Posted by Larry Doyle on July 9th, 2014 9:59 AM |
“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 well-heeled financial benefactors, and many of our financial regulators, all sit on one side of the table while the general investing, consuming, and taxpaying public — along with a large percentage of Wall Street’s own employees — sit on the other.”
page 187, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy
A full 6 years from the onset of our ongoing economic crisis, I remain convinced that our nation’s markets and economy remain burdened by the cancer that metatstatized from the corrupt Wall Street-Washington dynamic.
I stated as much in my book as quoted above.
Many have asked me if the current crisis was not enough to excise this cancer what might it take. Another crisis? Read the rest »
Posted by Larry Doyle on July 8th, 2014 9:00 AM |
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 with sizable fines but little really changes.
The public continues to see through the facade and lets Uncle Sam know it.
The ‘old man’ decides he needs to really get tough and begins to mandate that institutions admit guilt as part of the settlement process. The first guilty party is Credit Suisse, then next up is BNP Paribas.
Now we awake this morning to see that Germany’s second largest lender, Commerzbank, is likely next in the crosshairs. Do you detect a pattern here? Bloomberg provides further color in reporting: Read the rest »
Posted by Larry Doyle on July 3rd, 2014 7:26 AM |
Selling counterfeit stock would seem to be a nefarious undertaking worthy of meaningful exposure.
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 seeks to tear down SEC’s veil of secrecy
Journalist Mark Mitchell has filed a lawsuit under the Freedom of Information Act against the Securities and Exchange Commission (SEC) to obtain the agency’s investigative files relating to more than a dozen aborted investigations and cases involving naked short selling. Read the rest »
Posted by Larry Doyle on July 2nd, 2014 7:39 AM |
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 — then listen to what the highly acclaimed investigative journalist Chuck Lewis recently said to Bill Moyers:
“We really have a problem here. If we don’t know what the truth is in this country, then we don’t have a country. It’s end of story. It’s not our country anymore. This is fundamental.”
I fully concur.
I could not possibly more highly recommended a video than this. As a Washington insider and investigative journalistic giant, Lewis provides a chilling perspective and indictment of so much that transpires in our nation’s capital and those who inhibit the truth from making its way across our land. Read the rest »
Posted by Larry Doyle on July 1st, 2014 8:08 AM |
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 the process, Barclays allowed high frequency trading firms to act in a predatory fashion against other clients.
2. BNP Paribas: as Reuters details:
The bank essentially functioned as the “central bank for the government of Sudan” (LD’s edit: Sudan has long been regarded as a state sponsor of terrorism), concealed its tracks and failed to cooperate when first contacted by law enforcement, U.S. authorities said.
Read the rest »
Posted by Larry Doyle on June 30th, 2014 9:56 AM |
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 your editorial in this past Sunday’s New York Times regarding the recent lawsuit brought by New York Attorney General Eric Schneiderman against Barclays for engaging in a ‘pernicious fraud’ within its equity division and specifically in the operation of its dark pool.
The allegations made by AG Schneiderman are supported by information provided by whistleblowers who had previously worked at Barclays. The outrage by investors and the public should be justifiably long and loud. The erosion of trust and confidence in Wall Street broadly speaking will continue to undermine our economy. We all suffer in the process. Read the rest »
Posted by Larry Doyle on June 27th, 2014 12:42 PM |
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 and corruption that has transpired within these dark pools and elsewhere in the last 5 years, if not much longer than that, given that our financial regulators are ‘in bed with Wall Street.’ Some of my assertions expressed in this post have been shown to be more wishful thinking than reality.
Kudos to Joe Saluzzi once again. While a number of people in the markets have been pushing for increased oversight of high frequency trading, in my opinion, nobody deserves more credit than Joe Saluzzi of Themis Trading. Read the rest »
Posted by Larry Doyle on June 27th, 2014 9:49 AM |
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 negative fashion.
Beyond that, though, many might think serious allegations of lying, blatant misrepresentations, fraud, self-dealing, predatory practices aka high frequency trading, investor abuse, and the like mean one thing: just another day on Wall Street.
Let’s play hardball today and navigate a little deeper. Read the rest »