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Hot New Magazine: Unsung Heroes: Truth, Support and Free Speech for Financial Advisors

Posted by Larry Doyle on July 10th, 2014 9:08 AM |

PictureInformation is everything.

The other day a reader left a comment with the following inquiry:

I would love to join any other advisors who have issues with FINRA. I am a former CPA.PFS financial advisor with Morgan Stanley. I too went through a long and expensive FINRA process.

In addition, we filed two whistle blower cases to expose MSSB’s unfair and unethical business practices. The difference, we have over thirty thousand pages of material collected in our case, including some damning e-mails. It is time that someone stood up to these firms who apparently believe that because they have unlimited access to shareholder money, they can always get their way. Let’s come up with some ideas on how to use the legal system if we can, and social media if we cannot, to educate the public on this travesty of a business model. One that cannot even tell its’ own clients that it will “act in their best interest.”

Any takers?

I am confident there are many takers, including those who have collaborated on a new magazine entitled Unsung Heroes: Truth, Support, and Free Speech for Financial Advisors: >>>>>>>>>>>> Read the rest »


Will It Take Another Crisis for Real Reform?

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 »


The DOJ’s Double Standard

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 »


Bill Isaac Embraces The Rule of Law

Posted by Larry Doyle on July 7th, 2014 10:12 AM |

The overarching theme both at this blog and in my book is the need for our nation to embrace the rule of law as the prerequisite to healing our economy and leading to better days ahead.

Flouting the rule of law is regrettably an all too common pursuit by those engaged in crony and corrupt practices. Our nation suffers badly as a result.

While all too many politicians from both sides of the aisle spout forth messages that do little more than distract, the future of our country depends on finding new leaders who care nothing for cronyism and embrace the rule of law. I personally believe that in the recent Republican House race in Virginia Dave Brat slaughtered former House Speaker Eric Cantor with this very approach.

I will keep the commentary brief today but a smile crossed my lips this morning as I read an editorial in today’s Wall Street Journal by a Sense on Cents favorite Bill Isaac. This former chair of the FDIC wrote about the manner in which Uncle Sam has abused the rule of law in the process of managing our nation’s housing finance behemoths that go by the name of Fannie and Freddie. Read the rest »


Journalist Sues SEC To Get Naked Short Selling Files

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.

It is.

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 »


Chuck Lewis on Moyers: 935 Lies, A National Crisis Must Watch Video

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 »


Buy Used Car from Barclays, BNP Paribas, GM, et al?

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 »


Letter to Editorial Board of The New York Times: “Real Cause Is Regulatory Capture/Corruption”

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 »


From the Archives: Shedding Light on Dark Pools

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 »


Barclays Dark Pool Lawsuit and the ‘In Bed with Wall Street Conspiracy’

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 »


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