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“E*Trade, Can You Hear Us Now?”

Posted by Larry Doyle on August 2nd, 2010 1:58 PM |

Keep punchin’!!

These words to live by resonate in my ears. How so? My Dad has ended almost every conversation — and certainly every meaningful conversation — in my close to 50 years with those words of wisdom and encouragement. When times are challenging or I find myself encountering a particular hurdle, the little voice in the back of my head whispers those two little words.

I find myself thinking of my Dad’s motivation when I read of specific cases of financial malfeasance. In fact, I have told many people that I write so often about the travesty surrounding the auction-rate securities debacle because I feel these investors have been largely disenfranchised. I welcome speaking up on their behalf. In the process of speaking up and continuing to punch, I have met some amazing people who continue to keep punching themselves. One particular ARS holder stands out for his own determination. He was integral to the complaint filed by Colorado State Securities Commissioner Fred Joseph against E*Trade.  Read the rest »


Where Is The Market Headed?

Posted by Larry Doyle on August 2nd, 2010 9:59 AM |

In commentary written specifically for Sense on Cents, our friends from Forextraders.com share some fabulous insights and perspectives on the ups and downs of the equity markets.

The Stock Market Is In Limbo—Which Way Will It Go?

An incredibly positive corporate earnings season in July has helped the market to discount immediate fears of a possible double dip recession. The strong corporate earnings reports, however, had to battle Ben Bernanke’s very dovish remarks, as he emphasized the slowing recovery in the U.S. and raised the possibility of Federal Reserve instituting further quantitative easing measures. Those bearish remarks by the Fed President regarding the possible future direction of the U.S. economy did cause equity markets to stall in the 3rd week of July, but now in the final week of the month, equity markets are again taking a shot at the HI’s from the month of June. Read the rest »


Helen Davis Chaitman Plans to Sue the SEC

Posted by Larry Doyle on August 1st, 2010 11:41 AM |

Does the SEC believe it needs to restrict the public’s access to information in order to gain the favor of those from whom it is requesting the information in the first place (that is banks, hedge funds, and money managers)? Is ‘looking toward the future’ a convenient line of reasoning when, in fact, the SEC is actually more concerned with skeletons from its past? Which skeletons might these be? Can you say Bernie Madoff and Allen Stanford? Is America supposed to take the SEC’s own internal reviews of these frauds as sufficient explanation as to the SEC’s failures on these frauds?

While many in the financial industry have little interest in ever again hearing the name Bernie Madoff, one individual in our nation continues the fight for justice from this massive fraud. To whom do I refer? Helen Davis Chaitman of Becker & Poliakoff.

Some may recall that last November I interviewed Ms. Chaitman, pro bono legal representative for a large number of Madoff investors. She provided riveting insights then and she did not disappoint on a recent interview on Fox Business. Helen is not bashful in highlighting that she plans on suing the SEC for its failings in the Madoff scam.

Is the SEC looking to restrict access to information because of Helen’s pending lawsuit? Let’s listen . . .

Helen is not only speaking up on behalf of Madoff investors, but she is truly standing up on behalf of all American investors. I commend her. No surprize that Helen is a decorated member of the Sense on Cents Hall of Fame! 

LD

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Flushing Money Down the Toilet

Posted by Larry Doyle on July 31st, 2010 2:02 PM |

concept of flushing money down the toiletAre government stimulus policies and programs, which merely increase our ever burgeoning national debt, nothing more than throwing good money after bad? Many people believe so. Let’s navigate and and address that topic and others.

To this point at Sense on Cents, I do not believe I have ever addressed the topic of population growth in terms of overall economic growth. Well, I guess we truly do learn something new everyday.

Global population growth rates (note: not the actual population) have been steadily declining over the last 40 years. What does this fact mean in terms of our overall economic engine, global growth, and domestic deficit spending? Pimco’s Bill Gross addresses these topics in writing his August commentary, Privates Eye:>>>> Read the rest »


Darrel Issa (R-CA) Looks to Restore Transparency and Accountability to the SEC

Posted by Larry Doyle on July 30th, 2010 4:08 PM |

Earlier this week, the SEC informed Fox Business News that it would not comply with a request for information based upon SEC Financial Regulatory Law H.R. 4173. Fortunately, some people in our country still care  about transparency, accountability, and integrity. To this end, thank you to a friend of Sense on Cents for sharing this recent release:

It brings the SEC back under the Freedom of Information (FOIA) Act after the Dodd-Frank financial reg bill provided them with an exemption.

ISSA INTRODUCES THE SEC FREEDOM OF INFORMATION RESTORATION ACT Read the rest »


Rick Davis Goes Inside the GDP Report

Posted by Larry Doyle on July 30th, 2010 11:18 AM |

The equity markets are flat so the 2nd quarter GDP report must have been properly priced into current valuations. Perhaps, but I would neither go that far nor would I be so brazen as to say that the markets are wrong in how they trade. Markets are never wrong. The market is the market. All this said, let’s navigate with Rick Davis inside the 2nd quarter report and the prior revisions.

July 30, 2010 – Inside the New GDP Numbers:

On July 30th the Bureau of Economic Analysis (‘BEA’) released its “advance” estimate of the annualized growth rate of the U.S. Gross Domestic Product (‘GDP’) during the 2nd quarter of 2010. Per their report, the GDP grew during the quarter at an annualized rate of 2.4%, down from 3.7% in the 1st quarter of 2010. Several points from the report merit comment: Read the rest »


GDP Revisions Make 2nd Quarter Report Suspect

Posted by Larry Doyle on July 30th, 2010 9:14 AM |

2nd quarter 2010 GDP was just released and registered growth of +2.4% versus consensus expectations of +2.6%. Slightly weaker than expected, and we can all move on perhaps? Not so fast.

1st quarter GDP was revised from its supposed final reading of +2.7% to a newly revised 3.7%!! So the economy was that much stronger in the 1st quarter than previously thought that the 2.4% 2nd quarter reading is actually not all that bad. Again, not so fast. Let’s continue to peel the onion a little further.   Read the rest »


Fox Business Highlights Need for SEC Transparency

Posted by Larry Doyle on July 29th, 2010 12:33 PM |

Kudos to Fox Business News for leading the charge within the financial media on the need for real transparency at the SEC. FBN’s Adam Schapiro was just on chatting with Stuart Varney on this very important topic. Listen to Adam, and ponder his comments in light of the Madoff and Stanford travesties that took place literally right under the nose of the SEC. (Clicking on the image will bring you to the Fox Business News website, and the video clip will begin to play automatically.)

Who is the SEC protecting?

LD


Transparency at the SEC? Why Would They Want to Do That?

Posted by Larry Doyle on July 29th, 2010 7:10 AM |

Is the SEC’s Inspector General David Kotz looking for a new job? How about SEC Head Mary Schapiro? Is she also looking for a new job?

Why do I ask? Is America aware that the new Financial Regulatory Reform bill, recently passed by Congress and signed into law by President Obama, will effectively close the doors and shut the blinds at the SEC in terms of people being allowed to gain access to information? Why and how do situations like this happen? Let’s navigate.

Fox News highlighted this travesty yesterday in writing, SEC Says New Financial Regulation Law Exempts It from Public Disclosure:

So much for transparency. Read the rest »


How’s Robert Rizzo Doing?

Posted by Larry Doyle on July 28th, 2010 1:56 PM |

How might an individual earning close to $800k as a city manager live?

Let’s learn more about former Bell, CA city manager Robert Rizzo. The Orange County Register recently ran a little expose on Mr. Rizzo, Check Out Home of $800,000-a-Year City Manager:

Robert Rizzo, the city manager of Bell, is taking a lot of heat after the Los Angeles Times reported he’s pulling down a whopping $787,637 a year — apparently the highest paycheck for a city manager in California.

The Bell City Council is reported to be seeking his ouster, according to the newspaper. (LD’s edit: He did resign!!) The L.A. District Attorney’s office is looking into the hefty salary.

It turns out that Rizzo lives in Huntington Beach. I couldn’t resist the question: What’s his house like?

Check it out. What do you think?  I was expecting something more lavish. Overlooking  the ocean or the harbor, perhaps. Or both.

Rizzo’s home  isn’t on the market, but Zillow “Zestimates’” it at $883,500 — pretty close to the clutch annual salary. The tax assessor valued the house at $903,000 last year, according to public records.
.
By the way, Rizzo, 56, was arrested on suspicion of drunk driving near his house in March. A neighbor called police after Rizzo crashed into a mailbox.

“He is accused of being so stumbling drunk, the officer had to stop administering the field sobriety test,” said Susan Kang Schroeder, the Orange County District Attorney’s chief of staff.

She said Rizzo’s blood alcohol level was at .28, which is three and a half times the legal limit.

He pleaded not guilty and is awaiting trial on drunken driving charges.

But back to real estate: There’s another home on the street not too far from him that’s on the market right now with an asking price of $1,100,000.

I think it still has a mailbox.

Is it safe to assume that Rizzo was the highest paid city manager in the nation? Who knows in these days of municipal malfeasance. In regard to Mr. Rizzo’s job, “nice work, if you can get it!!”

You can’t make this stuff up, beyond that I will reserve comment.

LD


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Larry Doyle

Larry Doyle A Wall Street veteran's views and instincts on the markets, economy, and all things financial.







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