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FINRA “Meter Maids” Top 25 Fines: “Ain’t No Party”

Posted by Larry Doyle on August 2nd, 2012 9:09 AM |

Wall Street’s self-regulator FINRA just celebrated its 5 year anniversary. Congratulations to them. Sympathies and condolences to the rest of us.

The Securities Technology Monitor highlights FINRA’s birthday with a grandiose slideshow presentation entitled, The First Five Years; FINRA’s Top 25 Enforcement Cases. While those at FINRA might be celebrating the anniversary with cookies, cupcakes, and lemonade, let’s take a more critical review of Wall Street’s industry-funded private police detail.  Read the rest »


HSBC’s Gulliver and “You Can’t Make This Stuff Up”

Posted by Larry Doyle on August 1st, 2012 6:11 AM |

Certain statements made over the years resonate with such gusto that they just do not and cannot fade into oblivion. What statements would be included under this heading? Can we ever forget . . . ?

“I’m not a crook.” . . . How about . . . ? “I did not have sexual relations with that woman.”

Surely “Read my lips. No new taxes!!” has a special place in history.

In this same vein, those lines and the longstanding ridicule associated with them received a little company overnight. Who knocked on the door and uttered a line that is sure to go down in financial history?  Read the rest »


HR 757: “We the People” for Real Investor Protection

Posted by Larry Doyle on July 31st, 2012 10:06 AM |

In the same spirit as that which inspired those who signed our Declaration of Independence, I welcome attaching my name to the following proclamation in support of HR 757 for real investor protection. What makes the proclamation highlighted below so special? It is truly a grass roots effort. As noted attorney Helen Davis Chaitmain asserted:

People are contributing money for these ads in order to educate the electorate that our representatives (and the SEC) have forgotten that they represent the people.  They have allowed Wall Street (“SIPC”) to renege on its statutory obligation to insure each brokerage account up to $500,000.  Why would any honest hard-working American vote for someone who doesn’t support this bill?”

Read the rest »


Sense on Cents Supports HR 757

Posted by Larry Doyle on July 31st, 2012 6:05 AM |

Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then,

Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements.

Did you just spill your coffee and think I must have mistyped that figure. I didn’t. I highlighted that ridiculous figure in November 2009.

$150 annual premium paid by each and every Wall Street brokerage house to put a stamp of investor protection on their statements. What type of insurance do you purchase for a $150 annual premium? Seriously.  Read the rest »


Chick-Fil-A: Is Free Enterprise Still Free?

Posted by Larry Doyle on July 30th, 2012 11:52 AM |

I do not find it surprising that certain political leaders in our nation easily lash out in threatening fashion to those running a free enterprise. Why am I not surprised? In the “Uncle Sam” economy that permeates our nation, the violation of contracts and property rights has become increasingly prevalent.

In that vein, we should not be surprised when leaders of certain cities and towns spew forth intimidating statements to those running a free enterprise. I refer specifically to recent statements delivered by the mayors of Boston, Chicago, and San Franciso and directed at the president of Chick-fil-A, Dan Cathy.

Regardless of what one may think about controversial topics of the day, including same-sex marriage, last I checked individuals in our nation not only had the right to free speech but then also the constitutional rights to free enterprise. Read the rest »


Listen to “Main Street Out Loud” This Afternoon

Posted by Larry Doyle on July 28th, 2012 7:21 AM |

webassets/standingredweb.JPGTired of the same old contrived conversations on the airwaves and news channels of America? Would you like to listen to people speaking “truth to power?” If so, I assure you that you will not be disappointed if you tune in this afternoon (6pm-7pm EST) to Main Street Out Loud with Rudi K,

. . .  recognized as “the premier political and issue driven talk show on weekend radio“.  We invite you to tune in to a live broadcast and/or listen to past programs. Hear for yourself why we continue to increase our audience share around the world.  We enjoy hearing from listeners — so send us an email.  We really do want to know, “What’s on your mind?”  Read the rest »


Libor Scandal: Trader Highlights Manipulation in 1991

Posted by Larry Doyle on July 27th, 2012 10:03 AM |

When did the scandalous manipulation of the London Interbank Overnight Rate, that is Libor, really begin?

I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005.

The industry and regulators would clearly like to keep the focus of this scandal to the crisis period of 2008. Why is that? The excuse of, “We were trying to save the system” would seem to provide a very wide cover for all parties involved. But, again I ask, when did it really begin?  Read the rest »


Preet Bharara On “Too Big to Prosecute”

Posted by Larry Doyle on July 27th, 2012 6:48 AM |

How is it that America has not seen more indictments and prosecutions on Wall Street? That question, perhaps more than any other, is the cause of so much underlying rage and anxiety in our country. Why is that?

I firmly believe that the overwhelming majority of people in our nation embrace the principle of fair play and understand when that principle has been violated. In the process of that violation, people want justice to be served. Then why is that we have not witnessed more prosecutions on Wall Street?

Are certain institutions — and in my opinion, certain individuals — by definition, “too big to prosecute?” In a nation of laws, no institution or individual should ever be “too big to prosecute.” Then why haven’t we seen the indictments and prosecutions of senior executives at major firms on Wall Street?   Read the rest »


Breaking Up the Banks? . . . Just a Start

Posted by Larry Doyle on July 26th, 2012 6:50 AM |

The news yesterday that once renowned banker Sandy Weill has called for the breakup of the now “too big to fail” banks is treated as some sort of earth shattering news development. News? Really? “Sandy, where ya’ been, my man?”

In the neighborhood of my youth, news of that sort was typically used to wrap the daily catch down at the local pier.

While those on the airwaves may care to direct a measure of respect to Mr. Weill, the call to break up the “too big to fail” banks is little more than yesterday’s news. Who made this call early on?  Read the rest »


What Truly Happened? The Top Ten Unfinished/Untold Stories of Our Economic Crisis

Posted by Larry Doyle on July 24th, 2012 8:23 PM |

With the development of internet applications and various social media sites, do you ever find yourself looking back to see what happened to specific situations or individuals in your past?

I am going to guess most people have navigated back down the road to do just that at least once over the past year or so. Perhaps sometimes you learn what truly happened to people and situations in your past, and sometimes you don’t.

In this spirit, let’s take a break from the daily flow of news and scandals and look back in time. 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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