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Taibbi Further Investigates Furey v SEC

Posted by Larry Doyle on June 3rd, 2013 10:11 AM |

Wouldn’t you like to have been a fly on the wall to witness what really went on  — and still goes on — within the offices of the SEC and our other financial regulators?

Oh the stories and tales of woe that one might be able to share. Every now and then, though, one does not need to worry about being a fly because details of internal intrigue make their way out of the commission.

To that end, a few weeks back both Bloomberg’s Bill Cohan and I shed light on the incredible allegations of incompetence, negligence, if not outright corruption within the SEC made by an internal whistleblower Kathleen Furey.

Over the weekend Rolling Stone’s Matt Taibbi provided even greater transparency on the incredible — or in light of what we have learned about the SEC, perhaps not so unbelievable — allegations made by Ms. Furey in her whistleblower complaint. Those familiar with this case may recall that Furey alleged her superiors within the SEC’s New York office maintained that they did not handle cases dealing with investment managers. Incredible? Unbelievable? Maybe not so much.
Read the rest »


Please Do Not Text and Drive Video

Posted by Larry Doyle on June 1st, 2013 9:35 AM |

I beg your indulgence as I defer from navigating the economic landscape to address a far more important topic.

I wish there were never a reason for me to be posting this video about texting and driving. That said, a friend of mine lost his son in a tragic accident. That young man’s life does not have to be lost in vain if others gain a real appreciation for the dangers of texting while driving.

Please take two minutes to view this video clip. Please share it with your own children, extended family, friends, neighbors, and colleagues via every available social media link. Do not wait. Please do it now.

You will likely never know the lives you impact, but the more that the pain expressed by my friend is spread, the impact and benefits will be infinite.

 

Let’s make texting and driving as socially unacceptable as drinking and driving and save lives in the process.

Thank you.

LD


The Volcker Alliance

Posted by Larry Doyle on May 31st, 2013 4:49 AM |

Having broached the topic of the launch of The Volcker Alliance in my commentary yesterday, I welcome drawing further attention to it today for the simple reason that the needs are so great.

We need to change the debate in America so we can change the outcome. Future generations deserve nothing less.

To that end, I welcome highlighting this Statement by The Chairman: Read the rest »


Volcker Sends Warning Shot to Fed, Wall St, and DC Recommended

Posted by Larry Doyle on May 30th, 2013 9:27 AM |

In what can only be described as a Sense on Cents Instant Classic, perhaps the most highly respected chair in the history of the Federal Reserve, that being Paul Volcker, delivered a tremendous address yesterday at the Economic Club of New York.

For anybody who cares about the well being of our markets, our economy, and our nation, I strongly recommend you take a mere ten minutes to fully read and absorb the wisdom of Volcker’s words.

What are some of the highlights? Read the rest »


Uncle Sam’s Rent-Seeking Economy circa 2013

Posted by Larry Doyle on May 29th, 2013 5:22 AM |

Are we in the midst of the greatest transfer of wealth in modern times?

I will allow others to debate the merits of that question, but I propose it in order to address what I see increasingly as the “new normal” reality of our current economic condition here in the United States. What lies at the core of this new normal dynamic? A rent-seeking economy, defined as:

When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.

An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don’t create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group. Read the rest »


IRS’ Doug Shulman: We No Longer Chase Bad Guys

Posted by Larry Doyle on May 28th, 2013 8:56 AM |

Have you ever read a passage or a line from a speech and thought, “He didn’t actually say that, did he?”

I had just that experience this morning in reading a delivery made by Douglas Shulman. Who is Mr. Shulman? The former commissioner of the Internal Revenue Service during the time when the targeting of selected conservative groups was launched. For those who care about truth, transparency, and integrity I can only hope that we learn all the details of that activity.

What about Shulman himself, though, and his past? Where did he work prior to joining the IRS?

Under the heading of “you just can’t make this stuff up,” Shulman was vice-chairman of Wall Street’s favorite self-regulatory organization FINRA prior to being appointed chairman of the IRS by President Bush in early 2008. Oh boy!!   Read the rest »


Memorial Day 2013: Honoring Our Fallen Heroes

Posted by Larry Doyle on May 27th, 2013 8:36 AM |

In the midst of thinking about the greatest sacrifice made by the countless numbers of fallen American heroes this Memorial Day morning, I navigated my way to this National Memorial Day Concert site.

Let us pay our respect to all those men and women who have made the ultimate sacrifice in all the conflicts and battles that have been waged to protect our freedom.

I do not possess nor do I believe that there are words that might properly convey the respect and honor our fellow citizens deserve who have made this sacrifice and paid immeasurable personal costs so that we can be free. I salute you.

I hope people who see this post will take a few minutes to scan the attached photos below of cemeteries in Europe for these fallen heroes from WWII knowing full well that there are hallowed grounds elsewhere in the world and here at home as well where our heroes lay from battles waged faraway so we may remain safe and free.
Read the rest »


Weekend Viewing: Moyers and Morgenson

Posted by Larry Doyle on May 25th, 2013 12:26 PM |

A healthy does of ‘sense on cents‘ in this 18 minute exchange between Bill Moyers and The New York Times’ Gretchen Morgenson. Call it what you want but from my standpoint capitalism and democracy are being compromised by cronyism and corruption. The evidence is overwhelming.

The health and well being of future generations require that we must continue to call out the crony collusive conspiracy at play in America. Check this out and pass it along.

Navigate accordingly.

for those receiving this commentary via e-mail, you can access this video here. 

Larry Doyle

Isn’t  it time or overtime to 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.


Rep Steve Pearce (R-NM) Unloads on Treasury Secretary Lew : MUST SEE Video

Posted by Larry Doyle on May 24th, 2013 2:25 PM |

WOW … This 5-minute video has received very few viewings. That is a shame. Let’s change that.

In a recent Congressional hearing Rep. Steve Pearce throws high hard heat right at the head of Treasury Secretary Jack Lew. In a delivery that would have made Hall of Fame pitcher Bob Gibson proud, Pearce knocks Lew down once, twice, three times and more.

In the process he addresses a number of issues that this blog has embraced over the years, including:  a pursuit of the truth —  transparency — Jon Corzine’s misappropriation of funds from customer accounts — the redistribution of wealth from those on fixed incomes into our banking system, and more. Read the rest »


Book Review: Bull by The Horns by Sheila Bair

Posted by Larry Doyle on May 24th, 2013 7:55 AM |

I am a Sheila Bair fan.

Throughout our continuing economic crisis, I have found the former chair of the FDIC to be an individual who tried to do what was right on behalf of the American people while promoting the rule of law and principles of free market capitalism. I juxtapose those strengths with practices pursued and implemented by an array of government officials, financial regulators, and their financial consorts.

I recently completed Bair’s book, Bull By The Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself, and would give it a 4+ star rating. 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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