Posted by Larry Doyle on May 12th, 2012 7:32 AM |
What really happened at JP Morgan that a $2 billion loss could be racked up in supposedly the course of 6 weeks?
Little bit of octane in some of those positions, perhaps?
Did the brains within JP Morgan really know what they were doing? Did they make the same mistake as the brains at Long Term Capital Management in 1998? What mistake was that? Read the rest »
Posted by Larry Doyle on May 11th, 2012 6:02 AM |
Less than a month ago, JP Morgan released very solid 1st quarter 2012 earnings and put out the following release:
New York, April 13, 2012 - JPMorgan Chase & Co. (NYSE: JPM) today reported first-quarter 2012 net income of $5.4 billion, compared with net income of $5.6 billion in the first quarter of 2011. Earnings per share were $1.31, compared with $1.28 in the first quarter of 2011.
Jamie Dimon, Chairman and Chief Executive Officer, commented on financial results: Read the rest »
Posted by Larry Doyle on May 10th, 2012 5:32 AM |
A little over a year ago I became aware of robo-signing within the mortgage servicing industry and broached the topic that the activity likely rose to a level of racketeering. I aggressively questioned, Did Wall Street Violate the Racketeering Act?
Believing that the activity did likely rise to a level of racketeering, I recommended that attorneys general should pursue institutions involved in these fraudulent and abusive practices with a RICO action.
Well, it appears that somebody is now doing just that with specific focus on activities that transpired at Bank of America and MERS (Mortgage Electronic Registration System). Read the rest »
Posted by Larry Doyle on May 9th, 2012 9:37 AM |
I have written extensively of the need for an MF Global grand jury and an independent investigation. Why?
I feel strongly that MF Global customers specifically and the American public at large believe a fair and thorough adjudication of the ENTIRE MF Global bankruptcy is far from assured under the aegis of our Department of Justice.
Strong charge, no doubt, but who would deny that simple reality.
Having made these calls and posted numerous commentaries to this effect, let’s go to the videotape and take in a fabulous 5-minute clip on this hot button issue which ran late last evening. Read the rest »
Posted by Larry Doyle on May 9th, 2012 7:04 AM |
What is the best part of a nightmare?
When you wake up and it is over.
The folks in California do not have that luxury as they get to live the nightmare that defines their public pension system everyday. In fact, the nightmare is getting scarier. How so?
The “not so exclusive” California $100,000 Club continues to experience explosive growth. Let’s check in on this club which since last we checked a year ago has seen close to a 25% increase in size. Read the rest »
Posted by Larry Doyle on May 8th, 2012 9:59 AM |
Perhaps it is only fitting that my 2000th post since launching Sense on Cents in January 2009 is directed at issues within our nation’s top financial cops at the SEC.
How interesting that a report is released today indicating that the SEC is bringing in an outside investigator to probe allegations of inappropriate activities within the Office of Inspector General during the tenure of the recently departed IG David Kotz. Read the rest »
Posted by Larry Doyle on May 8th, 2012 8:07 AM |
Growth vs austerity.
Who would not choose to increase economic growth as the path to future economic prosperity.
The election results in France and Greece over the weekend were a clear repudiation of the austerity packages negotiated earlier this year as the precursor for further German support and the European Central Bank’s LTRO (long term repo operation). That financing directed at European banks was little more than another version of the shell game that has been orchestrated by Bernanke and Geithner on this side of the pond. Read the rest »
Posted by Larry Doyle on May 7th, 2012 4:49 AM |
“I believe that banking institutions are more dangerous to our liberties than standing armies. Already they have raised up a monied aristocracy that has set the government at defiance. The issuing power (of money) should be taken away from the banks and restored to the people to whom it properly belongs.” — Thomas Jefferson, U.S. President.
A week or so ago thanks to a regular reader, I highlighted an amazing speech given inside the New York Federal Reserve by Robert Wenzel, editor and publisher of the Economic Policy Journal. Wenzel took the Fed to the cleaners in his remarks which I welcomed highlighting in writing R. Wenzel: Federal Reserve An Unmitigated Failure.
Wenzel is certainly one of very few who have ventured into the inner sanctum of the Fed, laid it to waste, and then been able to talk about it. What more might this financial Indiana Jones have to say about the all powerful Federal Reserve? Read the rest »
Posted by Larry Doyle on May 6th, 2012 7:50 AM |
We’ve been robbed.
It is one thing to be robbed. It is a far different thing to have Uncle Sam NOT turn over every stone or reveal what they may have found in the process of investigating the robbery.
Strong charge, no doubt. Given the responses and messages I have received from people impacted by the MF Global debacle, those feelings of a lack of total support from Uncle Sam are all too real. With more than 6 months having passed from the “time of the robbery,” and with seemingly little reason to believe the case will soon be settled and customers made whole, what do we need? Where is Inspector Clouseau when we need him? That is, an independent investigator. Read the rest »
Posted by Larry Doyle on May 4th, 2012 11:02 AM |
Thanks to regular reader Fred for prompting me to check out CNBC’s Rick Santelli for his honest unemployment review a short bit ago. I love somebody who cuts right to the chase. Santelli does just that.
Take the mere two minutes to view this clip so you have a real understanding as to the state of our labor market today. Read the rest »
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