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Joe Saluzzi: “The Man in the Arena”

Posted by Larry Doyle on June 24th, 2010 2:28 PM |

As a result of launching Sense on Cents, I have had the good fortune of developing quality relationships with a wide array of individuals across a wide swath of our economic landscape. One of those individuals I hold in especially high regard is Themis Trading’s Joe Saluzzi.

I have interviewed Joe twice on No Quarter Radio’s Sense on Cents with Larry Doyle (August 2, 2009 and then again on May 23, 2010).  Joe is a breath of fresh air in that he ALWAYS tells it like it is. He provides total truth, transparency, and integrity at each and every turn. He has opened doors and shed sunlight on the destructive elements embedded in high frequency trading. He pulls no punches in offering an honest assessment of the markets and the economy. He is uniquely positioned to provide a wealth of sense on cents. Unlike many in the industry, Joe asks for no cover and provides none for those more inclined to operate in the dark corners and amidst the shadows on Wall Street. Read the rest »


What Does George Soros Know About Glass Houses?

Posted by Larry Doyle on June 24th, 2010 11:07 AM |

“People in glass houses should not throw stones.”

On the outset of the G-20 to be held in Toronto, Tim Geithner and Larry Summers served up a pile of platitudes yesterday by writing in The Wall Street Journal, Our Agenda for the G-20. Meanwhile, they have their henchman George Soros pull out the bazooka and take direct aim at Germany today in writing in the Financial Times, Germany Must Reflect on the Unthinkable.

In reviewing Soros’ commentary, it is plainly evident that my Irish Catholic heritage does not hold the patent on laying the heavy guilt trip. Soros writes: Read the rest »


FDIC “Kicks the Can”

Posted by Larry Doyle on June 24th, 2010 9:31 AM |

How secure do you feel about your bank deposits? They are insured, right? Well, how secure would you feel about your health insurance if your provider was not collecting badly needed premiums?

I am not pulling any fire alarms, but a recent announcement from the FDIC in regard to its insurance premiums collected from depository institutions speaks volumes about the current state of our banking system and our overall economy.

Recall that the FDIC’s insurance fund was exhausted late last year (Sense on Cents commentary: FHA and FDIC Getting Ready to Ask Uncle Sam for a Bigger Allowance). To replenish its fund, the FDIC had banks prepay estimated assessments of $45 billion, and also imposed higher premiums to rebuild the fund.

While Wall Street banks were in a position to pay out approximately $140 billion in 2009 bonuses, we now learn that the banking system is not in a position to begin paying the higher premiums to the FDIC. Read the rest »


Housing Decline “Takes Your Breath Away”

Posted by Larry Doyle on June 23rd, 2010 2:03 PM |

I was initially reluctant to write about the decline in New Homes Sales reported this morning. Why? Despite all housing reports to the contrary, I have been consistent in remaining bearish on our housing market. I view this report as merely ‘old news’ here at Sense on Cents.

Oversupply, shadow inventories, and limited mortgage credit have merely been disguised by government props and interventions. Ultimately, those props and interventions wear out or expire and the days of cold, harsh reality set in.

Well, today got mighty cool and very real as New Homes Sales plunged by 33%. Am I surprised? No, I am not. Then why am I writing? Read the rest »


The Time Bomb of Global Government Debt and Deficits Is Ticking Louder

Posted by Larry Doyle on June 23rd, 2010 12:35 PM |

Living beyond one’s means is a path to long term pain. That path is not in front of us, but rather is upon our nation and many others around the world.

The cost of funding the global government debt and deficits will continue to serve as a drag on our economic future. While financial wizards may believe the debts can be postponed, the simple fact is in the midst of a sluggish economy, global governments will not generate sufficient tax revenues to fund spending programs and the deficits. What does this mean? Lessened spending, increased taxes, and assorted other measures of fiscal austerity.

The Financial Times provides a fabulous review on this topic today in writing, Public Finances: Daunted by Deficits: >>> Read the rest »


Jeff Gundlach Sees 10Yr Treasury Rallying to 2.5%

Posted by Larry Doyle on June 23rd, 2010 9:42 AM |

Jeff Gundlach

Jeff Gundlach, CEO and CIO of Doubleline Capital, is delivering the keynote speech today at the Morningstar Investment Conference in Chicago. For a sneak peek at some of the pearls of wisdom and sense on cents that Gundlach will likely deliver, let’s review a Morningstar commentary shared with us by a good friend, Gundlach: Debt is Still the Problem:

1. What does Gundlach think about the government stimulus and its immediate and long-term impact on our economy? Read the rest »


Ace Greenberg on Jimmy Cayne: “Dope-Smoking Megalomaniac”

Posted by Larry Doyle on June 22nd, 2010 4:22 PM |

Having worked at Bear Stearns for seven years, I have a keen interest in the behind the scenes stories and personalities leading to the ultimate demise of this once proud firm.

Last summer, I reviewed William Cohan’s book, House of Cards, which details Bear’s demise. In my commentary, I wrote the following about Jimmy Cayne:

Longstanding CEO Jimmy Cayne displays a hardened, street-smart approach throughout the book. At times of stress, however, Cayne showed himself to be a classless individual. I remember this well.

My description of Cayne was more than gracious compared to that provided by former Bear CEO Alan “Ace” Greenberg in his recently released book, The Rise and Fall of Bear Stearns.>>>>> Read the rest »


FINRA Owes America Answers on These Proposals

Posted by Larry Doyle on June 22nd, 2010 1:28 PM |

FINRA can talk about transparency and integrity all it wants. We all know talk is cheap. FINRA’s board and executives need to show America how they truly define and embrace transparency and integrity. How so?

FINRA is scheduled to hold its first Annual Meeting in almost three years on August 2nd. In anticipation of that meeting, FINRA member firm Amerivet Securities has submitted seven proposals to be included in the FINRA proxy materials. The FINRA board and executives owe their member firms, and ultimately America, the opportunity to address and then receive complete answers on each of these proposals. Read the rest »


FINRA’s ‘2009 Year in Review’: INCOMPLETE

Posted by Larry Doyle on June 22nd, 2010 10:32 AM |

What good is a 2009 Annual Report released in September 2010?

Picture a student informing his teacher that he has not been able to complete his 75-page year end review, but that he will surely get it done over the summer and “I’ll have it for you when school starts back up in September.” Additionally, the student tries to ingratiate his teacher by submitting a 6-page summary year in review. If this were not so pathetic it may actually be comical, but my friends this is what we are subjected to by the Wall Street self-regulator FINRA. How so?

FINRA Chairman and CEO Rick Ketchum just released a magnanimous 6-page 2009 Year in Review while informing America that the full 2009 FINRA Annual Report will not be released until September.

American citizens and investors are experiencing one of the most dramatic, traumatic, and anxiety-ridden financial and economic period in our nation’s history, and all we get is a 6-page summary.

The FINRA 2009 Year in Review will not take long to critique, but suffice it to say the grade on this review will certainly be “INCOMPLETE.” Read the rest »


Is SEC Inspector General Kotz Investigating High Profile Washington Law Firm?

Posted by Larry Doyle on June 21st, 2010 2:04 PM |

America has learned all too well about the revolving door between financial regulators and financial firms along with their legal counterparts. While these revolving doors are not necessarily incestuous by themselves, the fact is the proximity of the relationships that develop has clearly led to an overall atmosphere filled with incest.

Has this incest crept into the corner offices of a high profile Washington D.C. based law firm? Read the rest »


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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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