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FINRA’s Enforcement Chief, Susan Merrill, Quits; How About a Subpoena?

Posted by Larry Doyle on March 18th, 2010 10:52 AM |

Will Susan Merrill provide America with a window into the scams perpetrated by Wall Street on the American investing public? Who is Susan Merrill? Let’s navigate.

Those charged with protecting the public interest must be held to an appropriate standard. In order to promote public trust, these organizations and their executives must be held to account. If need be, that accounting should include legal discovery and, if warranted, a subpoena as well.

Susan Merrill, the head of enforcement of Wall Street’s self-regulatory organization, FINRA, is stepping down after having occupied this role for three years. Think she knows some things that the American public would like to know? No doubt.

In fact, in my opinion, Ms. Merrill most likely has a wealth of information that American investors (those she was charged to protect) and the American public at large DESERVE to know. Read the rest »


From the Archives: Healthcare Reform to Make You Ill

Posted by Larry Doyle on March 17th, 2010 2:45 PM |

In light of the focus on this most important issue, I am reposting a commentary I had written in January very shortly after having spoken with a family member who just so happens to be a doctor in a small medical facility.

Additionally, hearing that the Democrats are thinking of using a process in which they ‘deem’ the legislation to have passed without actually voting on it would, in my opinion, take our country to a new low.

If Democrats ‘deem’ this reform to have passed, I have a hard time believing or understanding how that is not a direct assault on the Constitution of our country. The mere fact that it is even being considered is reviling.

LD   Read the rest »


It’s a Great Day for the Irish!!

Posted by Larry Doyle on March 17th, 2010 11:36 AM |

Happy St. Paddy’s Day!

In the spirit of spreading a little Irish cheer and Irish culture, I thought the following peek into a typical Irish family would be appropriate. Enjoy!!

Slainte!

What it means to be in an Irish family…with edits for my personal experience growing up as one of eight children (seven boys, one girl) in a great Irish Catholic family in Boston!!

1) You will never play professional basketball.
 Basketball dreams ended for us in middle school. Read the rest »


FRAUD!!! City of Milan Charges JP Morgan, Deutsche, and UBS

Posted by Larry Doyle on March 17th, 2010 9:33 AM |

Will Caveat Emptor once again be the order of the day as the City of Milan charges JP Morgan, Deutsche Bank, UBS, and Hypo Real Estate’s Depfa Bank unit with fraud in the sales of derivatives?

Bloomberg reports on this breaking story this morning in writing, Deutsche Bank, JP Morgan, UBS Are Charged with Derivatives Fraud:

Deutsche Bank AG, JPMorgan Chase & Co., UBS AG and Hypo Real Estate Holding AG’s Depfa Bank Plc unit were charged with fraud linked to the sale of derivatives to the City of Milan. Read the rest »


Barack Obama Has Ben Bernanke by the Balls

Posted by Larry Doyle on March 16th, 2010 3:32 PM |

Is the White House now in charge of both fiscal and monetary policy?

The Federal Reserve just released its March statement confirming no change in its monetary policy and little change in economic outlook. A brief overview of the Fed’s statement includes the following:

>> Maintains the Fed Funds range at 0-.25% for an extended period.

>> The quantitative easing program used to purchase $1.25 trillion in mortgage-backed securities and $125 billion in federal agency debt is nearing completion at the end of this month. The Fed will monitor economic conditions and employ policy tools as necessary to promote economic recovery and price stability.

>> Economic activity is generally improving. The overall pace of economic recovery is moderate. Read the rest »


White House Sees Elevated Unemployment for ‘Extended Period’

Posted by Larry Doyle on March 16th, 2010 11:43 AM |

Is the White House reading Sense on Cents?

While I ask that question in a self-effacing fashion, I will allow others to pass muster as to whether my commentary deserves attention in Washington. Why do I ask that question now though? I wrote this morning, “What Happened to Focus on Jobs?”:

The ‘talking points’ utilized by those in Washington project that our economy and markets are experiencing cyclical unemployment. I firmly believe they are wrong. Our economy and markets are experiencing structural unemployment.

Now it appears as if the White House ‘talking points’ have changed. Read the rest »


What Happened to Focus on Jobs?

Posted by Larry Doyle on March 16th, 2010 9:38 AM |

If America and Americans are not at work, then how can we truly expect any other initiatives and undertakings to gain a foothold? There is nothing that generates more personal and collective confidence than a job. In fact, I would go even further and state that a job not only generates personal confidence for individuals, but ultimately a job very often defines a person’s self-worth.

Then why is it that the topic of jobs is not the OVERWHELMING focus in Washington eight days a week? While President Obama elevated the focus on job growth in his State of the Union speech, the topic seems to receive front page coverage only on the first Friday of the month when unemployment statistics are released. Read the rest »


Bloomberg’s Susan Antilla Exposes Lehman’s Charade

Posted by Larry Doyle on March 15th, 2010 10:54 PM |

Journalism is not dead.

I find it easy to critique financial journalists and journalism these days for not digging to expose the charades within the Wall Street-Washington incestuous liaisons; however, a few journalists are not beholden to the financial industry, do dig, and truly distinguish themselves in the process. The two finest journalists in this realm both happen to work at Bloomberg. One is Jonathan Weil. The other is Susan Antilla.

While many journalists have written about the finer points of repo financing and how Lehman cooked their books, Susan Antilla took the time to delve deeper into Anton Valukas’ expose on the inner workings of Lehman. Read the rest »


Is the U.S. Headed for AA Rating?

Posted by Larry Doyle on March 15th, 2010 3:37 PM |

Living beyond one’s means is not a path to long-term prosperity. While America is still the greatest nation on earth in so many regards, a glaring problem within our society is the predilection of our government to think that massive deficits do not have real implications. Washington politicians are forever spending what we as a nation do not have in order to maintain their own positions of power. That is a path to mediocrity, if not worse.

Who is sending a warning shot today across our fiscal brow on this most important of topics? Read the rest »


Wall Street’s Oligopoly Flexes Its Muscle

Posted by Larry Doyle on March 15th, 2010 12:51 PM |

Pricing power is everything.

What businessman wouldn’t like greater control and influence over the pricing of his goods and services? How are prices determined? In a capitalist system, prices are a function of the competitive forces of supply and demand. What happens when competition dwindles? Pricing power for the suppliers increases. How does competition dwindle? When barriers to entry are so high, or competitors go out of business. This economic reality is also known as an oligopoly and it defines the current state of our financial industry known as Wall Street.

Is Wall Street taking advantage of the lessened competition and flexing its muscle to drive revenue? Is the Pope Catholic? 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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