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Madoff Trial Evidence Indicts NASD/FINRA

Posted by Larry Doyle on December 11th, 2013 8:46 AM |

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 separate and distinct from the Ponzi scheme.

I challenged former SEC chair Harvey Pitt in September 2009 when he tried to provide cover for the NASD/FINRA on its oversight and responsibilities related to Madoff. (Those interested can review that engagement and a lot more on the 20-minute video within this commentary.)

We awake this morning to learn startling new evidence from WSJ coverage of the ongoing Madoff trial, Read the rest »


The Volcker Rule: Comments and Questions

Posted by Larry Doyle on December 10th, 2013 6:02 AM |

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 not unlike pornography, proprietary trading might be hard to define but you know it when you see it. Let’s review and cross-examine The Wall Street Journal’s take on this newly proposed rule which attempts to accomplish the following: Read the rest »


SIFMA to Address Investor Distrust of Wall Street . . . Really?

Posted by Larry Doyle on December 9th, 2013 6:34 AM |

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 Industry and Financial Markets Association), has recently launched an initiative designated as Our Partnership with You:

This is just one part of a series of initiatives that SIFMA will be rolling out to demonstrate our commitment to putting customers first.

Really? So quaint. Watch your wallets, folks. Read the rest »


Lunch with the Legendary John Bogle

Posted by Larry Doyle on December 6th, 2013 9:11 AM |

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 Bogle.

I had the great good fortune of attending a small lunch reception in Bogle’s honor yesterday. I will not soon forget it. Read the rest »


3rd Qtr GDP Revised Up to 3.6%: Where’s the Beef?

Posted by Larry Doyle on December 5th, 2013 9:38 AM |

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 output of goods and services produced by labor and property located in the United States — increased at an annual rate of 3.6 percent in the third quarter of 2013 (that is, from the second quarter to the third quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 2.5 percent.

Are we to blindly trust the report? That’s not how we navigate in these parts. Read the rest »


‘Look Inside’ My Upcoming Book, In Bed with Wall St.

Posted by Larry Doyle on December 4th, 2013 7:21 AM |

IBWWS book jacketIs there any other reason or greater motivation than the virtue of truth for why people ultimately choose to read the material they do? I think not.

Yet all too often the truth is distorted, if not denied, by those who might benefit from seeing that it remains buried. I launched this blog almost 5 years ago in pursuit of the truth and continue to do so today.

On January 7th, I welcome elevating this pursuit of the truth to an entirely new level and a much larger platform. As most who visit here regularly are well aware, on that day my first book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, will be published by Palgrave Macmillan.

I am enormously proud of the endorsements the book has received from a number of individuals, including none other than a former assistant Inspector General for Investigations of the U.S. Securities and Exchange Commission, David Weber. Additionally, a recent review offered the following:

His deep digging . . . qualifies as investigative journalism, and the scandalous details he recounts are impressive. The author has clearly done his homework while thinking about a reform effort . . . An important book . . .

I recently learned that the book will be named as one of “Ten Books That Matter” by the Project on Government Oversight for its upcoming 2014 Winter Reading List.

I am understandably pleased by all these developments, but the success of this book will ultimately be determined by you the reader. In an attempt to help you gain a greater understanding and appreciation for my pursuit of the truth and “deep digging,” we can now take a ‘look inside’ the book. In doing so, readers can check out the Table of Contents, a selected number of pages from the first 3 chapters, almost all of the 140 plus referenced resources in the Notes, and the Index as well.

Look Inside: In Bed with Wall Street: The Conspiracy Crippling Our Global Economy

The book is available both in hard copy and on Kindle, and can be ordered via Amazon, Barnes and Noble, and IndieBound so that it will be delivered to you on the 7th of January.

I hope you will not only want to buy my book, but might also share this post with your family, friends, and colleagues so that they will do so as well. You can rest assured that I am not bashful in revealing details of people and situations from Wall Street to Washington lying ‘in bed’ with each other while the American public across the entire spectrum of our populace has paid and continues to pay a very heavy price.

I thank you for your support.

Larry Doyle

Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.

For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog  to comment on this piece of ‘sense on cents.’

Please subscribe to all my work via e-mail


Stanford Financial Investors: Insult on Top of Injury

Posted by Larry Doyle on December 3rd, 2013 8:37 AM |

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 little more than a sty these days.

Let’s navigate as The Center for Public Integrity recently revealed how those who had put money into Stanford Financial continue to be abused. Read the rest »


Wall Street: A Crisis of Culture

Posted by Larry Doyle on December 2nd, 2013 10:22 AM |

Five plus years after the demise of Lehman Brothers and the onset of our ongoing economic crisis, the questions still beg as to whether Wall Street has learned the lessons needed to rebuild meaningful confidence in our markets and implemented real changes to do just that.

The Economist recently released a fabulous report addressing these very questions. For those with even a passing interest in Wall Street, this is a must read. (Props to the regular reader who brought this story to my attention.) What do we learn?

Back in 1980, just 9% of Harvard MBAs went into financial services. By 2008, the figure was up to 45%. Lured to Wall Street and the City by generous pay packages, financiers were encouraged to chase rapid earnings growth.   Read the rest »


Happy Thanksgiving 2013 from Sense on Cents

Posted by Larry Doyle on November 28th, 2013 7:59 AM |

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 family (thank you to my beautiful wife and kids), countless great friends, and all those who visit and support my passion at this blog and have welcomed me into their lives.

Having reconnected with so many great friends through Sense on Cents and made endless numbers of new friendships is a gift that I have told many I would not trade for the world. To all these great people, a simple “Thank You” is hardly enough to express my gratitude.

I look forward to continuing to navigate the economic landscape with you as we collectively fight the good fight and pursue the truth wherever it may take us and whatever we may find.

Sincere best wishes for a beautiful and blessed Thanksgiving day with the great hope that we will have even more to be thankful for in the days and years ahead.

Navigate accordingly.

Larry Doyle

Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.

For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog  to comment on this piece of ‘sense on cents.’

Please subscribe to all my work via e-mail

I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.


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