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Retiring SEC Lawyer Indicts Schapiro, Khuzami et al as Being ‘In Bed with Wall Street’

Posted by Larry Doyle on April 8th, 2014 1:51 PM |

In what might only qualify as turning one’s weapon on those formerly running a defense unit, a retiring attorney in the SEC’s Enforcement Division just left the commission and went out with “guns a-blazing.”

I welcome immediately inducting this attorney, James Kidney, into the Sense on Cents Hall of Fame. Let’s navigate as Bloomberg reports:

A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics.  Read the rest »

HFT Exposed: Market Is Not Fair; Little Guy Loses

Posted by Larry Doyle on April 8th, 2014 8:53 AM |

Of all the questions on all the topics across all the market segments, the one that keeps being repeated by most investors — both institutional and retail alike — is the question regarding the fairness of the game.

That question and others were posed yesterday to James McCaughan who, as President of Principal Global Investors, just so happens to oversee the management of $300 billion and was interviewed by Tom Keene and Michael McKee on Bloomberg Surveillance.

Regarding market fairness in the midst of current high frequency trading practices, McCaughan does not equivocate in stating, “the market is not fair.” Read the rest »

The Stock Exchange Brothel and Regulatory Pimps

Posted by Larry Doyle on April 7th, 2014 11:37 AM |

I am compelled to share a fabulous post from Wall Street on Parade that outlines the corruptible relationship and practices that lie at the core of the ongoing debate around high frequency trading.

Major props to Pam Martens for drawing further attention to the ugly reality within this incestuous relationship. Other media outlets should be so fearless in revealing the truth of the captured regulators.

The fallout from the new book, “Flash Boys” by Michael Lewis continues. Yesterday, Jonathon Trugman wrote in the New York Post that “These traders who use the HOV lane to get ahead of investors could not do their trades without the full knowledge and complicity of the New York Stock Exchange and Nasdaq.” Read the rest »

Upcoming In Bed with Wall Street Book Events in April

Posted by Larry Doyle on April 5th, 2014 6:17 AM |

This month is shaping up to be a busy one for In Bed with Wall Street. I am thrilled that I have been invited to speak at what I would call the triple crown of library institutions: Library of Congress, New York Public Library, and Boston Public Library.

First up is Boston Public Library later this month (followed by Library of Congress in early June and New York Public Library in late July). In addition to these three grand libraries, please make note of the following events. If any happen to be in your neighborhood, please stop by to say hello!

Tuesday, April 8th at 7pm: Wellesley Books, 82 Central Street, Wellesley, Massachusetts

Thursday, April 10th at 7pm: Book Revue, 313 New York Avenue, Huntington, New York

Saturday, April 12th at 10pm EST (7pm PST): It’s Your Money and Your Life, 760AM KFMB, San Diego, California. I will be a guest along with the renowned attorney Gary Aguirre (profiled in the book) on this 50,000 watt station. Listen live here.

Sunday, April 13th at 2pm: Occupy Alternative Banking  at Columbia University, room 409 of the International Affairs Building, 420 West 118th Street (Amsterdam Avenue & 118th Street)

Tuesday, April 22nd at 7pm: New Canaan Public Library, 151 Main Street, New Canaan, Connecticut

Wednesday, April 23rd at 6pm: Boston Public Library, Central Library in Copley Square, 700 Boylston Street, Boston, MA

Sunday, April 27th at 2pm: Glastonbury Library, 2407 Main Street, Glastonbury, Connecticut

Looking ahead . . .
Thursday, June 5th from 11:30am-12:30pm: Library of Congress, Washington D.C.
Thursday, July 31st from 6-7pm: New York Public Library, Fifth Avenue at 42nd Street, New York, NY

If you have a venue, outlet, or media connection (radio, TV, print, or podcast) at which you might have interest in my speaking, please do not hesitate to contact me at

In light of all that continues to go from Wall Street to Main Street and from Washington to points around the globe, I welcome talking not only about the effects — such as high frequency trading — but even more so the causes and proposed reforms which are outlined in detail in my book.

I thank you.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or by 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.

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.

WSJ: HFT’s Real Villains Are Financial Regulators

Posted by Larry Doyle on April 3rd, 2014 10:38 AM |

In what might read as a prologue for my book, none other than the Wall Street Journal writes today that the real villains in the ongoing high frequency trading debate are our financial regulators.

Truer words were never spoken.

While America is fed a steady diet of technical terms on latency, co-location, and the like, let’s redirect the focus to where it really belongs, that is a financial regulatory system that has served to promote and protect Wall Street rather than upholding its mandate to protect investors.  The evidence is overwhelming and there is very real corruption that has transpired in the process.

As the WSJ concludes:

. . .  if New York Attorney General Eric Schneiderman and others looking for headlines want to string up high-speed traders, honesty requires them to put the regulators at the front of the rope line.

Now that’s what I’m talking about.

Let’s start with an independent investigation with the power to subpoena. Then get Chris Cox and Mary Schapiro in here.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

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.

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.

SEC ‘Failure to Regulate’ NYSE on HFT

Posted by Larry Doyle on April 2nd, 2014 9:11 AM |

The high frequency topic is all the rage these days and with good reason. Free market capitalism is dependent on free and fair markets.

Are our equity markets free and fair these days? By my definition they are not.

With people on both sides of this topic voicing their strongly held opinions, more and more of the onus is placed on those regulating the markets to see that the playing field is level for all participants. I think that is a huge part of the problem and wrote as much the other day in asserting, “The fact that the FBI states that it is working in concert with the CFTC, SEC, and FINRA in this investigation should be a cause of very real concern.”

A recent commentary in Crain’s Business highlights this very point:  Read the rest »

FBI Investigation of Wall Street HFT But “‘Big Boys’ Always Seem to Get Away with Murder”

Posted by Larry Doyle on April 1st, 2014 10:18 AM |

News late yesterday that the FBI is investigating high frequency trading operations for potential securities violations including insider trading sent a shock wave through the industry.

As well it should.

All too much evidence from respected industry insiders over the last five years has painted a picture of massive front running via HFT disguised as providing liquidity. Front running and collusion are supposed to be illegal practices.

To think that these conspiratorial behaviors are the work of a few rogue traders or computer programmers is ludicrous. Yet I remain very suspect that we will be fed a diet of just such nonsense as an indication that the Feds are going to clean up this practice.

Why am I so suspect? A number of reasons, including:  Read the rest »

Michael Lewis on HFT: “It’s All A Scam”; Here’s the Cause and Effect

Posted by Larry Doyle on March 30th, 2014 8:42 PM |

Major props to renowned writer Michael Lewis for using his enormous platform to direct light on the scam that has come to define our equity markets under the construct of high frequency trading.

As Lewis states, the scam is not only restricted to HFT activity but rather the market as a whole has become a scam. Powerful words and worth the minute to listen to the video clip below.

But let’s go deeper than that. Read the rest »

Wall St ‘Too Big to Fail’ Subsidy: You Pay, They Play

Posted by Larry Doyle on March 27th, 2014 9:19 AM |

In the midst of your morning routine, you can probably lay out a number of situations in which you reach into your pocket to pay people or vendors for services/products provided. I would imagine that many reading this blog pay for a daily coffee and newspaper, perhaps a periodic shoe shine, a highway toll, or train and bus fare.

In addition to these fees, how do you feel about reaching into your pocket on a daily basis to pay a surcharge to support banking institutions on Wall Street that are deemed ‘too big to fail?’ How does that feel? Not very good, does it? I did not think so.

Yet, make no mistake, that daily banking toll you pay, and the subsidy the banks receive, are very much a reality in America circa 2014. Read the rest »

Taking Stock on Bloomberg: Expose the Corruption

Posted by Larry Doyle on March 26th, 2014 6:54 AM |

I thank Bill Cohan, Carol Massar, and those at Bloomberg for having me on the show Taking Stock yesterday afternoon to address my take on the recent guilty verdict handed down in the Madoff employees case, corruption within the financial-political-regulatory system, and recent developments within the executive offices at JP Morgan.

Those who have read my book In Bed with Wall Street: The Conspiracy Crippling Our Global Economy will understand exactly what I mean when I say in this 5-minute interview that we need to “expose the corruption.”

For those who have not yet read the book — I hope you will — but would like to know more specifically what I am referring to when I make the statement that we need to “expose the corruption,” I am speaking of the following all of which is voluminously detailed in the book: Read the rest »

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