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Wall Street’s SRO Police Take MAJOR Hit

Posted by Larry Doyle on October 3rd, 2013 8:58 AM |

Did you feel a sizable tremor running between Washington and Wall Street overnight? I did.

At the epicenter of this tremor was the first meaningful questioning of the practice of self-regulation on Wall Street by their governmental overseers at the SEC.

Securities and Exchange Commission Chairman Mary Jo White opened the door to a potential overhaul of financial-market oversight, saying the special regulatory status of U.S. exchanges may not best serve investors or public companies.

Wow. That simple statement may never lead anywhere, but the mere fact the SEC issued a statement of this sort is a tidal shift of epic proportions. Who else echoed the sentiments of this seismic activity?  Read the rest »


$14 Million Whistleblower Award w/o Details

Posted by Larry Doyle on October 2nd, 2013 7:23 AM |

What state mottoes do you like most?

I am personally partial to New Hampshire’s “Live Free or Die” but in light of the opacity displayed across Wall Street and Washington over the last 4 to 5 years, I have a growing appreciation for Missouri as the “Show Me” state:

A name attributed to Representative Willard Van Diver. It connotes a certain self-deprecating stubbornness and devotion to simple common sense.

How about that? Common sense? What a novel concept in light of recent events in our nation and certainly applicable for my blog.

But I think about Missouri this morning given breaking news out of the SEC regarding its first meaningful whistleblower award in perhaps the last 25 years and its largest award ever. Isn’t this the type of thing to highlight and promote?   Read the rest »


Rogoff: America’s Endless Budget Battle

Posted by Larry Doyle on October 1st, 2013 8:59 AM |

With the shutdown of our government overnight, the proverbial lights in Washington have significantly dimmed and the finger pointing begins in a fashion that seems all too similar to a junior high school lunchroom.

Yet while Uncle Sam is not open for business today, our nation faces another enormous issue right around the corner as well, that is, the debt ceiling.

Some may think the costs of shutting down our government and playing chicken with the debt ceiling are not significant given that our overall level of interest rates remain low. But why is that? Because the Fed is purchasing upwards of 90% of net new debt issuance.  Read the rest »


Who and What Are To Blame for Uncle Sam’s Imminent Shutdown?

Posted by Larry Doyle on September 30th, 2013 10:10 AM |

With the government mere hours away from an imminent shutdown, I commented over the weekend that a small proprietor would not run his hot dog stand in such a fashion.

Yet here we sit — with Uncle Sam sticking his mitt ever deeper into our pockets — faced with the prospect that the puppets in Washington on both sides of the aisle are incapable of managing our affairs not only to avoid a shutdown but to actually run things in a professional fashion.

So the questions beg: will Washington ever be able to regain a degree of statesmanship in running our country; are we to be faced with this same sort of pathetic gamesmanship every year; do they even really care?  Read the rest »


Guest on Main Street Out Loud Today at 6PM

Posted by Larry Doyle on September 28th, 2013 8:01 AM |

RudiI welcome the opportunity to return to Main Street Out Loud this afternoon at 6pm.

MAIN STREET OUT LOUD is hosted by Rudi.  In his own words:“The show covers political issues, local, national and international.  We also cover the daily issues that concern each of us on Main Street, whether resident or business owner.  

Rudi is a resident of the metro Phoenix, Arizona area, and is passionately patriotic. An ardent supporter of our troops, he is a definite conservative in his politics. Nonetheless, he is open to other opinions. As he puts it, “If it touches you, it touches me.” He invites all callers, whether agreeing or disagreeing, to participate in this radio program which is by, for, and about Main Street Americans.

Be sure to listen in every Saturday starting at 3:00 pm (MST/Arizona time).

Listen to Main Street Out Loud on your radio:
KKNT conservative talk radio: 960 on your AM dial.

To hear the show LIVE on the Internet: Just click this “Listen Live” link.

YOU ARE INVITED TO CALL THE SHOW AND LET YOUR OPINION BE HEARD!
Just phone 602-508-0960 or toll free (888) 960-9696 during the program.

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 and comment on this piece of ‘sense on cents’.

Please subscribe to all my work via e-mail, an RSS feed, on Twitter, or Facebook.

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.

 


Poll: Is an $11B Fine The Right Justice for JPM?

Posted by Larry Doyle on September 26th, 2013 8:56 AM |

The rap sheet that has developed on JP Morgan over the last few years might have made John Gotti proud.

But remember, even though the Teflon Don escaped justice for a long time, ultimately the Feds caught up to him and he spent his last days listening to this.

Oh how the Don wishes he could have been a Wall Street banker rather than in the carting business and other organized activities. If so, he probably wishes he could be Jamie Dimon. Why so?  Read the rest »


Poll: Should Feds Settle with ‘Stevie Boy’ Cohen?

Posted by Larry Doyle on September 24th, 2013 9:12 AM |

News breaks in the past 24 hours that one of Wall Street’s largest traders, “Stevie-boy” Cohen of SAC Capital, is now looking to cut a deal with the Feds. Is the heat in Stevie’s kitchen getting a little too hot?

As Bloomberg Businessweek reminds us:

After a multiyear investigation conducted by the U.S. Attorney’s Office, the FBI, and the Securities and Exchange Commission, a grand jury indicted SAC Capital on July 25, accusing the firm of fostering a culture where employees engaged in rampant securities fraud.

Now Stevie wants to play Let’s Make a Deal.  Read the rest »


Richard Bowen: The Corruption Extends to the Highest Levels of Government

Posted by Larry Doyle on September 23rd, 2013 10:02 AM |

I thank the many devoted readers of Sense on Cents who made sure I was aware of a riveting, must-read article in yesterday’s New York Times written by Bill Cohan, a Wall Street-Washington critic without peer.

Cohan writes of the travails of Richard Bowen, former whistleblower at Citigroup, who ran headlong into the fortress manned by Robert Rubin and friends. Bowen was a Citi employee who blew the whistle regarding the preponderance of defective mortgages running through the Citi pipeline.

He brought the knowledge of this activity to the highest perch within the bank including the attention of Robert Rubin. How was he treated? With what most would define as ‘the silent treatment.’ Once silenced, he was then subsequently shown the door.

While Bowen was pushed out of Citigroup back in 2009, he has not been silenced since then.  Read the rest »


Weekend Reading: Rewriting the Lehman Postmortem

Posted by Larry Doyle on September 21st, 2013 9:13 AM |

This commentary is fully consistent with my opinions widely shared here at Sense on Cents.

I concur with this WSJ writer that relative to where we were 5 years ago,

Today, little has changed in our financial system.

Rewriting the Lehman Postmortem

Have a good weekend.

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 and comment on this piece of ‘sense on cents’.

Please subscribe to all my work via e-mail, an RSS feed, on Twitter, or Facebook.

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.

 


Global Financial System: Dangerous and Dysfunctional

Posted by Larry Doyle on September 20th, 2013 8:55 AM |

I truly appreciate reading the work and gaining the wisdom of those with informed insights and opinions.

Where do I always find people of this ilk? At one of my favorite stops while navigating the economic landscape:  Project Syndicate.

While various and sundry lapdogs from both sides of the political aisle and others well-schooled in the inner workings of the Wall Street-Washington incestuous thoroughfare are touting how our financial system has been reformed, let’s go down a less traveled path and see what a noted observer has to say on this topic.  Read the rest »


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Larry Doyle

Larry Doyle A Wall Street veteran's views and instincts on the markets, economy, and all things financial.







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