madoff-laundromat-cleans-empty-suits/) - If a cop were to a issue a challenge (perhaps even a threat), and an organization calls the cop's bluff and beats him like a drum in the process, what does that say about the cop, the organization, and the activity in question? To what do I allude? Well, let's say for example, a criminal
- [Why Should The Banks Be Broken Up? ](https://www.senseoncents.com/2013/01/why-should-the-banks-be-broken-up/) - As much as I detest the involvement of the government in what are supposed to be free markets, I can appreciate the need for Uncle Sam's stepping in to save our banking system in late 2008. Now going on five years hence, it is time that we move to save capitalism. How do we do
- [Libor Scandal: UBS Bosses, 'We Knew Nothing' ](https://www.senseoncents.com/2013/01/libor-scandal-ubs-bosses-we-knew-nothing/) - Senior executives at major Wall Street banks claiming they 'knew nothing' of the scandalous rigging of Libor that generated untold billions of dollars in revenue over a multi-year time period might only be compared to one other comedic actor. Which one is that? How could we ever forget the fabulously funny . . . While Schultz,
- [Libor Scandal: Deutsche Bank Went 'All In'  ](https://www.senseoncents.com/2013/01/libor-scandal-deutsche-bank-went-all-in/) - "Investment capital goes where it's welcome and stays where it's appreciated." Maine governor Paul LePage The more information one holds, the better positioned he is to take increased risk. If that information were to include the ability to influence if not outright manipulate a game/market, then one's risk profile ---that is, the size of one's position
- [Maine Governor Paul LePage's 'Sense on Cents' ](https://www.senseoncents.com/2013/01/maine-governor-paul-lepages-sense-on-cents/) - "Investment capital goes where it's welcome and stays where it's appreciated." Do you ever get the sense that many a politician believe that issues are too complex for the general public to understand? I would turn that around and maintain that basic economics are often not understood by the politicians themselves. I would go one
- [Would You Buy a Used Car From Lloyd Blankfein?  ](https://www.senseoncents.com/2013/01/would-you-buy-a-used-car-from-lloyd-blankfein/) - America awakes this morning with another 20 billion reasons not to trust those running our major financial institutions, our regulatory agencies, or those in Congress ultimately charged with overseeing them. Wall Street's merely paying of fines for activities (mortgage fraud) that by any measure would be defined as part and parcel of racketeering only serves
- [Let's Go Fightin' Irish!!](https://www.senseoncents.com/2013/01/lets-go-fightin-irish/) - Every now and then, I like to take a sidetrack with my blog to express support for personal passions. Today is one of those days. There is little doubt that in America circa 2013 all too many corners of our nation's social fabric are littered with institutions and industries that compromise values and principles in
- [JP Morgan Holding Back Madoff Documents ](https://www.senseoncents.com/2013/01/jp-morgan-holding-back-madoff-documents/) - 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
- [Congressional Child Care Now in Session](https://www.senseoncents.com/2013/01/congressional-child-care-now-in-session/) - How low can we go? The crowd that might pretend to be governing our country atop Capitol Hill garners very little respect, admiration, or approval from an overwhelming percentage of American citizens. With good reason. Given the pathetic drama and woefully deficient outcome recently displayed in the fiscal cliff negotiations (??), those in Washington earned
- [Comparing Holiday Sales: 2008 vs 2012 . . . ](https://www.senseoncents.com/2013/01/comparing-holiday-sales-2008-vs-2012/) - Did Santa's pack look a little light this year? Is it just me or do you also seem to think that many analysts are quick to dismiss the fact that Santa's pack (i.e overall holiday sales) was decidedly light this year? Well, overall holiday sales are projected to have risen a disappointingly .7% year over
- [The True Spirit of Christmas ](https://www.senseoncents.com/2012/12/the-true-spirit-of-christmas/) - I so love a Christmas story that was published in The Wall Street Journal in 2008 that I welcome posting it as an annual tradition here at Sense on Cents. To those who celebrate the birth of Christ and the blessings He brought to the world may you enjoy this season in all its glory.
- [Fiscal Cliff Averted, Fiscal Crisis Looms Ever Larger](https://www.senseoncents.com/2013/01/fiscal-cliff-averted-fiscal-crisis-looms-ever-larger/) - Now what? With Congress having passed legislation to avoid going headlong over the fiscal cliff, what lies ahead for our nation's fiscal situation and our economy? The show we saw play out in Washington over the last few months and culminating in pathetically dramatic fashion late last evening strikes me as little more than a
- [<em>Sense on Cents</em> 2012 Halls of Fame and Shame  ](https://www.senseoncents.com/2012/12/sense-on-cents-2012-halls-of-fame-and-shame/) - As I reflect on the year 2012 I am compelled to bring honor and fame on many individuals who brought real distinction upon themselves while upholding and promoting our prized virtues of truth, transparency, and integrity. This year's inductees into the Sense on Cents Hall of Fame is obviously incomplete. I remain eternally hopeful and
- [Libor Scandal: How Executives Must Have Known](https://www.senseoncents.com/2012/12/libor-scandal-how-executives-must-have-known/) - The intrigue surrounding the greatest financial fraud "of all time" could fill many a book and many a movie theatre. While the intrigue may make for riveting reading and viewing, the simple fact is this fraud comes with an exceptionally high cost for investors, consumers, and society as a whole. How did the web of
- [Our Government Is a Joke!!](https://www.senseoncents.com/2012/12/our-government-is-a-joke/) - America awakes this morning to the realization that our federal government is collectively unwilling and/or unable to tend to the people's business. Many in America might like to point fingers at one side of the aisle or the other. Many others would bemoan the general lack of real leadership in the most senior positions within
- [Barney Frank to Eric Holder: Time for Prosecutions . . . Really? ](https://www.senseoncents.com/2012/12/barney-frank-to-eric-holder-time-for-prosecutions-really/) - The American public in totality is not stupid, although they are often treated that way by many in Washington. Scandalous behavior within major Wall Street institutions has run rampant over the last decade -- and likely a lot longer than that -- and been addressed almost uniformly with token fines (relative to revenues generated) that
- [Libor Scandal: <em>Bloomberg</em> Echoes <em> Sense on Cents</em> Call  ](https://www.senseoncents.com/2012/12/libor-scandal-bloomberg-echoes-sense-on-cents-call/) - I have maintained literally from the outset that the manipulation and rigging of Libor and other benchmark interest rates could not have occurred without the knowledge and blessing of senior executives within the banks. We read today that senior executives at UBS were very much aware of the collusive practices that went on for years.
- [Libor Scandal Update: UBS GUILTY of FRAUD!!!](https://www.senseoncents.com/2012/12/libor-scandal-update-ubs-guilty-of-fraud/) - GUILTY!! Why would anybody want to do business with an institution that systematically participated in a widespread fraud over a period of years? I guess that very statement could likely be said of many global banks in regard to the scandal encompassing the manipulation of Libor. Today, though, the scarlet letter is applied to the
- [Jeff Gundlach: Very Cautious 2013 Outlook ](https://www.senseoncents.com/2012/12/jeff-gundlach-very-cautious-2013-outlook/) - Last week I shared with readers a written "playbook" provided by Jeff Gundlach and his team at Doubleline in my commentary, What Is Really Going On in the Economy/Markets?. Today we get to invite Mr. Gundlach "into" our office so to speak and hear his piercing insights. If you have an even passing interest in
- [President Obama in Newtown: <em>"We Must Change"</em> . . . . . <em>Sense on Cents</em>: Here's How ](https://www.senseoncents.com/2012/12/president-obama-in-newtown-we-must-change-sense-on-cents-heres-how/) - “Here in Newtown, I come to offer the love and prayers of a nation...We cannot tolerate this anymore. These tragedies must end, and to end them, we must change” ~~President Obama As I think about what to write this morning and how to write it, I keep thinking of the names and faces of the
- [Pray for Newtown, Pray for Us](https://www.senseoncents.com/2012/12/pray-for-newtown-pray-for-us/) - Please pray for the families impacted by the horrific incident in Newtown, CT yesterday. Please also pray for our nation. I cannot begin to imagine the excruciating pain that has befallen those directly affected by this tragedy. Certainly, the pain of these families and the community at large are felt by all of us. Our
- [Expected Growth of the Black Market ](https://www.senseoncents.com/2012/12/expected-growth-of-the-black-market/) - In the course of a recent discussion with an associate involved in a business that "follows the money", I asked him what he projected for the US economy. In very short order he told me that he strongly believes that the US economy will experience very real growth. That's good right? Not so fast. Growth
- [Federal Reserve Misses The Target ](https://www.senseoncents.com/2012/12/federal-reserve-misses-the-target/) - Stand back. A marksman with a powerful weapon not properly focused on an appropriate target is capable of wreaking real havoc. Who is the marksman? Federal Reserve chair Ben Bernanke. What is his powerful weapon? Monetary policy. What is the appropriate target? The level of employment in our nation. What might be the havoc? The
- [Libor Scandal: <em>"Biggest Financial Fraud of All Time"</em> ](https://www.senseoncents.com/2012/12/libor-scandal-biggest-financial-fraud-of-all-time/) - With news leaking that Union Bank of Switzerland is poised to pay a $1 billion fine for its involvement in the manipulation of Libor, we once again are led to the conclusion that, for those involved in running the major global financial institutions, "CRIME PAYS." It is insulting to those who have even an ounce
- [What Is Really Going On in Global Economy/Markets?  ](https://www.senseoncents.com/2012/12/what-is-really-going-on-in-global-economymarkets/) - There is a reason that Jeff Gundlach and team at Doubleline have gone from zero to $50 BILLION in assets under management in a shorter time frame than some people can go to the bathroom and get back to their desk. What is that reason? In my humble opinion, Gundlach and his colleagues have an
- [Libor Scandal et al: The True and Total Cost ](https://www.senseoncents.com/2012/12/libor-scandal-et-al-the-true-and-total-cost/) - Would it be even possible to measure the total cost of the manipulation of Libor? A basis point here, a few basis points there and nobody really gets hurt, right? No, not right. The simple fact is the manipulation of the most widely tracked short term interest rate in the world comes with the same
- [HSBC Money Laundering Scandal: More Racketeering](https://www.senseoncents.com/2012/12/hsbc-money-laundering-scandal-more-racketeering/) - Can you imagine if those involved in organized rackets including prostitution, drug dealing, human trafficking and the like were able to resolve their criminal activities by merely paying a fine? What do you think their response would be? Do you think they would take a vow of chastity and then look to engage in upstanding
- [Detroit Councilwoman Wants Obama-Money   ](https://www.senseoncents.com/2012/12/detroit-councilwoman-wants-obama-money/) - The political game of "quid pro quo", another version of "payola", used to have a degree of discretion. No longer. In a bold and blatant message provided by Detroit City Council member JoAnn Watson, the racket of political payoff comes out of the backroom for all the world to see. Is this what the future
- [I Know How to Solve the Fiscal Cliff  ](https://www.senseoncents.com/2012/12/i-know-how-to-solve-the-fiscal-cliff/) - How does one spell dysfunction? W-A-S-H-I-N-G-T-O-N-D-C, that's how. While most people in our nation are compelled to develop and live within a budget, the incompetent and ill-advised in Washington strut their stuff with little regard for our nation's general well being. The simple fact is many politicians in Washington could not manage their way out
- [Libor Scandal: This is Racketeering, Folks!!](https://www.senseoncents.com/2012/12/libor-scandal-this-is-racketeering-folks/) - If it looks like a racket, and smells like a racket, and feels like a racket, it is probably a racket. Those involved in the Libor scandal either directly or on the periphery certainly have little interest in this scandal being defined as a racket and thus subject to the RICO Act. Yet if we
- [A Better December Jobs Report? Wait, Revise That](https://www.senseoncents.com/2012/12/a-better-december-jobs-report-wait-revise-that/) - The unemployment report for the month of November was just released and is better than expected with non-farm payrolls increasing by 146, 000 jobs and the overall unemployment rate dropping to 7.7%. Happy times are here again, right? Wait, revise that. While many pundits in Washington and on Wall Street are more than welcome to
- [David Kotok on Why We Need to Go Over the Cliff ](https://www.senseoncents.com/2012/12/david-kotok-on-why-we-need-to-go-over-the-cliff/) - When might an individual with serious personal problems decide to make necessary change in his life? When they reach the depths of hell and decide "it does not need to be this way and it won't any longer." How about a nation? Is there any doubt our nation faces enormous problems, fiscal and otherwise? The
- [Olympus "Tobashi" Scandal: The Whistleblower Talks](https://www.senseoncents.com/2012/12/olympus-tobashi-scandal-lessons-from-a-whistleblower/) - The Wall Street Journal reported a year ago tomorrow that an independent panel investigating the accounting scandal at Olympus, the Japanese maker of cameras and medical imaging equipment, announced that the company had hidden losses of more than $1.5 billion over an extended period. What was going on in this Japanese version of Enron? A
- [Washington: Not Serious About the Deficit ](https://www.senseoncents.com/2012/11/washington-not-serious-about-the-deficit/) - Where is Pete Peterson when we really need him? While America is fed a daily diet of fiscal diarrhea from the politicians and their spokesmen, Peterson remains one of the few adults in and around Washington when it comes to the topic of confronting the fiscal cliff and more importantly our fiscal deficit. "Fiscal diarrhea,
- [Mary Schapiro's Concern with Her Legacy](https://www.senseoncents.com/2012/12/mary-schapiros-concern-with-her-legacy/) - Why is it that America suffers from a very real lack of leadership? Many reasons, starting with the fact that we do not have many real leaders in the truest sense of the word. The lack of leadership goes beyond that, though. Regrettably, far too many of those charged with leading our nation are too
- [MF Global: Spreading the Blame Around](https://www.senseoncents.com/2012/12/mf-global-spreading-the-blame-around/) - I have tarred and feathered Jon Corzine sufficiently over the course of the last year for the debacle that unfolded on his watch at MF Global. On that note, I welcome reading this morning that some tar and feathers are being applied to others who should have been in a position to stop the excessive
- [Weekend Reading: Let's Meet Jeff Gundlach](https://www.senseoncents.com/2012/12/weekend-reading-lets-meet-jeff-gundlach/) - Wall Street. The world of finance is largely centered on this American institution. In thinking of finance and markets, many are prone to think of annualized returns, measures of volatility, economic models, and so many more statistical facts and figures. Robust numerical analysis is critically important to successfully navigating our economic landscape. While the numbers
- [Let's Revisit: Will Uncle Sam Takeover Your IRA? Part II](https://www.senseoncents.com/2012/11/lets-revisit-will-uncle-sam-takeover-your-ira-part-ii/) - With so much attention on the fiscal cliff and how Congress might address the issues surrounding our deficit, this commentary from this past April is going absolutely viral throughout the blogosphere today. I welcome reposting it. LD Those engaged in massive strategic maneuvers know all too well that progress is typically made not in one
- [Carson Block Drills the Chinese Govt and More!! ](https://www.senseoncents.com/2012/11/carson-block-drills-the-chinese-govt-and-more/) - Sense on Cents welcomes the opportunity to promote those who boldly speak truth to power. While the market has a funny way of exposing frauds, the exposing of financial artifice can be facilitated by those who dig through books, records, and accounting statements. No question that our government has failed us often on these fronts.
- ['Save My 401(k)' ](https://www.senseoncents.com/2012/11/save-my-401k/) - No single topic has received as much traffic here at Sense on Cents as commentaries I have run over the last few years regarding the potential takeover of or infringement upon our personal retirement accounts by Uncle Sam. Well, with the fiscal cliff staring us right in the face and Uncle Sam increasingly squeezed for
- [Mary Schapiro: How Do The Disaffected Feel?  ](https://www.senseoncents.com/2012/11/mary-schapiro-how-do-the-disaffected-feel/) - The news released yesterday that SEC chair Mary Schapiro is leaving her post comes as no surprise. There have been many indications over the past four years that Ms. Schapiro has not exactly 'enjoyed' the challenges that came with her position. Her departure a full year before the end of her five year term has
- [David Malpass' Fiscal Cliff Playbook and Likely Outcome ](https://www.senseoncents.com/2012/11/david-malpass-fiscal-cliff-playbook-and-likely-outcome/) - Both political parties in Washington have provided plenty of posturing but little of real substance publicly in terms of what might happen in the negotiations over the impending fiscal cliff. Do you get the sense that we are facing a train wreck precipitating a real economic recession under the watchful eyes of incompetent political engineers?
- [Interview on <em>Main Street Out Loud</em> from 5-7PM ](https://www.senseoncents.com/2012/11/interview-on-main-street-out-loud-from-5-7pm/) - I hope everybody had a nice Thanksgiving holiday with family and friends. Prior to people heading out for a Saturday night or perhaps taking in the Notre Dame Fightin' Irish vs the USC Trojans, please listen in as I will be speaking with Rudi K on Main Street Out Loud this afternoon from 5-7pm. Rudi
- [Happy Thanksgiving 2012!!](https://www.senseoncents.com/2012/11/happy-thanksgiving-2012/) - I liked the video clip in this post so much from last year that I welcome rerunning it again!! Happy Thanksgiving to all. Thank you to all those who visit Sense on Cents and share your wisdom and passion with me. LD As people travel short and long distances to be with family and
- [Libor Scandal Update: More Evidence from Mid-1990s](https://www.senseoncents.com/2012/11/libor-scandal-update-more-evidence-from-mid-1990s/) - Headlines this morning highlight the fact that SAC's "portfolio manager A", aka Steven A. Cohen, is linked to the largest insider trading scandal brought to date by the US Attorney's Office in New York. This $276 million scandal and the fact that Stevie-boy might finally be hooked is sure to create ooh's and aah's across
- [Fiscal Cliff: Stupid Is as Stupid Does   ](https://www.senseoncents.com/2012/11/fiscal-cliff-stupid-is-as-stupid-does/) - What is that danger sign on our economic landscape? That sign is warning us that the fiscal cliff is right around the bend. You can not open the papers or turn on the news without seeing the phrase "fiscal cliff" staring you in the face. What is this dangerous precipice all about? At the request
- [Market In a Minute](https://www.senseoncents.com/2012/11/market-in-a-minute/) - I welcome launching a new initiative here at Sense on Cents. With credit to Oliver Pursche, I will run weekly posts entitled, Market In a Minute. The opinions expressed are his own and should not be construed as an endorsement of recommendation on my part. The inaugural rendition of this self-explanatory delivery provides the following
- [SEC Whistleblower Suit: Sex, Lies, Stupidity, Oh My!!](https://www.senseoncents.com/2012/11/sec-whistleblower-suit-sex-lies-stupidity-oh-my/) - If the whistleblower complaint I read this weekend did not have the United States Securities and Exchange Commission and Mary Schapiro as defendants, one might have thought it belonged in a cheap tabloid at a supermarket checkout. Regrettably, given the incestuous (pun intended) activities that have been all too prevalent on Wall Street and in
- [<em>Sense on Cents</em> Poll: Is Jon Corzine Guilty? ](https://www.senseoncents.com/2012/11/sense-on-cents-poll-is-jon-corzine-guilty/) - I have received endless requests from readers to continue to address the debacle that is MF Global and Jon Corzine. I have also received inquiries from friends and former colleagues on the street wondering why I persist in drilling Mr. Corzine whom they indicate is actually a pretty good guy. To those in both camps,
- [SEC Settles with JP Morgan/Bear Stearns: Crime Pays . . . . . . . . . . ("Why I Left Bear Stearns") . . . . . . . . . . .](https://www.senseoncents.com/2012/11/sec-settles-with-jp-morganbear-stearns-crime-pays-why-i-left-bear-stearns/) - This evening I feel the need to take a shower after having just read the most despicable settlement yet rendered by the SEC. In fact, having just read this settlement, I am embarrassed to be a citizen of a nation with such little moral fiber as to let what is a blatant criminal act go
- [Regulatory Insider: How/Why MF Global Failed <em>Recommended</em>](https://www.senseoncents.com/2012/11/regulatory-insider-howwhy-mf-global-failed-recommended/) - We all know that MF Global failed because it had put on massive bets on sovereign bonds in the Euro-zone. There has to be more to it than that, though, right? Yes, indeed. Wasn't Dodd-Frank passed in mid-2010 supposed to limit the leverage that could be utilized by banks and broker-dealers? How and why was
- [Who Should/Will Be Next SEC Chair?  ](https://www.senseoncents.com/2012/11/who-shouldwill-be-next-sec-chair/) - Have you had enough of the crony capitalism that has been running rampant throughout our country? Have you had enough of the "neither admitting nor denying" statements put forth by far too financial firms writing checks to cover corrupt activities? Have you had enough of seeing Jon Corzine, Angelo Mozilo, Albert Loewenthal, and a whole
- [Who Should/Will Be Next Treasury Secretary? ](https://www.senseoncents.com/2012/11/who-shouldwill-be-next-treasury-secretary/) - With the fiscal cliff staring us straight in the face and a host of other fiscal issues continuing to haunt our domestic and global economies, the pressure on our next Secretary of Treasury will be significant. Who is up to the task? Whom would you like to see fill this enormous role? American Banker presents
- [How Bear Stearns Really Screwed Investors ](https://www.senseoncents.com/2012/11/how-bear-stearns-really-screwed-investors/) - The Wall Street Journal reports this morning that JP Morgan will merely pay a fine for transgressions that occurred at Bear Stearns prior to the large money-center bank's life-saving takeover of the former Wall Street broker. With merely a fine to be paid, global investors and American taxpayers are once again left scratching their heads
- [UPDATE: Why Did Obama Win? ](https://www.senseoncents.com/2012/11/update-why-did-obama-win/) - UPDATE: While I am traveling today I do want to thank everybody who has commented on this article. I fully appreciate I touch a third rail with this article. America needs to start touching third rails on these topics. The response has been strong and that was my hope. I want to specifically highlight an
- [Post-Election Pursuit of Truth Continues Unabated](https://www.senseoncents.com/2012/11/the-pursuit-of-the-truth-continues-unabated/) - The day after an election creates a spectrum of emotions. Elation for the victorious. Resignation for the vanquished. Exhaustion for many on both sides of the battle. While I am personally disappointed in the outcome of the election, my sense of despair emanates not from the mere defeat of a candidate. My concern stems from
- [Why I Am Voting for Mitt Romney ](https://www.senseoncents.com/2012/11/why-i-am-voting-for-mitt-romney/) - I sit here outside a branch of my town's local library to get an internet connection having no idea when power may be restored to my neighborhood. Today was the first day we actually even had a visit from representatives of an out of state power company merely to make an assessment. Their first reaction
- [To Jon Corzine: This MF Global Client Wants Justice ](https://www.senseoncents.com/2012/10/to-jon-corzine-this-mf-global-client-wants-justice/) - On the heels of my MF Global commentary a few days ago in which I ran the exchange I had with a farmer in central Michigan, I received a number of messages of gratitude for continuing to shine a light on this travesty. The pain felt by the farmer is also experienced by a whole
- [Waiting for a Bitch Named Sandy](https://www.senseoncents.com/2012/10/waiting-for-a-bitch-named-sandy/) - As I sit here this morning waiting for an unwelcome visit from a bitch named Sandy, winds are picking up outside but overall there is an eerie sense of silence. The storm is expected to make landfall later tonight in southern New Jersey but she has a wingspan that runs from the lower Mid-Atlantic all
- [Libor Scandal Update: The Real Cost  ](https://www.senseoncents.com/2012/10/libor-scandal-update-the-real-cost/) - How quickly the scandals seem to come and go. With barely enough time to fully digest and appropriately process each and every financial racket, Wall Street, Washington, and our financial media move right along as if very little had happened in the first place. Do you disagree? The American taxpayer, consumers, and investors everywhere are
- [America's Trillion Dollar Student Loan Train Wreck <em>(with Video)</em>](https://www.senseoncents.com/2012/10/americas-trillion-dollar-student-loan-train-wreck/) - Can you imagine the media coverage of a train wreck in which the passengers largely consisted of hundreds of thousands of American college, university, and graduate students? Every news outlet in this nation would set up shop by the roadside to cover that massive human interest story. Well, that train wreck is playing out in
- [Calling All Farmers: MF Global Customer Cry for Help or Why Will Obama Lose MI, OH, IA, and WI? ](https://www.senseoncents.com/2012/10/calling-all-farmers-mf-global-customer-cry-for-help-or-why-will-obama-lose-mi-oh-ia-and-wi/) - I personally believe the exchange I had with a farmer located in central Michigan is so important that I hope people who come to the site will not pass over this but might actually try to put yourself in this individual's position. TYVM.....LD I grew up parochially having been taught that "thou shalt not steal"
- [Uncle Sam Is OUT of CONTROL!! ](https://www.senseoncents.com/2012/10/uncle-sam-is-out-of-control/) - Think Uncle Sam is out of control? Do you trust the "old man" to take in and then put out your tax dollars wisely? I know, ask a stupid question. Is our government here to support the taxpayers of our nation or has Uncle Sam become little more than the AMORPHOUS BLOB aka JABBA THE
- [Jon Corzine: Ego Only Outweighed by Stupidity?](https://www.senseoncents.com/2012/10/jon-corzine-ego-only-outweighed-by-stupidity/) - "Jon Corzine is the smartest guy that I know. . . " VP-elect Joe Biden Jon Corzine's lawyer yesterday made the case that his once high-flying financial and political heavyweight client could not have participated in a fraud at MF Global because as reported by The Wall Street Journal, ". . . just two months
- [Just How Great is America? (Video)](https://www.senseoncents.com/2012/10/just-how-great-is-america-video/) - Declaring America as the greatest country in the world may be a standard statement on the political stump but the simple fact is that declaration is highly questionable. Some may denigrate those who would question our greatness. I thank them assuming that their hearts and spirits aspire to make the necessary sacrifice to elevate America
- [The Final 2012 Presidential Debate: Open Forum](https://www.senseoncents.com/2012/10/the-final-2012-presidential-debate-open-forum/) - With the final official debate of the 2012 Presidential campaign now in the rear view mirror, the candidates will now engage in an all out sprint to the finish line on November 6th. I personally believe that the length and costs of these campaigns are hugely unproductive for our country. Why is it that Washington
- [Goldman Sachs: "We Don't Trust You at All" ](https://www.senseoncents.com/2012/10/goldman-sachs-we-dont-trust-you-at-all/) - Although I am still not inclined to buy, rather than merely borrowing it from the library, Greg Smith's book Why I Left Goldman Sachs, I did find his interview on CBS' 60 Minutes last evening to be interesting. What interested me? Smith did not provide any great revelations in this interview, but I found it interesting based
- [Obama and Romnesia: Stories Mitt "Forgot" To Share ](https://www.senseoncents.com/2012/10/romnesia-stories-mitt-romney-forgot-to-share/) - How often is it said that one can measure the character of a man when nobody is around to watch or take notes. With the term "Romnesia" seemingly now being utilized to define the Republican nominee, I thought some may find it interesting to read about some stories that the Republican nominee has seemingly "forgotten"
- [Greg Smith and Goldman Sachs ](https://www.senseoncents.com/2012/10/greg-smith-and-goldman-sachs/) - Greg Smith created quite a splash last spring when he announced his resignation from Goldman Sachs in an op-ed piece in The New York Times. That bit of sensationalism created quite a stir on Wall Street but what are we to expect in a day and age when an industry has provided plenty of reasons
- [Obama and Romney Joke and Poke Fun at Each Other ](https://www.senseoncents.com/2012/10/obama-and-romney-joke-and-poke-fun-at-each-other/) - The Al Smith Dinner is a political tradition in America. While the dinner itself serves as a welcome break from the daily campaign and an opportunity for the candidates to poke fun at themselves and each other, it also serves a much greater cause. The Al Smith Dinner benefits “the neediest children of the Archdiocese
- [Bob Rodriguez: "2013, Most Critical Year in Last 80"  ](https://www.senseoncents.com/2012/10/bob-rodriguez-2013-most-critical-year-in-last-80/) - When First Pacific Advisors' Bob Rodriguez talks, I listen. Rodriguez is a perennial all-star when it comes to investing, analyzing the markets, studying the economy, and taking the pulse of the Federal Reserve. Unmoved by the daily waves in the market, Rodriguez maintains the courage of his convictions in studying the macro-level shifts in our
- [The Second 2012 Presidential Debate: Open Forum](https://www.senseoncents.com/2012/10/the-second-2012-presidential-debate-open-forum/) - What did you think of the second 2012 Presidential debate? Would certainly seem to be no real love lost between the candidates. I am not even sure they truly respect each other. How about the moderator, Candy Crowley? How did she do? The questions covered the following topics: 1. Employment situation in general and for
- [Whom Should Pandit Thank for "Resignation?"](https://www.senseoncents.com/2012/10/whom-should-pandit-thank-for-resignation/) - Speculation is running rampant as to whether Citigroup's Vikram Pandit voluntarily resigned this morning or was pushed off the ledge? It defies logic to think that Pandit and his sidekick John Havens decided that it was simply time to turn the keys to the store over to new leaders. I also do not think for
- [The Impact of Obamacare on My Town ](https://www.senseoncents.com/2012/10/the-impact-of-obamacare-on-my-town/) - Have you already started to see and feel the impact of Obamacare on your healthcare plans specifically and your family budget overall? I am drawn to this topic today based on a message put out just yesterday by the lead selectman in our town. He writes, We view the cost of health insurance and the
- [Be Very Careful in Your Search for Yield/Income  ](https://www.senseoncents.com/2012/10/be-very-careful-in-your-search-for-yieldincome/) - Have you ever been tempted to blindly look for "treasure" without knowing what you were really doing or what risks you really faced? This kid's game is played all the time on Wall Street, and investors need to be very careful not to get trapped in the process. How so? With the Federal Reserve and
- [Vote for Best Financial Blog of 2012 ](https://www.senseoncents.com/2012/10/vote-for-best-financial-blog-of-2012/) - Thanks to our friends at eWallstreeter for making the effort to organize and run a poll for the best financial blog of 2012. Is there any doubt that the blogosphere has changed the manner in which news and opinion in our nation are disseminated? So many bloggers, both financial and otherwise, produce fabulous work and
- [Lara Logan: "This Is Terrorism" and "Our Way of Life is Under Attack" ](https://www.senseoncents.com/2012/10/lara-logan-this-is-terrorism-and-our-way-of-life-is-under-attack/) - In writing here at Sense on Cents, I try to stay true to my mission of promoting truth, transparency, and integrity while navigating the economic landscape. That said, every now and then a story or clip comes along that I believe is so powerful and compelling that it warrants my highlighting it. Today a clip
- [Jack Welch: Washington's Emperor Has No Clothes](https://www.senseoncents.com/2012/10/jack-welch-washingtons-emperor-has-no-clothes/) - Love him or hate him, Jack Welch did America a real public service last Friday. With his tweet minutes after the release of the seemingly incredulous employment report, Welch embraced a virtue long ago appreciated but now too easily dismissed, especially by those within the media. What virtue is this? QUESTION AUTHORITY!! Some may think
- [The Twilight Zone vs Larry Eckhardt](https://www.senseoncents.com/2012/10/the-twilight-zone-vs-larry-eckhardt/) - I had initially planned on writing today about a story of how the SEC is employing what could only be described as thuggery and intimidation tactics against a small credit ratings firm that has dared to pursue the truth. The thought also crossed my mind of addressing a long overdue suit against another of Wall
- [Land of the Free, Home of The Brave ](https://www.senseoncents.com/2012/10/land-of-the-free-home-of-the-brave/) - Our nation has endured a lot of hits over the last weeks, months, and years. Despite these hits --- and the accompanying shortcomings of many whom we might deem to be our leaders but partake in various iterations of crony capitalism --- our nation remains the land of the free and the home of the
- [What Do We Have to Show for Our Deficit?  ](https://www.senseoncents.com/2012/10/what-do-we-have-to-show-for-our-deficit/) - There is nothing inherently wrong with borrowing money. Taking out a loan to fund a business, buy a house, pay for education are all worthwhile endeavors for individuals and a nation alike. This said, there comes a point where imprudent borrowing and lending run the risk of fiscal calamity. That segment of our economic landscape
- [October Employment Report: What Really Happened?](https://www.senseoncents.com/2012/10/october-employment-report-what-really-happened/) - Was the unemployment report released this morning gamed by the powers that be in Washington? Former General Electric CEO Jack Welch thinks so and had this to say in a tweet released right after the report: Well, while Welch and many others believe a conspiracy is at work, let's take a harder look at the numbers.
- ["If You Want To Be President . . . The Truth"  ](https://www.senseoncents.com/2012/10/if-you-want-to-be-president-the-truth/) - Reeling from a widely acknowledged trouncing in the first debate, President Obama had this to say while on the stump yesterday: ". . . if you want to be president you owe the American people the truth.” Is that right? Why do visions of Susan Rice boldly lying to America regarding the recent terrorist attack
- [First 2012 Presidential Debate: Open Forum ](https://www.senseoncents.com/2012/10/first-2012-presidential-debate-open-forum/) - With the 2012 campaign entering the home stretch and the first Presidential debate now in the record books, I would welcome hearing from readers what they think at this critical juncture in our nation's history. Did last night's debate change your opinion of either Republican nominee Mitt Romney or President Barack Obama? Did you learn
- [Wall Street Regulation: Different Day, Same Dog$hit](https://www.senseoncents.com/2012/10/wall-street-regulation-different-day-same-dogshit/) - Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks. The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed
- [JP Morgan Mortgage Fraud: Comments and Questions ](https://www.senseoncents.com/2012/10/jp-morgan-mortgage-fraud-comments-and-questions/) - Is yesterday's announcement that the New York Attorney General (on behalf of the President's Residential Mortgage-Backed Securities working group) is suing JP Morgan for fraud in selling mortgage-backed securities during 2006 and 2007 America's long overdue call for justice? Here is a copy of the suit. A few comments and questions. First off, the activity
- [<em>From the Archives</em>: Stifling the Truth Is Abuse of Capitalism](https://www.senseoncents.com/2012/10/from-the-archives-stifling-the-truth-is-abuse-of-capitalism/) - Given the strong and varied response to a few of my most recent commentaries, I thought it may be insightful to take a look back into the archives. In September 2011, I took a bit of a sabbatical from writing. I would like to rerun the first post back from that break which ran in
- [The Media Is "The Enemy of the American People"](https://www.senseoncents.com/2012/09/the-media-is-the-enemy-of-the-american-people/) - Having written about the importance of truth, transparency, and integrity in relentless fashion since the launching of this blog almost 4 years ago, I will not ask for forgiveness or beg indulgence while running the video below. This commentary is not political. It is far more important than that. If you care about the truth
- [Caddell: Lack of Truth is "Fundamental Threat to Democracy" ](https://www.senseoncents.com/2012/09/caddell-lack-of-truth-is-fundamental-threat-to-the-democracy/) - Gut check. Those who have played competitive sports know there comes a point in time during the game when one needs to dig ever deeper for the intestinal will and fortitude to press on in pursuit of victory. As a nation, I firmly believe we are at that very point. Will we answer the call
- [Obama's Failure to Reform Wall Street: SEC No Evil <em>Recommended</em>](https://www.senseoncents.com/2012/09/obamas-failure-to-reform-wall-street-sec-no-evil/) - 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
- [Obama's Failure to Reform Wall Street: "The Letter" ](https://www.senseoncents.com/2012/09/obamas-failure-to-reform-wall-street-the-letter/) - 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
- [Libor Scandal: RBS Managers Condoned/Participated](https://www.senseoncents.com/2012/09/libor-scandal-rbs-managers-condonedparticipated/) - Crisis management 101 would maintain that during periods of turmoil a problem should be ring-fenced and a proper firewall developed so that the fallout does not spread. I believe that senior Wall Street management is utilizing that exact game plan in the midst of the Libor-manipulation scandal. Wall Street would welcome paying token fines and
- [Sheila Bair Rates Wall Street's CEOs   ](https://www.senseoncents.com/2012/09/sheila-bair-rates-wall-streets-ceos/) - 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
- [The Best Investment Advice Ever: Saying "No" ](https://www.senseoncents.com/2012/09/the-best-investment-advice-ever-saying-no/) - Large parts of the financial industry spend lots of time, effort, and money to develop plans and programs all under the guise of offering investment advice. Much of the investment "witchcraft" comes with a slew of hidden fees and expenses. That fact and those figures more often than not are conveniently avoided. In the midst
- [Dick Morris Outlines Obama's Tax Plans](https://www.senseoncents.com/2012/09/dick-morris-outlines-obamas-tax-plans/) - I will leave it to readers to make their own assessments as to what they think of Dick Morris' assessment of President Obama's tax plans. However you lean --- and before people unsubscribe from my blog --- do yourself the favor of viewing this 4-minute clip. Regardless of your political persuasion, I think that even
- [Obama Sells Out Literature for "Informational Texts" in Asinine Educational Program . . . MUST READ](https://www.senseoncents.com/2012/09/obama-sells-out-literature-for-informational-texts-in-asinine-educational-program-must-read/) - I have given President Obama very real credit and criticism for large parts of his programs to support public education. I particularly like and appreciate the administration's support of charter schools. I think he largely plays politics in acceding to many demands made by public teachers unions. Well, so much for the credit. Given my
- [Quick One Question <em>Sense on Cents</em> Poll](https://www.senseoncents.com/2012/09/quick-one-question-sense-on-cents-poll/) - The pen is mightier than the sword. We are living through truly historic times. I am firmly convinced that the challenges and issues we face today will fill many a book tomorrow. I truly love this blog for the very simple reason that it provides a voice to me and others to express and share
- [Libor Scandal: Will Wall Street Run Out The Clock?  ](https://www.senseoncents.com/2012/09/libor-scandal-will-wall-street-run-out-the-clock/) - Dean Smith was a master practitioner as basketball coach at the University of North Carolina. While many fans of the game may not have appreciated the style of ball played by Coach Smith, he was focused on one thing. Winning. What was Coach Smith's signature style offensive strategy toward the end of games? The four
- [Chris Whalen on QE3: "Core Problem is Fraud" <em>Recommended</em>](https://www.senseoncents.com/2012/09/chris-whalen-on-qe3-core-problem-is-fraud-recommended/) - I have long maintained that if and when private capital is not protected that it will flee or perhaps just stay under the mattress. I strongly believe we have experienced that very scenario in our nation as a result of the massive frauds perpetrated throughout our markets and economy. Who would seem to share that
- [Will "Fix" Remain In at SEC After Schapiro?  ](https://www.senseoncents.com/2012/09/will-fix-remain-in-at-sec-after-schapiro/) - Reports circulating that Mary Schapiro will step down from her post at the SEC pending an Obama re-election are increasing. Unless Ms. Schapiro is relinquishing her throne in preemptive fashion I do not know why this story is even getting legs. It is certainly not uncommon for significant turnover within a President's cabinet after the
- [Romney Video Nails "THE" Urban Education Question   ](https://www.senseoncents.com/2012/09/romney-asks-the-urban-education-question/) - America has a problem dealing with the truth. You do not think so? Then why is it that NOBODY --- and I mean NOBODY --- in our mainstream media deals substantively with the following: 1. urban graduation rates 2. family structures in general and the rate of single parent births specifically 3. the fallout from
- [Making Sense of Mortgage Rates and Regulations](https://www.senseoncents.com/2012/09/making-sense-of-mortgage-rates-and-regulations/) - The Federal Reserve has already purchased billions in mortgage-backed securities via prior iterations of quantitative easing. The "QE-infinity" announced just last week is targeted at purchasing hundreds of billions more in MBS. There is certainly a lot going on within the world of mortgages. Not all of it is necessarily good. I remain steadfast in
- [Making Sense of The Skyrocketing Cost of Gasoline](https://www.senseoncents.com/2012/09/making-sense-of-the-skyrocketing-cost-of-gasoline/) - I guess I could write this morning about the NYSE being fined by the SEC for facilitating front running. I could also offer more commentary on global banking institutions that now seem to realize a little thing called "reputation" actually matters. Perhaps I could offer insight on how the Fed's recently announced "QE-infinity" is directed
- [Federal Reserve Issues a Blank Check ](https://www.senseoncents.com/2012/09/federal-reserve-issues-a-blank-check/) - Well, I gather we will not be discussing the need for a 4th round of quantitative easing down the road. Given that the Federal Reserve's announcement yesterday put neither a dollar amount nor an end date on its pronouncement to purchase $40 billion in MBS (mortgage-backed securities) per month as needed, the great and wondrous
- [Who Pays The Taxes in America? ](https://www.senseoncents.com/2012/09/who-pays-the-taxes-in-america/) - When politicians out there want to talk about "fairness in the tax code", you may care to forward them the bar graph highlighted below. With credit to the folks at Business Insider, Here are the income taxes paid by the respective income percentiles. Note how little the bottom half pay (blue). Note how much more
- [What's It All Mean? Disgust Not Distrust](https://www.senseoncents.com/2012/09/whats-it-all-mean-disgust-not-distrust/) - America, September 2012 What's it all mean? That age old question is often used in rhetorical fashion during times of real stress and uncertainty. Is there any question that our nation is facing just such a period right now? Why so much stress and uncertainty? Well, there are the obvious answers revolving around our economic
- [Acts of War](https://www.senseoncents.com/2012/09/acts-of-war/) - We live in a very dangerous and risk-filled world. We received fresh evidence of that with developments throughout the Middle East and northern Africa over the last 24 hours. Strained relations with our supposed closest ally in the region are more than enough to occupy our attention. The fact that our embassy in Cairo, Egypt
- [Serwinski: "Corzine May Have To Go To Jail"     ](https://www.senseoncents.com/2012/09/serwinski-corzine-may-have-to-go-to-jail/) - The MF Global scandal is now in the rear view mirror, right? Not so fast. Although I do not believe that "this" Department of Justice has fully and properly pursued or might still indict Jon Corzine and other executives involved in the misappropriation of MF Global customer funds, the intrigue surrounding this travesty has life.
- [Won't Have Mary Schapiro To Kick Around Anymore ](https://www.senseoncents.com/2012/09/wont-have-mary-schapiro-to-kick-around-anymore/) - 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
- [America's Ticking Deficit Time Bomb ](https://www.senseoncents.com/2012/09/americas-ticking-deficit-time-bomb/) - A few weeks back as my son was preparing to go back to college for his second year we discussed the prospects for America's future. As with many within his peer group, he is very interested in a wide array of social and economic issues of the day. After touching upon some of these issues,
- [September Employment Report: 368k Exit Labor Pool ](https://www.senseoncents.com/2012/09/september-employment-report-368k-exit-labor-pool/) - The September employment report was just released. Many analysts, economists, and political hacks will regurgitate the numbers 8.1 and 96k. These numbers represent respectively the current unemployment rate and the increase in non-farm payrolls. While these numbers are of very real interest, they are not the most important number to gauge the health of our
- [Barack and Mitt: America's Unfinished Business](https://www.senseoncents.com/2012/09/barack-and-mitt-americas-unfinished-business/) - Should we even have to remind them? Do the crowds on both sides of the political aisle think Americans are this naive? Well, actually, on that note, the pols from both sides are right. Many Americans remain exceptionally naive regarding far too many issues, financial and otherwise. The media is clearly of little help in
- [Student Loan Bubble: The Hidden Reality ](https://www.senseoncents.com/2012/09/student-loan-bubble-the-hidden-reality/) - America is increasingly aware that the student loan bubble is a major problem for millions of students, families, and our nation as a whole. While far too many politicians from both sides of the aisle talk in platitudes about the need for education, few if any of these politicians are willing to pull back the
- [Who's Puttin' Who in Chains? ](https://www.senseoncents.com/2012/09/whos-putting-who-in-chains/) - America recently suffered the indignity of a high profile politician in Washington engaging in race baiting by bellowing to a largely African American audience that a rival political party would "put y'all back in chains." I have no interest in wasting readers' time by even dignifying those remarks. I do have very real interest in
- [<em>Sense on Cents</em> Will Be Back](https://www.senseoncents.com/2012/08/sense-on-cents-will-be-back/) - I guess I could address another in a long line of financial scandal or another rendition of "kick the can". I think I will defer. As with any effort, there is always a benefit to pause and reflect. So on that note, I will do just that and return to regular commentary after Labor Day.
- [America 2012: Justice for All? Really?  ](https://www.senseoncents.com/2012/08/america-2012-justice-for-all-really/) - "I pledge allegiance to the flag of the United States of America, and to the republic for which it stands, one nation under God, indivisible, with liberty and justice for all." Really? Why is it that more and more people who deeply love America now seriously doubt that justice for all is truly practiced? What
- [David Skeel: Respect For The Rule of Law ](https://www.senseoncents.com/2012/08/respect-for-the-rule-of-law/) - If we do not have the courage to enact laws and then mandate that they are upheld, what type of future will we have? Not the future that we could have and should have. I have tried to address this topic regularly here at Sense on Cents. A few months back, I highlighted a clip
- [Peter Sivere Deserved So Much Better  ](https://www.senseoncents.com/2012/08/peter-sivere-deserved-so-much-better/) - I am firmly convinced that self-regulation for Wall Street will NEVER work. The inherent conflicts of interest preclude that from happening. Whether we have a self-regulatory model or not, though, bad practices on Wall Street need to be brought to light and properly addressed. What do I believe is the most effective means to make
- [Standard Chartered: Regulators Credibility Obliterated ](https://www.senseoncents.com/2012/08/standard-chartered-regulators-credibility-obliterated/) - I spoke with Michelle Makori on China Central TV the other evening regarding the Standard Chartered - Iranian money laundering scandal. 3 minutes goes by very quickly. Related Sense on Cents Commentary Standard Chartered: Keep the Fine, Deliver the Truth Standard Chartered Scandal: “Asian Regulators Had Lost Faith in American Regulators” Standard Chartered Scandal: Crime Pays Standard
- [LIBOR Scandal: NY AG Takes Center Stage ](https://www.senseoncents.com/2012/08/libor-scandal-ny-ag-takes-center-stage/) - One might only guess that New York Attorney General Eric Schneiderman and his colleague NY Department of Financial Services' superintendent Benjamin Lawsky are not on the distribution list for the Wall Street-Washington Incestuous Regulatory Relationship mailings. That is a good thing. Hopefully other state regulators and attorneys general might take a cue from these two.
- [More on Municipal Malfeasance ](https://www.senseoncents.com/2012/08/more-on-municipal-malfeasance/) - We should never discount the lengths to which some will go to fund a supposed immediate need via an exorbitant future expense. I highlighted specifics of just such a reality a few days back in writing Joel Thurtell Shames Poway, CA Financing. What do others think of the financing Poway and other municipalities have undertaken?
- [Erskine Bowles on Paul Ryan: "Guy Is Amazing" ](https://www.senseoncents.com/2012/08/erskine-bowles-on-paul-ryan-guy-is-amazing/) - Virtually every credible politician from both sides of the aisle points to the Simpson-Bowles plan as the blueprint for bringing real fiscal sanity back to America. With America sinking deeper into economic depression if not depravity, plenty of politicians from both camps have made long careers out of "playing politics" with little sense of real
- [<em>Sense on Cents</em> on Bloomberg and China Central TV](https://www.senseoncents.com/2012/08/sense-on-cents-on-bloomberg-and-china-central-tv/) - I look forward to the opportunity to share my thoughts and opinions -- and pursue the truth -- about the ongoing drama surrounding Standard Chartered Bank on live TV the next two evenings. Tonight I will be on Bloomberg's First Up with Susan Li that runs from 7-8pm EST. Barring any unforeseen circumstances, I expect to be
- [Standard Chartered: Keep the Fine, Deliver The Truth ](https://www.senseoncents.com/2012/08/standard-chartered-keep-the-fine-deliver-the-truth/) - All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self-evident. --Arthur Schopenhauer L'affaire Standard Chartered Bank - Iranian Money Laundering takes center stage tomorrow with an expected meeting between senior bank executives and Benjamin Lawsky, superintendent of the New York Department of Financial
- [Standard Chartered Scandal: "Asian Regulators Had Lost Faith in American Regulators" ](https://www.senseoncents.com/2012/08/standard-chartered-scandal-asian-regulators-had-lost-faith-in-american-regulators/) - I would not expect that Benjamin Lawsky, superintendent of the New York State Department of Financial Services, is receiving many invitations on the Washington cocktail circuit currently. When Lawsky recently brought to light the alleged longstanding Iranian money laundering activities at Standard Charted Bank, he not only dropped a bombshell on the institution, he dropped
- [Why Paul Ryan Will Deliver a Romney Victory  ](https://www.senseoncents.com/2012/08/why-paul-ryan-will-deliver-a-romney-victory/) - Why am I so excited about the choice of Paul Ryan as Vice-President on the Republican ticket in the 2012 campaign and why do I think Romney's selection of Ryan will deliver victory in November? Please view a serious and measured address given by Ryan this past April. Ryan hits upon the most critical issues
- [<em>Sense on Cents</em> Loves Paul Ryan as Vice-President ](https://www.senseoncents.com/2012/08/sense-on-cents-loves-paul-ryan-as-vice-president/) - We are LONG overdue to have adult conversations in our nation about the issues that are leading us into social depravity and economic depression. With the choice of Sense on Cents Hall of Famer Paul Ryan as the Vice-Presidential choice on the Republican ticket, today is a great day for America and those who care
- [Joel Thurtell Shames Poway, CA Financing  ](https://www.senseoncents.com/2012/08/joel-thurtell-shames-poway-ca-financing/) - Do not discount the lengths to which some will go to satisfy a perceived current need while screwing future generations with an exorbitant --- dare I say usurious --- bill. Just another day atop Capitol Hill, you think? No, for this scandalous behavior let's navigate to Poway, California where town leaders recently utilized a capital
- [FINRA "Meter Maids" Top 25 Fines: "Ain't No Party"](https://www.senseoncents.com/2012/08/finra-meter-maids-top-25-fines-aint-no-party/) - Wall Street's self-regulator FINRA just celebrated its 5 year anniversary. Congratulations to them. Sympathies and condolences to the rest of us. The Securities Technology Monitor highlights FINRA's birthday with a grandiose slideshow presentation entitled, The First Five Years; FINRA's Top 25 Enforcement Cases. While those at FINRA might be celebrating the anniversary with cookies, cupcakes,
- [Standard Chartered Scandal: Crime Pays ](https://www.senseoncents.com/2012/08/standard-chartered-scandal-crime-pays/) - If in fact --- and as reported --- the UK-based Standard Chartered Bank is fined a token $700 million for the violation of American sanctions in dealing with Iran, then we are left with only one conclusion: CRIME PAYS. (A second conclusion would be that our regulators and government officials are in the pockets of
- [Libor Scandal: UBS Plays the "Most Dangerous Game"  ](https://www.senseoncents.com/2012/08/libor-scandal-ubs-plays-the-most-dangerous-game/) - "You want loyalty? Get a dog." Wall Street management was notorious for playing the loyalty card with employees when they were preparing to screw them during bonus season. I am going to guess that those loyalty conversations do not carry much weight anymore. Certainly not at UBS. In what I would define as the financial equivalent
- [Standard Chartered: Friends Like This, Who Needs Enemies ](https://www.senseoncents.com/2012/08/standard-chartered-friends-like-this-who-needs-enemies/) - Dealing with terrorists, weapons dealers, drug lords, and corrupt regimes would all seem to take a back seat to the pursuit of profit and revenue at the UK-based Standard Chartered Bank. In what has to be a new low in terms of financial intermediation, the crowd at Standard Chartered stands accused this morning by the
- [Weekend Reading Re: Knight Capital and HFT  ](https://www.senseoncents.com/2012/08/weekend-reading-re-knight-capital-and-hft/) - Investors are constantly confronting the question whether it is safe to go in the water, that is, to commit capital and make an investment. With so much concern already surrounding the structure of and practices within our equity exchanges, there was serious fuel added to these fires with the malfunction and accompanying meltdown at Knight
- [My Focus on Exports Not Employment    ](https://www.senseoncents.com/2012/08/my-focus-on-exports-not-employment/) - The monthly jobs report came out and is viewed as slightly better than expected but provides both sides of the political debate sufficient fodder to spin it to their advantage. While equity markets want to put a happy face on the report (an increase in non-farm payroll of 163,000 jobs along with an uptick in
- [HSBC's Gulliver and "You Can't Make This Stuff Up"](https://www.senseoncents.com/2012/08/hsbcs-gulliver-and-you-cant-make-this-stuff-up/) - Certain statements made over the years resonate with such gusto that they just do not and cannot fade into oblivion. What statements would be included under this heading? Can we ever forget . . . ? "I'm not a crook." . . . How about . . . ? "I did not have sexual relations
- [HR 757: "We the People" for Real Investor Protection  ](https://www.senseoncents.com/2012/07/hr-757-we-the-people-for-real-investor-protection/) - In the same spirit as that which inspired those who signed our Declaration of Independence, I welcome attaching my name to the following proclamation in support of HR 757 for real investor protection. What makes the proclamation highlighted below so special? It is truly a grass roots effort. As noted attorney Helen Davis Chaitmain asserted:
- [<em>Sense on Cents</em> Supports HR 757](https://www.senseoncents.com/2012/07/sense-on-cents-supports-hr-757/) - Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then, Why are we discussing SIPC today? Recall that post Bernie Madoff,
- [Chick-Fil-A: Is Free Enterprise Still Free?  ](https://www.senseoncents.com/2012/07/chick-fil-a-is-free-enterprise-still-free/) - I do not find it surprising that certain political leaders in our nation easily lash out in threatening fashion to those running a free enterprise. Why am I not surprised? In the "Uncle Sam" economy that permeates our nation, the violation of contracts and property rights has become increasingly prevalent. In that vein, we should
- [Listen to "Main Street Out Loud" This Afternoon](https://www.senseoncents.com/2012/07/listen-to-main-street-out-loud-this-afternoon/) - Tired of the same old contrived conversations on the airwaves and news channels of America? Would you like to listen to people speaking "truth to power?" If so, I assure you that you will not be disappointed if you tune in this afternoon (6pm-7pm EST) to Main Street Out Loud with Rudi K, . .
- [Libor Scandal: Trader Highlights Manipulation in 1991  ](https://www.senseoncents.com/2012/07/libor-scandal-trader-highlights-manipulation-in-1991/) - When did the scandalous manipulation of the London Interbank Overnight Rate, that is Libor, really begin? I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005. The industry and regulators would clearly like to keep the focus of this scandal
- [Preet Bharara On "Too Big to Prosecute"  ](https://www.senseoncents.com/2012/07/preet-bharara-on-too-big-to-prosecute/) - How is it that America has not seen more indictments and prosecutions on Wall Street? That question, perhaps more than any other, is the cause of so much underlying rage and anxiety in our country. Why is that? I firmly believe that the overwhelming majority of people in our nation embrace the principle of fair
- [Breaking Up the Banks? . . . Just a Start](https://www.senseoncents.com/2012/07/breaking-up-the-banks-just-a-start/) - The news yesterday that once renowned banker Sandy Weill has called for the breakup of the now "too big to fail" banks is treated as some sort of earth shattering news development. News? Really? "Sandy, where ya' been, my man?" In the neighborhood of my youth, news of that sort was typically used to wrap
- [What Truly Happened? The Top Ten Unfinished/Untold Stories of Our Economic Crisis](https://www.senseoncents.com/2012/07/what-truly-happened-the-top-ten-unfinisheduntold-stories-of-our-economic-crisis/) - With the development of internet applications and various social media sites, do you ever find yourself looking back to see what happened to specific situations or individuals in your past? I am going to guess most people have navigated back down the road to do just that at least once over the past year or
- [Barclays Libor Scandal: Naming Names](https://www.senseoncents.com/2012/07/barclays-libor-scandal-naming-names/) - When battling wildfires, firefighters will very often scorch the earth and sacrifice acreage and property as a defensive mechanism against the wildfire taking over and destroying even more valued territory. As I review recent developments in the scandalous Libor "wildfire," a mental image of that defensive strategy runs through my head. Why is that? With
- [America's Unspoken Crisis Is a "War on America"    ](https://www.senseoncents.com/2012/07/americas-unspoken-crisis-is-also-a-war-on-america/) - Can you imagine the lengths our nation would go to address and eradicate a social situation correlated very highly with activities (including juvenile murder and rape) that land people in prison? Can you further imagine the outcry to address this social situation if it were also highly correlated with an increased risk of suicide? What
- [From Penn State to Wall Street: A Leadership Crisis ](https://www.senseoncents.com/2012/07/from-penn-state-to-wall-street-a-leadership-crisis/) - I have a very empty feeling this morning. As I try to collect my thoughts and put forth a reasoned commentary about developments on Wall Street and the impact on our global economy, my mind keeps reverting to the pain emanating from State College, Pennsylvania. My heart breaks for the individuals and families directly impacted
- [Have Banks Become Criminal Enterprises? ](https://www.senseoncents.com/2012/07/have-banks-become-criminal-enterprises/) - I continue to maintain that the overwhelming percentage of people working on Wall Street are good and decent people trying to make an honest living in what has become an increasingly challenged industry. I also maintain, and always will, that the spirit of capitalism that drives Wall Street is a necessary and vital engine if
- [Barclays Libor Scandal: Wake Up, America!!](https://www.senseoncents.com/2012/07/barclays-libor-scandal-wake-up-america/) - We are losing our nation and our future literally right before our eyes. WAKE UP, America!! Who is involved in the greatest theft ever undertaken on American soil? All those involved in the scheme and scandal collectively defined as financial regulatory capture. Who are the parties to this scandal? 1. Politicians more concerned with re-election
- [Peregrine Financial Fraud: What Shocks Me  ](https://www.senseoncents.com/2012/07/peregrine-financial-fraud-what-shocks-me/) - After close to four years of tracking and highlighting stories of financial frauds and accompanying regulatory failures, I am not easily shocked. The other day while reading of the news surrounding the fraud and failure of the Peregrine Financial Group in Cedar Falls, Iowa, I was shocked. We now know the fraud at Peregrine was
- [Geithner vs Huntsman: Trash vs Truth  ](https://www.senseoncents.com/2012/07/geithner-vs-huntsman-trash-vs-truth/) - I don't know about you, but I find myself often every morning discounting much of what I read in financial periodicals as mere noise if not outright trash. Trash? Yes, trash. In my opinion, the garbage spewed is not a function of a broken sewer line, so to speak, but very much a function of
- [My Experience with Bain ](https://www.senseoncents.com/2012/07/my-experience-with-bain/) - Bain Capital. I can not recall in my lifetime as much attention being paid to a private company during a Presidential campaign as that paid to Bain Capital this year. While I could write more on the scandalous activity surrounding Libor or money laundering activity emanating from HSBC, I digress today to address my experience
- [Barclays Libor Scandal: The Complicit Regulators ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-the-complicit-regulators/) - Today's Wall Street Journal lead editorial, New York Fed to Barclays: 'Mm hmm', concludes, . . . if this is really the epic deceit and crime we are now reading about, then either new evidence needs to come to light, or the regulators who smiled and nodded and "Okayed" and "Mm hmmed" through the panic
- [<em>Sense on Cents</em> Request: Your "Solutions for America"](https://www.senseoncents.com/2012/07/sense-on-cents-request-your-solutions-for-america/) - A few days ago I received a comment from a regular reader which really resonated with me. In response to my commentary recommending that people be required to complete high school or the equivalent as a prerequisite to receiving any form or substance of government assistance, this reader wrote, "It's about time you came up
- [My <em>Sense on Cents</em> Solution for America   ](https://www.senseoncents.com/2012/07/my-sense-on-cents-solution-for-america/) - Although many outlets and institutions within our society deem discussion of traditional family structures to now be off-limits or politically incorrect, the simple fact is our society is suffering tremendously from the breakdown of the two parent family. The Obama administration and others continually try to score political points by railing on the income gap
- [Barclays Libor Scandal: The Precedent](https://www.senseoncents.com/2012/07/barclays-libor-scandal-the-precedent/) - Although many on Wall Street would like to see this Libor scandal go away, that is not going to happen. With banks already admitting that they were involved in the manipulation, the public rage resulting from this massive fraud is only going to grow stronger. Rest assured legal defense teams on Wall Street are working
- [Barclays Libor Scandal: Holding Regulators to Account](https://www.senseoncents.com/2012/07/barclays-libor-scandal-holding-regulators-to-account/) - Oh what a tangled web they weave. With the Libor scandal rocking Barclays Bank and ricocheting throughout the British banking system, we now begin to see the defenses go up on this side of the pond. Recently released reports indicate that then New York Fed President and current U.S. Treasury Secretary Timothy Geithner made recommendations
- [Barclays Libor Scandal: "Diamond Lied" ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-diamond-lied-to-the-committee/) - I hope the crowd on Capitol Hill is tuned in very closely to ongoing developments in the Barclays Libor scandal. The lightweights who allow the likes of Jamie Dimon to come and go with nary a glove being put upon him could learn more than a few lessons from members of Parliament engaged in undressing
- [Barclays Libor Scandal: Who's Really to Blame? ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-whos-really-to-blame/) - The London Interbank Overnight Rate, aka Libor, is the referenced benchmark rate for only some multiple hundreds of trillions of dollars worth of securities and contracts. As such, the rate is of enormous importance to the markets and global economy. I personally recall beginning almost every day as a trader on Wall Street by inquiring
- [Barclays "Lie-More" Scandal: Moral Bankruptcy](https://www.senseoncents.com/2012/07/barclays-lie-more-scandal-moral-bankruptcy/) - The scandal centering on the rigging of Libor has the potential to rock the entire financial industry like no other scandal in our lifetime. While I have witnessed some industry insiders and others on the periphery attempt to downplay the impact of this scandal, they are mistaken in their analysis. I would love to be
- [Barclays Libor Scandal: I Address "The Real Problem" ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-i-address-the-real-problem/) - I was interviewed by First Business News this morning. What is "the real problem" for investors behind this scandal? For that answer and more, please view this 3-minute clip to get a few of my thoughts on the developing Libor scandal. Navigate accordingly. Larry Doyle Related Sense on Cents Commentary Barclays Libor Scandal: When Did Manipulation Start?
- [Happy 4th of July: God Bless America, Yep, God!! ](https://www.senseoncents.com/2012/07/happy-4th-of-july-god-bless-america-yep-go/) - Every day is a great day to be an American but no day more so than the 4th of July. Memories of fireworks, family outings, barbecues, ice cream, and baseball are truly special. Today's activities will be tomorrow's memories of national pride for our youth. In an attempt to heighten the pride in our country
- [Barclays Libor Scandal: When Did Manipulation Start? ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-when-did-manipulation-start/) - Discretion would typically dictate my writing about our nation's declaration of independence today. I will address that in short order, but the ongoing scandal surrounding the Libor price-fixing is not taking a holiday today. All eyes and ears in the UK are focused on the parliamentary testimony of recently deposed Barclays CEO Bob Diamond. Diamond
- [Barclays Libor Scandal: Reports Regulators Knew; Time for Independent Investigation and Eliot Spitzer ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-reports-regulators-knew-time-for-independent-investigation-and-eliot-spitzer/) - When the proverbial "you know what" has hit the fan on Wall Street over the last few years, the defense of those occupying executive offices has consistently been, "the regulators were all over the firm and did nothing." With the industry in full defense mode over the fallout from the Libor price-fixing scandal, we catch
- [Barclays' Libor Scandal: Prison Will Remedy   ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-prison-will-remedy/) - Many executives on Wall Street and in The City, London's central business district, have reason to be VERY NERVOUS this morning. Their sweaty palms have nothing to do with the ongoing crisis in Europe or this week's likely weak employment report here in the United States. The nerves have everything to do with the fallout from
- [Barclays Libor Scandal: How Big Will This Get? ](https://www.senseoncents.com/2012/07/barclays-libor-scandal-how-big-will-this-get/) - The real tragedy of the scandal is the apparent lack of ethics or self-restraint among the people involved. Following billions of dollars of trading losses at JPMorgan Chase & Co.’s out-of-control London unit, the latest installment of big-bank follies offers yet more proof that the industry shouldn’t be trusted to regulate itself. The earthquake that
- [Listen to "Main Street Out Loud" This Saturday](https://www.senseoncents.com/2012/06/listen-to-main-street-out-loud-this-saturday/) - Please listen in this Saturday evening from 6-8pm (EST) as I will bring a healthy serving of "sense on cents" to Main Street Out Loud, a nationally renowned radio show emanating from Phoenix, AZ. Hosted by Rudi K, Main Street Out Loud: . . . is now recognized as "the premier political and issue driven talk show
- [Obamacare: Taxation by Misrepresentation? ](https://www.senseoncents.com/2012/06/obamacare-taxation-by-misrepresentation/) - Chief Justice John Roberts informed the nation yesterday that the legislation known as Obamacare is viable based upon Congress' ability to tax. Should it matter that the legislation was not represented to the nation in that manner? That is a point worthy of very real debate for years to come. While many conservatives in the
- [Barclays Libor "Price Fixing" : Collusion Is Illegal . . .  ](https://www.senseoncents.com/2012/06/barclays-libor-price-fixing-collusion-is-illegal/) - News that Barclays Bank has been hit with a $453 million fine for its involvement in manipulating the London Interbank Overnight Rate, commonly referred to as Libor, has crushed the stock of the UK-based bank. Barclays stock is down close to 15% in early trading. This story is interesting on so many fronts, including: 1.
- [JP Morgan: 9B Loss? Is That It? A Hedge? Really? ](https://www.senseoncents.com/2012/06/jp-morgan-9b-loss-is-that-it-a-hedge-really/) - On May 10th, JP Morgan CEO announced that the bank faced a $2 billion loss on a hedge that had gone awry in its Chief Investment Office. Many analysts and commentators discounted the fact that for an institution of JP Morgan's size a surprising $2 billion loss, while significant, was not overly significant. Perhaps they
- [JP Morgan's Five P's and Bernie Madoff ](https://www.senseoncents.com/2012/06/jp-morgans-five-ps-and-bernie-madoff/) - Have you ever had an experience while reading something when you stop and think, "They didn't just say that, did they?" I had just such an experience yesterday while reading a Bloomberg commentary on JP Morgan. Under the heading of "You cannot make this stuff up," I virtually gagged when I read of why JP Morgan
- [What Was Curt Schilling Thinking? ](https://www.senseoncents.com/2012/06/what-was-curt-schilling-thinking/) - Investing, in general terms, evokes a sense of hope and excitement of steady growth and longstanding positive returns. These emotions are accentuated when it comes to investing within the realm of venture capital. Not that making enormous and outsized returns within venture capital is to be expected, but the dreams of such are not uncommon.
- [Simon Johnson: Enormous Risk on Economic Horizon](https://www.senseoncents.com/2012/06/simon-johnson-enormous-risk-on-economic-horizon/) - What is my risk? In the throes of evaluating any and all proposals or investment opportunities, I always want to understand where the risks lie and just how great those risks may be. From there, I try to evaluate if the projected return on invested capital is attractive relative to the risks undertaken. What are
- [Michael Burry: UCLA Commencement Address . . . .  <em>Strongly Recommended</em> ](https://www.senseoncents.com/2012/06/michael-burry-ucla-commencement-address-strongly-recommended/) - The lessons we learn from those who see the ocean while all are focused on a wave are truly special. Thanks to our friend Huckleberry for prompting me to view the UCLA commencement address recently delivered by one Dr. Michael Burry. Burry strikes me as a relatively soft-spoken and unassuming individual. His message is anything
- [Taibbi: Wall Street Bribes, Bid-Rigging & Collusion  ](https://www.senseoncents.com/2012/06/taibbi-wall-street-bribes-bid-rigging-collusion/) - There are many markets on Wall Street with very serious ethical issues. From my perspective, no market over the last number of decades has been more ethically challenged than the world of municipal finance. In the spirit of fairness, I would maintain once again that the overwhelming percentage of people on Wall Street in general
- [Fed's Bullard: Enlightening on Housing and Economy ](https://www.senseoncents.com/2012/06/feds-bullard-enlightening-on-housing-and-economy/) - I love people who speak the truth. Regrettably, speaking the truth today is an increasingly rare commodity in our nation and on the global economic landscape. Given that reality, unbiased and bold truth telling hits me like a rush of adrenaline on a cool, crisp morning. I got just such a rush listening to Bloomberg
- [California Pension Payouts Increase 73% in 2 Years ](https://www.senseoncents.com/2012/06/california-pension-payouts-increase-73-in-2-years/) - How does one define a "racket?" Well, in a takeoff of a similar question regarding pornography, I am not sure exactly how I might define a "racket" but I believe I would know one when I see it. So, where should we look to see a racket at work? California and specifically the public pension
- [High, Hard Heat for JP Morgan's Jamie Dimon  ](https://www.senseoncents.com/2012/06/high-hard-heat-for-jp-morgans-jamie-dimon/) - Most eyes on Wall Street will be fixated this morning on JP Morgan CEO Jamie Dimon as he provides Congressional testimony and faces questioning atop Capitol Hill. Wall Street banks may be too big to fail, too big to manage properly, and too big to understand for most financial executives. Jamie Dimon is unlike most
- [How Long Will 'Walking Pneumonia' Economy Linger? Rogoff's Sobering Reality . . . .        <em>Recommended</em>](https://www.senseoncents.com/2012/06/how-long-will-walking-pneumonia-economy-linger-rogoffs-sobering-reality-recommended/) - I have long compared our economic malaise to a severe case of 'walking pneumonia.' Is there any doubt that our economic pleurisy persists? America knows it does because collectively we feel the daily pain and anguish of this condition. Our President and his policy mavens seem to have just now learned they cannot fool the
- [Larry Kudlow: Looming Global Economic Recession](https://www.senseoncents.com/2012/06/larry-kudlow-looming-global-economic-recession/) - Do you get the sense that despite any and all efforts of central bankers and government officials on the surface, there is an ongoing, powerful, and deflationary force at work gaining momentum along our global economic landscape? Regrettably, I think there is no doubt of this simple reality. Regardless of the political outcomes yesterday in
- [The 4 Reasons Wall Street Cannot Be Trusted](https://www.senseoncents.com/2012/06/the-4-reasons-wall-street-cannot-be-trusted/) - What are some of the great failures and subsequent lessons America has learned about Wall Street since the outset of our economic crisis 5 years ago? Well, we have witnessed more failures and learned more lessons than I have space here to highlight. The failures and lessons actually go back a lot further than this
- [Social Media: You Know You're In a Bubble When...](https://www.senseoncents.com/2012/06/social-media-you-know-youre-in-a-bubble-when/) - Social media is all the rage and is changing the world. Correct? But, of course. Any marketing initiative by self-respecting entities incorporates a significant social media component. Also true. How should investors play this hot new trend? VERY CAREFULLY. How interesting that the Wall Street Journal's front page story this morning addresses issues in this
- [Start Your Weekend Reading <em>WSJ's</em> Jason Zweig  ](https://www.senseoncents.com/2012/06/start-your-weekend-reading-wsjs-jason-zweig/) - It is not quite 6am on Saturday morning. How did I start my day? The same way I start every Saturday morning. I just read my favorite columnist, The Wall Street Journal's Jason Zweig. Long ago I inducted Zweig into the Sense on Cents Hall of Fame. He earns that honorable distinction regularly. How so?
- [Barofsky Slams Dimon/Washington: "Still a Cover Up"  ](https://www.senseoncents.com/2012/06/barofsky-slams-dimonwashington-still-a-cover-up/) - Not that there was ever any real doubt as to the cozy relationship between OUR elected officials in Washington and THEIR partners on Wall Street, but yesterday's Senate testimony and questioning of JP Morgan CEO Jamie Dimon added another nail in the coffin of those in America who care for real truth and total transparency.
- [America's Second Civil War : Public Pension Reforms     ](https://www.senseoncents.com/2012/06/americas-second-civil-war-public-pension-reforms/) - Do you hear that echo in the distance? What is that sound we have been hearing since the 2010 Congressional elections and still do today? I strongly believe the din --- which many political, financial and media heavyweights would discount if not outright deny --- is a raging undercurrent of civil unrest among the heretofore
- [Tom Brown's Dire Outlook for Banking](https://www.senseoncents.com/2012/06/tom-browns-dire-outlook-for-banking/) - Most market participants are understandably focused on immediate developments in the Euro-zone and the implications of the shell game being played over there for our domestic economy and markets. From my perspective, the perpetual kicking of the can down the road in Europe and the variations thereof here in the U.S. portend little more than
- [Sherry Hunt: A True American Hero](https://www.senseoncents.com/2012/06/sherry-hunt-a-true-american-hero/) - “This case demonstrates that the notion that the bailed-out banks have somehow found God and have reformed their ways in the aftermath of the financial crisis is pure myth,” he says. “Sherry is an absolutely fantastic lady who knows what she’s doing. She has a conscience. I have the highest regard for her.” At this
- [Will the Federal Reserve 'Go Nuclear?' ](https://www.senseoncents.com/2012/06/will-the-federal-reserve-go-nuclear/) - Many market participants are hoping and praying that Ben Bernanke will save the day by implementing another round of quantitative easing. Having become addicted to the monetary 'heroin' provided by our central bank, those on Wall Street would love another 'hit.' Is this the right approach to curing what ails our nation's economy? Of course
- [<em>Sense on Cents</em> Interview in <em>The Register</em>](https://www.senseoncents.com/2012/06/sense-on-cents-interview-in-the-register/) - I was recently interviewed by the International Association of Registered Financial Consultants (IARFC) for its June publication of The Register. As a taste of what I have to say in this hard hitting interview, I offer: I strongly believe that a self-regulatory organization possessing absolute immunity but without total transparency and real independent oversight is
- [The MF Global Smoking Gun? ](https://www.senseoncents.com/2012/06/the-mf-global-smoking-gun/) - As with any alleged illicit financial activity, the questions beg: who knew what and when did they know it? In regard to the MF Global debacle, we have had more of the "I did not know" and "I did not intentionally" type of statements than any of us should have to stomach. That nonsense may
- [Jon Corzine: At Best, A Negligent Nitwit ](https://www.senseoncents.com/2012/06/jon-corzine-at-best-a-negligent-nitwhit/) - Did Jon Corzine perpetrate a fraud at MF Global? Many believe there is sufficient evidence to pursue an indictment of Mr. Corzine and others for the demise of the firm. The MF Global trustee's report released yesterday falls short in providing the smoking gun with Corzine's fingerprints. That said, Corzine should hardly rest easy as the
- [Victor Davis Hanson on Greece, Germany, Detroit . . .   ](https://www.senseoncents.com/2012/06/victor-davis-hanson-on-greece-germany-detroit/) - What has really changed? Seriously. From where we were a year, two years, four years ago, what has really changed in the fundamental outlook on our global economic landscape? People can point to a variety of stopgap measures undertaken by governments and central bankers to stem the tide of deleveraging that dominates our global economy.
- [Why Obama Is in Real Trouble ](https://www.senseoncents.com/2012/05/why-obama-is-in-real-trouble/) - It's the economy, stupid. Ultimately people vote their pocket book. To that end, this upcoming election should be very, very interesting. A full three plus years after the onset of our supposed recovery and our economy remains plugged into Ben Bernanke's life support. The European drag on the global economy is not going away anytime
- [What Great School Is Offering 20% Cut in Tuition? ](https://www.senseoncents.com/2012/05/what-great-school-is-offering-20-cut-in-tuition/) - I am convinced that private colleges and universities will get increasingly squeezed financially over the coming years. Families are clearly under heightened pressures from both an income and cost of living standpoint. Those pressures are already being factored into the equation as to where to send the kids to college. The prospect of a 50+k/year
- [Atlanta's Housing Market: CRASH](https://www.senseoncents.com/2012/05/atlantas-housing-market-crash/) - As I pondered what to write this morning, I thought about addressing the 15% pullback in the price of gold over the last three months. What was happening to this supposedly safe haven? Despite this pullback, gold is still up 135% over the last 5 years. Time to look for a more interesting topic. Let's
- [The Classic Wisdom of Ray Dalio](https://www.senseoncents.com/2012/05/the-classic-wisdom-of-ray-dalio/) - I somehow overlooked a recent interview in Barron's with Bridgewater's Ray Dalio. Having sung his praises more than a few times over the last few years (link here), Dalio once again does not disappoint. Can a deleveraging process be "beautiful?" Are there strong comparisons between Europe today and the birth of our democracy back in
- [Memorial Day 2012: Let Us Remember...](https://www.senseoncents.com/2012/05/memorial-day-2012-let-us-remember/) - Is there anybody amongst us who does not believe we live in the greatest nation in the world? Our nations' greatness is a product of our freedoms. Let us never take gratuitous liberties with our freedoms. Nor should we ever think that freedom is our God given right as American citizens. So many of our
- [Romney is Right on Education](https://www.senseoncents.com/2012/05/romney-is-right-on-education/) - Regular readers of this blog know how passionate I am about quality secondary education. I detest those in our educational system who practice an agenda that does not put the interests of our children first, second, last, and always. Regrettably, results all too often show that our children suffer at the hands of pathetic people
- [Facebook, Morgan Stanley, and "Dumb Money"](https://www.senseoncents.com/2012/05/facebook-morgan-stanley-and-dumb-money/) - For an industry that has ongoing and enormous reputational issues, the manner in which the high profile Facebook underwriting was handled is a clear indication that Wall Street has learned very little over the last few years. Those in the industry can point to the fact that selective disclosures during an IPO process are not
- [Jon Corzine and MF Global: "The System Failed Us"](https://www.senseoncents.com/2012/05/jon-corzine-and-mf-global-the-system-failed-us/) - Almost eight months and still the customers of MF Global both here in America and overseas wait for restitution of their funds . . . and the American public waits for justice. But this story is passe and it is time to turn the page, correct? On to the 2012 campaign. The war on women.
- [A Hole in the Facebook Business Model? ](https://www.senseoncents.com/2012/05/a-hole-in-the-facebook-business-model/) - Facebook is getting a LOT of attention. As well it should. An IPO that is down 17% in the first three days of trading will generate a lot of focus. Everybody loves Facebook. Reconnecting with old friends. Making new friends. The world has gotten very small and very fast with new modern technologies. Which of
- [What Will Happen in Greece, Spain, and the EU?  ](https://www.senseoncents.com/2012/05/what-will-happen-in-greece-spain-and-the-eu/) - I love listening to and reading the thoughts of well informed financial pros. All eyes and ears are justifiably tuned in to developments in Greece, Spain, and throughout the EU. Will Greece leave the EU and precipitate runs on the bank in other European nations? Let's navigate and get the insights from industry insider, Michael
- [JP Morgan's Irv Goldman Thrown "Under the Bus"](https://www.senseoncents.com/2012/05/jp-morgans-irv-goldman-thrown-under-the-bus/) - I first heard the phrase "he got thrown under the bus" when working at Union Bank of Switzerland in 1997. Perhaps I was not listening carefully enough earlier in my career to detect just how management on Wall Street conveniently finds scapegoats during challenging times. I hated that phrase then and throughout my time on
- ['Sponsored Video: The Global Economy'](https://www.senseoncents.com/2012/05/sponsored-video-the-global-economy/) - I receive an endless number of overtures from outlets looking to have me promote their products. I have always declined. . . until now. Why? I use and live by the product in this commentary. As such, I welcome endorsing it!! LD I start every day of the week in the same manner. How is
- [Student Loan Crisis: Why So Many Colleges May Fail? ](https://www.senseoncents.com/2012/05/student-loan-crisis-why-so-many-colleges-may-fail/) - “We know the model is not sustainable,” said Lawrence T. Lesick, vice president for enrollment management at Ohio Northern University. “Schools are going to have to show the value proposition. Those that don’t aren’t going to be around.” (The New York Times; May 14, 2012) Very few topics have received as much attention here at Sense
- [JP Morgan and Jamie Dimon: A Question of Trust ](https://www.senseoncents.com/2012/05/jp-morgan-and-jamie-dimon-a-question-of-trust/) - Do you engage in business with people you don't trust? Sometimes you may have no choice, but in doing so you likely keep your guard up or exact a higher risk premium. For those with a choice, keeping one's distance from those you do not fully trust is typically the preferred path. For those without
- [FPA's Bob Rodriguez Has a Message for Washington ](https://www.senseoncents.com/2012/05/fpas-bob-rodriguez-has-a-message-for-washington/) - First Pacific Advisor's Bob Rodriguez is a renowned money manager. I hold him in the highest regard. The only issue I have in regard to Mr. Rodriguez is that he is not in Washington managing our nation's fiscal policy. The simple fact is Rodriguez knows of what he talks and relates it in language that
- [UPDATE: Naked Short Selling, "Wall St. Conspiracy?" ](https://www.senseoncents.com/2012/05/update-naked-short-selling-wall-st-conspiracy/) - How many people in America today are questioning the very integrity of our markets? More than we can measure. Regrettably, there has been strong evidence of practices in selected corners of Wall Street which have violated the trust of investors, betrayed any semblance of fair dealing, and destroyed the development of otherwise viable businesses and
- [Student Debt Bubble: Impending Doom for Colleges ](https://www.senseoncents.com/2012/05/student-debt-bubble-impending-doom-for-colleges/) - “We know the model is not sustainable,” said Lawrence T. Lesick, vice president for enrollment management at Ohio Northern University. “Schools are going to have to show the value proposition. Those that don’t aren’t going to be around.” (The New York Times; May 14, 2012) The student loan debt bubble is beginning to get a
- [JP Morgan's Concentration Risk and Outsized Egos](https://www.senseoncents.com/2012/05/jp-morgans-concentration-risk-and-outsized-egos/) - How does one firm "lose" $2 billion...and likely more....in the course of less than two months? Well, it is doable if there is a massive market move. In the case of JP Morgan and the loss it announced last week, though, the markets broadly speaking had not moved that significantly. Certainly nothing like we experienced
- [<em>Bloomberg</em> Bombshells re: JP Morgan $2B Loss](https://www.senseoncents.com/2012/05/bloomberg-bombshells-re-jp-morgan-losses/) - Bloomberg just reported a couple of bombshells which, when digested, strike right at the integrity and veracity of JP Morgan CEO Jamie Dimon's comments a month ago. What did Bloomberg report? The JPM traders managing the risk within this portfolio were known to execute trades over the course of the last few days of the
- [Is JP Morgan Fronting for the Fed? ](https://www.senseoncents.com/2012/04/is-jp-morgan-fronting-for-the-fed/) - UPDATE: This commentary written in mid-April 2012 should be read in conjunction with the following: May 14th Review: Bloomberg Bombshells re: JP Morgan $2B Loss May 12th review: $2B Loss? What Went Wrong at JP Morgan? May 11th review: JP Morgan Whale: "Thar She Blows" ******************** Reports are swirling around Wall Street and the global markets
- [Happy Mother's Day 2012 ](https://www.senseoncents.com/2012/05/happy-mothers-day-2012/) - There is no more important job in the world than that of being a mother. I maintained that before I married my beloved and I know that now more than ever. Having been blessed with a great Mom, a beautiful mother-in-law, and my beloved, I extend my love to these three special ladies. I extend
- [$2B Loss? What Went Wrong at JP Morgan? ](https://www.senseoncents.com/2012/05/2b-loss-what-went-wrong-at-jp-morgan/) - What really happened at JP Morgan that a $2 billion loss could be racked up in supposedly the course of 6 weeks? Little bit of octane in some of those positions, perhaps? Did the brains within JP Morgan really know what they were doing? Did they make the same mistake as the brains at Long
- [JP Morgan Whale: "Thar She Blows" ](https://www.senseoncents.com/2012/05/jp-morgan-whale-thar-she-blows/) - Less than a month ago, JP Morgan released very solid 1st quarter 2012 earnings and put out the following release: New York, April 13, 2012 - JPMorgan Chase & Co. (NYSE: JPM) today reported first-quarter 2012 net income of $5.4 billion, compared with net income of $5.6 billion in the first quarter of 2011. Earnings per
- [Racketeering Charge Against BofA and MERS](https://www.senseoncents.com/2012/05/racketeering-charge-against-bofa-and-mers/) - A little over a year ago I became aware of robo-signing within the mortgage servicing industry and broached the topic that the activity likely rose to a level of racketeering. I aggressively questioned, Did Wall Street Violate the Racketeering Act? Believing that the activity did likely rise to a level of racketeering, I recommended that attorneys
- [MF Global: Independent Investigator Required...<em>Video</em>](https://www.senseoncents.com/2012/05/mf-global-independent-investigator-required-video/) - I have written extensively of the need for an MF Global grand jury and an independent investigation. Why? I feel strongly that MF Global customers specifically and the American public at large believe a fair and thorough adjudication of the ENTIRE MF Global bankruptcy is far from assured under the aegis of our Department of
- [California Pen$ion Nightmare Wor$en$ ](https://www.senseoncents.com/2012/05/california-pension-nightmare-worsens/) - What is the best part of a nightmare? When you wake up and it is over. The folks in California do not have that luxury as they get to live the nightmare that defines their public pension system everyday. In fact, the nightmare is getting scarier. How so? The "not so exclusive" California $100,000 Club
- [SEC Outside Investigator Should Also Look Into. . . <em>Recommended</em> ](https://www.senseoncents.com/2012/05/sec-outside-investigator-should-also-look-into-recommended/) - Perhaps it is only fitting that my 2000th post since launching Sense on Cents in January 2009 is directed at issues within our nation's top financial cops at the SEC. How interesting that a report is released today indicating that the SEC is bringing in an outside investigator to probe allegations of inappropriate activities within
- [Greek Option: NOT Growth vs Austerity     ](https://www.senseoncents.com/2012/05/greek-option-not-growth-vs-austerity/) - Growth vs austerity. Who would not choose to increase economic growth as the path to future economic prosperity. The election results in France and Greece over the weekend were a clear repudiation of the austerity packages negotiated earlier this year as the precursor for further German support and the European Central Bank's LTRO (long term
- [R. Wenzel Further Exposes the Federal Reserve ](https://www.senseoncents.com/2012/05/r-wenzel-further-exposes-the-federal-reserve/) - "I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs." — Thomas Jefferson, U.S. President. A week or
- [MF Global: Independent Investigator Required...NOW](https://www.senseoncents.com/2012/05/mf-global-independent-investigator-required-now/) - We've been robbed. It is one thing to be robbed. It is a far different thing to have Uncle Sam NOT turn over every stone or reveal what they may have found in the process of investigating the robbery. Strong charge, no doubt. Given the responses and messages I have received from people impacted by
- [Rick Santelli : Honest Unemployment Review, May 4 ](https://www.senseoncents.com/2012/05/rick-santelli-honest-unemployment-review-may-4/) - Thanks to regular reader Fred for prompting me to check out CNBC's Rick Santelli for his honest unemployment review a short bit ago. I love somebody who cuts right to the chase. Santelli does just that. Take the mere two minutes to view this clip so you have a real understanding as to the state
- [May 4, 2012: Unemployment Report Review](https://www.senseoncents.com/2012/05/may-5-2012-unemployment-report-review/) - When it comes to discussing the unemployment rate in our nation today, I am often reminded of a discussion we would facetiously have on the trading desk at First Boston back in the mid-1980s. That discussion would revolve around our desk manager inquiring as to our weekly P and L (profit and loss). I
- [Attention: All Investment Advisers and Investors...](https://www.senseoncents.com/2012/05/attention-all-investment-advisers-and-investors/) - The financial regulatory landscape is poised to change and, as far as I am concerned, not necessarily for the better. Will you be merely a spectator or do you care to participate in the legislative process that WILL impact most of you? Are you an investment adviser? Are you an investor with funds managed by
- [Sen. Tom Coburn (R-OK): <em>"We Have No Leadership"</em> ](https://www.senseoncents.com/2012/05/senator-coburn-r-ok-we-have-no-leadership/) - I truly appreciate those in our nation who can properly frame the debate which MUST be had if we are to protect our country and the future for our children. I heard just such a man last evening. I compel you to listen to him. Who is this man? Senator Tom Coburn, Republican of Oklahoma.
- [Who's Minding the Store at the SEC? ](https://www.senseoncents.com/2012/05/whos-minding-the-store-at-the-sec/) - The folks at the SEC could not possibly still be tuning in to porn, could they? Do you think that any SEC lawyers are once again blowing the cover of whistleblowers? Would we know if the SEC is complying with the Freedom of Information Act? While many in Washington and America might think these issues
- [MF Global: <em>"This Was a Massive Theft"</em>](https://www.senseoncents.com/2012/04/mf-global-this-was-a-massive-theft/) - Six months and counting. The lives of countless numbers of families and individuals are likely forever changed by what transpired at MF Global. Yet there remains no real accounting nor full retribution for the fiasco which unfolded within the walls of the firm that traced its roots to the late 1700s. Certainly we can expect
- [Niall Ferguson's Keys To Economic Growth <em>Recommended</em>](https://www.senseoncents.com/2012/04/niall-fergusons-keys-to-economic-growth-recommended/) - I truly love gaining global insights and perspectives from highly intelligent people. I had just such a treat this morning in reading a Barron's interview with the economic and financial historian Niall Ferguson. What did this Harvard professor have to say on a topic which should be a MAJOR point of debate for our 2012
- [Jim Grant Talks Sense on Cents](https://www.senseoncents.com/2012/04/jim-grant-talks-sense-on-cents/) - Continuing our weekend theme of critiquing the all-powerful Federal Reserve, let's listen to one of the most informed and well spoken Fed critics, James Grant, editor of the widely read and highly regarded Grant's Interest Rate Observer. Interested in capitalism, monetary policy, historical Fed analysis, gold, quantitative easing, inflation vs. deflation, and our economy? The
- [R. Wenzel: Federal Reserve An Unmitigated FAILURE ](https://www.senseoncents.com/2012/04/r-wenzel-federal-reserve-an-unmitigated-failure/) - This commentary is a little lengthy but a great and absolute MUST READ!! LD Who really runs America? The media may actively and aggressively debate the pandering provided by those on both ends of the political spectrum. But to whom do these pols really answer? The American public? I do not think so. The Washington
- [Spanish Unemployment Hits 24.4% !!!](https://www.senseoncents.com/2012/04/spanish-unemployment-hits-24-4/) - Think Spain is speeding on its way over the proverbial cliff? Let's emphasize the "speeding". Continuing on our focus today of issues within the EU, Spain -- merely the 9th largest economy in the world -- announced today that its unemployment rate hit 24.4%. For purposes of context, that rate stood at a relatively mild
- [Who/What is Driving European Sovereign Spreads?  ](https://www.senseoncents.com/2012/04/who-and-what-is-driving-european-sovereign-spreads/) - The center of our global financial crisis squarely rests upon the Euro-zone in general and a number of peripheral sovereign states specifically. The movement in spreads within this market are often vicious. The European Central Bank has thrown the kitchen sink in the form of its 3-year LTRO (long term refinancing operation) at the massive
- [The SEC vs Whistleblowers: Round 2  ](https://www.senseoncents.com/2012/04/the-sec-vs-whistleblowers-round-2/) - Yesterday's story regarding the SEC inadvertently, or not, blowing the cover of a whistleblower generated a lot of interest here at Sense on Cents and elsewhere. So much interest, in fact, that parties in both camps, the SEC and the whistleblower, got right back in the ring to make their case. While I have my
- [SEC Exposes Whistleblower: Inadvertent? STOP IT!!](https://www.senseoncents.com/2012/04/sec-exposes-whistleblower-inadvertent-stop-it/) - News this morning that an SEC attorney, in the midst of an investigation, blew the cover of a whistleblower might have been formerly thought of as inadvertent or unfortunate. America is no longer so naive. The Wall Street Journal's lead story today highlights, Source's Cover Blown by SEC: Federal securities regulators, in a sensitive breach,
- [Gundlach: <em>"We're Going to Jump the Track"</em>](https://www.senseoncents.com/2012/04/gundlachwere-going-to-jump-the-track/) - When Jeffrey Gundlach talks, I listen. The perennial Morningstar Fixed Income Manager of the year and CEO of Doubleline Capital spoke yesterday at the Investment Management Consultants Association national conference. What did he have to say? A lot. You may want to put down your coffee and dispose of any sharp objects prior to reading this.
- [Will Uncle Sam Takeover Your IRA? Part II](https://www.senseoncents.com/2012/04/will-uncle-sam-takeover-your-ira-part-ii/) - Those engaged in massive strategic maneuvers know all too well that progress is typically made not in one fell swoop but painstakingly inch by inch. With deficits beyond the scope of imagination but oh so very real, I cautioned people to keep a watchful eye on Uncle Sam. Where might the old man go to
- [60 Minutes: The Case Against Lehman and Financial Regulators ](https://www.senseoncents.com/2012/04/60-minutes-the-case-against-lehman-and-financial-regulators/) - Having been away for the weekend, I missed last night's edition of 60 Minutes and thank a loyal reader who brought it to my attention. How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so
- [Naked Short Selling: A "Wall Street Conspiracy"?    ](https://www.senseoncents.com/2012/04/naked-short-selling-a-wall-street-conspiracy/) - Do readers recall Dick Fuld, then CEO of Lehman Brothers, railing against hedge funds that were attacking the once venerable firm by aggressively shorting its stock? Fuld maintained that these aggressors were engaged in a practice known as 'naked short selling' and that they brought Lehman to its knees in the process. The last four years
- [Banking: Wall Street vs Main Street by R. Wilmers  ](https://www.senseoncents.com/2012/04/banking-wall-street-vs-main-street-by-robert-wilmers/) - This commentary is a little lengthy, but for those with even a passing interest in banking, our markets, our economy, and ultimately our nation it is a MUST READ. Think those in Washington really know what they are doing? Think all regulation is good regulation and that one size can truly fit all? The divide
- [<em>"Best Tip You'll Ever Get"</em>](https://www.senseoncents.com/2012/04/best-tip-youll-ever-get/) - Who would not want to have some sort of forewarning regarding major market moves? While many brokers and financial planners are keen to offer insights as to what their in house strategists think of the market, remember these individuals and their firms ultimately and primarily get paid when they sell you products. How about an
- [Merrill Lynch: Time to Take Some 'Risk Off' ](https://www.senseoncents.com/2012/04/merrill-lynch-time-to-take-some-risk-off/) - With so many sectors of the market displaying significant correlation, investors and traders have come to define market movements, in general, as 'risk on' and 'risk off'. Despite the fact that central banks have provided endless amounts of fuel to prop markets, there are still points in time when indicators flash warning signals that markets
- [The Wall Street-Washington 'Code of Silence'   ](https://www.senseoncents.com/2012/04/the-wall-street-washington-code-of-silence/) - Do you ever wonder why we have not heard more people on Wall Street coming forth to expose practices and policies which were prevalent in bringing our economy and nation to its knees? What is holding people and firms back from coming clean? Why does the same scenario seem to be playing out in Washington
- [To: Hilary Rosen and the DNC: Inconvenient Truths and The Two Parent Family  ](https://www.senseoncents.com/2012/04/to-hilary-rosen-and-the-dnc-inconvenient-truths-and-the-two-parent-family/) - The greatest social program known to mankind is the two parent family. I find it regrettable that for many in our nation, my broaching this topic is deemed politically incorrect and an inconvenient truth. Family issues encompass a wide array of social and economic topics. As such, and as I navigate our economic landscape here
- [When Is 'Uncle Sam' Moving Out of the House?  ](https://www.senseoncents.com/2012/04/when-is-uncle-sam-moving-out-of-the-house/) - “The mind, once expanded to the dimensions of larger ideas, never returns to its original size.” Oliver Wendell Holmes, Sr. Uncle Sam and his friends in officialdom around the world may believe their ideas are of larger size and greater dimension. That point is open to debate. How do the old man's ideas mesh with the
- [Investors Say "Nein" to German Bund Auction](https://www.senseoncents.com/2012/04/investors-say-nein-to-german-bund-auction/) - Those familiar with the shell game or three card monte are aware that in order to keep the game going, new players with new money are required to enter. In the world of global finance, a wide array of iterations of these games are being played literally each and every trading day. Who often plays
- [MF Global Update: The Black Hole in a Dark Cave](https://www.senseoncents.com/2012/04/mf-global-update-the-black-hole-in-a-dark-cave/) - In a day and age when money transfers on Wall Street are processed and tracked with tremendous precision, the MF Global back office operations might only be compared to a caveman enterprise during the Dark Ages. How might a firm such as MF Global, taking risks that literally brought the house down, have such inadequate
- [The Prohibitive Cost of Higher Education: A Racket? ](https://www.senseoncents.com/2012/04/the-prohibitive-cost-of-higher-education-a-racket/) - I have often thought, "If education is expensive, try ignorance." I strongly believe that the key to future prosperity is a quality education. That said, there is increasing evidence that the costs connected to higher education have ratcheted higher at an unsustainable pace. I initially addressed this critically important topic a year ago in a
- [Voter Fraud: The Case for Voter ID ](https://www.senseoncents.com/2012/04/voter-fraud-the-case-for-voter-id/) - True democracy requires an emphasis both on the 'truth' and the 'democracy'. How can America have a true democracy when, at the very core of our system, we allow -- if not promote -- the possibility of very real voter fraud? The power of the vote is the cornerstone of our democracy. That power should
- [$4.35/gallon ](https://www.senseoncents.com/2012/04/4-35gallon/) - "Do you feel it?" "Feel what, LD?" The hand inside your wallet cleaning you out as you go to fill your tank. I felt it yesterday afternoon when I filled the tank and saw the price for regular gas at $4.35/gallon. Pissed off? You bet I am. I personally think it is likely to get
- [An Irish Easter Blessing 2012](https://www.senseoncents.com/2012/04/an-irish-easter-blessing-2012/) - There will be time to continue navigating the economic landscape but this weekend is a time for family, friends, and faith. In fact, wouldn't it be great if we could always keep our proper focus and perspective when it comes to our family, our friends, and our faith? The world would be a better place
- [Land of the Free'dom'of Information? ](https://www.senseoncents.com/2012/04/land-of-the-freedom-of-information/) - Freedom makes all things possible, right? No question. Information is everything, correct? Also true. As we pursue the American dream, our ability to access information in order to assess risks and opportunities is paramount to our ultimate success. I personally find this truth to be self-evident. Melding these two basic principles, at this point in
- [Stock Act: Penalty Does NOT Fit the Crime](https://www.senseoncents.com/2012/04/stock-act-penalty-does-not-fit-the-crime/) - America only had to wait for a 60 Minutes expose and more than half a decade to witness our elected representatives pass a meaningful piece of legislation addressing insider trading on Capitol Hill. If those two basic facts do not speak volumes as to the quality of character of those governing our nation, then let's
- [Solyndra Loan Review: Garbage In...Garbage Out ](https://www.senseoncents.com/2012/04/solyndra-loan-review-garbage-in-garbage-out/) - Why is Uncle Sam broke? As with any spendthrift, the old man has continually displayed a total grasp of basic financial principles. One would hope that those involved in managing the finances of American citizens would embrace and practice robust principles or otherwise be held to account for their failure to do so. Was the
- [MF Global: The Accounting Error That Wasn't ](https://www.senseoncents.com/2012/04/mf-global-the-accounting-error-that-wasnt/) - What really transpired in the offices of MF Global over that last fateful week? On October 24th, the firm was downgraded by Moody's. A week later, the once venerable house known as MF Global declared bankruptcy. Who knew what, and when did they know it? How did hundreds of millions of dollars of customer funds
- [Those Uncle Sam Failed, Violated, and Left Behind ](https://www.senseoncents.com/2012/04/those-uncle-sam-failed-violated-and-left-behind/) - They are going to forget about me. I have heard that line and iterations thereof from too many of our fellow citizens. Uncle Sam in the personage of Ben Bernanke, Tim Geithner, Henry Paulson, Mary Schapiro, John Boehner, Nancy Pelosi, Barack Obama and many others can talk about the actions they have taken and will
- [Open Letter to NY Times' Joe Nocera re: Madoff](https://www.senseoncents.com/2012/03/open-letter-to-ny-times-joe-nocera-re-madoff/) - Dear Joe, As a longtime subscriber to The New York Times, could you enlighten me as to when the media in our nation diverted its mission of pursuing the truth to one of actively advancing agendas? Actually, Joe, hold that thought and perhaps we could have that lengthy discussion another time. I write to you
- [Who's Managing Your Mutual Fund? ](https://www.senseoncents.com/2012/03/whos-managing-your-mutual-fund/) - Can you imagine the Indianapolis Colts hyping season tickets for the upcoming season based upon the success of the team over the last decade with 'you know who' under center? Could you picture the Chicago Bulls doing the same after the departure of MJ? How about the Lakers after Magic, the Celtics after Bird, or
- [How Many Jobs Will the JOBS Act Produce? ](https://www.senseoncents.com/2012/03/how-many-jobs-will-the-jobs-act-produce/) - Smile for the camera. If it smells like a job, sounds like a job, and feels like a job, you can rest assured that in this day and age most politicians will jump all over it and look for a photo op in the process. In so many words, that is exactly what has transpired
- [Selling Inside Information in Washington Continues  ](https://www.senseoncents.com/2012/03/selling-inside-information-in-washington-continues/) - Has trading on inside information now come to an end in Washington? Congress will pat itself on the back and trumpet the passage of the STOCK Act as an indication that Washington has heard the hue and cry of the people to stop insider trading by the sycophants---that is, our elected representatives and their staffs---
- ["The People v Jon Corzine et al"   ](https://www.senseoncents.com/2012/03/the-people-v-jon-corzine-et-al/) - If you were away over the weekend, as I was, or somehow missed the news late Friday afternoon, you may awake this morning unaware that the smoking gun in the fiasco known as MF Global may have been unearthed and now points directly back at one Mr. Jon Corzine. How is it that neither The
- [You're Screwed by Wall Street Mortgage Settlement](https://www.senseoncents.com/2012/03/youre-screwed-by-wall-street-mortgage-settlement/) - The American system of justice used to be predicated on the fact that those who committed transgressions paid the penalty. Regrettably, that system of justice is now a distant memory in regard to the adjudication of certain massive and egregious financial practices. Has it become all too overwhelming for you to keep up with the
- [Adding Fuel to Goldman Exec Greg Smith's Fire ](https://www.senseoncents.com/2012/03/adding-fuel-to-goldman-exec-greg-smiths-fire/) - 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,
- [The Integrity of the Game  ](https://www.senseoncents.com/2012/03/the-integrity-of-the-game/) - The penalties handed out by NFL Commissioner Roger Goodell to the coaches and executives of the New Orleans Saints organization for the bounty program practiced down on the bayou were perhaps the stiffest in the history of the game. Goodell has shown himself to be a no-nonsense individual cut from the mold of Kenesaw Mountain
- [Financial Repression Kicks the Can and Our Butt  ](https://www.senseoncents.com/2012/03/financial-repression-kicks-the-can-and-our-butt/) - More and more we see central bankers around the world -- but especially here at home and within the EU -- engaged in financial repression as THE means to solve our economic woes. What is financial repression? A term that describes measures by which governments channel funds to themselves as a form of debt reduction.
- [Do You Trust Uncle Sam? ](https://www.senseoncents.com/2012/03/do-you-trust-uncle-sam/) - Don't believe anything that you read or hear and only half of what you see... Almost from the outset of launching my blog back in early 2009, I coined the phrase the Uncle Sam economy to describe the massive presence and ultimate takeover of so many parts of our economy by the old man. I cautioned
- [Can American Students Compete? Hmmmm.....??   ](https://www.senseoncents.com/2012/03/can-american-students-compete-hmmmmm/) - Can we accept as a premise that the health of our economy is predicated on our ability to compete on the world stage? Strikes me as a basic principle of Sense on Cents. Stephane Garelli of IMD, a Swiss-based school which is a pioneer in the field of executive education, zeroes in on the key
- [<font color="#008000">Happy St. Paddy's Day . . . What's the Craic?</font>](https://www.senseoncents.com/2012/03/happy-st-paddys-day/) - With a name like Doyle and more siblings, cousins, nieces and nephews than I might possibly count, I beg your indulgence if I maintain that . . . with the greatest of all holidays falling on a weekend this year, prudence dictates that to gain a full appreciation of the special day and all it
- [Oppenheimer's Al Loewenthal: Better to Remain Silent and Be Thought a Fool... ](https://www.senseoncents.com/2012/03/oppenheimers-al-loewenthal-better-to-remain-silent-and-be-thought-a-fool/) - Reactions I heard to the Jerry Maguire type bombshell launched by former Goldman exec Greg Smith ran the gamut yesterday. There are those who questioned Mr. Smith's sanity at committing career suicide. Others appreciated his airing of dirty laundry and "come to Jesus" expose. I personally believe if Mr. Smith wanted to lash out at
- [How Does FINRA Lose 8 Hours of Testimony? Wall Street's "Kangaroo Court" ](https://www.senseoncents.com/2012/03/how-does-finra-lose-8-hours-of-testimony-wall-streets-kangaroo-court/) - I will admit that having written extensively and aggressively about Wall Street's self-regulator FINRA over the last three years, I did not think there was anything more I could see that would surprise me. Today I am surprised, shocked, and saddened. For those in our nation who have a semblance of decency and a desire
- [Goldman's Greg Smith Skewers Firm, Airs Dirty Laundry](https://www.senseoncents.com/2012/03/goldmans-greg-smith-skewers-firm-and-airs-dirty-laundry/) - Thanks to a regular reader for sharing a New York Times editorial which will captivate Wall Street today. Our friends at FINRA who may be faced with real backlash from the news spreading of their losing 8 hours of testimony in an arbitration case might want to buy lunch and dinner for Goldman Sachs' senior
- [A Chinese Official's View on America](https://www.senseoncents.com/2012/03/a-chinese-officials-view-on-america/) - A regular reader of Sense on Cents recently returned from three weeks in the People's Republic of China. I hold this individual in very high regard for his understanding of our economy, markets, and national psyche. We exchanged messages recently in reaction to a commentary I had run. With his permission, I welcome sharing what
- [Mortgage Settlement Defines Racketeering  ](https://www.senseoncents.com/2012/03/mortgage-settlement-defines-racketeering/) - 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
- [James Koutoulas: JP Morgan Insult Added to MF Global Injury](https://www.senseoncents.com/2012/03/james-koutoulas-jp-morgan-insult-added-to-mf-global-injury/) - Going on five full months and with MF Global customers still waiting for a glimmer of justice on the horizon---and the return of THEIR money---we awake to read that CME executives believe no further regulation could have prevented the debacle that is MF Global. Why is that? Most rational and ordinary Americans already sense those
- [Weekend Entertainment  ](https://www.senseoncents.com/2012/03/weekend-entertainment/) - With credit to NRG, I submit the following comical exchange regarding our unemployment situation. Unemployment Definition - Abbott and Costello U.S. Unemployment Up in February | Underemployment is 19.1%, up from 18.7% in January PRINCETON, NJ -- U.S. unemployment, as measured by Gallup without seasonal adjustment, increased to 9.1% in February from 8.6% in January
- [Trading Volumes Plummet, "Choose Not To Play" ](https://www.senseoncents.com/2012/03/trading-volumes-plummet-people-choose-not-to-play/) - "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
- [Please Sign Petition re: Peter Sivere - George Demos  ](https://www.senseoncents.com/2012/03/please-sign-petition-re-peter-sivere-george-demos/) - Aside from my hope that readers would care enough to share my writing and passion for the Sense on Cents virtues of truth, transparency, and integrity I do not believe I ask for much if anything from those who come here. Well, today I am asking. How might you help? More than you may ever
- [Legalized Bribery](https://www.senseoncents.com/2009/02/legalized-bribery/) - Quality business relationships are always mutually beneficial. If they are not mutually beneficial, then they will not thrive or perhaps even last at all. A strong business relationship, like any personal relationship, needs a foundation of honesty andintegrity. As in any relationship, there will be plenty of instances in which the parties have disagreements and misunderstandings.
- [Jon Corzine Meet Dean Tofteland ](https://www.senseoncents.com/2012/03/jon-corzine-meet-dean-tofteland/) - "What they call 'unlawful commingling' on Wall Street is called 'stealing' back on Main Street." A week ago, I welcomed highlighting the plight of an elderly couple ensnared in the morass that is the MF Global debacle. Helen Metchikoff's plea tugged at my heart as she wrote: i am a 75 yr old grandmother my
- [<em>Duke University/CFO Survey</em>: Cautiously Optimistic            <em>Recommended</em>](https://www.senseoncents.com/2012/03/duke-universitycfo-survey-cautiously-optimistic-recommended/) - Hot off the press, I just received the Duke University/CFO Magazine Global Business Outlook Survey. The survey highlights reasons for real optimism domestically but with ongoing concerns and risks as well. Let's dispense with the formalities and dive right in to the voluminous amount of detail within this cutting edge and timely release. Where else
- [ARS Update: STILL Hostage in the ARS Roach Motel   ](https://www.senseoncents.com/2012/03/ars-update-still-hostage-in-the-ars-roach-motel/) - Wall Street may think it is back to business as usual, but what about those investors and our fellow American citizens who were left behind and forgotten as a result of the crisis from 2008? Of whom do I speak? The tens of thousands of our fellow citizens who remain hostage in the ARS Roach
- [The Eerie Silence Surrounding Wall Street Price Fixing ](https://www.senseoncents.com/2012/03/the-eerie-silence-surrounding-wall-street-price-fixing/) - Shhhhhhhh......... What is that eerie silence emanating from Wall Street lately? No, it's not the quiet on the floors of the equity exchanges in the midst of anemic trading volumes. It is also not the empty echoes emanating from trading desks once bursting with activity. The eerie silence to which I allude goes to the
- [Support H.R. 757 for Real Investor Protection ](https://www.senseoncents.com/2012/03/support-h-r-757-for-real-investor-protection/) - All too often I have heard over the last few years from investors violated by the Wall Street-Washington incestuous process and feeling totally disenfranchised as a result. Why have investors gotten trampled? Great question and worthy of widespread debate and discussion. In an attempt to narrow our focus today, let's zero in on the Securities
- [Mission Kilimanjaro <em>Recommended</em> ](https://www.senseoncents.com/2012/03/mission-kiliminjaro-recommended/) - It's the weekend, so let's take a breather from our normal navigation of the economic landscape. Not that the twists and turns on our economic landscape are not challenging enough but let's navigate a much steeper slope. How about if we 'join' a very special mission and climb Mount Kilimanjaro. Really? Yes, really. Please stick
- [Ray Dalio Speaks, <em>Sense on Cents</em> Listens](https://www.senseoncents.com/2012/03/ray-dalio-speaks-sense-on-cents-listens/) - While most people see the trees, the waves, and the stars, there are a few money managers and economists out there who see and speak truly about the forest, the oceans, and the galaxies. Who are a few of these individuals? Jeremy Grantham of Grantham Mayo, whom I highlighted a week ago. Bob Rodriguez of First
- [The ISDA Emperor Also Has No Clothes ](https://www.senseoncents.com/2012/03/the-isda-emperor-also-has-no-clothes/) - Writing down sovereign debt by over 50% and subordinating one class of bondholders from another --those being the royalty ensconced within the European Central Bank -- would not qualify as a "credit" event, now would it? No way! Of course not! Why would it?! Not when those compelled to pay out on the supposed "insurance" within
- [Larry Doyle: The Jesus-Loving Cult of Rick Santorum](https://www.senseoncents.com/2012/03/larry-doyle-the-jesus-loving-cult-of-rick-santorum/) - "LD, have you gone mad??" "I thought Sense on Cents was a blog to navigate the economic landscape?" Relax, folks. I have not gone mad and Sense on Cents is not changing its primary goals of promoting investor education and investor protection. That said, I am compelled to digress in this one commentary given some
- [ARS Update: Calling All Money Market Investors  ](https://www.senseoncents.com/2012/03/ars-update-calling-all-money-market-investors/) - Sallie Krawcheck was formerly president of global wealth and investment management at Bank of America and has also held senior positions at Citigroup and Sanford C. Bernstein & Company. She clearly understands the game. Krawcheck wrote an excellent piece in The Wall Street Journal yesterday on the risks embedded in money market funds. Her work was largely
- [Ultimate "Insider Trading" Is a Job for Serpico ](https://www.senseoncents.com/2012/02/ultimate-insider-trading-is-a-job-for-serpicos/) - Michael Douglas? Have we gone totally soft? Does America need to call on Michael Douglas, as the FBI recently did, to promote that "greed really is not good"? Call me unimpressed. Who would Sense on Cents like to see as the 2012 face to counteract insider trading activity on Wall Street? Not Michael Douglas, but
- [Student Loan Debt Bomb's Collateral Damage ](https://www.senseoncents.com/2012/02/student-loan-debt-bombs-collateral-damage/) - The cost of college and the accompanying burden of student loan payments are having an enormous impact across many segments of our economic landscape. From basic consumer spending habits to decisions on living arrangements and so much more, recent college grads are facing a decidedly different economic future than their counterparts a decade or two
- [MF Global Customer Makes Impassioned Plea <em>Recommended</em>](https://www.senseoncents.com/2012/02/mf-global-customer-makes-impassioned-plea/) - How are MF Global customers supposed to protect themselves when financial regulators and our legislative bodies show themselves to be incapable of performing that basic duty? Those engaged in the unseemly acts of Wall Street-Washington Incest have shown their true colors in allowing the most innocent of investors in our nation to be trampled. How
- [Jeremy Grantham Pens a <em>Sense on Cents</em> Classic ](https://www.senseoncents.com/2012/02/jeremy-grantham-pens-a-sense-on-cents-classic/) - Every now and then I come across a piece of research that resonates so strongly with my beliefs and also outlines my hopes and desires for launching Sense on Cents. I thank the regular reader who shared just such a piece with me earlier this week. I exhort you to save this commentary so you
- [Is Jon Corzine "Too Big to Indict"? Part VII](https://www.senseoncents.com/2012/02/is-jon-corzine-too-big-to-indict-part-vii/) - Four full months have passed and MF Global customers are still out a reported ~$1.6 billion. How are these individuals and entities surviving? Will they ever see a return of their funds? Will the public ever learn what truly happened in those fateful days and hours when this firm went down the tubes? Don't hold
- [A 'Sensible' Outline for Housing Solution ](https://www.senseoncents.com/2012/02/a-sensible-outline-for-housing-solution/) - All reports to the contrary, unless and until our housing market stabilizes you can rest assured our economy is NOT going to rebound in a meaningful fashion anytime soon. A wide array of government sponsored mortgage programs to date have yielded very limited support. Uncle Sam has written checks and violated many a moral hazard
- [Goldman's van Praag: "People Don't Understand" ](https://www.senseoncents.com/2012/02/goldmans-van-praag-people-dont-understand/) - "You can't regulate and legislate for greed and stupidity." In the course of a riveting 30+ minute interview, soon to depart public relations chief Lucas van Praag of Goldman Sachs made the above point and many more as he spoke openly and extemporaneously on a number of topics. The fascinating dynamic at work in this
- [Profiles in Courage Blowing the Whistle ](https://www.senseoncents.com/2012/02/profiles-in-courage-blowing-the-whistle/) - I have crossed paths with some exceptionally interesting people while navigating our economic landscape and writing Sense on Cents over the last few years. These individuals encompass a wide swath of our American population and include investors, economists, lawyers, consumers, small businesspeople, bankers, students, and so many more. While I admire and respect most of the
- [Questions for President Obama: Who Is Dropping Out Along Our Economic Landscape and Why?   ](https://www.senseoncents.com/2012/02/questions-for-president-obama-who-is-dropping-out-along-our-economic-landscape-and-why/) - This commentary provides a wealth of details and data along with some fabulous links. I firmly believe it covers the most important issues which will determine the future health and prosperity of our nation. It is a little lengthy, and for some perhaps overly sensitive---dare I say politically incorrect---but I hope you will take the
- [Central Bankers' Favorite Games: We're Being Played  ](https://www.senseoncents.com/2012/02/central-bankers-favorite-games-we-are-being-played/) - War. Street hockey. Hide the belt. Kick the can. Flipping cards. The games of my youth growing up in my neighborhood section of Boston provide very fond memories. The best part of these games was the simple fact that everybody was included, the rules were clear cut, and the older kids looked out for the
- [Christie on Education: "How Disgusted I Am" ](https://www.senseoncents.com/2012/02/christie-on-education-how-disgusted-i-am/) - I wrote earlier today about the need for those in college to "not let their classwork get in the way of their education." That said, in order to get to college or ahead in the world in the first place, each and every child in our nation needs a quality secondary education. They are not
- [Paul Ryan (R-WI): A Choice of Two Futures](https://www.senseoncents.com/2012/02/paul-ryan-r-wi-a-choice-of-two-futures/) - Markets manipulated by the presence of massive infusions of liquidity from central bankers may give the appearance of calm, smooth sailing but under the surface an explosion of epic proportions continues to build. What is fueling that volcanic eruption? Chronic deficit spending. With our fiscal deficit having grown by trillions of dollars over the last
- [Amar Bhide Makes Case for Volcker Rule](https://www.senseoncents.com/2012/02/amar-bhide-makes-case-for-volcker-rule/) - Why do you think former Fed chair and widely respected central banker Paul Volcker paid a visit the other day to SEC head Mary Schapiro? I would gather that Mr. Volcker was not there merely to exchange pleasantries. No, clearly Mr. Volcker was exhorting Ms. Schapiro to withstand the pressure currently being applied by many
- [CitiMortgage, Further Evidence of Wall Street Racket ](https://www.senseoncents.com/2012/02/citimortgage-further-evidence-of-wall-street-racket/) - The story of rampant abuse within CitiMortgage is garnering enormous attention throughout the blogosphere today. Do you find it ironic that an institution such as Citi, which was saved by Uncle Sam in 2008, would be abusing the old man a full three years later? No surprise here. In a financial system in which regulators
- [Profiting from Political Intelligence ](https://www.senseoncents.com/2012/02/profiting-from-political-intelligence/) - Gaining sensitive, market moving information is NOT by its very nature illegal or unethical. In point of fact, those who are ingenious and industrious enough to outwork and outsmart the competition are fully deserving of the benefits and rewards that come their way. That ingenuity and industriousness are cornerstones of capitalism. I love it and
- [Auction Rate Pain Continues: February 14, 2008 to February 14, 2012 <em> Recommended </em>](https://www.senseoncents.com/2012/02/2-14-08-to-2-14-12-auction-rate-pain-continues/) - "Larry, they have forgotten about me. I do not know what to do and I have nowhere to turn." In so many words, I received that message from an Oppenheimer Holdings customer just yesterday who continues to be unable to access his cash which remains locked up in auction-rate securities a full four years to
- [Mortgage Settlement Pisses Into the Wind](https://www.senseoncents.com/2012/02/mortgage-settlement-pisses-into-the-wind/) - In a nation now all too familiar with a "too big to fail" banking system, a heavily manipulated and high frequency dominated equity market, and an incestuous financial regulatory system, we should not be surprised with a mortgage settlement that does little more than 'piss into the wind'. Pardon my cynicism, but one does not
- [Casey Gough's "Do's and Don'ts of Networking" or "Don't Let Your Classwork Get in The Way of Your Education"  ](https://www.senseoncents.com/2012/02/casey-goughs-dos-and-donts-of-networking-or-dont-let-your-classwork-get-in-the-way-of-your-education/) - I strongly believe the key to successfully navigating our economic landscape is education. Given that I am passionate about mentoring, I try to impress upon all those whom I mentor the need to constantly expand their base of knowledge. I encourage them to read and learn from a wide array of resources including this blog
- [Bear Stearns circa 1985, "Thanks for the Memories" ](https://www.senseoncents.com/2012/02/bear-stearns-circa-1985-thanks-for-the-memories/) - I worked as a mortgage trader at Bear Stearns from 1990 until the end of 1996. Having started my career in the early '80s and learned a lot about the business at First Boston, I will readily admit that my stint at Bear took my time on the sell side of Wall Street to an
- [ARS Update: Lots of People Talking About Oppenheimer](https://www.senseoncents.com/2012/01/ars-update-lots-of-people-talking-about-oppenheimer/) - Last we checked on the ARS crisis two months back, we learned that the crowd at Oppenheimer was on pace to repay its ARS holders over the next 50 years. Yep, 50 years. How swell. Well, one lucky Oppenheimer customer will get her money back a lot sooner than that. Who might that be? Nicole
- [US Supreme Court Declines to Hear Standard Investment v FINRA  ](https://www.senseoncents.com/2012/01/us-supreme-court-declines-to-hear-standard-investmenchartered-v-finra/) - In the fall of 2009, I was asked by some Washington based attorneys if I was aware of a case known as Standard Investment Chartered v FINRA. I informed them that I did not know the case. These attorneys shared with me information that seemed to expose that the merger of two regulators to form
- [Jon Corzine v Edith O' Brien: Let's Rumble](https://www.senseoncents.com/2012/01/jon-corzine-v-edith-o-brien-lets-get-ready-to-rumble/) - Some of the largest financial debacles of our lifetime revolved around individuals who were able to effectively arbitrage, that is knowingly manipulate, their back office operations. I refer specifically to the financial follies surrounding Joe Jett and Kidder Peabody in the early 1990s, Nick Leeson and Barings in 1995, and Yasuo Hamanaka and Sumitomo in
- ["Insider Trading Is Rampant and Routine"](https://www.senseoncents.com/2012/01/insider-trading-is-rampant-and-routine/) - As much as Wall Street is the center of the financial services industry, it is really a simple business that revolves around people and information. That basic reality makes this business so fascinating. The personalities, the pace, the flow of data, and ultimately the interaction between counterparties make everyday a fascinating experience. In order for
- [Book Review: <em>Reckless Endangerment</em>: A Wall Street-Washington Incestuous Legacy and A MUST READ](https://www.senseoncents.com/2012/01/book-review-reckless-endangerment-a-wall-street-washington-incestuous-legacy-and-a-must-read/) - Years from now when people study what led to the greatest economic crisis since the Great Depression, they will have plenty of material to review. This is good. Unlike our current era in which we clearly failed to learn from past crises, I hope future generations will not only study what led to our current
- [Did Allen Stanford "<em>Forget</em>" State Secrets? Come On!!](https://www.senseoncents.com/2012/01/did-allen-stanford-forget-state-secrets-come-on/) - Remember Allen Stanford? Yes, we have waited close to three years for the once, but now dethroned, Sir Allen Stanford to come to trial for the charges brought against him in his management of a supposed Ponzi-scheme centered within his bank in Antigua. While I imagine most readers of this blog certainly remember Allen Stanford
- [Obama Acknowledges Congressional Insider Trading ](https://www.senseoncents.com/2012/01/obama-acknowledges-congressional-insider-trading/) - I will readily admit that I find President Obama to often be disingenuous in much of what he is delivering in his State of the Union. He plays to an American public which remains severely challenged when it comes to financial literacy. When he speaks about taxes, would he care to lay out why there
- [Quantitative Easing: To Infinity and Beyond? ](https://www.senseoncents.com/2012/01/quantitative-easing-to-infinity-and-beyond/) - What does the Federal Reserve know that we don't? I mean, why would the Federal Reserve commit to keeping prevailing interest rates at next to zero through the end of 2014 if they were not aware of just how weak our underlying economy truly is? Bernanke and team know our domestic economy and the global
- [We Need an MF Global Grand Jury ](https://www.senseoncents.com/2012/01/we-need-an-mf-global-grand-jury/) - I still very much have the "sense on cents" that many on Wall Street and in Washington desperately wish that l'affaire MF Global would just fade away. Let's work hard to make sure that does not happen and that the MF Global customers who may NEVER see THEIR money again at least receive some justice
- [Might Germany "Annex" Greece and "Breakthrough to a New Europe"? ](https://www.senseoncents.com/2012/01/might-germany-annex-greece-and-breakthrough-to-a-new-europe/) - You do not need me to tell you that it can get mighty cold in Germany during the winter months. Don't you think many Germans would like a nice warm vacation in the Greek Isles when those winds are whipping through the cold, dark forests and industrial cities of Deutschland? Sounds nice, heh?? Think the
- [<em>"Administration Officials Don't Really Want Housing Program to Work"</em>](https://www.senseoncents.com/2012/02/administration-officials-dont-really-want-housing-program-to-work/) - I find myself in a daily battle not to write cynically about our economy and the political dynamic within our nation. Just this morning I find myself wanting to rail on the Obama administration's latest efforts to support housing when past efforts have been such enormous disasters. How enormous? I cannot help myself....... Well, as
- [Did Senate Show Character in Passing the Stock Act? Can We Do the Same for ARS?   ](https://www.senseoncents.com/2012/02/did-senate-show-character-in-passing-the-stock-act-can-we-do-the-same-for-ars/) - To know what is right and not do it is the worst cowardice. ~Confucius Did the United States Senate do the right thing today and show real character in passing the Stock Act (Stop Trading on Congressional Knowledge Act...aka, Stop Insider Trading in Congress!!)? Let's come back to that question. The simple fact is the
- [Will Whistleblower Protections Suffer at Hands of Rep. Michael Grimm "Reaper" (R-NY)? ](https://www.senseoncents.com/2012/02/will-whistleblower-protections-suffer-at-hands-of-rep-michael-grimm-reaper-r-ny/) - Representative Michael Grimm (R-NY) was ceremoniously inducted into the Sense on Cents Hall of Shame in May 2011. Not that I ever believed there was reason to doubt his induction, but recently I witnessed further reason to cement his status in the elevated ranks of shame. As regular readers are fully aware, I write passionately about
- [Questions of Fairness and Rectitude](https://www.senseoncents.com/2012/02/questions-of-fairness-and-rectitude/) - Stephen Moore wrote a commentary entitled A Fairness Quiz for the President in the Wall Street Journal yesterday which generated hundreds of comments. The comments seemed to break down largely along party lines. I think most of those commenting might not grasp the full picture. With our nation in the midst of an increasingly confrontational political debate, I
- [Rogoff:<em>"Incredibly Cynical About Governments"</em>](https://www.senseoncents.com/2012/02/rogoffincredibly-cynical-about-governments/) - I first referenced Kenneth Rogoff here at Sense on Cents in early 2009. As I navigate the global economic landscape I look for this Sense on Cents Economic All Star often. Why? I ALWAYS learn something when I read Rogoff's work and I love the way he thinks. On that note, I got a real pleasure
- [Still Mad as Hell and Not Gonna Take It Anymore....<em>Open Thread</em>](https://www.senseoncents.com/2012/01/still-mad-as-hell-and-not-gonna-take-it-anymore-open-thread/) - Have you had just about enough? What's that, you say? You've had more than enough. You feel alone and disenfranchised while doing the best to navigate the economic landscape. You now finally appreciate that nobody is there to protect you. You have a home here at Sense on Cents. Let's navigate together. In late 2009, I asked
- [Book Review: <em>Fraternity</em>, Ultimately a Love Story](https://www.senseoncents.com/2012/01/book-review-fraternity-ultimately-a-love-story/) - In the process of navigating our economic landscape, we are perpetually encountering risks. These risks not only present themselves from the standpoint of the market and the economy but also on a much larger scale from a social, political, and personal perspective as well. How do we learn to manage risks going forward? We are
- [Will Principal Reduction Save Housing?](https://www.senseoncents.com/2012/01/will-principal-reduction-save-housing/) - While Washington has thrown everything and the kitchen sink to support our banking system and our economy over the last few years, Washington has been unable to prop up our housing market. What do many in Washington and elsewhere believe needs to be done on the housing front? One does not need to look too
- [Rick Davis: Economic Navigator Extraordinaire ](https://www.senseoncents.com/2012/01/rick-davis-economic-navigator-extraordinaire/) - How does one measure the real health of an economy that continues to adjust to massive structural changes and has become dependent on various lines of cheap funding provided by Uncle Sam? Not easily. It has been a little while since we have navigated upstream to get a real read on the pulse of our
- [Duncan Niederauer and "5 Guys Named Vinny" ](https://www.senseoncents.com/2012/01/duncan-niederauer-and-5-guys-named-vinny/) - I had to chuckle yesterday morning when reading a comment that came in regarding my recent commentary on high frequency trading. Eddie wrote, Hi, Plain and simple for years I was taught it was not only unethical but illegal to intentionally manipulate stock prices. The only intention of HFT is to do just this. Joe
- [Is This What President Obama's 'Change' Looks Like? ](https://www.senseoncents.com/2012/01/is-this-what-president-obamas-change-looks-like/) - While driving my truck this morning and listening to Bloomberg Radio, I almost gagged on my coffee and pictured my vehicle lurching into a ditch. What caused my knee jerk reaction? Let me set the table as to what I heard, what prompted my thinking "You have got to be kidding me", and why I
- [Can Whistleblowers 'Cross-Examine' the SEC? Part II](https://www.senseoncents.com/2012/01/can-whistleblowers-cross-examine-the-sec-part-ii/) - My commentary the other day entitled Can Whistleblowers 'Cross-Examine' the SEC? received a fair bit of attention and some rather interesting comments. In light of the very fluid developments within the realm of financial regulation, I strongly recommend that post. The primary concern I raised within that commentary - and hence the title - was that
- [Can Whistleblowers 'Cross-Examine' the SEC?    ](https://www.senseoncents.com/2012/01/can-whistleblowers-cross-examine-the-sec/) - Later this month, Northwestern Law will be hosting its 39th Annual Securities Regulation Institute in Coronado, California. In light of everything that has occurred on Wall Street and in Washington, one might think this could be a lively conference as it looks to provide: A timely analysis of recent laws and developments in the corporate and securities
- [Attention All Traders and Investors: How Are You Getting Pimped? Here's How....](https://www.senseoncents.com/2012/01/attention-all-traders-and-investors-how-are-you-getting-pimped-heres-how/) - This commentary is a little lengthy, but for those involved in the markets as a trader or an investor I believe it is a great read. Please share it. LD The other day I received a very interesting comment and question from a regular reader and active trader. This reader's prompt compelled me to reach
- [Fed's White Paper on Housing: Uncle Sam a Landlord? Obama's Plans for Re-Election? ](https://www.senseoncents.com/2012/01/feds-white-paper-on-housing-uncle-sam-a-landlord-obamas-plans-for-re-election/) - Housing and labor remain the cornerstones of our economy. In fact, the health of our labor market follows that of housing just like night follows day. The near term prospects for both housing and labor remain decidedly challenging. The success of assorted federal programs to support housing so far have obviously been underwhelming. That said,
- [The EU's Weakest Link Moves Closer to Breaking  ](https://www.senseoncents.com/2012/01/the-eus-weakest-link-moves-closer-to-breaking-point/) - When I write of "the EU's weakest link", to which country do you think I refer? Must be Greece, right? Maybe not. Italy? Nope, not them either. Portugal? Ireland? Spain? No, no, no!! I first wrote of The Weakest Link in early 2009. I highlighted the fact that this "weakest link" moved to nationalize its
- [Did Mary Schapiro Engage in a Fraud?  ](https://www.senseoncents.com/2012/01/did-mary-schapiro-engage-in-a-fraud/) - Will we learn in 2012 if Mary Schapiro, current chair of the SEC, and other then senior executives at the Wall Street self-regulatory organization, FINRA, engaged in a fraud? The case addressing this question, Standard Chartered v FINRA, has been appealed to the highest court in our land. As such, one might think that most
- [The European 'Slow-Motion Train Wreck' ](https://www.senseoncents.com/2012/01/the-european-slow-motion-train-wreck/) - The lessons which went unheeded from the economic calamities and accompanying market meltdowns of the 1980s and 1990s laid the foundation for the Ponzi-style financings underwritten within our sub-prime mortgage market and the European Union of this past decade. How have political leaders at home and abroad addressed the enormity of our collective indebtedness? They
- [<em>Sense on Cents</em> 2011 Halls of Fame and Shame](https://www.senseoncents.com/2012/01/sense-on-cents-2011-halls-of-fame-and-shame/) - America wakes up this morning hopeful for a new year filled with peace and prosperity. Sense on Cents welcomes spreading our spirit of optimism. Before we move forward, though, let's take an accounting of 2011 and induct those most deserving into our Sense on Cents' 2011 Halls of Fame and Shame. Prior to our induction
- [Jalen Rose Leadership Academy: The Model for Urban Education  ](https://www.senseoncents.com/2011/12/jalen-rose-leadership-academy-the-model-for-urban-education/) - I am passionate about a number of things, including integrity, accountability, discipline, fairness, and opportunity. I am not bashful in calling out those people whom I believe willingly and wantonly flout these virtues. I also welcome heaping praise on those who not only embrace these virtues but then also go about doing something to promote
- [I Repeat, America Needs to Stop the Lies and the Liars](https://www.senseoncents.com/2011/12/i-repeat-america-needs-to-stop-the-lies-and-the-liars/) - As we get ready to usher out 2011 and embark on a new year and a Presidential primary season leading to the general election in November 2012, I would like to rerun one of my personal favorite Sense on Cents commentaries written here this past February. The simple fact remains, our nation will never regain
- [Lessons of Financial Amnesia](https://www.senseoncents.com/2011/12/lessons-of-financial-amnesia/) - We often hear that those who do not learn from history are doomed to repeat it. Does anybody in the audience contest those words of wisdom? Why do you think I hear from many former colleagues and other Wall Street insiders that we are very likely going to experience another economic crisis---or perhaps merely a
- [Which Republican Will Win the Iowa Caucus? ](https://www.senseoncents.com/2011/12/which-republican-will-win-the-iowa-caucus/) - With the Iowa caucus now less than a week away, let's run an unscientific poll. 1. Whom do readers believe will win the Iowa caucus? 2. Whom do readers hope wins the Iowa caucus? 3. Whom do readers believe will be the ultimate Republican Presidential nominee? 4. Whom do readers believe presents the greatest chance
- [Rick Santelli's Sense on Cents ](https://www.senseoncents.com/2011/12/rick-santellis-sense-on-cents/) - Many of our expert analysts in Washington, on Wall Street, and throughout our land are consumed in a debate about the finer principles of Keynsian vs Classical economics. Our economic and political wonks can debate all they want because ultimately the debate regarding our nation's economic health is a function of basic math. Let's take
- [Christmas 2011 - Christmas 1919](https://www.senseoncents.com/2011/12/christmas-2011-christmas-1919/) - To those who celebrate the birth of Christ and the blessings He brought to the world may you enjoy this day in all its glory. To those who celebrate Hanukkah, Kwanzaa, or another traditional form of worship may this season also bring you peace and happiness. As we come together to enjoy the company of
- [Merry Christmas, Happy Hanukkah, Season's Greetings from <em>Sense on Cents</em>](https://www.senseoncents.com/2011/12/merry-christmas-happy-hanukkah-seasons-greetings-from-sense-on-cents/) - The pace of financial and economic news continues at breakneck speed. We see breaking stories of massive fines for discriminatory lending practices, continued financial flailing within the Euro-zone, and ongoing obfuscation of the truth on Wall Street and in Washington. Three plus years and counting and we continue to encounter the burdens and stress of
- [SEC's Robert Khuzami: "All Individuals Will Be Held Accountable..."](https://www.senseoncents.com/2011/12/secs-robert-khuzami-all-individuals-will-be-held-accountable/) - What do we think of the SEC's attempt to pursue former Freddie and Fannie CEOs Richard Syron and Daniel Mudd? Is this a fully legitimate pursuit of justice against these executives? Could there be more than a whiff of political motivation on the part of the current administration buried in this pursuit? As The New
- [What About the Economy? ](https://www.senseoncents.com/2011/12/what-about-the-economy/) - With many eyes focused on the ongoing demise within the Euro-zone, what about our own economy? Is that proverbial light around the bend merely another train coming the other way? Or utilizing another railroad analogy, can our economic caboose continue to chug along under the weight and duress of so much excess capacity and baggage?
- [<em>Sense on Cents</em> Poll re: Jon Corzine and MF Global](https://www.senseoncents.com/2011/12/sense-on-cents-poll-re-jon-corzine-and-mf-global/) - I have no doubt that those within the senior executive suites on Wall Street along with their 'incestuous' colleagues in Washington and their financial regulatory 'cousins' would hope that the MF Global and Jon Corzine affair would fade into the sunset. Well, those in our country who care about the virtues of truth, transparency, and
- [Is Jon Corzine "Too Big to Be Indicted"? Part VI](https://www.senseoncents.com/2011/12/is-jon-corzine-too-big-to-be-indicted-part-vi/) - The ongoing saga to determine what may have happened at the critical points of demise within MF Global continues again today. I once again encourage you to grab both a large popcorn and a barf bag while witnessing the House Financial Services Committee Hearing re: MF Global. Will the committee members have the balls to
- [Is Jon Corzine "Too Big to Be Indicted"? Part V](https://www.senseoncents.com/2011/12/is-jon-corzine-too-big-to-be-indicted-part-v/) - Do you think it is believable that a financial firm's CEO, CFO, and COO could all be ignorant in knowing where and how a billion dollars of customer funds may have gone? You don't? Neither do I, although if we were to take these aforementioned individuals' statements to that effect on face value, we would be
- [The European Shell Game](https://www.senseoncents.com/2011/12/the-european-shell-game/) - I recently received the following message from a regular reader. Given the fact that every other piece of financial news seems to address developments in Europe, I would like to share his message and my response. Hi Larry - Hope you are doing well. I have read several articles in the last few days on
- [Jim Himes Co-Sponsors Legislation to Stop Congressional Insider Trading ](https://www.senseoncents.com/2011/11/jim-himes-co-sponsors-legislation-to-stop-congressional-insider-trading/) - A week ago, I wrote Sense on Cents Calls Out Congress to Pass H. R. 1148 Outlawing Congressional Insider Trading. In the midst of writing my commentary, I highlighted that: I called my Congressman Jim Himes (D-CT) this afternoon and informed his spokesman of my initiative here at Sense on Cents. I let him know that
- [Is Jon Corzine "Too Big to Be Indicted"? Part III](https://www.senseoncents.com/2011/11/is-jon-corzine-too-big-to-be-indicted-part-iii/) - This commentary runs a little long, but I exhort you to read it in its entirety as it captures the sentiments of readers who are extremely close to or actually "in the MF arena." Their messages are filled with real pain and anguish which is not found in the media. This is reality. I hope
- [Newt Challenges Barack to Lincoln Douglas Debates](https://www.senseoncents.com/2011/11/newt-challenges-barack-to-lincoln-douglas-debates/) - Where was President Obama to lead our nation in compelling the Congressional commission charged with addressing our fiscal deficit to perform? Nowhere to be found, that's where. Why? Is there any doubt that the White House is fully engaged in campaign mode 2012? I have no doubt. If, in fact, President Obama is focused more
- [What Are the Greatest Risks? ](https://www.senseoncents.com/2011/12/what-are-the-greatest-risks/) - In the midst of all the research and analysis put forth by virtually every entity within the financial services industry, I VERY rarely see any mention of what I deem to be the two greatest risks that individual investors face each and every day. We are fed and can read volumes about a wide array
- [Giving Thanks to Our Armed Forces](https://www.senseoncents.com/2011/11/giving-thanks-to-our-armed-forces/) - As people travel short and long distances to be with family and friends for this Thanksgiving holiday, I hope everybody arrives safe and sound and will enjoy the blessings and happiness that come from being with the ones you love. Although our economy, our nation, and the world at large continue to deal with a
- [Judge Rakoff: "Truth is Confined to Secretive, Fearful Whispers" ](https://www.senseoncents.com/2011/11/judge-rakoff-truth-is-confined-to-secretive-fearful-whispers/) - Many participants in our financial markets and political circles clearly have little interest in allowing a full exposition of facts and figures on a wide array of topics. Why let those trifling principles get in the way of maximizing profits and currying favor for political gain, right? "That's not how we roll" here at Sense
- [Traveling Into Uncharted Waters Looking for Ben ](https://www.senseoncents.com/2011/11/traveling-into-uncharted-waters-looking-for-ben/) - What lies ahead on our global economic landscape? While market analysts and economists are paid to provide opinions, you know what they say about opinions. Our global economy and markets have been supported by such unprecedented levels of government intervention with accompanying massive unintended consequences that trying to navigate our economic landscape can only be
- [Prosecutions of Financial Frauds at 20 Year Low](https://www.senseoncents.com/2011/11/prosecutions-of-financial-frauds-at-20-year-low/) - I am not surprised to learn that financial frauds are being prosecuted at a rate which puts them at a 20-year low. When the "truth is confined to secretive, fearful whispers" as I highlighted in my commentary the other day, then those who profit from the accompanying lack of transparency and integrity will swing for
- [A Sad Tale of Wall Street’s Orphans](https://www.senseoncents.com/2011/12/a-sad-tale-of-wall-street’s-orphans/) - A lead editorial the other day in the Wall Street Journal highlighted: "Federal Judge Jed Rakoff's rejection Monday of a $285 million settlement between Citigroup and the Securities and Exchange Commission is playing in some circles as a great populist victory against Wall Street. But it looks to us more like a rebuke of the
- [What Will Really Happen in Europe? ](https://www.senseoncents.com/2011/12/what-will-really-happen-in-europe/) - Are we really supposed to believe the news released today that German Prime Minister Angela Merkel and French Prime Minister Nicolas Sarkozy favor a meaningful change in the Maastricht Treaty which serves as the basis for the European Union? Seriously, how many times have we gone down this road hearing that the European heads of
- [<em>Sense on Cents</em> Calls on US Supreme Court to Hear Standard Chartered v. FINRA ](https://www.senseoncents.com/2011/12/sense-on-cents-calls-on-us-supreme-court-to-hear-standard-chartered-v-finra/) - I first started writing about Wall Street's not-for-profit self regulatory organization, aka the Financial Industry Regulatory Authority (FINRA), in early 2009. In late 2009, I first referenced Standard Chartered v. FINRA, the case in which the plaintiff alleges that FINRA and its senior executives -- including current SEC Chair Mary Schapiro -- lied both verbally
- [Robert Rodriguez Talks Sense on Cents](https://www.senseoncents.com/2011/12/robert-rodriguez-talks-sense-on-cents/) - I am often asked who my favorite economists, analysts, and money managers are. While there are some true visionaries out there, if I were compelled to choose only one individual to read and follow it would be Robert Rodriguez of First Pacific Advisors. Rodriguez's direct style and continual pursuit of the truth is refreshing in
- [Is Jon Corzine "Too Big to Be Indicted?" Part IV](https://www.senseoncents.com/2011/12/is-jon-corzine-too-big-to-be-indicted-part-iv/) - With most eyes and ears today fixated upon Brussels to see what version of "charades" will next be played by the European heads of state in an attempt to save their union and their euro, there should actually be a slightly more entertaining 'show' on Capitol Hill today. What 'show' might this be? The testimony
- [Is Germany Preparing a European Power Play? ](https://www.senseoncents.com/2011/11/is-germany-preparing-a-european-power-play/) - What will be the end game for the European Union? Clearly the EU will not and cannot maintain the status quo. With contagion clearly spreading throughout the EU and by extension the global economy, the stakes within the EU are raised almost on a daily basis. Where will this end up? Who knows but what
- [ARS Update: Jefferson County, Oppenheimer Holdings ](https://www.senseoncents.com/2011/11/ars-update-jefferson-county-oppenheimer/) - The world of Wall Street may go on but for many tens of thousands of investors their financial world has remained locked in place since February 2008 when the $330 billion auction-rate market froze like the tundra. The pain of that reality remains fresh for so many who remain unable to access THEIR cash and
- [<em>Sense on Cents</em> Calls Out Congress to Pass H.R. 1148 Outlawing Congressional Insider Trading  ](https://www.senseoncents.com/2011/11/sense-on-cents-calls-out-congress-to-pass-h-r-1148-outlawing-insider-trading/) - Why does it take an expose on 60 Minutes to create a stir in Washington on legislation which never should have to be written if our Congressmen had some principles and a conscience? Well, perhaps basic values and principles are too too much to ask or expect of those in Congress. So how might we
- [Wall Street-Washington Incest and Insider Trading ](https://www.senseoncents.com/2011/11/wall-street-washington-incest-and-insider-trading/) - I have written about the incestuous nature of the relationship between those on Wall Street and their cronies in Washington for the last three years. The stench of this incest is overpowering but is hopefully now becoming more public. How uncanny that a few days ago I received the following message from a regular reader
- [Jon Stewart Lays Out Jon Corzine  ](https://www.senseoncents.com/2011/11/jon-stewart-lays-out-jon-corzine/) - If the situation with Jon Corzine and the bankruptcy of MF Global were not so serious, then this recent performance by Jon Stewart hammering Corzine would be unbelievably hilarious. As it is, Stewart's shtick is merely riotous but also highlights the hypocritical nature and incestuous demeanor of the former New Jersey governor. You'll thoroughly enjoy
- [What Happened to the MF Global Customer Funds? ](https://www.senseoncents.com/2011/11/what-happened-to-the-mf-global-customer-funds/) - How is that $600+ million of customer funds disappears from a bankrupt brokerage firm and it is not THE perpetual lead story in every financial periodical? I know there is a lot going on in the world but this story blows them all away because it strikes at the very heart of our financial markets.
- [Jack Abramoff's Corruption and Bribery in Washington](https://www.senseoncents.com/2011/11/jack-abramoffs-corruption-and-bribery-in-washington/) - Regular readers of Sense on Cents are well aware of my contempt for the relationship between those on Wall Street and their incestuous partners in Washington. While my blog's focus has been on this aforementioned relationship, let there be no mistake that the normal order of business now in our nation is that these incestuous
- [Is Jon Corzine "Too Big To Be Indicted"? Part II](https://www.senseoncents.com/2011/11/is-jon-corzine-too-big-to-be-indicted-part-ii/) - My commentary Is Jon Corzine "Too Big To Be Indicted"? generated a number of personal messages from many within the financial services industry. I thank all those who took the time to share with me their concerns about the seeming violation of customer accounts at the now bankrupt firm MF Global. Without the sense and
- [Is Jon Corzine "Too Big To Be Indicted"? ](https://www.senseoncents.com/2011/11/is-jon-corzine-too-big-to-be-indicted/) - Any manger---let alone a chief executive officer---worth his salt should be laser focused on protecting the interests of his constituents, including shareholders, creditors, and employees. Jon Corzine is not worth his salt or much of anything else these days as he protected none of his constituents. While Jon Corzine may have fancied himself as a
- [<em>Recommended</em> WSJ: "Why Wall Street Can't Handle the Truth"](https://www.senseoncents.com/2011/11/recommendedwsj-why-wall-street-cant-handle-the-truth/) - Mike Mayo is a highly regarded bank analyst on Wall Street. While Mike has had some outstanding calls over the course of his career, he is most widely regarded for 'taking the road less traveled' when it comes to speaking his mind and not merely serving as a shill for the institutions at which he
- [Time for an Independent Audit of Freddie Mac  ](https://www.senseoncents.com/2011/11/time-for-an-independent-audit-of-freddie-mac/) - On December 24, 2009 President Barack Obama and Treasury Secretary Tim Geithner provided a blank check to the wards of the state known as Freddie Mac and Fannie Mae. I highlighted that 'Christmas' gift in writing at the time, Fannie and Freddie's Huge Christmas Bonus. That blank check runs throughout 2012. Do not think for
- [Random Sense on Cents](https://www.senseoncents.com/2011/11/random-sense-on-cents/) - The freak storm that ran through New England over the weekend has left millions without power including yours truly. While the power outage has been more than a nuisance, a number of developments on our global economic landscape deserve comment. On that note, I am compelled to address the following: 1. Regarding my recent commentary
- [Romney is Right on Housing](https://www.senseoncents.com/2011/10/romney-is-right-on-housing/) - While the markets race higher today on the news of the European debt deal, our future economic landscape here in the United States remains squarely focused on the same two sectors today as it did three years ago. Those being, JOBS and HOUSING!! Our employment problem is a function of many variables, but mostly a
- [E*Trade "Heard Us" and Pays Off $100 Million ARS ](https://www.senseoncents.com/2011/10/etrade-heard-us-and-pays-off-100-million-ars/) - Let there be no doubt that public pressure appropriately applied can bring real results in the midst of little courage displayed by far too many in the world of financial regulation. How so? The North American Securities Adminstrators Association recently announced a settlement with E*Trade Securities LLC in which that financial institution will return approximately $100
- [Ray Dalio: "Know What You Don't Know" ](https://www.senseoncents.com/2011/10/ray-dalio-know-what-you-dont-know/) - Ray Dalio occupies a very special place in the Sense on Cents Hall of Fame. Dalio is widely regarded as running the most successful money management operation in the world today, that being Bridgewater Associates. While I certainly admire Dalio's financial acumen, I most appreciate Dalio's philosophical approach to the markets and the world as
- [When Will the EU Be Honest with Itself?  ](https://www.senseoncents.com/2011/10/when-will-the-eu-be-honest-with-itself/) - What does the future hold for the economies within the European Union and by extension the global economic landscape? I have not written much about the situation within the EU over the last few months for the very simple reason that I have no trust or confidence in the parties involved. Do you? Over the
- [Forbes' Emily Lambert Slams FINRA](https://www.senseoncents.com/2011/10/forbes-emily-lambert-slams-finra/) - “Justice is truth in action.” ~ Benjamin Disraeli Regular readers are very aware of my strong concerns about the lack of transparency emanating from Wall Street's self-regulatory organization FINRA (Financial Industry Regulatory Authority). Having first written about FINRA in January 2009, I have highlighted my concerns extensively over the better part of the last three
- [My Visit to 'Occupy Wall Street' ](https://www.senseoncents.com/2011/10/my-visit-to-occupy-wall-street/) - Should the Tea Party and Occupy Wall Street merge as I have proposed over the last few days? What are the chances that might happen? Well, after my visit to the Occupy Wall Street demonstration in lower Manhattan yesterday I would think there are two chances of a merger between these two entities. None and
- [Let's Merge the Tea Party and OWS: Part II](https://www.senseoncents.com/2011/10/lets-merge-the-tea-party-and-ows-part-ii/) - Should the Tea Party and Occupy Wall Street try to join forces under the auspices that they have much more in common from a macro standpoint than what may differentiate them from a micro standpoint? I would love to see these movements join together. I think a merger of these forces could lead to the
- [Let's Merge the Tea Party and Occupy Wall Street ](https://www.senseoncents.com/2011/10/lets-merge-the-tea-party-and-occupy-wall-street/) - There is strength in numbers, right? No doubt. There is also strength in scale, strong organization, defining one's place in the market and then accentuating all of the above. Thanks to a loyal reader whose recent comment prompted me to think of how and why a merger of the Tea Party and Occupy Wall Street
- [Recommended Weekend Reading: <em>WSJ</em> Interview with Mort Zuckerman](https://www.senseoncents.com/2011/10/recommended-weekend-reading-wsj-interview-with-mort-zuckerman/) - Mort Zuckerman is the Chairman of the Board of Boston Properties. I have heard many a man in such a position equivocate when commenting on the economy, markets, and the political dynamic. Equivocate? Yes, as in "talking one's position" or being excessively political. I certainly would not characterize Zuckerman in such a fashion. In fact, Zuckerman
- [Herman Cain's 9-9-9 is a Good Start](https://www.senseoncents.com/2011/10/herman-cains-9-9-9-is-a-good-start/) - Why is it that people always find it easy to shoot holes in other people's plans while not providing any outlines of their own? Time and again I witness that reality at play in business, politics, and almost every other pursuit. To this end, I commend Republican Presidential candidate Herman Cain for at least presenting
- [Newt Gingrich Talks Sense on Cents](https://www.senseoncents.com/2011/10/newt-gingrich-talks-sense-on-cents/) - Say what you want about Newt Gingrich but I would challenge anybody who thinks Newt is not an exceptionally intelligent individual. I am not here promoting Newt's candidacy for the Republican nomination. I am also not an apologist for Newt's past personal transgressions. While I can understand and respect that many people may differ with
- [What Should 'Occupy Wall Street' Demand? ](https://www.senseoncents.com/2011/10/what-should-occupy-wall-street-demand/) - I received a call yesterday from a reporter from a highly regarded periodical inquiring about my recent commentary, 'Occupy Wall Street' Should 'Occupy Washington'. Having had a number of previous discussions with this reporter, I welcomed her question as to what I thought the OWS movement should look to achieve or demand. I prefaced my
- ['Occupy Wall Street' Should 'Occupy Washington'](https://www.senseoncents.com/2011/10/occupy-wall-street-should-really-occupy-washington/) - Is Wall Street the center of all the problems in America? Many of those involved in the "Occupy Wall Street' demonstrations may think so. I strongly believe that they are wrong. Those with a keen 'sense on cents' understand that Wall Street does embody part of our national problems. They also appreciate that the stench
- [Stifling the Truth Is Abuse of Capitalism  ](https://www.senseoncents.com/2011/10/stifling-the-truth-is-abuse-of-capitalism/) - Information is everything. Access to information combined with fair and open markets are cornerstones of our free market capitalist system. With our economy continuing to lag, I have witnessed an increase in the stifling of the truth. Without the truth, how can our economy and our markets recover from the fundamentally broken state in which
- [SEC Attorney Darcy Flynn Blows Whistle on Wall Street-Washington Incest....<em>MUST READ</em>...](https://www.senseoncents.com/2011/08/sec-attorney-darcy-flynn-blows-whistle-on-wall-street-washington-incest/) - BOMBSHELL!!! Since early 2009 I have written at length about the regulatory capture that has dominated the financial industry. I have defined this concept in layman's terms as the Wall Street-Washington incest. Today a close friend and regular reader of Sense on Cents shares a story which blows the cover off this incest. This story is
- [More Things Change, More They Stay the Same ](https://www.senseoncents.com/2011/09/more-things-change-more-they-stay-the-same/) - Having traversed a wide part of the country over the last three weeks, I would have hoped that my first post back here at Sense on Cents would encompass a sense of vim and vigor that may electrify those reading this. Sorry to disappoint but the simple fact is the recent developments along our economic
- [Navigate Accordingly Until <em>Sense on Cents</em> Returns ](https://www.senseoncents.com/2011/08/navigate-accordingly-until-sense-on-cents-returns/) - With a number of items on my calendar over the next few weeks, I am taking a sabbatical from Sense on Cents for the balance of the month. While I may not be providing regular commentary, I hope you may want to avail yourself of some of the fabulous resources which I have collated here.
- [When Will The European Union Collapse?  ](https://www.senseoncents.com/2011/05/when-will-the-european-union-collapse/) - 2011? 2012? 2013? 2015? 2020? Who is willing to make book that the European Union as we know it will no longer exist within any of the time frames highlighted above? You think I'm reaching? I don't. Why? Let's navigate. The core principle of the Prisoner's Dilemma promotes that individual economic entities will act in
- [ARS Investor Seeks Help for 'Theft by Any Other Name' ](https://www.senseoncents.com/2011/08/ars-investor-seeks-help-for-a-theft-by-any-other-name/) - The twists and turns in the ongoing saga of the auction-rate securities nightmare are replete with some of the most gut-wrenching personal stories I have experienced. Regulators like to trumpet the progress made on cleaning up the ARS mess over the years. Let's hold the applause for these regulators because a full three and a
- [DJIA Chart: Classic 'Head and Shoulders' ](https://www.senseoncents.com/2011/08/djia-chart-classic-head-and-shoulders/) - Recent market volatility is clearly unnerving. I believe the volatility is exacerbated by the general decline in broad based participation in the markets over the last few years. Additionally, the growth in derivatives, both within the equity and fixed income markets, has served to accentuate the swings. I described these swings and the accompanying spike
- [The Federal Reserve Comes Clean ](https://www.senseoncents.com/2011/08/the-federal-reserve-comes-clean/) - Have you ever officially read a Federal Reserve statement? Many market participants rip apart Fed statements within seconds of release looking for key words or phrases to decipher the path of future Fed policy. Often reading a Fed statement is like reading a Tarot card as the 'great and all powerful Fed' provides sufficient obfuscation
- [Mary Meeker Audits USA, Inc. <em>Recommended</em> ](https://www.senseoncents.com/2011/08/mary-meeker-audits-usa-inc-recommended/) - In the course of a conversation yesterday with one of the wisest men I know, I remarked that the issues our nation faces are not political but rather mathematical. The debate in Washington that put a choke hold on our nation, our economy, and our markets took partisan bickering to an entirely new level and
- [August 8 Market Commentary: America's Margin Call ](https://www.senseoncents.com/2011/08/august-8-market-commentary-americas-margin-call/) - That was not a lot of fun. The 6% selloff in the market we witnessed today is obviously tremendously unnerving. Professional traders and active managers who monitor market moves on a minute by minute basis will have their their own opinions as to what did happen and what will happen. For those in the audience
- [Further Thoughts on S&P's Downgrade of USA](https://www.senseoncents.com/2011/08/further-thoughts-on-sps-downgrade-of-usa/) - The sun did come up here on the east coast this morning. That is a very good thing. Life does go on. Our fiscal life goes on as well. In many respects it is little changed but in others it is very much changed and will not soon be restored. As the emotions of many
- [Unemployment Report August 5, 2011: Discouraging](https://www.senseoncents.com/2011/08/unemployment-report-august-5-2011-discouraging/) - The big exhale you may have just heard emanating from Washington follows a slightly better than expected unemployment report this morning. I am happy to hear that the report is slightly better than expected and will address the particulars momentarily. I caution people not to make too much of this report, though. Why? While the report
- [<em>Breaking News</em>: S&P Downgrades United States](https://www.senseoncents.com/2011/08/breaking-news-sp-downgrades-united-states/) - The Wall Street Journal is reporting that Standard & Poors has just downgraded the credit rating of the United States from a AAA rating. This is a HUUUUGE story. What do I see as the implications? 1. Short term lending markets will get tighter and activity will likely decline as the quality of what had
- [What Caused the Market Meltdown?  ](https://www.senseoncents.com/2011/08/what-caused-the-market-meltdown/) - "Everybody out of the pool" and "Adult Swim Only" are phrases that ring in my ear from my trading days at Bear Stearns. A long lost friend (God bless you, buddy!!) would bellow those statements when markets plunged like today. What has recently drained the liquidity and lowered the water level in our equity market
- [<em>Very Disturbing</em> UPDATE: Student Loan Bubble and Seeking Arrangements](https://www.senseoncents.com/2011/08/very-disturbing-update-student-loan-bubble-and-seeking-arrangements/) - I have a soft spot for those within our society whom I believe are preyed upon and ultimately victimized by the perils and pitfalls of modern day finance. I fully appreciate that people need to be held responsible for their personal behaviors and decisions, but we need to acknowledge that the tangled financial web that
- [The Recession Never Truly Ended  ](https://www.senseoncents.com/2011/08/the-recession-never-truly-ended/) - A wide array of supposedly smart people are now informing us that the economy is slowing and may slip back into recession. The new phrase being used to describe our economic condition is 'stall speed'. Well how about that? Stall speed, they say. Is the economy truly slowing? Is it really? Or perhaps did the
- [Debt Deal, Our 'Walking Pneumonia' Economy, QE3 and More 'Sense on Cents' ](https://www.senseoncents.com/2011/08/debt-deal-our-walking-pneumonia-economy-qe3-and-more-sense-on-cents/) - What now? What lies ahead on the challenging and winding road filled with clouds and great unknowns that defines our American economic landscape? The political circus in Washington has clearly taken center stage over the last few weeks. Watching this show has been anything but entertaining and don't think the theatrics do not harm our
- [Auction-Rate Securities Update: Discovery in Merrill/Maui Case is Explosive!!](https://www.senseoncents.com/2011/08/auction-rate-securities-update-discovery-in-merrillmaui-case-is-explosive/) - Information is everything. The appropriate use of information can be particularly powerful if not explosive. Whether in the canyons of Wall Street, the halls of Capitol Hill, or in the most distant regions of our great nation, the value and use of timely information is critical in determining the truth as to 1. what did people
- [ECRI Had Forecasted GDP Weakness ](https://www.senseoncents.com/2011/07/ecri-had-forecasted-gdp-weakness/) - While economists up and down Wall Street express real surprise at the GDP reports this morning, regular readers of this blog hopefully recall the siren sounded by the Economic Cycle Research Institute in mid-May. I highlighted the ECRI's warning at that time in writing, ECRI Forecasting Global Economic Slowdown, The ECRI clearly has a strong
- [Revisiting the <em>Sense on Cents</em> Halls of Fame/Shame ](https://www.senseoncents.com/2011/07/revisiting-the-sense-on-cents-halls-of-fameshame/) - For those who love baseball, summer is not only a time for taking in a ballgame (like today's matinee at Fenway Park between our beloved 1st place Boston Red Sox and the Kansas City Royals) but also for paying a visit to the Hall of Fame. Baseball fans of all ages love to make the
- ['Mad as Hell, and Not Going to Take It Anymore' ](https://www.senseoncents.com/2011/07/mad-as-hell-and-not-going-to-take-it-anymore/) - If this 5-minute video clip does not capture the spirit and rage that is boiling in our nation, I do not know what does. I thank the regular reader who shared this with me. I commend Jim Garvin for standing up, speaking out, and sharing a healthy dose of 'sense on cents' in the process.
- [Carson Block Highlights China's 'Risky Business'  ](https://www.senseoncents.com/2011/07/carson-block-highlights-chinas-risky-business/) - With the United States on the precipice of having its AAA credit rating downgraded, there would clearly seem to be a new world order dawning. Many investors have already shifted their portfolios to increase holdings in emerging markets. Which region has generated the greatest focus? Asia. Many view Asia and specifically those nations running large
- [Auction-Rate Securities UPDATE: SEC Brief May Help ARS Investors](https://www.senseoncents.com/2011/07/auction-rate-securities-update-sec-brief-may-help-ars-investors/) - 37 months and counting and still thousands of Americans holding untold billions of dollars in frozen auction-rate securities await the return of THEIR money. The question of whether the injustice of all that went on in the ARS scandal might ever truly see the light of day seems to have long since been dismissed. Regrettably
- [Washington's Dysfunction on Display](https://www.senseoncents.com/2011/07/washingtons-dysfunction-on-display/) - Why do Americans get so fixated on the personally destructive stories of Casey Anthony, Dominique Strauss-Kahn, Anthony Weiner, and the like? Because watching and listening to the dysfunction on display in Washington is typically too painful and too much to bear. Although some in Washington would pass off our current debate on raising the debt
- [Exposing Uncle Sam's Waste, Fraud, and Corruption ](https://www.senseoncents.com/2011/07/exposing-uncle-sams-waste-fraud-and-corruption-2/) - With fiscal deficits stretching out as far as the eye can see and politicians focused largely on tomorrow's polling numbers or their next election, who the hell really minds the store in Washington? All too often we hear Washington politicians "talk the talk" of rooting out waste, fraud, and corruption, but who and how many
- [U.S. Chamber of Commerce Hits FINRA Hard  ](https://www.senseoncents.com/2011/07/u-s-chamber-of-commerce-hits-finra-hard/) - Would your blood start to boil if you felt a hand in your back pocket going for your wallet? Damn right it would. Then your blood should also boil when the topic of financial regulatory reform comes up. Why? For the very simple reason that the quality of our financial regulations has an enormous impact
- [Jim Cramer: "The SEC Isn't Watching the Store"   ](https://www.senseoncents.com/2011/07/jim-cramer-the-sec-isnt-watching-the-store/) - I will readily admit I am not a big fan of CNBC's Jim Cramer. Perhaps it is more Jim Cramer's style than his substance but for whatever reasons, I very rarely watch his show or follow his work. I will also readily admit I am a HUGE fan of Themis Trading's Joe Saluzzi. Based upon
- [Egan-Jones Officially Cuts U.S. Credit Rating  ](https://www.senseoncents.com/2011/07/egan-jones-officially-cuts-u-s-credit-rating/) - Cutting a credit rating is significantly different that placing it on 'watch' or 'under review'. Most readers are likely fully aware that Standard and Poor's and Moody's have sent out serious warning signals about the potential downgrade of the United States AAA credit rating. That said, another SEC officially recognized ratings entity has gone one
- [Car Title Loans: "There to Rip You Off" ](https://www.senseoncents.com/2011/07/car-title-loans-there-to-rip-you-off/) - What is your mental image of a business which earns a 300% annualized rate of interest? Did somebody say, "shady characters hanging out on a street corner with a large wad of bills"? Who said, "guys driving around in cars with dark tinted windows"? How about, "typical loan sharks"? Perhaps all of the above? Is
- [Reinhart, Rogoff, and Bhide Warn America and World   ](https://www.senseoncents.com/2011/07/reinhart-rogoff-and-bhide-warn-america-and-world/) - I love reading the work of intelligent economic 'giants' who both get it and eloquently share it. On a daily basis we suffer from the charlatans roaming the halls of Capitol Hill to those occupying the offices of global media moguls. Some of the individuals in Washington (hello Barack!!) may believe the public does not
- [Which Bank Is Leveraged 104:1? ](https://www.senseoncents.com/2011/07/which-bank-is-leveraged-1041/) - The road to hell is paved with positive carry. Those in financial circles likely know that the above quote is a colloquialism used to highlight that excessive leverage can generate cash flow, that is the positive carry, but that ultimately unless properly and prudently unwound the leverage itself can lead to financial armageddon. We have
- ['Murdoch's Watergate?': "The Most Important Story in the World in the Last 25 Years" ](https://www.senseoncents.com/2011/07/murdochs-watergate-the-most-important-story-in-the-world-in-the-last-25-years/) - Although I write primarily on issues directly relating to finance and the economy with a particular focus on investor education and investor protection, when "the most important story in the world in the last 25 years" comes along, as Carl Bernstein has asserted, I am compelled to address it. I have been busy since January
- [Q/A with House Leader Eric Cantor (R-VA)](https://www.senseoncents.com/2011/07/qa-with-house-leader-eric-cantor-r-va/) - The deficit reduction talks ongoing in Washington have profound implications for our markets, our economy, and truly the global financial landscape. While President Obama and House Speaker John Boehner garner the bulk of the media attention, do not discount that House Majority Leader Eric Cantor (R-VA) has a very big dog in this fight. Regardless
- [Tim Geithner: "It's Going To Feel Very Hard..."](https://www.senseoncents.com/2011/07/tim-geithner-its-going-to-feel-very-hard/) - For those who missed Meet the Press yesterday, please allow me to share a portion of the interview NBC's David Gregory had with Treasury Secretary Tim Geithner. Please allow me to interject my 'sense on cents' analysis as well. SEC'Y GEITHNER: We still have millions and millions of Americans out of work, and the most
- [Sheila Bair: "They Should Have Let Bear Stearns Fail" ](https://www.senseoncents.com/2011/07/sheila-bair-they-should-have-let-bear-stearns-fail/) - How would the last three years have played out if Bear Stearns had been allowed to fail? While we can speculate at length about that topic, we will obviously never know. Who believes the Bear was nothing more than a second tier investment bank and should have been allowed to fail? The recently departed head
- [Canada Generates Surprisingly Strong Job Growth](https://www.senseoncents.com/2011/07/canada-generates-surprisingly-strong-job-growth/) - On a day when the United States licks its economic wounds and the Obama administration struggles to spin the anemic jobs report, we do not need to look far for positive employment news. Where should we look? Northward, as our friends in Canada are thriving compared to the struggles we are experiencing. Let's navigate and
- [Unemployment Report July 8...U-G-L-Y!!!](https://www.senseoncents.com/2011/07/unemployment-report-july-8-u-g-l-y/) - Our 'walking pneumonia' economy is not making any real progress in terms of an improving labor market in the United States. Consensus estimates for the July employment report (measuring June economic activity) had an increase of 105k jobs with many economists recently revising their estimates higher to 125k. Their 'guesstimates' were not close as the
- [Reason to Be Concerned About the Market](https://www.senseoncents.com/2011/07/reason-to-be-concerned-about-the-market/) - It is a well known fact that an increasing percentage of daily trading volume in the equity markets is driven by high frequency traders. Whether you think that is a good or bad development is currently irrelevant. It is a reality. That reality has clearly changed the nature of investing and assessing the markets. How
- [Joe Sciddurlo Drops Bombshells on FINRA](https://www.senseoncents.com/2011/07/joe-sciddurlo-drops-bombshells-on-finra/) - We do not often get an insider's perspective into the world of Wall Street regulation. That reality should not be a surprise. Wall Street and those charged with regulating it typically play their cards very close to the vest. Getting a peek 'over the shoulder' at the cards held by the banks, the SEC, FINRA,
- [God Bless America!!](https://www.senseoncents.com/2011/07/god-bless-america-2/) - I hope that you are able to enjoy the holiday weekend celebrating our nation's birth with family and friends. While many may not be able to celebrate with their loved ones, let us especially remember those who are serving our nation at this very moment. As many across our land send off fireworks in celebration,
- [Jordan Page Sings to America "It's Time to Stand Up"](https://www.senseoncents.com/2011/07/jordan-page-sings-to-america-its-time-to-stand-up/) - What happened to America? How is it that we lost our way? Has the silent majority remained silent for too long? I believe it has. "It's time to stand up" and speak out for the virtues upon which our great land was founded. Regrettably these virtues of truth, transparency, and integrity --and many more--have been
- [Can Congress Read? Does It Open Mail Re: FINRA?  ](https://www.senseoncents.com/2011/06/can-congress-read-does-it-open-its-mail-regarding-finra/) - Do those in Congress know how to read? Do they open their mail? News is leaking that Congress may be inclined to have Wall Street's self-regulator, FINRA, gain oversight of the investment advisory industry. That industry is currently regulated by the SEC and operates under a fiduciary standard. The industry is fighting tooth and nail
- [Follow POGO and 'Provoke Accountability'](https://www.senseoncents.com/2011/07/follow-pogo-and-provoke-accountability/) - The Project on Government Oversight has, in my opinion, proven itself as the finest "nonpartisan independent watchdog that champions good government reforms" in our nation. POGO's work is superb. I check their site daily. America needs a lot more of what POGO does. What do they really do? POGO digs deeper and works harder on
- [ARS Update: Raymond James and Morgan Keegan ARS Investors' 'Nightmare Over'](https://www.senseoncents.com/2011/06/ars-update-raymond-james-and-morgan-keegan-ars-investors-nightmare-over/) - I strongly believe that the marketing and distribution of auction-rate securities was the single greatest scam perpetrated on investors by Wall Street. While a full forty months have passed since the ARS market failed that fateful day in February 2008, approximately $100 billion of the original $330 billion ARS remain frozen. Many thousands of investors
- [$8.5 Billion Settlement but No Fraud, Right? They Must Think We're Stupid.  ](https://www.senseoncents.com/2011/06/8-5-billion-settlement-but-no-fraud-right-they-must-think-were-stupid/) - They must think we're stupid. News that Bank of America is poised to pay an $8.5 billion settlement in a claim by investors that the firm and a predecessor sold packages of loans/securities which did not meet standards and provide proper disclosures is a joke. Regrettably the joke is on us, that is, the citizens
- [Bill Cohan: Wall Street's "Sins of Omission Were Criminal in Nature" ](https://www.senseoncents.com/2011/06/bill-cohan-wall-streets-sins-of-omission-were-criminal-in-nature/) - While America clearly needs real change in terms of how our financial and political systems operate and interact, regrettably we continue to suffer from the fact that, "the more things change, the more they truly stay the same." We hear plenty from Tim Geithner, Mary Schapiro, and Jamie Dimon. We really need to hear more
- [Sheila Bair's American Review and Recommendations   ](https://www.senseoncents.com/2011/06/sheila-bairs-american-review-and-recommendations/) - Few people in our nation today have the perspective, the credibility, and the courage to expose the deep, systemic shortcomings within our national psyche and practices. Sheila Bair possesses all of these traits. Our soon to depart chair of the FDIC provided a 'sense on cents' classic last Friday in her farewell remarks at the
- [What's Wrong in America? Laurence Meyer 'Nails It'](https://www.senseoncents.com/2011/06/what-is-wrong-with-america-laurence-meyer-nails-it/) - It is not often that I witness an individual pierce through the smoke and mirrors that disguise our nation's central problems and state succinctly what Sense on Cents believes so strongly. I had the benefit of capturing the wisdom of just one such individual this morning. I welcome sharing the wise perspective of one Laurence
- [Where Is the Shame and Outrage? ](https://www.senseoncents.com/2011/06/where-is-the-shame-and-outrage/) - SHAME AND OUTRAGE Have we as a nation become so numbed by the level of transgressions and incompetence within our financial and political circles that we allow situations deserving of real shame and outrage to pass by with little exposure and highlight? Perhaps when there are so many situations over a protracted period, the shame
- [UPDATE: Allen Stanford and Whitey Bulger: Two Peas in a Pod?  ](https://www.senseoncents.com/2011/06/update-allen-stanford-and-whitey-bulger-two-peas-in-a-pod/) - UPDATE: I referenced the potential similarity in the cases of alleged financial scammer Allen Stanford and noted Boston gangster James J. "Whitey" Bulger in May 2009. Our nation and especially Stanford Financial investors continue to wait to learn what may have really happened with Allen Stanford. Was he a pawn for the Department of Justice
- [What Was Behind The Strategic Oil Reserve Release?  ](https://www.senseoncents.com/2011/06/what-was-behind-the-strategic-oil-reserve-release/) - Lisa Benson captures the opinion of many as to just why the Obama administration moved to release strategic oil reserves. Larry Doyle Isn’t it time to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook? Please get your friends and colleagues to do the same. Thanks!! I have no affiliation or business interest
- [Where and When Did Wall Street Go Wrong? ](https://www.senseoncents.com/2011/06/where-and-when-did-wall-street-go-wrong/) - 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
- [Are Student Loans an Impending Bubble? Is Higher Education a Scam?: Part II ](https://www.senseoncents.com/2011/06/are-student-loans-an-impending-bubble-is-higher-education-a-scam-part-ii/) - Few commentaries here at Sense on Cents have received as much attention as that which I wrote a few months ago highlighting issues within the student loan market and questioning the value and integrity of higher education. That commentary, Are Student Loans an Impending Bubble? Is Higher Education a Scam? hit a nerve on many
- [Amar Bhide Questions Wall Street's Criminal Enterprise ](https://www.senseoncents.com/2011/06/amar-bhide-questions-wall-streets-criminal-enterprise/) - Are proposed banking regulations and capital standards too stringent as JP Morgan's CEO Jamie Dimon would have us believe? Are they not strict enough and has Washington properly addressed the critical issues within these topics for the future health and well being of our overall economy? Why is it that the American populace is forced
- [Why Might The Fed's Party Be Over? ](https://www.senseoncents.com/2011/06/why-might-the-feds-party-be-over/) - Over the last few years I have highlighted the fact that the deflationary impact of declining wages and home values gave cover to the Federal Reserve for maintaining an excessively easy monetary policy and pumping up asset prices via quantitative easing. That party would now seem to be over. Why? There is no doubt that
- [Happy Father's Day!!](https://www.senseoncents.com/2011/06/happy-fathers-day/) - In light of the fact that today is Father's Day, I want to send out a tribute to all fathers and the people in my life who have made this day and all my days so special. I know of no greater honor than being a Dad. How to properly express the euphoria of bringing
- [Bloomberg's Jonathan Weil Believes BofA and Citi Need More Capital ](https://www.senseoncents.com/2011/06/bloombergs-jonathan-weil-believes-bofa-and-citi-need-more-capital/) - Earlier this week, I inquired of BofA Shareholders, 'How Long Can You Tread Water?' and asked whether BofA may need more capital. BofA's CEO Brian Moynihan maintains that the institution does not. He stated as much earlier this month in a commentary in the Charlotte Observer, Bank of America Corp. chief executive Brian Moynihan insisted
- [SEC and FINRA "Accountability Is Impossible Without Transparency"](https://www.senseoncents.com/2011/06/sec-and-finra-accountability-is-impossible-without-transparency/) - "Good corporate governance is a system in which those who manage a company -- that is, officers and directors -- are effectively held accountable for their decisions and performance. But accountability is impossible without transparency." Truer words were never spoken. The above statement very succinctly highlights a cornerstone principle of Sense on Cents. Whomever issued
- [Supreme Court Ruling on Janus Funds "Smells" ](https://www.senseoncents.com/2011/06/supreme-court-ruling-on-janus-funds-smells/) - I firmly believe and have often written that "when private capital is not protected by regulators, legislators, the courts, and the executive branch, then that capital will be more expensive to source in the future. More expensive and subsequently less available capital will inhibit an economic recovery." What part of that basic premise do those
- [Let's Go Bruins!!! Boston Bruins, Stanley Cup Champions!!](https://www.senseoncents.com/2011/06/lets-go-bruins/) - 11:10pm EST....BRUINS WIN...BRUINS WIN...BRUINS WIN... BOSTON BRUINS ARE STANLEY CUP CHAMPS !!!..... BOSTON: CITY OF CHAMPIONS!! I contemplated writing this morning about a recent Supreme Court ruling which seriously derails the perceived notion that mutual funds are fully vested in protecting investors. I strongly believe that ruling is not only a real setback for investors,
- [Bill O' Reilly, Please Meet John Maynard Keynes](https://www.senseoncents.com/2011/06/bill-o-reilly-please-meet-john-maynard-keynes/) - I panned the liberal wing of our media the other day for wasting its time, effort, and money on pillaging through Sarah Palin's e-mail. Today I am happy to call out the other wing of our media for being truly pathetic. I would have hardly believed what I learned if somebody merely told me but
- [Adams, Obama, and Asness on The Rule of Law   ](https://www.senseoncents.com/2011/06/adams-obama-and-asness-on-the-rule-of-law/) - "We are a nation of laws and not of men." The above quote is widely credited to the second President of our great land, John Adams. The life story of Adams is captured in a best selling book, "John Adams" written by David McCullough. The book garnered rave reviews and has served as a written
- [I've Got a Bridge To Sell You ](https://www.senseoncents.com/2011/06/ive-got-a-bridge-to-sell-you/) - Have you ever been in a situation in which you needed to quickly identify a vehicle? I recall getting hit from behind by a speeding vehicle in Bridgeport as we exited from a minor league baseball game. I focused so quickly on the license plate of the car as it screamed through a red light
- [BofA Shareholders, 'How Long Can You Tread Water?'](https://www.senseoncents.com/2011/06/bofa-shareholders-how-long-can-you-tread-water/) - What did the Lord say to Noah? The same thing that Bank of America CEO Brian Moynihan might now be saying to his shareholders. That is, 'how long can you tread water?' Bank of America's stock is down approximately 25% on the year and close to 35% over the last twelve months. While it has
- [Instead of Reviewing Sarah Palin's E-Mail, The Media Should Investigate...](https://www.senseoncents.com/2011/06/instead-of-reviewing-sarah-palins-e-mail-the-media-should-investigate/) - I love America. I love when our nation rises to the occasion to help each other during times of national crisis. I love when people who would prefer to remain anonymous perform real acts of heroism. I am truly grateful to be a citizen of this great land and to have the freedom to pursue
- [Joe Grano Takes On Wall Street and Washington](https://www.senseoncents.com/2011/06/joe-grano-takes-on-wall-street-and-washington/) - There are few people in our nation today who are willing to stand up and call out both Wall Street and Washington. There are even fewer who have worked within these bastions of power and will subsequently make the hard calls while providing real 'sense on cents' in the process. Yesterday I observed just such
- [Sheila Bair's Final 'Sense on Cents' ](https://www.senseoncents.com/2011/06/sheila-bairs-final-sense-on-cents/) - In one corner, we have Jamie Dimon who on behalf of his shareholders would seemingly like to maintain as much of the status quo for the powers that remain in the Wall Street oligopoly. In another corner, we have Barack Obama grasping at straws that might breathe some lifeblood into the economy and support his
- [Can't Shake That 'Walking Pneumonia' Economy  ](https://www.senseoncents.com/2011/06/we-just-cant-shake-that-walking-pneumonia-economy/) - Have you ever had walking pneumonia? Not a lot of fun, right? You might be able to operate but your inability to fully inhale is a real drag. I had a bout of walking pneumonia a few years back but was fortunate to get over it in about a month. If only our 'walking pneumonia'
- [A Chance to Expose the Wall Street-Washington Incest ](https://www.senseoncents.com/2011/06/a-chance-to-expose-the-wall-street-washington-inces/) - Truth, transparency, and integrity. The compromising of these virtues may be the cost of doing business in our nation but make no mistake the price we collectively pay is enormous. Whether in Washington or on Wall Street, the ability to compromise our prized virtues has truly been raised to an art form. From derivative transactions
- [New Banking Rules Have Not Hurt Jamie Dimon](https://www.senseoncents.com/2011/06/new-banking-rules-have-not-hurt-jamie-dimon/) - When do you know that somebody is tone deaf? Those with any measure of 'sense on cents' know when an individual is tone deaf. How so? When said individual racks up compensation in the multiple tens of millions of dollars from an industry that was bailed out by taxpayer funds and then complains about changes
- [How Will Your Company Handle Obamacare?  ](https://www.senseoncents.com/2011/06/how-will-your-company-handle-obamacare/) - What issue in our nation generates the strongest personal reaction? 1. Economy 2. Education 3. Deficit 4. Healthcare 5. Employment While my poll is entirely unscientific and my answer is my own opinion, I STRONGLY believe that the topic of healthcare generates the strongest reaction of any issue facing our nation. Why? It's personal nature,
- [The Unknown Costs of Saving the Auto Industry](https://www.senseoncents.com/2011/06/the-unknown-costs-of-saving-the-auto-industry/) - This past Friday's unemployment report was beyond disappointing. With non-farm payrolls increasing by a token 54,000 and the prior month's report indicating a downward revision of 12,000 our 'walking pneumonia' economy continues to languish under the weight of excessive debts and grave uncertainties. What is an administration to do when faced with such a challenge?
- [California's $100,000 Club's Explosive Growth  ](https://www.senseoncents.com/2011/06/californias-100000-clubs-explosive-growth/) - While many clubs in our nation continue to suffer from declining membership rolls, there is one "club" experiencing explosive growth. What makes the entrance into this club so special is the ability of the members to curry favor with those controlling the purse strings. Smell a little funny? Just a little? See the real entrance
- [Housing Double Dip Represents 'Patient' Opportunity](https://www.senseoncents.com/2011/06/housing-double-dip-represents-patient-opportunity/) - While various and sundry soothsayers have been touting the relative merits of our housing market for the last few years, I did not have a constructive comment about housing until just six weeks ago when I wrote, Is It Getting Time To Buy a House?. Housing price data released yesterday confirmed that our nations' housing
- [Larry Fink Calls for 'Bailing Out' European Banks ](https://www.senseoncents.com/2011/05/larry-fink-calls-for-bailing-out-the-european-banks-before-restructuring-greece-et-al/) - Here we go again. Who is going to pay for the massive embedded losses in the European sovereign credits of Greece, Portugal, and elsewhere? Will it be the bondholders, primarily the European banks, or will it be the European citizens and taxpayers? While this European "can was kicked down the road" over the last few
- [I Will Be Reading 'Reckless Endangerment'](https://www.senseoncents.com/2011/05/i-will-be-reading-reckless-endangerment/) - There are only a few books written on our financial crisis that I have felt compelled to read. I thoroughly enjoyed The Big Short by Michael Lewis. I strongly recommend 13 Bankers by Simon Johnson and James Kwak. Ruthless by Phil Trupp explores and exposes the largest scam on Wall Street, that is the auction-rate
- [President Obama, "Are You In?" ](https://www.senseoncents.com/2011/05/president-obama-are-you-in/) - Information is everything. Regular readers of Sense on Cents are well aware of my having written that statement on many an occasion. Those on Wall Street who gain early access to critical information have a decided advantage. Those in Washington who gain the upper hand in controlling the flow of information are also at a
- [Rep. Michael Grimm (R-NY) Inducted Into <em>Sense on Cents</em> Hall of Shame](https://www.senseoncents.com/2011/05/rep-michael-grimm-r-ny-inducted-into-sense-on-cents-hall-of-shame/) - Do you ever wonder how certain individuals in Washington might be so tone deaf as to miss the din and the roar of the American public screaming for increased transparency in our financial markets? Might these individuals be doing the bidding of the financial industry in return for the payoff of political campaign contributions? How
- [Increasing Pressure on DSK and the Euro-Zone](https://www.senseoncents.com/2011/05/increasing-pressure-on-dsk-and-the-euro-zone/) - Despite areas of concern both here at home and around the world, most eyes remain fixated on developments within the Euro-zone at large and specifically on the case of former IMF head Dominique Strauss-Kahn. The temperatures are rising on both the dethroned former international banker extraordinaire and the peripheral countries of the EU. Our market
- [Real Evidence That 'Hope Springs Eternal' ](https://www.senseoncents.com/2011/05/real-evidence-that-hope-springs-eternal/) - The world did not end today. In fact, America begins today anew as a land steeped in greatness. What makes America great? Plenty of things but wouldn't you agree that at our core, the true greatness of America is founded upon our competitive spirit and sense of optimism? I strongly believe that. That said, I
- [Let's Go To the Videotape: "Attorney Claims Wall Street's Cop, FINRA, Invested in Madoff"   ](https://www.senseoncents.com/2011/05/lets-go-to-the-videotape-attorney-claims-wall-streets-cop-finra-invested-in-madoff/) - Did you ever have one of those days where you just feel like watching a movie or perhaps checking out a preview? I feel like today, a Friday in the latter part of May, is one of those days. I am guessing that market activity may be muted so let's go into our "archives" for
- [ECRI Forecasting Global Economic Slowdown](https://www.senseoncents.com/2011/05/ecri-forecasting-global-economic-slowdown/) - What lies ahead on our global economic landscape? Pack lightly because the economic road ahead appears to be increasingly challenging. While government mouthpieces and their media friends are wont to look in the rear view mirror for hints of easier traveling, the wise travelers amongst us always keep our eyes on the road ahead. Who
- [Wall Street's Meaningless 'Mea Culpas'](https://www.senseoncents.com/2011/05/wall-streets-meaningless-mea-culpas/) - "I'm sorry. No, really I am. I did not mean to do it....er, I mean we did not mean to do it. I hope nobody got too badly hurt. Oh, sorry if you did. Really, I mean it and we mean it. I think we were well intentioned but things just got a little out
- [<em>Sense on Cents</em> Calls Out Jamie Dimon, Vikram Pandit, Brian Moynihan, Michael Carpenter, and John Stumpf](https://www.senseoncents.com/2011/05/sense-on-cents-calls-out-jamie-dimon-vikram-pandit-brian-moynihan-michael-carpenter-and-john-stumpf/) - (This commentary is a little lengthy, but not overly so. I strongly encourage you to read and ponder the details embedded here as I firmly believe America's core principles of decency and justice are on the line. Let's stand up for America!!) What would be the outcry in America if a foreign government or corporation
- [Weekend Assaults: Dominique Strauss-Kahn, Greece, and Goldman Sachs](https://www.senseoncents.com/2011/05/weekend-assaults-dominique-strauss-kahn-greece-and-goldman-sachs/) - What a weekend. I would like to comment on two specific situations. 1. Dominique Strauss-Kahn Just when you think the world could not suffer any further 'assaults' from global financial executives on our sense of decency and the virtuous pursuit of truth, transparency, and integrity, enter IMF chief Dominique Strauss-Kahn. While Kahn obviously is innocent
- [Real Liberty and Meaningful Justice for All? ](https://www.senseoncents.com/2011/05/liberty-and-justice-for-all/) - In light of the ongoing and overwhelming evidence of the deeply embedded regulatory capture in a variety of industries (including the Wall Street-Washington incest), is it any surprise why so many in our nation continue to question the differing standards of liberty and justice on both ends of our national spectrum? The powerful unions have
- [Matt Taibbi Presents 'The People vs. Goldman Sachs' ](https://www.senseoncents.com/2011/05/matt-taibbi-presents-the-people-vs-goldman-sachs/) - (This is a long commentary, but if you have any interest whatsoever in Wall Street, our markets, our economy, and our national character it is a MUST READ. Rolling Stone's Matt Taibbi lays out in voluminous detail why I have aggressively questioned the validity of a self-regulatory model for Wall Street and whether under that
- [What Is The Smart Money Thinking and Doing? ](https://www.senseoncents.com/2011/05/what-is-the-smart-money-thinking-and-doing/) - I chuckle as I write the title for this commentary for the very simple reason that it is a line heard so often on the sales and trading desks on Wall Street. We can get a sample of "what the smart money is thinking and doing" from a very recent Bloomberg Poll. Be mindful that
- [Gary Aguirre's Commentary on Rajaratnam Verdict and Wall Street Insider Trading     ](https://www.senseoncents.com/2011/05/gary-aguirres-commentary-on-rajaratnam-verdict-and-wall-street-insider-trading/) - There are few Americans in our nation today who have displayed a greater degree of integrity and character than Gary Aguirre. Gary who? Gary Aguirre is a former SEC attorney who sued and settled with the SEC for wrongful termination. After departing the SEC he continued to pursue the case which brought Art Samberg of
- [<em>CNBC</em> Appearance This Afternoon at 2:40pm >>> UPDATED with Video](https://www.senseoncents.com/2010/11/cnbc-appearance-this-afternoon-at-240pm/) - ***Update: video clip included below If you’ve got some time this afternoon, please check in to CNBC’s Street Signs at 2:40pm as I will be discussing the recent insider trading probe and the implications it has on our markets. Hopefully, I’ll be able to grab a video clip of the segment to post later today or tomorrow. Larry
- [Raj Rajaratnam: GUILTY ON ALL COUNTS!!](https://www.senseoncents.com/2011/05/raj-rajaratnam-guilty-on-all-counts/) - In the case of Raj Rajaratnam, he was just found guilty on all 14 counts. I am sure he will appeal this verdict. That said, under the sentencing guidelines he faces up to 20 years in the sin bin. Let's revisit the story I highlighted on Rajaratnam back in the fall of 2009 when he
- [Auction Rate Securities Update: Raymond James Claims 'Meritorious Defenses' ](https://www.senseoncents.com/2011/05/auction-rate-securities-update-raymond-james-claims-meritorious-defenses/) - Three plus years and counting and with little indication that a full blown settlement of the auction-rate securities nightmare is close to happening, the crowd at Raymond James asserts it has 'meritorious defenses' against making its clients whole. Really? How interesting. Does Raymond James hold a trump card that nobody else is even aware is
- ["Fix Pensions and We Won't Have to Fire Teachers"](https://www.senseoncents.com/2011/05/fix-pensions-and-we-wont-have-to-fire-teachers/) - You do not need to read Sense on Cents to know that many of the states in our union are drowning amidst a sea of future pension obligations. While state treasurers and legislators are all too often inclined to play financial games and utilize smoke and mirrors to disguise the burden of these pension obligations,
- [Jammin' with Recession Sessions ](https://www.senseoncents.com/2011/05/jammin-with-recession-sessions/) - For a little weekend Sense on Cents entertainment, I am happy to promote the youthful musical exuberance of Recession Sessions. This group of young artists utilizes their musical talents to comment on the issues which we address everyday while navigating the economic landscape. Who are Recession Sessions? Recession Sessions was born in 2008 out of
- [May 6th Unemployment Report Review: Mixed Bag but Misses The Bigger Picture](https://www.senseoncents.com/2011/05/may-6th-unemployment-report-review-mixed-bag-but-misses-the-bigger-picture/) - The highly anticipated May Unemployment Report was released this morning. How did it look and what does it mean for our 'walking pneumonia' economy? We have some good news and we have some bad news; more importantly than the monthly snapshot, though, let's step back and take a wide angle view of our overall employment
- [Rick Davis' MUST READ American Consumer Review  ](https://www.senseoncents.com/2011/05/rick-davis-must-read-american-consumer-review/) - After having highlighted Rick Davis' work at Consumer Metrics Institute in my morning commentary, I reached out to him and received the following MUST READ fabulous response. If you care to truly learn what is going on with the American consumer as we collectively navigate the economic landscape, sit down, take notes, save this review,
- [Consumers Shift to Online Shopping: What Does It Mean? How Do We Measure It?  ](https://www.senseoncents.com/2011/05/consumer-shifts-to-online-shopping-what-does-it-mean-how-do-we-measure-it/) - With gasoline prices running upwards of $4.00-4.50/gallon, we should not be surprised that consumers are changing behaviors. How so? Let's go online. In fact that is exactly what more and more consumers are doing as the Financial Times highlights, High Petrol Prices Fuel Jump in Online Shopping, Online shopping grew by its fastest rate in
- [UPDATE: Did Wall Street Violate the Racketeering Act? ](https://www.senseoncents.com/2011/05/did-wall-street-violate-the-racketeering-act/) - A month ago I questioned whether there was sufficient evidence of abusive and fraudulent practices in the mortgage business on Wall Street (underwriting, servicing, securitizations, etc) to make a case that the industry as a whole violated the Racketeering Act? I would not expect that our 'leaders' in Washington would ever think about making that
- [David Rosenberg's Sense on Cents  ](https://www.senseoncents.com/2011/05/david-rosenbergs-sense-on-cents/) - David Rosenberg is a Sense on Cents All-Star. While many do not agree with Rosenberg's overall assessments of the economy and the markets, I have untold appreciation and respect for his thoughtful and astute analysis. He recently spoke at an investment conference. Robert Huebscher of Advisor Perspectives captured Rosenberg's thoughts in his piece, My Breakfast
- [Brother, Can You Spare a Dime?  ](https://www.senseoncents.com/2011/05/brother-can-you-spare-a-dime/) - As we inch our way along the economic landscape we witness more comparisons to the economic malaise of The Great Depression. I take no pleasure in writing on these topics and of these comparisons but they are a simple and regrettably a largely unspoken reality. You do not need to read Sense on Cents to
- [To the Families of 9-11, This is Your Day and Your Justice!!](https://www.senseoncents.com/2011/05/to-the-families-of-9-11-this-is-your-day-and-your-justice/) - For those who cherish the virtues of life, liberty, and the pursuit of happiness, today is a grand day. For those directly impacted by the terrorist attacks of 9-11-01, your day has come. Justice has been done. While the pain from the loss of your loved ones can never be eliminated, I hope the news
- [Pray for Alabama ](https://www.senseoncents.com/2011/04/pray-for-alabama/) - As we go about our lives this weekend, let us pause and remember the hundreds of thousands of our fellow citizens whose lives have been severely disrupted by the horrific tornadoes that ran through the southeast on Wednesday night. Let us pray for all those who have lost loved ones. Let us pray for all
- [Did Wall Street Violate the Racketeering Act...AGAIN??!!](https://www.senseoncents.com/2011/04/did-wall-street-violate-the-racketeering-act-again/) - Earlier this month I inquired Did Wall Street Violate the Racketeering Act? in regard to the rampant abuses centered on Wall Street institutions involved in the mortgage foreclosure travesty. That commentary written on April 4th generated the strongest and most vocal reaction to any commentary I have written since the inception of Sense on Cents in
- [Dollar Devaluation, Stagflation, and How "You're Getting Screwed"](https://www.senseoncents.com/2011/04/dollar-devaluation-stagflation-and-how-youre-getting-screwed/) - "Remain calm, all is well!!" Such would seem to be the message put forth this morning by The Wall Street Journal's lead headline, Officials Unfazed by Dollar Slide, In recent days, the nation's top two economic policy makers—Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner—have publicly expressed their desire for a strong dollar.
- [What Does Bernanke Mean by 'Transitory'? ](https://www.senseoncents.com/2011/04/what-does-bernanke-mean-by-transitory/) - I encourage you to read this piece in its entirety. It is not overly long and we have a little fun at the end. Thanks. LD Transitory. I am now regularly hearing the use of this singular term by our chief central banker, economic pundits, media mavens, and assorted other public officials. Transitory? What does
- [Robert Auerbach Unloads on the Federal Reserve ](https://www.senseoncents.com/2011/04/robert-auerbach-unloads-on-the-federal-reserve/) - Tomorrow may be a truly special day in the history of our country's financial hierarchy. The normally secretive institution known as the Federal Reserve led by current chair Ben Bernanke will host a live press conference shortly after the Fed Board of Governors exits from its regularly scheduled meeting addressing our nation's economy and the
- [Are Student Loans an Impending Bubble? Is Higher Education a Scam? ](https://www.senseoncents.com/2011/04/are-student-loans-an-impending-bubble-is-higher-education-a-scam/) - What did we experience in the sub-prime housing debacle? 1. Shoddy underwriting standards for borrowers. 2. A massively flawed system promoted and perpetuated by the Wall Street securitization business. 3. Borrowers overleveraged leading to skyrocketing rates of foreclosures and defaults. 4. A mentality that housing finance could promote a real social benefit and a profitable
- [Obama's Big Problem is 'The Big Picture'](https://www.senseoncents.com/2011/04/obamas-big-problem-is-the-big-picture/) - Things could be so much worse. Really? Try telling that to an individual ravaged by an investment scam, sold out by financial regulators, abused by her bank, and left paying substantially more at the gas pump and checkout line. If these travesties were not bad enough, how do you think this individual may feel about
- [An Irish Easter Blessing](https://www.senseoncents.com/2011/04/an-irish-easter-blessing/) - There will be time to continue navigating the economic landscape but this weekend is a time for family, friends, and faith. In fact, wouldn't it be great if we could always keep our proper focus and perspective when it comes to our family, our friends, and our faith? The world would be a better place
- [<em>Sense on Cents</em> Central Station ](https://www.senseoncents.com/2011/04/sense-on-cents-central-station-6/) - A few years back when I had just launched Sense on Cents, I would host formal weekly exchanges with readers. This forum, entitled Sense on Cents Central Station, allowed readers an opportunity to ask questions, make comments, or shout from the mountaintop (how many currently feel like saying, "I'm pissed and I'm not going to
- [Auction Rate Comments Reflect Real Pain](https://www.senseoncents.com/2011/04/auction-rate-comments-reflect-real-pain/) - Today's commentary is a little lengthy but is very personal. I hope you will take the few extra minutes to read it and share it with friends, family, and colleagues. Thanks. LD Each and every day I think of what I can write that will truly help people further understand the dynamics at work in
- [Auto Scams Alive and Well ](https://www.senseoncents.com/2011/04/auto-scams-alive-and-well/) - In the market for a car? There are few jobs in our country today with a lesser reputation than that of a car salesman. While there are certainly plenty of very reputable individuals within the auto industry, why do car salespeople have such horrendous reputations? Here's why. Visit msnbc.com for breaking news, world news, and
- [Is It Getting Time to Buy a House? ](https://www.senseoncents.com/2011/04/is-it-getting-time-to-buy-a-house/) - Given the recent experience in housing is real estate an asset that should be abandoned? Obviously not but that mentality has grown dramatically within many segments of our nation. Can you blame people for never wanting to venture back into the real estate market? No. It is understandable but it is not the real estate's
- [S&P's Lack of Confidence in Washington  ](https://www.senseoncents.com/2011/04/sps-lack-of-confidence-in-washington/) - Standard & Poor's decision this morning to place the credit rating of the United States on negative watch is long overdue. While the impact of S&P's announcement is immediately reflected by a decline in the equity markets of approximately 1.5%-2.0%, the real target of this release is Washington D.C.. In layman's terms the S&P release
- [Merrill Lynch Lawyer Told Eliot Spitzer: "Be Careful, We Have Powerful Friends"](https://www.senseoncents.com/2011/04/merrill-lynch-lawyer-told-eliot-spitzer-be-careful-we-have-powerful-friends/) - Is the need to repair the health of our financial system SO GREAT, that we should be willing to allow the basic rights of individuals and the laws of our land to be trampled and violated in the process? In my opinion, this very question is central to the rage that burns in so many
- [Calling All Auction-Rate Securities Holders: "A Break for 8 Banks" or Did the Fed Violate Your Property Rights?   ](https://www.senseoncents.com/2011/04/calling-all-auction-rate-securities-holders-a-break-for-8-banks/) - New information would seem to implicate the Federal Reserve for violating the property rights of tens of thousands of investors holding auction-rate securities. Could this be true? Let's navigate. I have been writing about the nightmare known as auction-rate securities since mid-January 2009. I often pause to reflect on ARS holders whom I have 'met'
- ["WAMU Loan Fraud Should Have Been Easily Detected" ](https://www.senseoncents.com/2011/04/internal-reviews-of-wamu-loan-fraud-should-have-been-easily-detected/) - I have long believed and written extensively that I thought our nation experienced extensive fraud in the mortgage origination industry in the first decade of this century. That fraud was then conveyed throughout our markets and economy via the securitization process on Wall Street. Many people, divisions, departments and firms profited along the way while
- [Words Matter but Numbers Matter Even More](https://www.senseoncents.com/2011/04/words-matter-but-numbers-matter-even-more/) - Do words matter? Of course they do. If we can not trust what somebody says and means, how can we engage them in an honest, open, forthright manner? We can't. On this note and with the prospects of aggressive debate on raising the federal debt ceiling on the near term horizon, let's review what a
- [David Galland's Crystal Ball Post QE2](https://www.senseoncents.com/2011/04/david-gallands-crystal-ball-post-qe2/) - What does the future hold? I believe the future of our nation, the world, and markets at large have NEVER been faced with the level of uncertainty as they currently face. Debt ceiling? Housing? Unemployment? Inflation? The health of our banking system? Integrity of our government reports? International civil strife? There is no rest for
- [Skyrocketing Gas Prices ](https://www.senseoncents.com/2011/04/skyrocketing-gas-prices/) - "LD, how are we going to be able to 'navigate' the economic landscape with gas prices headed to $5.00/gallon?" Great question. Our economic navigating may be relegated to a bike. I will make a point of asking Ben Bernanke and Tim Geithner the next time I see them given that their policies to save the
- [Is Capitalism Dead?  ](https://www.senseoncents.com/2011/04/is-capitalism-dead/) - While Uncle Sam in the persons of Ben Bernanke, Tim Geithner et al may promote the fact that our capital markets currently are a reflection of a rebound in capitalism, they would be wrong. Our markets and the Wall Street banks that dominate them no more embody the true tenets of capitalism than the incestuous
- [Fiddling While the United States Burns ](https://www.senseoncents.com/2011/04/fiddling-while-the-united-states-burns/) - Ben Bernanke's grand economic experiment of quantitative easing is nothing more than a policy of implementing negative real interest rates. That policy may provide support to puff the markets but it also promotes a very real transfer of wealth and income. The simple fact is quantitative easing and negative real interest rates as a formal
- [Will Wall Street Mortgage Settlement Talks Halt Homeowner Abuse? ](https://www.senseoncents.com/2011/04/will-wall-street-mortgage-settlement-talks-halt-homeowner-abuse/) - Call me old fashioned but the idea that those engaged in abusive, and very likely fraudulent, business practices are allowed to negotiate a settlement strikes me as un-American. That said, the world of unintended consequences in our Uncle Sam and Wall Street dominated economic system brings us just such an un-American approach in terms of
- [Now We Know Who Blocked the Whistleblower Protection Act](https://www.senseoncents.com/2011/04/now-we-know-who-blocked-the-whistleblower-protection-act/) - Let it be known that with this commentary the Sense on Cents Hall of Shame inducts Senator Jon Kyl (R-AZ), Senator Jeff Sessions (R-AL), and House Speaker John Boehner (R-OH). What have they done to deserve this "honor"? A recent release points the finger squarely at them for assaulting our prized virtues and never ending
- [The Tale of Two Economies](https://www.senseoncents.com/2011/04/the-tale-of-two-economies/) - What does our economic future hold? Great question, right? Is our economy truly rebounding as much as our equity markets may portend or are we riding high predominantly due to government stimulus similar to an economic anabolic steroid? Is our future as bleak as the numerous and sundry doomsayers would proclaim? Does it appear as
- [Unemployment Report Review, April 1, 2011: We Need Yeast](https://www.senseoncents.com/2011/04/unemployment-report-review-april-1-2011-we-need-yeast/) - This morning's Unemployment Report may be presented as another in an ongoing series of gradually improving signs of economic recovery. That said, the report lacks one vitally important ingredient. What is that? Yeast. What? "LD, what the heck are you talking about?" As any trained chef knows, "it's the yeast that makes the dough rise!!"
- [What Was David Sokol Thinking? ](https://www.senseoncents.com/2011/03/what-was-david-sokol-thinking/) - When an executive is in a position of recommending takeovers to perhaps the most legendary business executive on the planet, what is he doing purchasing a sizable position in that stock a week before making that recommendation? Are Americans still supposed to believe the manner in which markets operate and corporate takeovers occur are fully
- [Where Are We Headed in the Middle East? ](https://www.senseoncents.com/2011/03/where-are-we-headed-in-the-middle-east/) - I do not believe during my lifetime that the world has ever been faced with such a wide array of risks and challenges. Stop and ponder the breadth and depth of the risks emanating from Japan, Europe, and the United States. Volumes will be written on how these economic arenas handle the substantial challenges currently
- [An Irish Chink in the Euro's Armor? ](https://www.senseoncents.com/2011/03/an-irish-chink-in-the-euros-armor/) - In the midst of my recent travels around Ireland I was asked the following question by an Irish businessman. "Larry, when investors purchase senior bonds issued by banks, don't they take risk?" I informed this friendly chap that based on how capitalism is supposed to work, that yes, these senior bondholders just like every other
- [Will There Be a QE3? ](https://www.senseoncents.com/2011/03/will-there-be-a-qe3/) - Is there really any doubt that virtually all our markets, especially commodities and with the exception of real estate, have been propped higher as a direct or indirect result of the Federal Reserve's policy of quantitative easing? I have no doubt. The question remains outstanding just how far the Fed, in concert with its banking
- ["The Time for Action is Now"](https://www.senseoncents.com/2011/03/the-time-for-action-is-now/) - Having spent the better part of the last two weeks in Europe, I have gained an even greater perspective for the need to address our massive fiscal deficit here at home. While selected analysts would discount the global impact of the debt strapped peripheral nations of Europe, we do so at our peril. Why so?
- [<em>Sense on Cents</em> Will Return](https://www.senseoncents.com/2011/03/sense-on-cents-will-return/) - I should have informed you that for a variety of reasons Sense on Cents will not have regular commentary again until March 24th. The world remains filled with risks, many of them new and unsettling. From Japan to Bahrain to Libya to Europe and throughout the United States, our global economy has a host of
- [Pray for Japan: Must See Photos   ](https://www.senseoncents.com/2011/03/pray-for-japan-must-see-photos/) - I do not know if there are words to properly describe the level of devastation embodied in these photos from Japan taken earlier today. I know that I do not possess the ability to appropriately describe what the Japanese people must be experiencing. In the spirit of grace and kindness, I send my prayers and
- [Will March 11th Bring "Day of Rage" in Saudi Arabia? ](https://www.senseoncents.com/2011/03/will-march-11th-bring-day-of-rage-in-saudi-arabia/) - Tunisia, Egypt, Libya. What nation is next on the hit parade of social unrest in the Middle East? Could it be the oil exporting nation of Saudi Arabia? What would civil unrest in that nation mean to the price of oil and oil-related products worldwide? How high might the price of gas rise in our
- [What's Really Going on at the SEC? ](https://www.senseoncents.com/2011/03/whats-really-going-on-at-the-sec/) - How do you view the local cops on the beat within your hometown? I recall fondly looking up to the 'men in blue' as a young boy in Boston. The general admiration and respect for our law enforcement back then certainly did not mean that there were not improprieties occurring. We should not be that
- [Housing Barometer Makes New Low](https://www.senseoncents.com/2011/03/housing-barometer-makes-new-low/) - How do we measure what is really going on within the housing market? Regularly we see reams of housing data from new home sales, housing starts, building permits, and the Case-Shiller Housing Index. What are we to make of these various indicators? Is there a common denominator that can be derived and utilized to measure
- [March Unemployment Report: Where's the Dough? ](https://www.senseoncents.com/2011/03/march-unemployment-report-wheres-the-dough/) - The Unemployment report released this past Friday would seem to have some good news for everybody: 1. The unemployment rate ticked lower to 8.9% and economists project it to head even lower. 2. Non-farm payrolls increased by 192k jobs with the private sector adding over 220k jobs while state and local employment lost approximately 30k
- [Amerivet Wins Round in <em>Amerivet v. FINRA</em>](https://www.senseoncents.com/2011/03/amerivet-wins-round-in-amerivet-v-finra/) - Did the Wall Street regulator FINRA have funds from its own internal investment portfolio invested directly or indirectly in Bernie Madoff's Ponzi scheme? Did FINRA effectively front run the auction-rate securities market in 2007 when it liquidated a position of approximately $647 million ARS from that same internal portfolio? Do you think investors and all
- [My Thoughts on Wisconsin](https://www.senseoncents.com/2011/03/my-thoughts-on-wisconsin/) - What is really going on in Wisconsin? Are Wisconsin Governor Scott Walker and his Republican colleagues trying to 'break the unions'? Are the 'Wisconsin 14' senatorial contingent true patriots standing up for the rights of the working man? Given the level of heated protest on the streets of Madison and on the airwaves throughout the
- [Bill Gross: Who Will Ultimately Finance Uncle Sam and at What Rate? ](https://www.senseoncents.com/2011/03/bill-gross-who-will-ultimately-finance-uncle-sam-and-at-what-rate/) - If Ben Bernanke had never stepped into the markets via the Fed's quantitative easing program, where would our level of interest rates currently be? What about equities, commodities, and our greenback? I think the following are easy assumptions to make: 1. Interest rates would be higher. 2. Credit spreads would be wider. 3. Equity markets
- [Thomas Sowell: Freedom and Democracy Can Not Be Taken for Granted ](https://www.senseoncents.com/2011/03/thomas-sowell-freedom-and-democracy-can-not-be-taken-for-granted/) - America needs more men like Thomas Sowell. A regular reader of Sense on Cents brought Thomas Sowell to my attention a few months back. Sowell was born in North Carolina and moved to Harlem at the age of nine. His personal story is beyond inspirational. I recommend it to anybody looking for evidence of how
- [Oscar Winner Charles Ferguson Rips Wall Street and Washington](https://www.senseoncents.com/2011/02/oscar-winner-charles-ferguson-rips-wall-street-and-washington/) - "Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that's wrong." With those words last evening, Charles Ferguson, the winner of the Academy Award for Best Documentary for his film Inside Job, did a
- [Guest Post: Corporate Profits Soaring Thanks to Record Unemployment](https://www.senseoncents.com/2011/02/guest-post-corporate-profits-soaring-thanks-to-record-unemployment/) - I encourage anybody and everybody who reads Sense on Cents to submit guest commentary for potential publication. Detailed and informative opinion is always constructive to engender necessary ongoing debate. Corporate profits have seemingly rebounded strongly. Unemployment levels remain elevated. Are the profits soaring because of the unemployment or in spite of them? What gives? Mark
- [America Needs to Listen to Thomas Hoenig ](https://www.senseoncents.com/2011/02/america-needs-to-listen-to-thomas-hoenig/) - I am not sure if anybody got the license plate of the truck that ran over me and then backed over me this past Wednesday. In any event, in between my various rounds of medication for the flu during the last few days, I watched a man whom I have referenced previously but to whom
- [Just Because You're Paranoid...](https://www.senseoncents.com/2011/02/just-because-youre-paranoid/) - Real life is better than the movies. I can not imagine how some people sleep at night wondering if their phones are tapped at work or at home. That said, as we all know, "just because you're paranoid, does not mean that they are not out to get you." To what do I refer? The
- [From Madison, Wisconsin to the Shores of Tripoli](https://www.senseoncents.com/2011/02/from-madison-wisconsin-to-the-shores-of-tripoli/) - What do I see as recurring themes on our global economic landscape? Unrecognized financial losses lead to overreaching economic programs. Those programs influence political change, but also ultimately varying degrees of social and civil unrest. Over the course of the last year, we have witnessed differing iterations of this scenario play out in Greece, England, Ireland,
- [America Needs to Stop The Lies and The Liars    ](https://www.senseoncents.com/2011/02/america-need-to-stop-the-lies-and-the-liars/) - Real long term success and greatness are founded upon the principles that people do not lie, cheat, or steal. Our nation is neither succeeding nor is great at this point in time because we have allowed these vices to grow and spread throughout our society. Shame on us. Our nation does have the potential to
- [Rick Davis Addresses "The Broken Window Fallacy" ](https://www.senseoncents.com/2011/02/rick-davis-addresses-the-broken-window-fallacy/) - I recently commented to Rick Davis of Consumer Metrics Institute that I love his site because each and every time I visit, I learn something. How good is that? Outstanding and further reason why Rick continues to elevate himself within the Sense on Cents Hall of Fame. Do yourself a favor and throw Consumer Metrics
- [Matt Taibbi Exposes Wall Street's Regulatory Capture <em>Strongly Recommended</em>](https://www.senseoncents.com/2011/02/matt-taibbi-exposes-wall-streets-regulatory-capture-strongly-recommended/) - Regular readers may be accustomed to my designating the relationship between our financial industry and the political crowd as the "Wall Street-Washington incest." The technical term for this relationship is regulatory capture, as defined by our investing primer: ...the process by which regulatory agencies eventually come to be dominated by the very industries they were
- [Bernie Madoff Targets Banks and Hedge Funds: "They Had to Know"](https://www.senseoncents.com/2011/02/bernie-madoff-targets-banks-and-hedge-funds-they-had-to-know/) - Bernie Madoff deserves zero sympathy and less attention. On the other hand, those seriously impacted by his crimes deserve not only sympathy but also recompense. Irving Picard, the trustee pursuing that recompense on behalf of Madoff investors, is making some high profile claims and has generated substantial results. That said, selected Madoff investors have informed
- [Connecting the Dots: Our Dollar Continues Multi-Year Decline as Both Political Parties Are "On the Take"](https://www.senseoncents.com/2011/02/connecting-the-dots-our-dollar-continues-multi-year-decline-as-both-political-parties-are-on-the-take/) - In the course of my regular early morning reading (thank you to the regular readers who feed me these resources), I came across some fabulous work. 1. The Dallas Federal Reserve puts forth an enlightening piece entitled Global Economic Conditions. The 43 page treatise covers a wealth of information but my attention was grabbed primarily
- [February 14, 2008-2011: Auction Rate Securities Nightmare Continues](https://www.senseoncents.com/2011/02/february-14-2008-2011-auction-rate-securities-nightmare-continues/) - "Take it, Phil. It's free money." With that statement the saga of noted author Phil Trupp into the world of auction-rate securities commenced. Phil's nightmare experience with auction-rate securities mimicked that of so many other tens of thousands. Three years to the day after the ARS market totally collapsed, that nightmare in which investors remain
- [Did JP Morgan Aid and Abet Bernie Madoff? Time for Jamie Dimon 'To Put Up or Shut Up'](https://www.senseoncents.com/2011/02/did-jp-morgan-aid-and-abet-bernie-madoff-time-for-jamie-dimon-to-put-up-or-shut-up/) - Just the facts. A week ago at The World Economic Forum in Davos, Switzerland, Jamie Dimon, chief of JP Morgan, railed on the widespread vilification of bankers by the general public. The Wall Street Journal highlighted Dimon's comment in writing, A Banker's Plaintive Wail: "A plaintive cry from one of the world’s top bankers on behalf of
- [Lieutenant Colonel Elton Johnson on Way to Afghanistan Calls Out Finra...AGAIN!! ](https://www.senseoncents.com/2011/02/colonel-elton-johnson-on-way-to-afghanistan-calls-out-finra-again/) - I first wrote about Wall Street's self-regulatory organization, FINRA (the Financial Industry Regulatory Authority) in January 2009. At that point and ever since I have believed strongly that for a revitalization of the health and confidence of our capital markets, our economy, and ultimately our nation itself that FINRA needed to become a MUCH more
- ["There's No Sense of Urgency" in Washington ](https://www.senseoncents.com/2011/02/theres-no-sense-of-urgency-in-washington/) - For those critical of Ben Bernanke and his massive bubble inducing, asset inflating quantitative easing program, Ben and his Federal Reserve friends have something to say to you. What wisdom do these banking behemoths have to share? Are you sitting down? In so many words, Bernanke and company offered that 'if you think we're bad,
- [ARS 'Penalty Does Not Fit the Crime' or Why I Am Becoming a Libertarian ](https://www.senseoncents.com/2011/02/ars-penalty-does-not-fit-the-crime-or-why-i-am-becoming-a-libertarian/) - Why is it that so many people in our nation do not trust our government, our media, and our banking system? In my opinion, America continues to look and search for people and programs that truly represent their interests. In the course of a conversation yesterday with a former colleague, he spoke cogently as to
- [Obama's Conundrum](https://www.senseoncents.com/2011/02/obamas-conundrum/) - Cut the deficit? Promote jobs? Stimulate the economy? Get re-elected? What's a President to do? In the short term, is there any doubt that Barack is fully supportive of Ben Bernanke's ongoing backdoor bailouts and bubbling up of the market via his quantitative easing programs? Ben made no bones about his utilizing asset inflation as a means
- [Questions Left Unanswered](https://www.senseoncents.com/2011/02/questions-left-unanswered/) - Some random thoughts and questions in the midst of trying to determine what is really going on in the markets, the economy, and the world: 1. Just how healthy are our major money center banks? How many toxic mortgage related assets remain on their books? Where are those assets marked? With the housing market continuing
- [Old Man Winter](https://www.senseoncents.com/2011/02/old-man-winter/) - Old Man Winter is putting a major hurting on many parts of our nation. Let's take a photographic stroll thanks to some fabulous, bone-chilling snapshots provided by the Denver Post. New Hampshire Chicago A satellite view of the United States Vermont....why did the owner leave this pooch in the cold? Waterbury, ConnecticutWisconsin This collection
- [Is Egypt the Threshold of a New World? ](https://www.senseoncents.com/2011/02/is-egypt-the-threshold-of-a-new-world/) - Is the ongoing political firestorm in Egypt an individual event or part of a larger movement? Can the Egyptian turmoil be contained or might it spread to other nations in the Middle East? Are we witnessing the civil unrest of a disenfranchised populace or something truly much larger than that? Certainly, peace loving people hope
- [Who is More Effective, Wikileaks or SEC? ](https://www.senseoncents.com/2011/01/who-is-more-effective-wikileaks-or-sec/) - If you were a senior accountant at a firm and suspected senior officials of perpetrating a fraud, would you run the risk of professional suicide and bring the information to the SEC or maintain cover and contact Wikileaks? What do you think? Do the right thing and hope you are protected or put your trust
- [The Ripple Effect of Unintended Consequences or How Ben Bernanke Plays in Cairo ](https://www.senseoncents.com/2011/01/the-ripple-effect-of-unintended-consequences-or-how-ben-bernanke-plays-in-cairo/) - I believe we remain in the relative early stages of significant structural and fundamental changes in our global economy. As political leaders - both domestically and globally - work to address a variety of issues, I see the following two themes continuing to play out: 1. In an attempt to support our economy, Washington has
- [FCIC Report: Wall Street and Washington Failed America](https://www.senseoncents.com/2011/01/fcic-report-wall-street-and-washington-failed-america/) - A multiple trillion dollar loss emanates from Wall Street and no crimes are committed? Will any form of real justice ever be served? Will those who facilitated and enabled this crisis to unfold ever be singled out? Are there individuals on both Wall Street and in Washington who just exhaled thinking, "We got away with
- [Will the Financial Crisis Inquiry Commission 'Name Names'? ](https://www.senseoncents.com/2011/01/will-the-financial-crisis-inquiry-commission-name-names/) - Tomorrow the Financial Crisis Inquiry Commission will release its widely anticipated report investigating the causes of our financial crisis. While many on Wall Street would like to promote the fact that the financial crisis was nothing more than 'the perfect storm,' we know that is not the case. The New York Times has received a
- [How Much Do We Trust Our Banks, Media, and Government? NOT MUCH! ](https://www.senseoncents.com/2011/01/how-much-do-we-trust-our-banks-media-and-government-not-much/) - If you do not trust an individual, a company, an industry, or any entity, how can you really do business with them? At the very least, how or why would you want to engage them? The simple fact is without trust, nobody really wants to engage. Why are banks, the media, and our government finding it so
- [POGO: "Reports the SEC Doesn't Want You to See"](https://www.senseoncents.com/2011/01/pogo-reports-the-sec-doesnt-want-you-to-see/) - The Project on Government Oversight has become the financial regulatory eyes and ears for our nation. While one would think Congress might care to thoroughly investigate government agencies and hold them to account, our recent history has shown us that the Congressional oversight is severely lacking. Enter POGO. What has POGO provided us now? By utilizing the

## Pages

- [About](https://www.senseoncents.com/about/) - Larry Doyle has worked on and around Wall Street since the early 1980s. He has held senior trading, sales, and managerial roles at First Boston, Bear Stearns, UBS, Bank of America, and JP Morgan. He was president of Greenwich Investment Management which led to his launching DM Income Advisors, an investment advisory practice focused on generating
- [Must Reads and Listen!!](https://www.senseoncents.com/career-planning/must-reads/) - For those utilizing the material presented here, I strongly encourage you to incorporate the guidelines and principles highlighted in the Workshop with the examples and disciplines outlined here in Must Reads. While the Workshop material is the practical framework for this undertaking, the Must Reads personalize the process. I hope and believe that by combining
- [Television/Radio ](https://www.senseoncents.com/television/) - My pursuit of truth, transparency, and integrity while navigating our economic landscape is evidenced primarily via my regular writing here at Sense on Cents. In addition to my library of written work, however, I also have an extensive body of work and fabulous material archived in 65 hour long internet radio interviews with a wide
- [In Bed With Wall Street](https://www.senseoncents.com/in-bed-with-wall-street/) - REVIEWS: --The new book by Larry Doyle could be called a "must read". This reviewer would go even farther and say it should be required reading for every single American. --If you think Flash Boys was explosive, In Bed with Wall Street is downright nuclear." Order your copy today at: Amazon Barnes
- [BlogTalkRadio](https://www.senseoncents.com/no-quarter-radio/) - No Quarter Radio (NQR), an audio extension of No QuarterUSA blog, provides vibrant internet audio programming via BlogTalkRadio.com. In November 2008, I approached my friends at No Quarter with the idea to host a show about the economy. Although initially under the impression that No Quarter wanted me to prepare a show for just one
- [DM Income Advisors](https://www.senseoncents.com/dm-income-advisors/) - Lawrence W. Doyle and John F. Moynihan are pleased to announce the formation of DM Income Advisors, a Connecticut registered Investment Advisor. DM Income Advisors was launched to help accredited investors generate meaningful levels of income, primarily tax-exempt, in a prudent risk-adjusted fashion. In an environment where risks remain high and interest rates and income
- [What People Are Saying About Sense On Cents](https://www.senseoncents.com/what-people-are-saying-about-sense-on-cents/) - What People Are Saying . . . Larry has been a fearless critic of the incestuous relationship between Washington and Wall Street, and a tireless advocate on behalf of defrauded investors. Sense on Cents is an invaluable resource for anyone who cares about the integrity and transparency of our financial regulatory system. Danielle Brian Executive Director Project
- [Career Planning](https://www.senseoncents.com/career-planning/) - I am very enthused to provide my perspective on the career development process. I’m not so brazen to think there is only one path to long term success. However, over the course of the last 30 years, and having interviewed, mentored, and recruited hundreds of candidates, I have developed insights and perspectives which are
- [Disclaimer](https://www.senseoncents.com/disclaimer/) - Sense on Cents is a personal blog. The views and opinions expressed here represent my own and not those of the people, institutions or organizations that I may or may not be related with unless stated explicitly. Sense on Cents provides a snapshot of the knowledge, views, and opinions that I hold at a particular
- [Reading Room](https://www.senseoncents.com/reading-room/) - A few recommendations I thought you'd enjoy. I've grouped them by category and provided a brief description of each book. Hopefully, there's something for everyone. Let me know which ones you liked best. --- Market Insights --- 13 Bankers: The Wall Street Takeover and the Next Financial Meltdown by Simon Johnson and James Kwak From
- [Workshop](https://www.senseoncents.com/career-planning/workshop/) - The workshop material presented here (access the Interview Workshop by clicking the link) is a blueprint for developing the background, skills, and most importantly, the mindset for interviewing and even more so career development. I believe it is critically important that people view this workshop in the context of a long term proposition and not
- [Contact Us](https://www.senseoncents.com/contact-us/) - Larry Doyle can be reached via email at senseoncents@aol.com Please note that he may not be able to respond to all emails.

## Categories

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- [International Monetary Fund](https://www.senseoncents.com/category/international-monetary-fund/)
- [Euro](https://www.senseoncents.com/category/euro/)
- [stagflation](https://www.senseoncents.com/category/stagflation/)
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- [oil](https://www.senseoncents.com/category/oil/)
- [gold](https://www.senseoncents.com/category/gold/)
- [Washington D.C.](https://www.senseoncents.com/category/washington-dc/)
- [foreclosures](https://www.senseoncents.com/category/foreclosures/)
- [commodities](https://www.senseoncents.com/category/commodities/)
- [U.S. Treasury](https://www.senseoncents.com/category/us-treasury/)
- [Greece](https://www.senseoncents.com/category/greece/)
- [12th Street Capital](https://www.senseoncents.com/category/12th-street-capital/)
- [compensation](https://www.senseoncents.com/category/compensation/)
- [George Soros](https://www.senseoncents.com/category/george-soros/)
- [helocs](https://www.senseoncents.com/category/helocs/)
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- [Federal Reserve](https://www.senseoncents.com/category/federal-reserve/)
- [Beige Book](https://www.senseoncents.com/category/beige-book/)
- [bank earnings](https://www.senseoncents.com/category/bank-earnings/)
- [Bear Stearns](https://www.senseoncents.com/category/bear-stearns/)
- [rating agencies](https://www.senseoncents.com/category/rating-agencies/)
- [Toxic Assets](https://www.senseoncents.com/category/toxic-assets/)
- [Inflation](https://www.senseoncents.com/category/inflation/)
- [career planning](https://www.senseoncents.com/category/career-planning/)
- [Czech Republic](https://www.senseoncents.com/category/czech-republic/)
- [Madoff](https://www.senseoncents.com/category/madoff/)
- [regulation](https://www.senseoncents.com/category/regulation/)
- [Glass-Steagall](https://www.senseoncents.com/category/glass-steagall/)
- [derivatives](https://www.senseoncents.com/category/derivatives/)
- [Chris Cox](https://www.senseoncents.com/category/chris-cox/)
- [Libor](https://www.senseoncents.com/category/libor/)
- [confidence](https://www.senseoncents.com/category/confidence/)
- [TALF](https://www.senseoncents.com/category/talf/)
- [Mark-to-Market](https://www.senseoncents.com/category/mark-to-market/)
- [Robert Rubin](https://www.senseoncents.com/category/robert-rubin/)
- [FASB](https://www.senseoncents.com/category/fasb/)
- [G20](https://www.senseoncents.com/category/g-20/)
- [Robert reich](https://www.senseoncents.com/category/robert-reich/)
- [Paul Volcker](https://www.senseoncents.com/category/paul-volcker/)
- [Moral Hazard](https://www.senseoncents.com/category/moral-hazard/)
- [Simon Johnson](https://www.senseoncents.com/category/simon-johnson/)
- [Spain](https://www.senseoncents.com/category/spain/)
- [trading](https://www.senseoncents.com/category/trading/)
- [deflation](https://www.senseoncents.com/category/deflation/)
- [Goldman Sachs](https://www.senseoncents.com/category/goldman-sachs/)
- [quantitative easing](https://www.senseoncents.com/category/quantitative-easing/)
- [too big to fail](https://www.senseoncents.com/category/too-big-to-fail/)
- [municipal finance](https://www.senseoncents.com/category/municipal-finance/)
- [Consumer Confidence](https://www.senseoncents.com/category/consumer-confidence/)
- [Japan](https://www.senseoncents.com/category/japan/)
- [Steven Rattner](https://www.senseoncents.com/category/steven-rattner/)
- [ARPS](https://www.senseoncents.com/category/arps/)
- [Sarbanes-Oxley](https://www.senseoncents.com/category/sarbanes-oxley/)
- [Earth Hour](https://www.senseoncents.com/category/earth-hour/)
- [PPIP](https://www.senseoncents.com/category/ppip/)
- [Federal Home Loan Banks](https://www.senseoncents.com/category/federal-home-loan-banks/)
- [Baltic Dry Index](https://www.senseoncents.com/category/baltic-dry-index/)
- [ARS](https://www.senseoncents.com/category/ars/)
- [William Black](https://www.senseoncents.com/category/william-black/)
- [Auction Rate Securities scandal](https://www.senseoncents.com/category/auction-rate-securities-scandal/)
- [UBS](https://www.senseoncents.com/category/ubs/)
- [Tom Atteberry](https://www.senseoncents.com/category/tom-atteberry/)
- [First Pacific Advisors](https://www.senseoncents.com/category/first-pacific-advisors/)
- [Wells Fargo](https://www.senseoncents.com/category/wells-fargo/)
- [transparency](https://www.senseoncents.com/category/transparency/)
- [consumer spending](https://www.senseoncents.com/category/consumer-spending/)
- [insider activity](https://www.senseoncents.com/category/insider-activity/)
- [hyperinflation](https://www.senseoncents.com/category/hyperinflation/)
- [health care reform](https://www.senseoncents.com/category/health-care-reform/)
- [pension obligations](https://www.senseoncents.com/category/pension-obligations/)
- [Tom Lauria](https://www.senseoncents.com/category/tom-lauria/)
- [property rights](https://www.senseoncents.com/category/property-rights/)
- [interest rates](https://www.senseoncents.com/category/interest-rates/)
- [jobs](https://www.senseoncents.com/category/jobs/)
- [NASD](https://www.senseoncents.com/category/nasd/)
- [GMAC](https://www.senseoncents.com/category/gmac/)
- [retail](https://www.senseoncents.com/category/retail/)
- [California](https://www.senseoncents.com/category/california/)
- [Social Security](https://www.senseoncents.com/category/social-security/)
- [Medicare](https://www.senseoncents.com/category/medicare/)
- [Financial crisis inquiry commission](https://www.senseoncents.com/category/financial-crisis-inquiry-commission/)
- [charter schools](https://www.senseoncents.com/category/charter-schools/)
- [refinancing](https://www.senseoncents.com/category/refinancing/)
- [bond market](https://www.senseoncents.com/category/bond-market/)
- [Washington Mutual](https://www.senseoncents.com/category/washington-mutual/)
- [crony capitalism](https://www.senseoncents.com/category/crony-capitalism/)
- [General Motors](https://www.senseoncents.com/category/general-motors/)
- [technological revolution](https://www.senseoncents.com/category/technological-revolution/)
- [Credit Suisse](https://www.senseoncents.com/category/credit-suisse/)
- [BRIC](https://www.senseoncents.com/category/bric/)
- [Bill Singer](https://www.senseoncents.com/category/bill-singer/)
- [Gary Aguirre](https://www.senseoncents.com/category/gary-aguirre/)
- [shadow banking](https://www.senseoncents.com/category/shadow-banking/)
- [Larry Fink](https://www.senseoncents.com/category/larry-fink/)
- [financial literacy](https://www.senseoncents.com/category/financial-literacy/)
- [x-tender](https://www.senseoncents.com/category/x-tender/)
- [the United States Constitution](https://www.senseoncents.com/category/the-united-states-constitution/)
- [Program trading](https://www.senseoncents.com/category/program-trading/)
- [CIT](https://www.senseoncents.com/category/cit/)
- [small business](https://www.senseoncents.com/category/small-business/)
- [Multiplier](https://www.senseoncents.com/category/multiplier/)
- [high frequency trading](https://www.senseoncents.com/category/high-frequency-trading/)
- [emerging market economies](https://www.senseoncents.com/category/emerging-market-economies/)
- [Joe Saluzzi](https://www.senseoncents.com/category/joe-saluzzi/)
- [financial frauds](https://www.senseoncents.com/category/financial-frauds/)
- [cash for clunkers](https://www.senseoncents.com/category/cash-for-clunkers/)
- [investments](https://www.senseoncents.com/category/investments/)
- [Ponzi schemes](https://www.senseoncents.com/category/ponzi-schemes/)
- [SIPC](https://www.senseoncents.com/category/sipc/)
- [Jan Hatzius](https://www.senseoncents.com/category/jan-hatzius/)
- [boards of directors](https://www.senseoncents.com/category/boards-of-directors/)
- [bankruptcies](https://www.senseoncents.com/category/bankruptcies/)
- [accounting](https://www.senseoncents.com/category/accounting/)
- [Amerivet Securities](https://www.senseoncents.com/category/amerivet-securities/)
- [fraud](https://www.senseoncents.com/category/fraud/)
- [flash orders](https://www.senseoncents.com/category/flash-orders/)
- [FHA](https://www.senseoncents.com/category/fha/)
- [Stanford](https://www.senseoncents.com/category/stanford/)
- [Jed Rakoff](https://www.senseoncents.com/category/jed-rakoff/)
- [international trade](https://www.senseoncents.com/category/international-trade/)
- [Volcker](https://www.senseoncents.com/category/volcker/)
- [mohamed el-erian](https://www.senseoncents.com/category/mohamed-el-erian/)
- [John Mack](https://www.senseoncents.com/category/john-mack/)
- [SIGTARP](https://www.senseoncents.com/category/sigtarp/)
- [integrity](https://www.senseoncents.com/category/integrity/)
- [truth](https://www.senseoncents.com/category/truth/)
- [reform](https://www.senseoncents.com/category/reform/)
- [monetary policy](https://www.senseoncents.com/category/monetary-policy/)
- [market manipulation](https://www.senseoncents.com/category/market-manipulation/)
- [Elizabeth Warren](https://www.senseoncents.com/category/elizabeth-warren/)
- [fiscal policy](https://www.senseoncents.com/category/fiscal-policy/)
- [financial crisis](https://www.senseoncents.com/category/financial-crisis/)
- [HAMP](https://www.senseoncents.com/category/hamp/)
- [Doo-Doo Economics](https://www.senseoncents.com/category/doo-doo-economics/)
- [Barrons](https://www.senseoncents.com/category/barrons/)
- [insider trading](https://www.senseoncents.com/category/insider-trading/)
- [Brazil](https://www.senseoncents.com/category/brazil/)
- [currencies](https://www.senseoncents.com/category/currencies/)
- [oligopoly](https://www.senseoncents.com/category/oligopoly/)
- [United Kingdom](https://www.senseoncents.com/category/united-kingdom/)
- [asset bubble](https://www.senseoncents.com/category/asset-bubble/)
- [cheating](https://www.senseoncents.com/category/cheating/)
- [mentoring](https://www.senseoncents.com/category/mentoring/)
- [Jon Corzine](https://www.senseoncents.com/category/jon-corzine/)
- [management](https://www.senseoncents.com/category/management/)
- [Mexico](https://www.senseoncents.com/category/mexico/)
- [shopping](https://www.senseoncents.com/category/shopping/)
- [John Maynard Keynes](https://www.senseoncents.com/category/john-maynard-keynes/)
- [investor protection](https://www.senseoncents.com/category/investor-protection/)
- [David Rosenberg](https://www.senseoncents.com/category/david-rosenberg/)
- [IRAs](https://www.senseoncents.com/category/iras/)
- [FCIC](https://www.senseoncents.com/category/fcic/)
- [proprietary trading](https://www.senseoncents.com/category/proprietary-trading/)
- [SIVs](https://www.senseoncents.com/category/sivs/)
- [whistleblowers](https://www.senseoncents.com/category/whistleblowers/)
- [copper](https://www.senseoncents.com/category/copper/)
- [POGO](https://www.senseoncents.com/category/pogo/)
- [honesty](https://www.senseoncents.com/category/honesty/)
- [Toyota](https://www.senseoncents.com/category/toyota/)
- [Obamacare](https://www.senseoncents.com/category/obamacare/)
- [collusion](https://www.senseoncents.com/category/collusion/)
- [Lehman](https://www.senseoncents.com/category/lehman/)
- [PIIGS](https://www.senseoncents.com/category/piigs/)
- [European Central Bank](https://www.senseoncents.com/category/european-central-bank/)
- [Keynes](https://www.senseoncents.com/category/keynes/)
- [David Cameron](https://www.senseoncents.com/category/david-cameron/)
- [wealth creation](https://www.senseoncents.com/category/wealth-creation/)
- [E trade](https://www.senseoncents.com/category/e-trade/)
- [mutual funds](https://www.senseoncents.com/category/mutual-funds/)
- [money laundering](https://www.senseoncents.com/category/money-laundering/)
- [John Bogle](https://www.senseoncents.com/category/john-bogle/)
- [Preet Bharara](https://www.senseoncents.com/category/preet-bharara/)
- [Seth Klarman](https://www.senseoncents.com/category/seth-klarman/)
- [regulatory capture](https://www.senseoncents.com/category/regulatory-capture/)
- [Saudi Arabia](https://www.senseoncents.com/category/saudi-arabia/)
- [student loans](https://www.senseoncents.com/category/student-loans/)
- [Canada](https://www.senseoncents.com/category/canada/)
- [Occupy Wall Street](https://www.senseoncents.com/category/occupy-wall-street-2/)
- [Wall Street Washington Incest](https://www.senseoncents.com/category/wall-street-washington-incest-2/)
- [MF Global](https://www.senseoncents.com/category/mf-global/)
- [dark pools](https://www.senseoncents.com/category/dark-pools/)
- [revolving door](https://www.senseoncents.com/category/revolving-door/)
- [naked short selling](https://www.senseoncents.com/category/naked-short-selling/)
- [Internal Revenue Service](https://www.senseoncents.com/category/internal-revenue-service/)
- [rule of law](https://www.senseoncents.com/category/rule-of-law/)
- [Barclays Global](https://www.senseoncents.com/category/barclays-global/)
- [Trust](https://www.senseoncents.com/category/trust-2/)
- [Dodd Frank](https://www.senseoncents.com/category/dodd-frank-2/)
- [human rights](https://www.senseoncents.com/category/human-rights/)
- [liberty](https://www.senseoncents.com/category/liberty/)
- [arbitration](https://www.senseoncents.com/category/arbitration/)
- [Jack Lew](https://www.senseoncents.com/category/jack-lew/)
- [income](https://www.senseoncents.com/category/income/)
- [Financial Stability Oversight Council](https://www.senseoncents.com/category/financial-stability-oversight-council/)
- [saving](https://www.senseoncents.com/category/saving/)
- [corruption](https://www.senseoncents.com/category/corruption/)
- [managed futures](https://www.senseoncents.com/category/managed-futures/)
- [alternative investments](https://www.senseoncents.com/category/alternative-investments/)
- [default](https://www.senseoncents.com/category/default/)
- [In Bed with Wall Street](https://www.senseoncents.com/category/in-bed-with-wall-street-2/)
- [investigative journalism](https://www.senseoncents.com/category/investigative-journalism/)
- [leadership](https://www.senseoncents.com/category/leadership/)
- [poverty](https://www.senseoncents.com/category/poverty/)

## Tags

- [Robert Shiller](https://www.senseoncents.com/tag/robert-shiller/)
- [Case-Shiller Index](https://www.senseoncents.com/tag/case-shiller-index/)
- [Bloomberg News](https://www.senseoncents.com/tag/bloomberg-news/)
- [Laurie Goodman](https://www.senseoncents.com/tag/laurie-goodman/)
- [Agriculture](https://www.senseoncents.com/tag/agriculture/)
- [Stanford Capital](https://www.senseoncents.com/tag/stanford-capital/)
- [Bribery](https://www.senseoncents.com/tag/bribery/)
- [Panetta](https://www.senseoncents.com/tag/panetta/)
- [CIA](https://www.senseoncents.com/tag/cia/)
- [rent-free](https://www.senseoncents.com/tag/rent-free/)
- [ethics](https://www.senseoncents.com/tag/ethics/)
- [nationalization](https://www.senseoncents.com/tag/nationalization/)
- [Cerberus](https://www.senseoncents.com/tag/cerberus/)
- [Hank Greenberg](https://www.senseoncents.com/tag/hank-greenberg/)
- [Eliot Spitzer](https://www.senseoncents.com/tag/eliot-spitzer/)
- [Paul McCulley](https://www.senseoncents.com/tag/paul-mcculley/)
- [Paul Volker](https://www.senseoncents.com/tag/paul-volker/)
- [Peter singer](https://www.senseoncents.com/tag/peter-singer/)
- [Thought Leader](https://www.senseoncents.com/tag/thought-leader/)
- [Project Syndicate](https://www.senseoncents.com/tag/project-syndicate/)
- [values](https://www.senseoncents.com/tag/values/)
- [equity](https://www.senseoncents.com/tag/equity/)
- [government](https://www.senseoncents.com/tag/government/)
- [credit exposure](https://www.senseoncents.com/tag/credit-exposure/)
- [fees](https://www.senseoncents.com/tag/fees/)
- [assets](https://www.senseoncents.com/tag/assets/)
- [Insurance](https://www.senseoncents.com/tag/insurance/)
- [529 Plans](https://www.senseoncents.com/tag/529-plans/)
- [Financial Aid](https://www.senseoncents.com/tag/financial-aid/)
- [competition](https://www.senseoncents.com/tag/competition/)
- [credit cards](https://www.senseoncents.com/tag/credit-cards/)
- [auto insurance](https://www.senseoncents.com/tag/auto-insurance/)
- [homeowners insurance](https://www.senseoncents.com/tag/homeowners-insurance/)
- [fundamental analysis](https://www.senseoncents.com/tag/fundamental-analysis/)
- [technical analysis](https://www.senseoncents.com/tag/technical-analysis/)
- [psychology](https://www.senseoncents.com/tag/psychology/)
- [EBITDA](https://www.senseoncents.com/tag/ebitda/)
- [financial aadvice](https://www.senseoncents.com/tag/financial-aadvice/)
- [government programs](https://www.senseoncents.com/tag/government-programs/)
- [financial planning](https://www.senseoncents.com/tag/financial-planning/)
- [consumers](https://www.senseoncents.com/tag/consumers/)
- [Financial responsibility Summit](https://www.senseoncents.com/tag/financial-responsibility-summit/)
- [test](https://www.senseoncents.com/tag/test/)
- [Financial Times](https://www.senseoncents.com/tag/financial-times/)
- [stimulus](https://www.senseoncents.com/tag/stimulus/)
- [fall asleep](https://www.senseoncents.com/tag/fall-asleep/)
- [podium](https://www.senseoncents.com/tag/podium/)
- [Chris Whalen](https://www.senseoncents.com/tag/chris-whalen/)
- [1930s](https://www.senseoncents.com/tag/1930s/)
- [government spending](https://www.senseoncents.com/tag/government-spending/)
- [Office of Comptroller of Currency](https://www.senseoncents.com/tag/office-of-comptroller-of-currency/)
- [Office of Thrift Supervision](https://www.senseoncents.com/tag/office-of-thrift-supervision/)
- [Budget](https://www.senseoncents.com/tag/budget/)
- [Obama](https://www.senseoncents.com/tag/obama/)
- [Liberal wing](https://www.senseoncents.com/tag/liberal-wing/)
- [housing](https://www.senseoncents.com/tag/housing/)
- [charitable giving](https://www.senseoncents.com/tag/charitable-giving/)
- [billion](https://www.senseoncents.com/tag/billion/)
- [troubled](https://www.senseoncents.com/tag/troubled/)
- [writedowns](https://www.senseoncents.com/tag/writedowns/)
- [reserves](https://www.senseoncents.com/tag/reserves/)
- [shadow](https://www.senseoncents.com/tag/shadow/)
- [beer](https://www.senseoncents.com/tag/beer/)
- [Berlin](https://www.senseoncents.com/tag/berlin/)
- [Munich](https://www.senseoncents.com/tag/munich/)
- [Clinton](https://www.senseoncents.com/tag/clinton/)
- [Wie Geht's](https://www.senseoncents.com/tag/wie-gehts/)
- [college](https://www.senseoncents.com/tag/college/)
- [Investment Outlook](https://www.senseoncents.com/tag/investment-outlook/)
- [Nouriel Roubini](https://www.senseoncents.com/tag/nouriel-roubini/)
- [GNMAs](https://www.senseoncents.com/tag/gnmas/)
- [eastern](https://www.senseoncents.com/tag/eastern/)
- [Europe](https://www.senseoncents.com/tag/europe/)
- [summit](https://www.senseoncents.com/tag/summit/)
- [international](https://www.senseoncents.com/tag/international/)
- [dollars](https://www.senseoncents.com/tag/dollars/)
- [conglomerate](https://www.senseoncents.com/tag/conglomerate/)
- [pressure](https://www.senseoncents.com/tag/pressure/)
- [stress](https://www.senseoncents.com/tag/stress/)
- [political](https://www.senseoncents.com/tag/political/)
- [global](https://www.senseoncents.com/tag/global/)
- [finance](https://www.senseoncents.com/tag/finance/)
- [credit](https://www.senseoncents.com/tag/credit/)
- [package](https://www.senseoncents.com/tag/package/)
- [price index](https://www.senseoncents.com/tag/price-index/)
- [Consumer price index](https://www.senseoncents.com/tag/consumer-price-index/)
- [producer price index](https://www.senseoncents.com/tag/producer-price-index/)
- [mortgage interest deduction](https://www.senseoncents.com/tag/mortgage-interest-deduction/)
- [mortgage](https://www.senseoncents.com/tag/mortgage/)
- [economics](https://www.senseoncents.com/tag/economics/)
- [Jumbo mortgages](https://www.senseoncents.com/tag/jumbo-mortgages/)
- [DJIA](https://www.senseoncents.com/tag/djia/)
- [NASDAQ](https://www.senseoncents.com/tag/nasdaq/)
- [correlation](https://www.senseoncents.com/tag/correlation/)
- [performance](https://www.senseoncents.com/tag/performance/)
- [equities](https://www.senseoncents.com/tag/equities/)
- [financial rescue package](https://www.senseoncents.com/tag/financial-rescue-package/)
- [crowding out](https://www.senseoncents.com/tag/crowding-out/)
- [corporate bonds](https://www.senseoncents.com/tag/corporate-bonds/)
- [mortgage bonds](https://www.senseoncents.com/tag/mortgage-bonds/)
- [municipal bonds](https://www.senseoncents.com/tag/municipal-bonds/)
- [Japanese yen](https://www.senseoncents.com/tag/japanese-yen/)
- [Canadian dollar](https://www.senseoncents.com/tag/canadian-dollar/)
- [sovereign credit risk](https://www.senseoncents.com/tag/sovereign-credit-risk/)
- [flight to quality](https://www.senseoncents.com/tag/flight-to-quality/)
- [John Mauldin](https://www.senseoncents.com/tag/john-mauldin/)
- [banks](https://www.senseoncents.com/tag/banks/)
- [crowding out effect](https://www.senseoncents.com/tag/crowding-out-effect/)
- [defaults](https://www.senseoncents.com/tag/defaults/)
- [consumer loans](https://www.senseoncents.com/tag/consumer-loans/)
- [corporate loans](https://www.senseoncents.com/tag/corporate-loans/)
- [capital reserves](https://www.senseoncents.com/tag/capital-reserves/)
- [consumer credit](https://www.senseoncents.com/tag/consumer-credit/)
- [Berkshire Hathaway](https://www.senseoncents.com/tag/berkshire-hathaway/)
- [OFHEO](https://www.senseoncents.com/tag/ofheo/)
- [Oracle of Omaha](https://www.senseoncents.com/tag/oracle-of-omaha/)
- [Pavarotti](https://www.senseoncents.com/tag/pavarotti/)
- [American Express](https://www.senseoncents.com/tag/american-express/)
- [McKinsey Quarterly](https://www.senseoncents.com/tag/mckinsey-quarterly/)
- [stock markets](https://www.senseoncents.com/tag/stock-markets/)
- [bond markets](https://www.senseoncents.com/tag/bond-markets/)
- [cash](https://www.senseoncents.com/tag/cash/)
- [Angela Merkel](https://www.senseoncents.com/tag/angela-merkel/)
- [German bunds](https://www.senseoncents.com/tag/german-bunds/)
- [European Community](https://www.senseoncents.com/tag/european-community/)
- [Ireland< Portugal](https://www.senseoncents.com/tag/ireland-portugal/)
- [municipalities](https://www.senseoncents.com/tag/municipalities/)
- [pension funds](https://www.senseoncents.com/tag/pension-funds/)
- [global economy](https://www.senseoncents.com/tag/global-economy/)
- [Brussels](https://www.senseoncents.com/tag/brussels/)
- [beggar-thy-neighbor](https://www.senseoncents.com/tag/beggar-thy-neighbor/)
- [economic stress](https://www.senseoncents.com/tag/economic-stress/)
- [coordination](https://www.senseoncents.com/tag/coordination/)
- [Poland](https://www.senseoncents.com/tag/poland/)
- [Ireland](https://www.senseoncents.com/tag/ireland/)
- [Portugal](https://www.senseoncents.com/tag/portugal/)
- [instability](https://www.senseoncents.com/tag/instability/)
- [Weimar republic](https://www.senseoncents.com/tag/weimar-republic/)
- [credit derivatives](https://www.senseoncents.com/tag/credit-derivatives/)
- [sub-prime mortgage market](https://www.senseoncents.com/tag/sub-prime-mortgage-market/)
- [Warren Buffett](https://www.senseoncents.com/tag/warren-buffett/)
- [HSBC](https://www.senseoncents.com/tag/hsbc/)
- [Household Finance](https://www.senseoncents.com/tag/household-finance/)
- [Edward Liddy](https://www.senseoncents.com/tag/edward-liddy/)
- [consumer finance](https://www.senseoncents.com/tag/consumer-finance/)
- [California housing](https://www.senseoncents.com/tag/california-housing/)
- [CMBS](https://www.senseoncents.com/tag/cmbs/)
- [economic activity](https://www.senseoncents.com/tag/economic-activity/)
- [RSI](https://www.senseoncents.com/tag/rsi/)
- [finances](https://www.senseoncents.com/tag/finances/)
- [financial disciplines](https://www.senseoncents.com/tag/financial-disciplines/)
- [transactions](https://www.senseoncents.com/tag/transactions/)
- [social customs](https://www.senseoncents.com/tag/social-customs/)
- [debt burden](https://www.senseoncents.com/tag/debt-burden/)
- [thrift](https://www.senseoncents.com/tag/thrift/)
- [market](https://www.senseoncents.com/tag/market/)
- [CLOs](https://www.senseoncents.com/tag/clos/)
- [leverage](https://www.senseoncents.com/tag/leverage/)
- [U.K.](https://www.senseoncents.com/tag/uk/)
- [European banks](https://www.senseoncents.com/tag/european-banks/)
- [banking](https://www.senseoncents.com/tag/banking/)
- [Wall Street trading](https://www.senseoncents.com/tag/wall-street-trading/)
- [mortgage market](https://www.senseoncents.com/tag/mortgage-market/)
- [CDO](https://www.senseoncents.com/tag/cdo/)
- [subprime](https://www.senseoncents.com/tag/subprime/)
- [Kevin Doyle](https://www.senseoncents.com/tag/kevin-doyle/)
- [subordinate bonds](https://www.senseoncents.com/tag/subordinate-bonds/)
- [capital](https://www.senseoncents.com/tag/capital/)
- [Met Life](https://www.senseoncents.com/tag/met-life/)
- [Lincoln](https://www.senseoncents.com/tag/lincoln/)
- [German real estate](https://www.senseoncents.com/tag/german-real-estate/)
- [Bloomberg](https://www.senseoncents.com/tag/bloomberg/)
- [stocks](https://www.senseoncents.com/tag/stocks/)
- [politicians](https://www.senseoncents.com/tag/politicians/)
- [Capitol Hill](https://www.senseoncents.com/tag/capitol-hill/)
- [regulators](https://www.senseoncents.com/tag/regulators/)
- [bankers](https://www.senseoncents.com/tag/bankers/)
- [Wall Street Watch](https://www.senseoncents.com/tag/wall-street-watch/)
- [financial sector](https://www.senseoncents.com/tag/financial-sector/)
- [campaign contributions](https://www.senseoncents.com/tag/campaign-contributions/)
- [academics](https://www.senseoncents.com/tag/academics/)
- [think tanks](https://www.senseoncents.com/tag/think-tanks/)
- [conspiracy](https://www.senseoncents.com/tag/conspiracy/)
- [short covering](https://www.senseoncents.com/tag/short-covering/)
- [bottom](https://www.senseoncents.com/tag/bottom/)
- [price](https://www.senseoncents.com/tag/price/)
- [dead cat bounce](https://www.senseoncents.com/tag/dead-cat-bounce/)
- [relative strength index](https://www.senseoncents.com/tag/relative-strength-index/)
- [Auction rate preferred securities](https://www.senseoncents.com/tag/auction-rate-preferred-securities/)
- [Market Watch](https://www.senseoncents.com/tag/market-watch/)
- [brokers](https://www.senseoncents.com/tag/brokers/)
- [clients](https://www.senseoncents.com/tag/clients/)
- [Angelo Mozilo](https://www.senseoncents.com/tag/angelo-mozilo/)
- [Countrywide](https://www.senseoncents.com/tag/countrywide/)
- [risk controls](https://www.senseoncents.com/tag/risk-controls/)
- [taxpayers](https://www.senseoncents.com/tag/taxpayers/)
- [trends](https://www.senseoncents.com/tag/trends/)
- [financial information](https://www.senseoncents.com/tag/financial-information/)
- [market data](https://www.senseoncents.com/tag/market-data/)
- [financial planners](https://www.senseoncents.com/tag/financial-planners/)
- [bonds](https://www.senseoncents.com/tag/bonds/)
- [commercial real estate](https://www.senseoncents.com/tag/commercial-real-estate/)
- [insurance companies](https://www.senseoncents.com/tag/insurance-companies/)
- [GE Capital](https://www.senseoncents.com/tag/ge-capital/)
- [2nd liens](https://www.senseoncents.com/tag/2nd-liens/)
- [loan modification](https://www.senseoncents.com/tag/loan-modification/)
- [short term loans](https://www.senseoncents.com/tag/short-term-loans/)
- [tax refund](https://www.senseoncents.com/tag/tax-refund/)
- [loan sharking](https://www.senseoncents.com/tag/loan-sharking/)
- [Better Business Bureau](https://www.senseoncents.com/tag/better-business-bureau/)
- [Attorney Generals](https://www.senseoncents.com/tag/attorney-generals/)
- [predatory lending](https://www.senseoncents.com/tag/predatory-lending/)
- [debt management](https://www.senseoncents.com/tag/debt-management/)
- [walll Street](https://www.senseoncents.com/tag/walll-street/)
- [collateralized mortgage obligation](https://www.senseoncents.com/tag/collateralized-mortgage-obligation/)
- [asset-backed market](https://www.senseoncents.com/tag/asset-backed-market/)
- [Pulte Homes](https://www.senseoncents.com/tag/pulte-homes/)
- [Ryland](https://www.senseoncents.com/tag/ryland/)
- [Centex](https://www.senseoncents.com/tag/centex/)
- [Lehman Bros](https://www.senseoncents.com/tag/lehman-bros/)
- [National City Bank](https://www.senseoncents.com/tag/national-city-bank/)
- [originate to distribute](https://www.senseoncents.com/tag/originate-to-distribute/)
- [financial quants](https://www.senseoncents.com/tag/financial-quants/)
- [Paulson](https://www.senseoncents.com/tag/paulson/)
- [Bernanke](https://www.senseoncents.com/tag/bernanke/)
- [unemployment report](https://www.senseoncents.com/tag/unemployment-report/)
- [average workweek](https://www.senseoncents.com/tag/average-workweek/)
- [average hourly earnings](https://www.senseoncents.com/tag/average-hourly-earnings/)
- [manufacturing](https://www.senseoncents.com/tag/manufacturing/)
- [construction](https://www.senseoncents.com/tag/construction/)
- [Fibonacci](https://www.senseoncents.com/tag/fibonacci/)
- [traders](https://www.senseoncents.com/tag/traders/)
- [major market indices](https://www.senseoncents.com/tag/major-market-indices/)
- [market analysis](https://www.senseoncents.com/tag/market-analysis/)
- [policy](https://www.senseoncents.com/tag/policy/)
- [Treasury Secretary](https://www.senseoncents.com/tag/treasury-secretary/)
- [SLMA](https://www.senseoncents.com/tag/slma/)
- [asset-backed securitization](https://www.senseoncents.com/tag/asset-backed-securitization/)
- [Friedman Billings Ramsey](https://www.senseoncents.com/tag/friedman-billings-ramsey/)
- [western European banks](https://www.senseoncents.com/tag/western-european-banks/)
- [Donald Kohn](https://www.senseoncents.com/tag/donald-kohn/)
- [debt](https://www.senseoncents.com/tag/debt/)
- [questions](https://www.senseoncents.com/tag/questions/)
- [international relations](https://www.senseoncents.com/tag/international-relations/)
- [immigration](https://www.senseoncents.com/tag/immigration/)
- [3rd party](https://www.senseoncents.com/tag/3rd-party/)
- [Republican Party](https://www.senseoncents.com/tag/republican-party/)
- [dropout rate](https://www.senseoncents.com/tag/dropout-rate/)
- [birth rates](https://www.senseoncents.com/tag/birth-rates/)
- [investors](https://www.senseoncents.com/tag/investors/)
- [asset management](https://www.senseoncents.com/tag/asset-management/)
- [American spirit](https://www.senseoncents.com/tag/american-spirit/)
- [entrepreneur](https://www.senseoncents.com/tag/entrepreneur/)
- [networks](https://www.senseoncents.com/tag/networks/)
- [work](https://www.senseoncents.com/tag/work/)
- [resume](https://www.senseoncents.com/tag/resume/)
- [college graduate](https://www.senseoncents.com/tag/college-graduate/)
- [interviews](https://www.senseoncents.com/tag/interviews/)
- [cold calls](https://www.senseoncents.com/tag/cold-calls/)
- [discipline](https://www.senseoncents.com/tag/discipline/)
- [downsizing](https://www.senseoncents.com/tag/downsizing/)
- [upgrade](https://www.senseoncents.com/tag/upgrade/)
- [Vaclav Klaus](https://www.senseoncents.com/tag/vaclav-klaus/)
- [capitalism](https://www.senseoncents.com/tag/capitalism/)
- [white collar crime](https://www.senseoncents.com/tag/white-collar-crime/)
- [crisis of confidence](https://www.senseoncents.com/tag/crisis-of-confidence/)
- [regulatory system](https://www.senseoncents.com/tag/regulatory-system/)
- [Ponzi scheme](https://www.senseoncents.com/tag/ponzi-scheme/)
- [criminal behavior](https://www.senseoncents.com/tag/criminal-behavior/)
- [virtues](https://www.senseoncents.com/tag/virtues/)
- [Paul Keating](https://www.senseoncents.com/tag/paul-keating/)
- [A Fresh and Honest Perspective](https://www.senseoncents.com/tag/a-fresh-and-honest-perspective/)
- [Sydney Morning Herald](https://www.senseoncents.com/tag/sydney-morning-herald/)
- [Michael Camdessus](https://www.senseoncents.com/tag/michael-camdessus/)
- [Southeast Asian crisis](https://www.senseoncents.com/tag/southeast-asian-crisis/)
- [IMF](https://www.senseoncents.com/tag/imf/)
- [Essential Information](https://www.senseoncents.com/tag/essential-information/)
- [The Consumer Educational Foundation](https://www.senseoncents.com/tag/the-consumer-educational-foundation/)
- [Roger Weissman](https://www.senseoncents.com/tag/roger-weissman/)
- [James Donahue](https://www.senseoncents.com/tag/james-donahue/)
- [Washington](https://www.senseoncents.com/tag/washington/)
- [media complex](https://www.senseoncents.com/tag/media-complex/)
- [California electricity crisis](https://www.senseoncents.com/tag/california-electricity-crisis/)
- [Enron](https://www.senseoncents.com/tag/enron/)
- [FDR](https://www.senseoncents.com/tag/fdr/)
- [greed](https://www.senseoncents.com/tag/greed/)
- [Citibank](https://www.senseoncents.com/tag/citibank/)
- [Travelers](https://www.senseoncents.com/tag/travelers/)
- [President Clinton](https://www.senseoncents.com/tag/president-clinton/)
- [Phil Gramm](https://www.senseoncents.com/tag/phil-gramm/)
- [off-balance sheet accounting](https://www.senseoncents.com/tag/off-balance-sheet-accounting/)
- [CFTC](https://www.senseoncents.com/tag/cftc/)
- [Arthur Levitt](https://www.senseoncents.com/tag/arthur-levitt/)
- [Allen Stanford](https://www.senseoncents.com/tag/allen-stanford/)
- [Stanford Financial](https://www.senseoncents.com/tag/stanford-financial/)
- [Antigua](https://www.senseoncents.com/tag/antigua/)
- [Pershing financial](https://www.senseoncents.com/tag/pershing-financial/)
- [custodian](https://www.senseoncents.com/tag/custodian/)
- [Ms. Schapiro](https://www.senseoncents.com/tag/ms-schapiro/)
- [Paul Gigot](https://www.senseoncents.com/tag/paul-gigot/)
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- [Ray Dalio](https://www.senseoncents.com/tag/ray-dalio/)
- [Steve rehm](https://www.senseoncents.com/tag/steve-rehm/)
- [Outside The Box](https://www.senseoncents.com/tag/outside-the-box/)
- [economic policies](https://www.senseoncents.com/tag/economic-policies/)
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- [recession](https://www.senseoncents.com/tag/recession/)
- [depression](https://www.senseoncents.com/tag/depression/)
- [GM](https://www.senseoncents.com/tag/gm/)
- [bankruptcy](https://www.senseoncents.com/tag/bankruptcy/)
- [Obama budget](https://www.senseoncents.com/tag/obama-budget/)
- [eastern Eurrope](https://www.senseoncents.com/tag/eastern-eurrope/)
- [Michael Lewitt](https://www.senseoncents.com/tag/michael-lewitt/)
- [rallying market](https://www.senseoncents.com/tag/rallying-market/)
- [foreign stock markets](https://www.senseoncents.com/tag/foreign-stock-markets/)
- [Vikram Pandit](https://www.senseoncents.com/tag/vikram-pandit/)
- [government bonds](https://www.senseoncents.com/tag/government-bonds/)
- [day trading](https://www.senseoncents.com/tag/day-trading/)
- [earnings](https://www.senseoncents.com/tag/earnings/)
- [Martin Feldstein](https://www.senseoncents.com/tag/martin-feldstein/)
- [EU](https://www.senseoncents.com/tag/eu/)
- [fed Funds rate](https://www.senseoncents.com/tag/fed-funds-rate/)
- [counterparties](https://www.senseoncents.com/tag/counterparties/)
- [Economic All Star](https://www.senseoncents.com/tag/economic-all-star/)
- [Asset Backed Securities](https://www.senseoncents.com/tag/asset-backed-securities/)
- [World Bank](https://www.senseoncents.com/tag/world-bank/)
- [Omnibus Bill](https://www.senseoncents.com/tag/omnibus-bill/)
- [asset managers](https://www.senseoncents.com/tag/asset-managers/)
- [checking accounts](https://www.senseoncents.com/tag/checking-accounts/)
- [municipals](https://www.senseoncents.com/tag/municipals/)
- [laddering](https://www.senseoncents.com/tag/laddering/)
- [FPA< Bob Rodriguez](https://www.senseoncents.com/tag/fpa-bob-rodriguez/)
- [Geithner](https://www.senseoncents.com/tag/geithner/)
- [Case-Shiller](https://www.senseoncents.com/tag/case-shiller/)
- [stock market](https://www.senseoncents.com/tag/stock-market/)
- [ABX](https://www.senseoncents.com/tag/abx/)
- [reinsurers](https://www.senseoncents.com/tag/reinsurers/)
- [Munich Reinsurance](https://www.senseoncents.com/tag/munich-reinsurance/)
- [Swiss Reinsurance](https://www.senseoncents.com/tag/swiss-reinsurance/)
- [General Reinsurance](https://www.senseoncents.com/tag/general-reinsurance/)
- [Northwestern Mutual](https://www.senseoncents.com/tag/northwestern-mutual/)
- [sub-prime mortgages](https://www.senseoncents.com/tag/sub-prime-mortgages/)
- [junk bonds](https://www.senseoncents.com/tag/junk-bonds/)
- [Hartford Financial Services](https://www.senseoncents.com/tag/hartford-financial-services/)
- [bull market](https://www.senseoncents.com/tag/bull-market/)
- [bear market](https://www.senseoncents.com/tag/bear-market/)
- [oversold](https://www.senseoncents.com/tag/oversold/)
- [CDOs](https://www.senseoncents.com/tag/cdos/)
- [capital relief](https://www.senseoncents.com/tag/capital-relief/)
- [Jim Cramer](https://www.senseoncents.com/tag/jim-cramer/)
- [Jon Stewart](https://www.senseoncents.com/tag/jon-stewart/)
- [New York Post](https://www.senseoncents.com/tag/new-york-post/)
- [Chinese exports](https://www.senseoncents.com/tag/chinese-exports/)
- [exports](https://www.senseoncents.com/tag/exports/)
- [honor](https://www.senseoncents.com/tag/honor/)
- [business dealings](https://www.senseoncents.com/tag/business-dealings/)
- [People's republic of China](https://www.senseoncents.com/tag/peoples-republic-of-china/)
- [government debt](https://www.senseoncents.com/tag/government-debt/)
- [Prisoner's Dilemma](https://www.senseoncents.com/tag/prisoners-dilemma/)
- [Treasuries](https://www.senseoncents.com/tag/treasuries/)
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- [motivations](https://www.senseoncents.com/tag/motivations/)
- [bonus](https://www.senseoncents.com/tag/bonus/)
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- [risk vs. reward](https://www.senseoncents.com/tag/risk-vs-reward/)
- [retail brokers compensation](https://www.senseoncents.com/tag/retail-brokers-compensation/)
- [money management](https://www.senseoncents.com/tag/money-management/)
- [financial talk](https://www.senseoncents.com/tag/financial-talk/)
- [economic analysis](https://www.senseoncents.com/tag/economic-analysis/)
- [Obama's economic plans](https://www.senseoncents.com/tag/obamas-economic-plans/)
- [Obama's budget](https://www.senseoncents.com/tag/obamas-budget/)
- [Secretary Geithner](https://www.senseoncents.com/tag/secretary-geithner/)
- [global markets](https://www.senseoncents.com/tag/global-markets/)
- [mortgage fraud](https://www.senseoncents.com/tag/mortgage-fraud/)
- [mortgage modification](https://www.senseoncents.com/tag/mortgage-modification/)
- [Hope Hotline](https://www.senseoncents.com/tag/hope-hotline/)
- [HUD](https://www.senseoncents.com/tag/hud/)
- [global interest rates](https://www.senseoncents.com/tag/global-interest-rates/)
- [economic growth](https://www.senseoncents.com/tag/economic-growth/)
- [sovereign defaults](https://www.senseoncents.com/tag/sovereign-defaults/)
- [Ken Rogoff](https://www.senseoncents.com/tag/ken-rogoff/)
- [income redistribution](https://www.senseoncents.com/tag/income-redistribution/)
- [welfare assistance](https://www.senseoncents.com/tag/welfare-assistance/)
- [U.S. long term growth](https://www.senseoncents.com/tag/us-long-term-growth/)
- [David Darst](https://www.senseoncents.com/tag/david-darst/)
- [fixed-income securities](https://www.senseoncents.com/tag/fixed-income-securities/)
- [equity market](https://www.senseoncents.com/tag/equity-market/)
- [market psychology](https://www.senseoncents.com/tag/market-psychology/)
- [bonus payments](https://www.senseoncents.com/tag/bonus-payments/)
- [underemployment](https://www.senseoncents.com/tag/underemployment/)
- [Treasury](https://www.senseoncents.com/tag/treasury/)
- [Dick Fuld](https://www.senseoncents.com/tag/dick-fuld/)
- [EMC Mortgage](https://www.senseoncents.com/tag/emc-mortgage/)
- [Ace greenberg](https://www.senseoncents.com/tag/ace-greenberg/)
- [Jimmy Cayne](https://www.senseoncents.com/tag/jimmy-cayne/)
- [Warren Spector](https://www.senseoncents.com/tag/warren-spector/)
- [bear Stearns Asset Management](https://www.senseoncents.com/tag/bear-stearns-asset-management/)
- [Ralph Cioffi](https://www.senseoncents.com/tag/ralph-cioffi/)
- [Matthew Tannin](https://www.senseoncents.com/tag/matthew-tannin/)
- [Hank Paulson](https://www.senseoncents.com/tag/hank-paulson/)
- [Julius caesar](https://www.senseoncents.com/tag/julius-caesar/)
- [residential housing](https://www.senseoncents.com/tag/residential-housing/)
- [office buildings](https://www.senseoncents.com/tag/office-buildings/)
- [suburban shopping malls](https://www.senseoncents.com/tag/suburban-shopping-malls/)
- [hotels](https://www.senseoncents.com/tag/hotels/)
- [warehouses](https://www.senseoncents.com/tag/warehouses/)
- [apartment complexes](https://www.senseoncents.com/tag/apartment-complexes/)
- [REITs](https://www.senseoncents.com/tag/reits/)
- [real estate developers](https://www.senseoncents.com/tag/real-estate-developers/)
- [mezzanine debt](https://www.senseoncents.com/tag/mezzanine-debt/)
- [Democrats](https://www.senseoncents.com/tag/democrats/)
- [David Obey](https://www.senseoncents.com/tag/david-obey/)
- [Chris Dodd](https://www.senseoncents.com/tag/chris-dodd/)
- [Steny Hoyer](https://www.senseoncents.com/tag/steny-hoyer/)
- [Obamanomics](https://www.senseoncents.com/tag/obamanomics/)
- [universal health care](https://www.senseoncents.com/tag/universal-health-care/)
- [cap and trade](https://www.senseoncents.com/tag/cap-and-trade/)
- [vouchers](https://www.senseoncents.com/tag/vouchers/)
- [Reaganomics](https://www.senseoncents.com/tag/reaganomics/)
- [regulatory structure](https://www.senseoncents.com/tag/regulatory-structure/)
- [MIT Sloan School](https://www.senseoncents.com/tag/mit-sloan-school/)
- [Peterson Institute for International Economics](https://www.senseoncents.com/tag/peterson-institute-for-international-economics/)
- [weakest link](https://www.senseoncents.com/tag/weakest-link/)
- [Gordon Brown](https://www.senseoncents.com/tag/gordon-brown/)
- [fiscal stimulus](https://www.senseoncents.com/tag/fiscal-stimulus/)
- [Austria](https://www.senseoncents.com/tag/austria/)
- [Latvia](https://www.senseoncents.com/tag/latvia/)
- [Claude trichet](https://www.senseoncents.com/tag/claude-trichet/)
- [ECB](https://www.senseoncents.com/tag/ecb/)
- [bonus payments at AIG](https://www.senseoncents.com/tag/bonus-payments-at-aig/)
- [AIG bankruptcy](https://www.senseoncents.com/tag/aig-bankruptcy/)
- [AIG employment contracts](https://www.senseoncents.com/tag/aig-employment-contracts/)
- [AIG government loan](https://www.senseoncents.com/tag/aig-government-loan/)
- [Robert Willumstad](https://www.senseoncents.com/tag/robert-willumstad/)
- [AIG Financial Products](https://www.senseoncents.com/tag/aig-financial-products/)
- [Wall Street compensation](https://www.senseoncents.com/tag/wall-street-compensation/)
- [equity market rally](https://www.senseoncents.com/tag/equity-market-rally/)
- [housing starts](https://www.senseoncents.com/tag/housing-starts/)
- [ALCOA](https://www.senseoncents.com/tag/alcoa/)
- [aluminum](https://www.senseoncents.com/tag/aluminum/)
- [iron](https://www.senseoncents.com/tag/iron/)
- [steel](https://www.senseoncents.com/tag/steel/)
- [industrial base](https://www.senseoncents.com/tag/industrial-base/)
- [Charles Schumer](https://www.senseoncents.com/tag/charles-schumer/)
- [New York Fed](https://www.senseoncents.com/tag/new-york-fed/)
- [AIG bonuses](https://www.senseoncents.com/tag/aig-bonuses/)
- [Canadian Prime Minister Stephen Harper](https://www.senseoncents.com/tag/canadian-prime-minister-stephen-harper/)
- [carbon tax](https://www.senseoncents.com/tag/carbon-tax/)
- [global recession](https://www.senseoncents.com/tag/global-recession/)
- [fiscal discipline](https://www.senseoncents.com/tag/fiscal-discipline/)
- [housing index](https://www.senseoncents.com/tag/housing-index/)
- [Long Term Capital Management](https://www.senseoncents.com/tag/long-term-capital-management/)
- [William McDonough](https://www.senseoncents.com/tag/william-mcdonough/)
- [Wall Street Banks](https://www.senseoncents.com/tag/wall-street-banks/)
- [When Genius Failed](https://www.senseoncents.com/tag/when-genius-failed/)
- [Michael Lewis](https://www.senseoncents.com/tag/michael-lewis/)
- [quantitative trading](https://www.senseoncents.com/tag/quantitative-trading/)
- [delevering](https://www.senseoncents.com/tag/delevering/)
- [levering](https://www.senseoncents.com/tag/levering/)
- [protectionist measures](https://www.senseoncents.com/tag/protectionist-measures/)
- [Federal Rserve](https://www.senseoncents.com/tag/federal-rserve/)
- [interest rate policy](https://www.senseoncents.com/tag/interest-rate-policy/)
- [governmetn bonds](https://www.senseoncents.com/tag/governmetn-bonds/)
- [mortgage securities](https://www.senseoncents.com/tag/mortgage-securities/)
- [stimulus bill](https://www.senseoncents.com/tag/stimulus-bill/)
- [Northern Trust](https://www.senseoncents.com/tag/northern-trust/)
- [systemic risk](https://www.senseoncents.com/tag/systemic-risk/)
- [deposit insurance](https://www.senseoncents.com/tag/deposit-insurance/)
- [consumer protection](https://www.senseoncents.com/tag/consumer-protection/)
- [banking analysis](https://www.senseoncents.com/tag/banking-analysis/)
- [asset sales](https://www.senseoncents.com/tag/asset-sales/)
- [banking regulations](https://www.senseoncents.com/tag/banking-regulations/)
- [banking examinations](https://www.senseoncents.com/tag/banking-examinations/)
- [kangaroo court](https://www.senseoncents.com/tag/kangaroo-court/)
- [government bailouts](https://www.senseoncents.com/tag/government-bailouts/)
- [Wall Street campaign contributions](https://www.senseoncents.com/tag/wall-street-campaign-contributions/)
- [President Obama](https://www.senseoncents.com/tag/president-obama/)
- [credit availability](https://www.senseoncents.com/tag/credit-availability/)
- [asset-backed securitiess](https://www.senseoncents.com/tag/asset-backed-securitiess/)
- [asset-based financing](https://www.senseoncents.com/tag/asset-based-financing/)
- [Wall Street model](https://www.senseoncents.com/tag/wall-street-model/)
- [state and local finances](https://www.senseoncents.com/tag/state-and-local-finances/)
- [state and local budgets](https://www.senseoncents.com/tag/state-and-local-budgets/)
- [state and local budget deficits](https://www.senseoncents.com/tag/state-and-local-budget-deficits/)
- [municipal pensions](https://www.senseoncents.com/tag/municipal-pensions/)
- [rising local taxes](https://www.senseoncents.com/tag/rising-local-taxes/)
- [Federal insurance of municiapl bonds](https://www.senseoncents.com/tag/federal-insurance-of-municiapl-bonds/)
- [Democratic Congress](https://www.senseoncents.com/tag/democratic-congress/)
- [bonus legislation](https://www.senseoncents.com/tag/bonus-legislation/)
- [Thaddeus McCotter](https://www.senseoncents.com/tag/thaddeus-mccotter/)
- [shock](https://www.senseoncents.com/tag/shock/)
- [Wall Street bonuses](https://www.senseoncents.com/tag/wall-street-bonuses/)
- [Morgan Stanley](https://www.senseoncents.com/tag/morgan-stanley/)
- [American taxpayers](https://www.senseoncents.com/tag/american-taxpayers/)
- [free trade](https://www.senseoncents.com/tag/free-trade/)
- [The Lost Decade](https://www.senseoncents.com/tag/the-lost-decade/)
- [gray crime](https://www.senseoncents.com/tag/gray-crime/)
- [Japanese economy](https://www.senseoncents.com/tag/japanese-economy/)
- [credit card delinquencies](https://www.senseoncents.com/tag/credit-card-delinquencies/)
- [credit card defaults](https://www.senseoncents.com/tag/credit-card-defaults/)
- [credit card rates going higher](https://www.senseoncents.com/tag/credit-card-rates-going-higher/)
- [Smart Money](https://www.senseoncents.com/tag/smart-money/)
- [College of the Holy Cross](https://www.senseoncents.com/tag/college-of-the-holy-cross/)
- [Logic](https://www.senseoncents.com/tag/logic/)
- [Morality](https://www.senseoncents.com/tag/morality/)
- [bankinig industry](https://www.senseoncents.com/tag/bankinig-industry/)
- [banking losses](https://www.senseoncents.com/tag/banking-losses/)
- [bank shareholder equity](https://www.senseoncents.com/tag/bank-shareholder-equity/)
- [government interest rates](https://www.senseoncents.com/tag/government-interest-rates/)
- [executive compensation](https://www.senseoncents.com/tag/executive-compensation/)
- [class warfare](https://www.senseoncents.com/tag/class-warfare/)
- [populist outrage](https://www.senseoncents.com/tag/populist-outrage/)
- [Business Capital](https://www.senseoncents.com/tag/business-capital/)
- [Chuck Doyle](https://www.senseoncents.com/tag/chuck-doyle/)
- [debt restructuring](https://www.senseoncents.com/tag/debt-restructuring/)
- [recapitalization](https://www.senseoncents.com/tag/recapitalization/)
- [capital shortcomings](https://www.senseoncents.com/tag/capital-shortcomings/)
- [automotive](https://www.senseoncents.com/tag/automotive/)
- [Alan Greenspan](https://www.senseoncents.com/tag/alan-greenspan/)
- [public-private partnership](https://www.senseoncents.com/tag/public-private-partnership/)
- [mortgage broker](https://www.senseoncents.com/tag/mortgage-broker/)
- [executive bonuses](https://www.senseoncents.com/tag/executive-bonuses/)
- [public-private investment program](https://www.senseoncents.com/tag/public-private-investment-program/)
- [Geithner's new plan](https://www.senseoncents.com/tag/geithners-new-plan/)
- [bank stocks](https://www.senseoncents.com/tag/bank-stocks/)
- [bank bonds](https://www.senseoncents.com/tag/bank-bonds/)
- [public-private investment partnership](https://www.senseoncents.com/tag/public-private-investment-partnership/)
- [government financing](https://www.senseoncents.com/tag/government-financing/)
- [Bretton Woods](https://www.senseoncents.com/tag/bretton-woods/)
- [China's Central Bank](https://www.senseoncents.com/tag/chinas-central-bank/)
- [international reserve currency](https://www.senseoncents.com/tag/international-reserve-currency/)
- [U.S. -Chinese relations](https://www.senseoncents.com/tag/us-chinese-relations/)
- [Question of Honor](https://www.senseoncents.com/tag/question-of-honor/)
- [China's fear of inflation in U.S.](https://www.senseoncents.com/tag/chinas-fear-of-inflation-in-us/)
- [China's foreign reserves](https://www.senseoncents.com/tag/chinas-foreign-reserves/)
- [private equity](https://www.senseoncents.com/tag/private-equity/)
- [money center banks](https://www.senseoncents.com/tag/money-center-banks/)
- [consumer finance companies](https://www.senseoncents.com/tag/consumer-finance-companies/)
- [Secretart Geithner](https://www.senseoncents.com/tag/secretart-geithner/)
- [Fed chair Bernanke](https://www.senseoncents.com/tag/fed-chair-bernanke/)
- [ECB Chief Trichet](https://www.senseoncents.com/tag/ecb-chief-trichet/)
- [hyper-inflation](https://www.senseoncents.com/tag/hyper-inflation/)
- [Chinese government surpluses](https://www.senseoncents.com/tag/chinese-government-surpluses/)
- [civil service](https://www.senseoncents.com/tag/civil-service/)
- [national service](https://www.senseoncents.com/tag/national-service/)
- [the greatest generation](https://www.senseoncents.com/tag/the-greatest-generation/)
- [AmeriCorps](https://www.senseoncents.com/tag/americorps/)
- [community banking](https://www.senseoncents.com/tag/community-banking/)
- [regional banking](https://www.senseoncents.com/tag/regional-banking/)
- [mega-banks](https://www.senseoncents.com/tag/mega-banks/)
- [risk management at mega-banks](https://www.senseoncents.com/tag/risk-management-at-mega-banks/)
- [Peoples United in Bridgeport](https://www.senseoncents.com/tag/peoples-united-in-bridgeport/)
- [Hudson City Savings Bank](https://www.senseoncents.com/tag/hudson-city-savings-bank/)
- [Great Depression](https://www.senseoncents.com/tag/great-depression/)
- [Edwin Vieira](https://www.senseoncents.com/tag/edwin-vieira/)
- [protectionism](https://www.senseoncents.com/tag/protectionism/)
- [seizure of gold and silver](https://www.senseoncents.com/tag/seizure-of-gold-and-silver/)
- [currency devaluation](https://www.senseoncents.com/tag/currency-devaluation/)
- [counterparty risk](https://www.senseoncents.com/tag/counterparty-risk/)
- [British politicians](https://www.senseoncents.com/tag/british-politicians/)
- [European Parliament](https://www.senseoncents.com/tag/european-parliament/)
- [Conservative Party](https://www.senseoncents.com/tag/conservative-party/)
- [Daniel Hannan](https://www.senseoncents.com/tag/daniel-hannan/)
- [Oppenheimer](https://www.senseoncents.com/tag/oppenheimer/)
- [United States Treasury](https://www.senseoncents.com/tag/united-states-treasury/)
- [government securities](https://www.senseoncents.com/tag/government-securities/)
- [pay to play](https://www.senseoncents.com/tag/pay-to-play/)
- [MSRB](https://www.senseoncents.com/tag/msrb/)
- [municipal derivatives](https://www.senseoncents.com/tag/municipal-derivatives/)
- [Wall Street public finaance](https://www.senseoncents.com/tag/wall-street-public-finaance/)
- [Send in the Clown](https://www.senseoncents.com/tag/send-in-the-clown/)
- [Public Private Partnership Program](https://www.senseoncents.com/tag/public-private-partnership-program/)
- [price discovery of toxic assets](https://www.senseoncents.com/tag/price-discovery-of-toxic-assets/)
- [bank portfolios at Bank of America and Citigroup](https://www.senseoncents.com/tag/bank-portfolios-at-bank-of-america-and-citigroup/)
- [U.S. central Credit Union](https://www.senseoncents.com/tag/us-central-credit-union/)
- [West Corp Credit Union](https://www.senseoncents.com/tag/west-corp-credit-union/)
- [matthew richardson](https://www.senseoncents.com/tag/matthew-richardson/)
- [automotive industry](https://www.senseoncents.com/tag/automotive-industry/)
- [annual auto sales](https://www.senseoncents.com/tag/annual-auto-sales/)
- [automotive viability](https://www.senseoncents.com/tag/automotive-viability/)
- [Treasury Department](https://www.senseoncents.com/tag/treasury-department/)
- [U.S. car sales](https://www.senseoncents.com/tag/us-car-sales/)
- [Obama's auto bailout team](https://www.senseoncents.com/tag/obamas-auto-bailout-team/)
- [Ron Bloom](https://www.senseoncents.com/tag/ron-bloom/)
- [Brian Deese](https://www.senseoncents.com/tag/brian-deese/)
- [investing in real estate](https://www.senseoncents.com/tag/investing-in-real-estate/)
- [types of real estate](https://www.senseoncents.com/tag/types-of-real-estate/)
- [characteristics of real estate](https://www.senseoncents.com/tag/characteristics-of-real-estate/)
- [advantages and disadvantages in real estate](https://www.senseoncents.com/tag/advantages-and-disadvantages-in-real-estate/)
- [buying and owning real estate](https://www.senseoncents.com/tag/buying-and-owning-real-estate/)
- [finding real estate investment value](https://www.senseoncents.com/tag/finding-real-estate-investment-value/)
- [Add new tag](https://www.senseoncents.com/tag/add-new-tag/)
- [Michael Panzner](https://www.senseoncents.com/tag/michael-panzner/)
- [When Giants Fall](https://www.senseoncents.com/tag/when-giants-fall/)
- [Financial Armageddon](https://www.senseoncents.com/tag/financial-armageddon/)
- [stock market rally](https://www.senseoncents.com/tag/stock-market-rally/)
- [cost of living adjustments to Social Security](https://www.senseoncents.com/tag/cost-of-living-adjustments-to-social-security/)
- [unemployment benefits](https://www.senseoncents.com/tag/unemployment-benefits/)
- [corporate profits](https://www.senseoncents.com/tag/corporate-profits/)
- [consumer behavior](https://www.senseoncents.com/tag/consumer-behavior/)
- [Bush tax rebate](https://www.senseoncents.com/tag/bush-tax-rebate/)
- [Wall Street regulations](https://www.senseoncents.com/tag/wall-street-regulations/)
- [CME](https://www.senseoncents.com/tag/cme/)
- [campaign finance reform](https://www.senseoncents.com/tag/campaign-finance-reform/)
- [problems in western Europe](https://www.senseoncents.com/tag/problems-in-western-europe/)
- [problems in eastern Europe](https://www.senseoncents.com/tag/problems-in-eastern-europe/)
- [Prime Minister Gordon Brown](https://www.senseoncents.com/tag/prime-minister-gordon-brown/)
- [U.K bank bailouts](https://www.senseoncents.com/tag/uk-bank-bailouts/)
- [U.K failed debt auction](https://www.senseoncents.com/tag/uk-failed-debt-auction/)
- [IMF Bailout of the U.K.](https://www.senseoncents.com/tag/imf-bailout-of-the-uk/)
- [modern day fall of the Roman Empire](https://www.senseoncents.com/tag/modern-day-fall-of-the-roman-empire/)
- [jonathan Weil](https://www.senseoncents.com/tag/jonathan-weil/)
- [corporate accounting](https://www.senseoncents.com/tag/corporate-accounting/)
- [income statement](https://www.senseoncents.com/tag/income-statement/)
- [1st quarter earnings](https://www.senseoncents.com/tag/1st-quarter-earnings/)
- [S&P 500 earnings](https://www.senseoncents.com/tag/sp-500-earnings/)
- [comprehensive income](https://www.senseoncents.com/tag/comprehensive-income/)
- [Laszlo Biriny](https://www.senseoncents.com/tag/laszlo-biriny/)
- [market extremes](https://www.senseoncents.com/tag/market-extremes/)
- [dishonest brokers](https://www.senseoncents.com/tag/dishonest-brokers/)
- [sellinig toxic securities](https://www.senseoncents.com/tag/sellinig-toxic-securities/)
- [selling toxic loans](https://www.senseoncents.com/tag/selling-toxic-loans/)
- [Term Asset-Backed Lending Facility](https://www.senseoncents.com/tag/term-asset-backed-lending-facility/)
- [pricing of toxic loans](https://www.senseoncents.com/tag/pricing-of-toxic-loans/)
- [will banks sell toxic loans](https://www.senseoncents.com/tag/will-banks-sell-toxic-loans/)
- [earthhour](https://www.senseoncents.com/tag/earthhour/)
- [voteearth](https://www.senseoncents.com/tag/voteearth/)
- [Connecticut](https://www.senseoncents.com/tag/connecticut/)
- [FASB Mark-to-market](https://www.senseoncents.com/tag/fasb-mark-to-market/)
- [will banks sell assets via PPIP](https://www.senseoncents.com/tag/will-banks-sell-assets-via-ppip/)
- [moving business or storage business](https://www.senseoncents.com/tag/moving-business-or-storage-business/)
- [managing risk](https://www.senseoncents.com/tag/managing-risk/)
- [Larry Doyle](https://www.senseoncents.com/tag/larry-doyle/)
- [Economic Roadmap](https://www.senseoncents.com/tag/economic-roadmap/)
- [bank capital injections](https://www.senseoncents.com/tag/bank-capital-injections/)
- [bank assistance](https://www.senseoncents.com/tag/bank-assistance/)
- [unwind of AIG trades with Citibank and BofA](https://www.senseoncents.com/tag/unwind-of-aig-trades-with-citibank-and-bofa/)
- [excessive debt](https://www.senseoncents.com/tag/excessive-debt/)
- [residential debt](https://www.senseoncents.com/tag/residential-debt/)
- [commercial real estate debt](https://www.senseoncents.com/tag/commercial-real-estate-debt/)
- [consumer finance debt](https://www.senseoncents.com/tag/consumer-finance-debt/)
- [municipal finance debt](https://www.senseoncents.com/tag/municipal-finance-debt/)
- [U.S. government debt](https://www.senseoncents.com/tag/us-government-debt/)
- [Oppenheimer Holdings](https://www.senseoncents.com/tag/oppenheimer-holdings/)
- [Fidelity Investments and ARPS](https://www.senseoncents.com/tag/fidelity-investments-and-arps/)
- [Lincoln Financial Group](https://www.senseoncents.com/tag/lincoln-financial-group/)
- [Hartford Insurance](https://www.senseoncents.com/tag/hartford-insurance/)
- [Principal Insurance](https://www.senseoncents.com/tag/principal-insurance/)
- [Prudential Insurance](https://www.senseoncents.com/tag/prudential-insurance/)
- [Lincoln's attempt to get government bailout money](https://www.senseoncents.com/tag/lincolns-attempt-to-get-government-bailout-money/)
- [newton County Savings and Loan](https://www.senseoncents.com/tag/newton-county-savings-and-loan/)
- [insurance company exposure to commercial real estate and corporate bonds](https://www.senseoncents.com/tag/insurance-company-exposure-to-commercial-real-estate-and-corporate-bonds/)
- [Citigroup and Wachovia settle ARPS claim](https://www.senseoncents.com/tag/citigroup-and-wachovia-settle-arps-claim/)
- [IMF loans to emerging economies](https://www.senseoncents.com/tag/imf-loans-to-emerging-economies/)
- [impact of IMF loans](https://www.senseoncents.com/tag/impact-of-imf-loans/)
- [China's role in the IMF](https://www.senseoncents.com/tag/chinas-role-in-the-imf/)
- [United States role in IMF](https://www.senseoncents.com/tag/united-states-role-in-imf/)
- [Obama's approach to the IMF](https://www.senseoncents.com/tag/obamas-approach-to-the-imf/)
- [housing prices](https://www.senseoncents.com/tag/housing-prices/)
- [committing capital](https://www.senseoncents.com/tag/committing-capital/)
- [housing market](https://www.senseoncents.com/tag/housing-market/)
- [University of Michigan Consumer Confidence survey](https://www.senseoncents.com/tag/university-of-michigan-consumer-confidence-survey/)
- [Citigroup;s and Wachovia ARPS settlement](https://www.senseoncents.com/tag/citigroups-and-wachovia-arps-settlement/)
- [oppenheimer Holdings request to incorporate in the United States](https://www.senseoncents.com/tag/oppenheimer-holdings-request-to-incorporate-in-the-united-states/)
- [ARPS fraud](https://www.senseoncents.com/tag/arps-fraud/)
- [FINRA owned ARPS](https://www.senseoncents.com/tag/finra-owned-arps/)
- [market review](https://www.senseoncents.com/tag/market-review/)
- [bond market review for March 2009](https://www.senseoncents.com/tag/bond-market-review-for-march-2009/)
- [risks in market](https://www.senseoncents.com/tag/risks-in-market/)
- [quantitative easing by Federal reserve](https://www.senseoncents.com/tag/quantitative-easing-by-federal-reserve/)
- [FASB mark to market relaxation](https://www.senseoncents.com/tag/fasb-mark-to-market-relaxation/)
- [end of quarter activity](https://www.senseoncents.com/tag/end-of-quarter-activity/)
- [ADP jobless claims](https://www.senseoncents.com/tag/adp-jobless-claims/)
- [relaxation of mark to market accounting](https://www.senseoncents.com/tag/relaxation-of-mark-to-market-accounting/)
- [Senator Schumer's pressure on FASB](https://www.senseoncents.com/tag/senator-schumers-pressure-on-fasb/)
- [Dodd's campaign cash](https://www.senseoncents.com/tag/dodds-campaign-cash/)
- [shadow banking system](https://www.senseoncents.com/tag/shadow-banking-system/)
- [Hancock Tower sells for half price paid in 2006](https://www.senseoncents.com/tag/hancock-tower-sells-for-half-price-paid-in-2006/)
- [Broadway Partners](https://www.senseoncents.com/tag/broadway-partners/)
- [commercial real estate valuation](https://www.senseoncents.com/tag/commercial-real-estate-valuation/)
- [Laszlo Birinyi sentiment poll](https://www.senseoncents.com/tag/laszlo-birinyi-sentiment-poll/)
- [trading range](https://www.senseoncents.com/tag/trading-range/)
- [Fibonacci numbers](https://www.senseoncents.com/tag/fibonacci-numbers/)
- [Fibonacci retracements](https://www.senseoncents.com/tag/fibonacci-retracements/)
- [overbought and oversold conditions](https://www.senseoncents.com/tag/overbought-and-oversold-conditions/)
- [relaxation of mark to market](https://www.senseoncents.com/tag/relaxation-of-mark-to-market/)
- [Charles Bowsher](https://www.senseoncents.com/tag/charles-bowsher/)
- [John Fisk](https://www.senseoncents.com/tag/john-fisk/)
- [Congressional pressure on FASB](https://www.senseoncents.com/tag/congressional-pressure-on-fasb/)
- [Federal Home Loan Bank Office of Finance](https://www.senseoncents.com/tag/federal-home-loan-bank-office-of-finance/)
- [Bloomberg's Jonathan Weil](https://www.senseoncents.com/tag/bloombergs-jonathan-weil/)
- [FHLB Seattle](https://www.senseoncents.com/tag/fhlb-seattle/)
- [FHLB accounting and putting perfume on a pig](https://www.senseoncents.com/tag/fhlb-accounting-and-putting-perfume-on-a-pig/)
- [shipping raw materials](https://www.senseoncents.com/tag/shipping-raw-materials/)
- [global demand for goods](https://www.senseoncents.com/tag/global-demand-for-goods/)
- [strength in shipping](https://www.senseoncents.com/tag/strength-in-shipping/)
- [G-20 goals and commitments](https://www.senseoncents.com/tag/g-20-goals-and-commitments/)
- [Gordon Brown's G-20 statement](https://www.senseoncents.com/tag/gordon-browns-g-20-statement/)
- [G-20 commitment to address tax havens](https://www.senseoncents.com/tag/g-20-commitment-to-address-tax-havens/)
- [G-20 commitment to develop Financial Accounting Stability Board](https://www.senseoncents.com/tag/g-20-commitment-to-develop-financial-accounting-stability-board/)
- [G-20 commitment to address a global systemic risk oversight body](https://www.senseoncents.com/tag/g-20-commitment-to-address-a-global-systemic-risk-oversight-body/)
- [G-20 commitment to address global approach to deal with toxic assets](https://www.senseoncents.com/tag/g-20-commitment-to-address-global-approach-to-deal-with-toxic-assets/)
- [G-20 commitment to develop global stimulus plan](https://www.senseoncents.com/tag/g-20-commitment-to-develop-global-stimulus-plan/)
- [G-20 commitment to maintain a fiscal expansionary posture](https://www.senseoncents.com/tag/g-20-commitment-to-maintain-a-fiscal-expansionary-posture/)
- [g-20 commitment to the IMF](https://www.senseoncents.com/tag/g-20-commitment-to-the-imf/)
- [g-20 commitment to kickstarting international trade](https://www.senseoncents.com/tag/g-20-commitment-to-kickstarting-international-trade/)
- [april unemployment report](https://www.senseoncents.com/tag/april-unemployment-report/)
- [Underemployment Rate](https://www.senseoncents.com/tag/underemployment-rate/)
- [Non-farm payroll report for April 2009](https://www.senseoncents.com/tag/non-farm-payroll-report-for-april-2009/)
- [average hourly earnings for April 2009](https://www.senseoncents.com/tag/average-hourly-earnings-for-april-2009/)
- [average hourly workweek for April 2009](https://www.senseoncents.com/tag/average-hourly-workweek-for-april-2009/)
- [will banks sell toxic assets](https://www.senseoncents.com/tag/will-banks-sell-toxic-assets/)
- [defaults on residential mortgages](https://www.senseoncents.com/tag/defaults-on-residential-mortgages/)
- [government financing of toxic assets](https://www.senseoncents.com/tag/government-financing-of-toxic-assets/)
- [equity price action](https://www.senseoncents.com/tag/equity-price-action/)
- [government bond price action](https://www.senseoncents.com/tag/government-bond-price-action/)
- [price action of copper](https://www.senseoncents.com/tag/price-action-of-copper/)
- [Auction Rate Securities](https://www.senseoncents.com/tag/auction-rate-securities/)
- [rallying stock market](https://www.senseoncents.com/tag/rallying-stock-market/)
- [economic fundamentals](https://www.senseoncents.com/tag/economic-fundamentals/)
- [Fibonacci Retracement](https://www.senseoncents.com/tag/fibonacci-retracement/)
- [moral hazards](https://www.senseoncents.com/tag/moral-hazards/)
- [more government bailouts](https://www.senseoncents.com/tag/more-government-bailouts/)
- [Tea parties](https://www.senseoncents.com/tag/tea-parties/)
- [bailouts](https://www.senseoncents.com/tag/bailouts/)
- [government control of industry](https://www.senseoncents.com/tag/government-control-of-industry/)
- [government control of banks](https://www.senseoncents.com/tag/government-control-of-banks/)
- [abolition of free market principles](https://www.senseoncents.com/tag/abolition-of-free-market-principles/)
- [AIG bonus fiasco](https://www.senseoncents.com/tag/aig-bonus-fiasco/)
- [Freddie Mac compensation practices](https://www.senseoncents.com/tag/freddie-mac-compensation-practices/)
- [return of TARP money](https://www.senseoncents.com/tag/return-of-tarp-money/)
- [Pay for Performance Act](https://www.senseoncents.com/tag/pay-for-performance-act/)
- [Federal Reserve policy](https://www.senseoncents.com/tag/federal-reserve-policy/)
- [cutting the Fed Funds rate](https://www.senseoncents.com/tag/cutting-the-fed-funds-rate/)
- [backstopping the commercial paper markets](https://www.senseoncents.com/tag/backstopping-the-commercial-paper-markets/)
- [backstopping money market funds](https://www.senseoncents.com/tag/backstopping-money-market-funds/)
- [backstopping the swaps market](https://www.senseoncents.com/tag/backstopping-the-swaps-market/)
- [Obama nuclear approach](https://www.senseoncents.com/tag/obama-nuclear-approach/)
- [North Korea rocket launch](https://www.senseoncents.com/tag/north-korea-rocket-launch/)
- [Iran uranium enrichment](https://www.senseoncents.com/tag/iran-uranium-enrichment/)
- [insurance companies and annuities](https://www.senseoncents.com/tag/insurance-companies-and-annuities/)
- [Lincoln Financial's capital shortfall](https://www.senseoncents.com/tag/lincoln-financials-capital-shortfall/)
- [insurance companies investment portfolios](https://www.senseoncents.com/tag/insurance-companies-investment-portfolios/)
- [Hartford Financial's financial problems](https://www.senseoncents.com/tag/hartford-financials-financial-problems/)
- [refinancing risk](https://www.senseoncents.com/tag/refinancing-risk/)
- [asset securitization market](https://www.senseoncents.com/tag/asset-securitization-market/)
- [loan underwriting standards](https://www.senseoncents.com/tag/loan-underwriting-standards/)
- [process of loan foreclosure](https://www.senseoncents.com/tag/process-of-loan-foreclosure/)
- [risk of default on high yield loans](https://www.senseoncents.com/tag/risk-of-default-on-high-yield-loans/)
- [Mike Mayo](https://www.senseoncents.com/tag/mike-mayo/)
- [how do I protect against inflation](https://www.senseoncents.com/tag/how-do-i-protect-against-inflation/)
- [how do I buy TIPS](https://www.senseoncents.com/tag/how-do-i-buy-tips/)
- [buying TIPS](https://www.senseoncents.com/tag/buying-tips/)
- [investments to protect against rising inflation](https://www.senseoncents.com/tag/investments-to-protect-against-rising-inflation/)
- [banking regulator](https://www.senseoncents.com/tag/banking-regulator/)
- [fraudulently originated loans](https://www.senseoncents.com/tag/fraudulently-originated-loans/)
- [NINJNA loans](https://www.senseoncents.com/tag/ninjna-loans/)
- [the Wall street model](https://www.senseoncents.com/tag/the-wall-street-model/)
- [American banking industry](https://www.senseoncents.com/tag/american-banking-industry/)
- [Auction rate Preferred Securities scandal](https://www.senseoncents.com/tag/auction-rate-preferred-securities-scandal/)
- [head of FINRA](https://www.senseoncents.com/tag/head-of-finra/)
- [FINRA's 2007 Annual Report](https://www.senseoncents.com/tag/finras-2007-annual-report/)
- [FINRA's ownership of Auction Rate Securities](https://www.senseoncents.com/tag/finras-ownership-of-auction-rate-securities/)
- [Harry Markopolos calls FINRA "corrupt"](https://www.senseoncents.com/tag/harry-markopolos-calls-finra-corrupt/)
- [Bernie Madoff compared to Auction Rate Securities scandal](https://www.senseoncents.com/tag/bernie-madoff-compared-to-auction-rate-securities-scandal/)
- [UBS and ARS](https://www.senseoncents.com/tag/ubs-and-ars/)
- [relaxation of the mark to market](https://www.senseoncents.com/tag/relaxation-of-the-mark-to-market/)
- [Zombie like banks](https://www.senseoncents.com/tag/zombie-like-banks/)
- [Australia cuts overnight lending rate](https://www.senseoncents.com/tag/australia-cuts-overnight-lending-rate/)
- [Japan's exports and industrial production declines](https://www.senseoncents.com/tag/japans-exports-and-industrial-production-declines/)
- [gold price declines](https://www.senseoncents.com/tag/gold-price-declines/)
- [earnings for S&P 500](https://www.senseoncents.com/tag/earnings-for-sp-500/)
- [rating agencies receiving government assistance](https://www.senseoncents.com/tag/rating-agencies-receiving-government-assistance/)
- [AIG selling asset management division](https://www.senseoncents.com/tag/aig-selling-asset-management-division/)
- [government negotiations](https://www.senseoncents.com/tag/government-negotiations/)
- [banking system](https://www.senseoncents.com/tag/banking-system/)
- [John Hussman](https://www.senseoncents.com/tag/john-hussman/)
- [foreclosure risk](https://www.senseoncents.com/tag/foreclosure-risk/)
- [capital shortfall within the insurance industry](https://www.senseoncents.com/tag/capital-shortfall-within-the-insurance-industry/)
- [credit losses](https://www.senseoncents.com/tag/credit-losses/)
- [losses relative to GDP](https://www.senseoncents.com/tag/losses-relative-to-gdp/)
- [European credit losses](https://www.senseoncents.com/tag/european-credit-losses/)
- [global credit losses](https://www.senseoncents.com/tag/global-credit-losses/)
- [Bank Stress Tests](https://www.senseoncents.com/tag/bank-stress-tests/)
- [social promotion](https://www.senseoncents.com/tag/social-promotion/)
- [transparency of bank stress tests](https://www.senseoncents.com/tag/transparency-of-bank-stress-tests/)
- [Basell II](https://www.senseoncents.com/tag/basell-ii/)
- [deteriorating credit](https://www.senseoncents.com/tag/deteriorating-credit/)
- [relative value of U.S. Treasuries](https://www.senseoncents.com/tag/relative-value-of-us-treasuries/)
- [Federal reserve buying Treasuries and mortgage-backed securities](https://www.senseoncents.com/tag/federal-reserve-buying-treasuries-and-mortgage-backed-securities/)
- [Federal Reserve shrinking their balance sheet](https://www.senseoncents.com/tag/federal-reserve-shrinking-their-balance-sheet/)
- [Fed Buying mortgages](https://www.senseoncents.com/tag/fed-buying-mortgages/)
- [Mario Gabelli](https://www.senseoncents.com/tag/mario-gabelli/)
- [GAMCO Investors](https://www.senseoncents.com/tag/gamco-investors/)
- [Wells Fargo earnings](https://www.senseoncents.com/tag/wells-fargo-earnings/)
- [FASB relaxation of mark to market](https://www.senseoncents.com/tag/fasb-relaxation-of-mark-to-market/)
- [federal reserve minutes](https://www.senseoncents.com/tag/federal-reserve-minutes/)
- [Fed buying mortgages and government bonds](https://www.senseoncents.com/tag/fed-buying-mortgages-and-government-bonds/)
- [increase in tax rates](https://www.senseoncents.com/tag/increase-in-tax-rates/)
- [losses in banking system](https://www.senseoncents.com/tag/losses-in-banking-system/)
- [corporate bond model](https://www.senseoncents.com/tag/corporate-bond-model/)
- [paying down debt](https://www.senseoncents.com/tag/paying-down-debt/)
- [high yield bond spreads](https://www.senseoncents.com/tag/high-yield-bond-spreads/)
- [widening corporate bond spreads](https://www.senseoncents.com/tag/widening-corporate-bond-spreads/)
- [lack of credit](https://www.senseoncents.com/tag/lack-of-credit/)
- [corporate default rates](https://www.senseoncents.com/tag/corporate-default-rates/)
- [Journal of Monetary Economics](https://www.senseoncents.com/tag/journal-of-monetary-economics/)
- [review of Bush economic program](https://www.senseoncents.com/tag/review-of-bush-economic-program/)
- [where's the money?](https://www.senseoncents.com/tag/wheres-the-money/)
- [defaults on loans](https://www.senseoncents.com/tag/defaults-on-loans/)
- [defaults on consumer credit](https://www.senseoncents.com/tag/defaults-on-consumer-credit/)
- [defaults on residential loans](https://www.senseoncents.com/tag/defaults-on-residential-loans/)
- [defaults on commercial mortgages](https://www.senseoncents.com/tag/defaults-on-commercial-mortgages/)
- [debt/GDP ratio](https://www.senseoncents.com/tag/debtgdp-ratio/)
- [government tells banks to keep quiet about bank stress tests](https://www.senseoncents.com/tag/government-tells-banks-to-keep-quiet-about-bank-stress-tests/)
- [Goodfellas](https://www.senseoncents.com/tag/goodfellas/)
- [Ruth Madoff](https://www.senseoncents.com/tag/ruth-madoff/)
- [Madoff list of victims](https://www.senseoncents.com/tag/madoff-list-of-victims/)
- [review of economy](https://www.senseoncents.com/tag/review-of-economy/)
- [review of markets](https://www.senseoncents.com/tag/review-of-markets/)
- [review of global finance](https://www.senseoncents.com/tag/review-of-global-finance/)
- [real time market data](https://www.senseoncents.com/tag/real-time-market-data/)
- [No Quarter Radio Sense on Cents](https://www.senseoncents.com/tag/no-quarter-radio-sense-on-cents/)
- [primer on investing](https://www.senseoncents.com/tag/primer-on-investing/)
- [primer of mortgage market and mortgage finance](https://www.senseoncents.com/tag/primer-of-mortgage-market-and-mortgage-finance/)
- [financial aid material](https://www.senseoncents.com/tag/financial-aid-material/)
- [primer on insurance](https://www.senseoncents.com/tag/primer-on-insurance/)
- [Trust Company of the West](https://www.senseoncents.com/tag/trust-company-of-the-west/)
- [Greg Mankiw](https://www.senseoncents.com/tag/greg-mankiw/)
- [Carmen Reinhart](https://www.senseoncents.com/tag/carmen-reinhart/)
- [Thought Leaders](https://www.senseoncents.com/tag/thought-leaders/)
- [integrity of financial reporting](https://www.senseoncents.com/tag/integrity-of-financial-reporting/)
- [Neil Barofsky](https://www.senseoncents.com/tag/neil-barofsky/)
- [TARP investigations](https://www.senseoncents.com/tag/tarp-investigations/)
- [TARP investigator](https://www.senseoncents.com/tag/tarp-investigator/)
- [perp walks](https://www.senseoncents.com/tag/perp-walks/)
- [FBI files on Willie Sutton](https://www.senseoncents.com/tag/fbi-files-on-willie-sutton/)
- [equity market review for March 2009](https://www.senseoncents.com/tag/equity-market-review-for-march-2009/)
- [March 2009 market review](https://www.senseoncents.com/tag/march-2009-market-review/)
- [Management Changes at banks](https://www.senseoncents.com/tag/management-changes-at-banks/)
- [Citigroup management changes](https://www.senseoncents.com/tag/citigroup-management-changes/)
- [Chrysler](https://www.senseoncents.com/tag/chrysler/)
- [Genworth Financial](https://www.senseoncents.com/tag/genworth-financial/)
- [TARP funds](https://www.senseoncents.com/tag/tarp-funds/)
- [Hartford Financial](https://www.senseoncents.com/tag/hartford-financial/)
- [Protective Life](https://www.senseoncents.com/tag/protective-life/)
- [Interbank](https://www.senseoncents.com/tag/interbank/)
- [Chris Lowney](https://www.senseoncents.com/tag/chris-lowney/)
- [Jesuit history](https://www.senseoncents.com/tag/jesuit-history/)
- [Heroic Leadership](https://www.senseoncents.com/tag/heroic-leadership/)
- [Goldman Sachs' earnings](https://www.senseoncents.com/tag/goldman-sachs-earnings/)
- [TARP repayment](https://www.senseoncents.com/tag/tarp-repayment/)
- [managed earnings](https://www.senseoncents.com/tag/managed-earnings/)
- [ARS fraud](https://www.senseoncents.com/tag/ars-fraud/)
- [producer prices](https://www.senseoncents.com/tag/producer-prices/)
- [retail sales](https://www.senseoncents.com/tag/retail-sales/)
- [inventory to sales ratio](https://www.senseoncents.com/tag/inventory-to-sales-ratio/)
- [GE earnings](https://www.senseoncents.com/tag/ge-earnings/)
- [Intel earnings](https://www.senseoncents.com/tag/intel-earnings/)
- [information flow for economy](https://www.senseoncents.com/tag/information-flow-for-economy/)
- [Bank Stress Test results](https://www.senseoncents.com/tag/bank-stress-test-results/)
- [A Few Good Men](https://www.senseoncents.com/tag/a-few-good-men/)
- [integrity of government information](https://www.senseoncents.com/tag/integrity-of-government-information/)
- [foreclosure activity](https://www.senseoncents.com/tag/foreclosure-activity/)
- [Wells Fargo reserves against chargeoffs](https://www.senseoncents.com/tag/wells-fargo-reserves-against-chargeoffs/)
- [credit rating review](https://www.senseoncents.com/tag/credit-rating-review/)
- [JP Morgan earnings](https://www.senseoncents.com/tag/jp-morgan-earnings/)
- [General Growth bankruptcy](https://www.senseoncents.com/tag/general-growth-bankruptcy/)
- [live chat](https://www.senseoncents.com/tag/live-chat/)
- [Citigroup's sale of Auction Rate Securities](https://www.senseoncents.com/tag/citigroups-sale-of-auction-rate-securities/)
- [restructuring FINRA](https://www.senseoncents.com/tag/restructuring-finra/)
- [Stiglitz](https://www.senseoncents.com/tag/stiglitz/)
- [cronies](https://www.senseoncents.com/tag/cronies/)
- [Jesuits](https://www.senseoncents.com/tag/jesuits/)
- [earnings reports](https://www.senseoncents.com/tag/earnings-reports/)
- [quality of earnings reports](https://www.senseoncents.com/tag/quality-of-earnings-reports/)
- [bank analysts](https://www.senseoncents.com/tag/bank-analysts/)
- [Quadrangle](https://www.senseoncents.com/tag/quadrangle/)
- [New York state pension fraud with Quadrangle](https://www.senseoncents.com/tag/new-york-state-pension-fraud-with-quadrangle/)
- [New york pension kickbacks to Quadrangle](https://www.senseoncents.com/tag/new-york-pension-kickbacks-to-quadrangle/)
- [pension fund kickbacks](https://www.senseoncents.com/tag/pension-fund-kickbacks/)
- [results of Bank Stress Tests](https://www.senseoncents.com/tag/results-of-bank-stress-tests/)
- [Stimulus Package](https://www.senseoncents.com/tag/stimulus-package/)
- [China's economy](https://www.senseoncents.com/tag/chinas-economy/)
- [benefits of stimulus package](https://www.senseoncents.com/tag/benefits-of-stimulus-package/)
- [impact on health insurance premiums of stimulus package](https://www.senseoncents.com/tag/impact-on-health-insurance-premiums-of-stimulus-package/)
- [impact on infrastructure projects by Stimulus package](https://www.senseoncents.com/tag/impact-on-infrastructure-projects-by-stimulus-package/)
- [$800 Billion Mistake](https://www.senseoncents.com/tag/800-billion-mistake/)
- [lack of clarity on Stimulus](https://www.senseoncents.com/tag/lack-of-clarity-on-stimulus/)
- [capital spending of Stimulus Package](https://www.senseoncents.com/tag/capital-spending-of-stimulus-package/)
- [TARP fund repayment](https://www.senseoncents.com/tag/tarp-fund-repayment/)
- [FDIC-backed debt](https://www.senseoncents.com/tag/fdic-backed-debt/)
- [Goldman Sachs repaying TARP](https://www.senseoncents.com/tag/goldman-sachs-repaying-tarp/)
- [JP Morgan repaying TARP](https://www.senseoncents.com/tag/jp-morgan-repaying-tarp/)
- [Bank of America's earnings](https://www.senseoncents.com/tag/bank-of-americas-earnings/)
- [Larry Summers comments on repaying TARP](https://www.senseoncents.com/tag/larry-summers-comments-on-repaying-tarp/)
- [equity market selloff](https://www.senseoncents.com/tag/equity-market-selloff/)
- [equity market selloff on April 20](https://www.senseoncents.com/tag/equity-market-selloff-on-april-20/)
- [chargeoffs on loans](https://www.senseoncents.com/tag/chargeoffs-on-loans/)
- [credit quality problems](https://www.senseoncents.com/tag/credit-quality-problems/)
- [credit chargeoffs](https://www.senseoncents.com/tag/credit-chargeoffs/)
- [loan writedowns](https://www.senseoncents.com/tag/loan-writedowns/)
- [debt for equity swap](https://www.senseoncents.com/tag/debt-for-equity-swap/)
- [dilution of bank stocks](https://www.senseoncents.com/tag/dilution-of-bank-stocks/)
- [housing legislation](https://www.senseoncents.com/tag/housing-legislation/)
- [principal reduction via bankruptcy](https://www.senseoncents.com/tag/principal-reduction-via-bankruptcy/)
- [economic performance](https://www.senseoncents.com/tag/economic-performance/)
- [deterioration in loan performance](https://www.senseoncents.com/tag/deterioration-in-loan-performance/)
- [capital in banking system](https://www.senseoncents.com/tag/capital-in-banking-system/)
- [underfunded pensions](https://www.senseoncents.com/tag/underfunded-pensions/)
- [commercial real estate performance](https://www.senseoncents.com/tag/commercial-real-estate-performance/)
- [commercial real estate defaults](https://www.senseoncents.com/tag/commercial-real-estate-defaults/)
- [accounting gimmicks](https://www.senseoncents.com/tag/accounting-gimmicks/)
- [regional bank earnings](https://www.senseoncents.com/tag/regional-bank-earnings/)
- [leading economic indicators](https://www.senseoncents.com/tag/leading-economic-indicators/)
- [economic recession](https://www.senseoncents.com/tag/economic-recession/)
- [growth of money supply](https://www.senseoncents.com/tag/growth-of-money-supply/)
- [fiscal deficit](https://www.senseoncents.com/tag/fiscal-deficit/)
- [John Lipsky](https://www.senseoncents.com/tag/john-lipsky/)
- [IMF Global Financial Stability Reporta](https://www.senseoncents.com/tag/imf-global-financial-stability-reporta/)
- [expected defaults on loans globally](https://www.senseoncents.com/tag/expected-defaults-on-loans-globally/)
- [increase in losses on loans](https://www.senseoncents.com/tag/increase-in-losses-on-loans/)
- [bank solvency](https://www.senseoncents.com/tag/bank-solvency/)
- [Wall Street oversight](https://www.senseoncents.com/tag/wall-street-oversight/)
- [Pecora investigation](https://www.senseoncents.com/tag/pecora-investigation/)
- [independent investigation of Wall Street](https://www.senseoncents.com/tag/independent-investigation-of-wall-street/)
- [bankruptcy of Lehman](https://www.senseoncents.com/tag/bankruptcy-of-lehman/)
- [collapse of Bear Stearns](https://www.senseoncents.com/tag/collapse-of-bear-stearns/)
- [campaign contributions by Wall Street](https://www.senseoncents.com/tag/campaign-contributions-by-wall-street/)
- [Donald Ritchie](https://www.senseoncents.com/tag/donald-ritchie/)
- [historian of U.S. Senate](https://www.senseoncents.com/tag/historian-of-us-senate/)
- [Legalized Bribery](https://www.senseoncents.com/tag/legalized-bribery/)
- [FINRA's investment portfolio](https://www.senseoncents.com/tag/finras-investment-portfolio/)
- [SRO](https://www.senseoncents.com/tag/sro/)
- [Charles Geisst](https://www.senseoncents.com/tag/charles-geisst/)
- [Center for Responsive Politics](https://www.senseoncents.com/tag/center-for-responsive-politics/)
- [Caterpillar](https://www.senseoncents.com/tag/caterpillar/)
- [Chinese stimulus](https://www.senseoncents.com/tag/chinese-stimulus/)
- [stimulus package was a promotion of Democratic agenda](https://www.senseoncents.com/tag/stimulus-package-was-a-promotion-of-democratic-agenda/)
- [Dave Burritt](https://www.senseoncents.com/tag/dave-burritt/)
- [Caterpillar CFO](https://www.senseoncents.com/tag/caterpillar-cfo/)
- [United Technologies](https://www.senseoncents.com/tag/united-technologies/)
- [Eaton Corp.](https://www.senseoncents.com/tag/eaton-corp/)
- [Dupont](https://www.senseoncents.com/tag/dupont/)
- [Mohammed El-Erian](https://www.senseoncents.com/tag/mohammed-el-erian/)
- [David Kellerman](https://www.senseoncents.com/tag/david-kellerman/)
- [U.K. tax rates](https://www.senseoncents.com/tag/uk-tax-rates/)
- [U.K. fiscal situation](https://www.senseoncents.com/tag/uk-fiscal-situation/)
- [tax rates in the U.K](https://www.senseoncents.com/tag/tax-rates-in-the-uk/)
- [equity earnings](https://www.senseoncents.com/tag/equity-earnings/)
- [1st quarter earnings review](https://www.senseoncents.com/tag/1st-quarter-earnings-review/)
- [review of 1st quarter earnings](https://www.senseoncents.com/tag/review-of-1st-quarter-earnings/)
- [industrial company earnings](https://www.senseoncents.com/tag/industrial-company-earnings/)
- [consumer company earnings](https://www.senseoncents.com/tag/consumer-company-earnings/)
- [consumer banking](https://www.senseoncents.com/tag/consumer-banking/)
- [earnings from trading with AIG](https://www.senseoncents.com/tag/earnings-from-trading-with-aig/)
- [Ken Lewis](https://www.senseoncents.com/tag/ken-lewis/)
- [bank of America's purchase of Merrill Lynch](https://www.senseoncents.com/tag/bank-of-americas-purchase-of-merrill-lynch/)
- [Paulson pressures Lewis](https://www.senseoncents.com/tag/paulson-pressures-lewis/)
- [St. Louis Federal Reserve](https://www.senseoncents.com/tag/st-louis-federal-reserve/)
- [growth in money supply](https://www.senseoncents.com/tag/growth-in-money-supply/)
- [money supply growth](https://www.senseoncents.com/tag/money-supply-growth/)
- [Martin Feldstein's outlook for inflation](https://www.senseoncents.com/tag/martin-feldsteins-outlook-for-inflation/)
- [inflation outlook](https://www.senseoncents.com/tag/inflation-outlook/)
- [prospects for stagflation](https://www.senseoncents.com/tag/prospects-for-stagflation/)
- [prospects of hyperinflation](https://www.senseoncents.com/tag/prospects-of-hyperinflation/)
- [market sentiment](https://www.senseoncents.com/tag/market-sentiment/)
- [market running in place](https://www.senseoncents.com/tag/market-running-in-place/)
- [market moving sideways](https://www.senseoncents.com/tag/market-moving-sideways/)
- [commercial mortgages](https://www.senseoncents.com/tag/commercial-mortgages/)
- [commercial mortgage securities](https://www.senseoncents.com/tag/commercial-mortgage-securities/)
- [CMBS market](https://www.senseoncents.com/tag/cmbs-market/)
- [commercial mortgage defaults](https://www.senseoncents.com/tag/commercial-mortgage-defaults/)
- [Wall Street conduits](https://www.senseoncents.com/tag/wall-street-conduits/)
- [underwriting of commercial mortgages](https://www.senseoncents.com/tag/underwriting-of-commercial-mortgages/)
- [Wells Fargo selling ARS](https://www.senseoncents.com/tag/wells-fargo-selling-ars/)
- [Auction Rate Securities fraud with Wells Fargo](https://www.senseoncents.com/tag/auction-rate-securities-fraud-with-wells-fargo/)
- [Bloomberg's David Reilly](https://www.senseoncents.com/tag/bloombergs-david-reilly/)
- [losses on second liens](https://www.senseoncents.com/tag/losses-on-second-liens/)
- [financial shell games](https://www.senseoncents.com/tag/financial-shell-games/)
- [Bank Stress Test methodology](https://www.senseoncents.com/tag/bank-stress-test-methodology/)
- [Bank capital](https://www.senseoncents.com/tag/bank-capital/)
- [credit quality of loans](https://www.senseoncents.com/tag/credit-quality-of-loans/)
- [deterioration of credit quality](https://www.senseoncents.com/tag/deterioration-of-credit-quality/)
- [insider selling](https://www.senseoncents.com/tag/insider-selling/)
- [Obama approach on torture](https://www.senseoncents.com/tag/obama-approach-on-torture/)
- [pay as you go](https://www.senseoncents.com/tag/pay-as-you-go/)
- [Obama's fiscal discipline](https://www.senseoncents.com/tag/obamas-fiscal-discipline/)
- [Maxine Waters](https://www.senseoncents.com/tag/maxine-waters/)
- [sub-prime lending](https://www.senseoncents.com/tag/sub-prime-lending/)
- [Congressional testimony on homeownership](https://www.senseoncents.com/tag/congressional-testimony-on-homeownership/)
- [oversight of Freddie Mac and Fannie Mae](https://www.senseoncents.com/tag/oversight-of-freddie-mac-and-fannie-mae/)
- [Valerie Jarrett](https://www.senseoncents.com/tag/valerie-jarrett/)
- [economic decline](https://www.senseoncents.com/tag/economic-decline/)
- [paradox of thrift](https://www.senseoncents.com/tag/paradox-of-thrift/)
- [Federal reserve interest rate policy](https://www.senseoncents.com/tag/federal-reserve-interest-rate-policy/)
- [devaluing debt](https://www.senseoncents.com/tag/devaluing-debt/)
- [injecting capital into the banking system](https://www.senseoncents.com/tag/injecting-capital-into-the-banking-system/)