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Goldman’s van Praag: “People Don’t Understand”

Posted by Larry Doyle on February 23rd, 2012 12:58 PM |

“You can’t regulate and legislate for greed and stupidity.”

In the course of a riveting 30+ minute interview, soon to depart public relations chief Lucas van Praag of Goldman Sachs made the above point and many more as he spoke openly and extemporaneously on a number of topics.

The fascinating dynamic at work in this interview with the Dutch television program Tegenlicht is the fact that van Praag does not seem to fully appreciate that he is being taped. Much of what van Praag addresses would seem to toe the Goldman party line, but he does speak in such a matter of fact style that we learn a lot about the mentality and culture at work inside the offices of Goldman Sachs.

What are some of the general themes of van Praag’s commentary?  Read the rest »


Profiles in Courage Blowing the Whistle

Posted by Larry Doyle on February 22nd, 2012 2:01 PM |

I have crossed paths with some exceptionally interesting people while navigating our economic landscape and writing Sense on Cents over the last few years. These individuals encompass a wide swath of our American population and include investors, economists, lawyers, consumers, small businesspeople, bankers, students, and so many more.

While I admire and respect most of the people with whom I interact, there are a handful who truly occupy a very special place in my heart and in the Sense on Cents Hall of Fame. Who are these people whom I consider true American heroes?  Read the rest »


Questions for President Obama: Who Is Dropping Out Along Our Economic Landscape and Why?

Posted by Larry Doyle on February 22nd, 2012 6:28 AM |

This commentary provides a wealth of details and data along with some fabulous links. I firmly believe it covers the most important issues which will determine the future health and prosperity of our nation. It is a little lengthy, and for some perhaps overly sensitive—dare I say politically incorrect—but I hope you will take the time to read, review, and comment upon it. Thanks. LD 

While there are plenty of pols in Washington and elsewhere who would like to paint a picture of a land divided along class lines, let’s not get distracted by those merely making noise to score political points.

Let’s dig a  little deeper and determine who is not keeping up along our economic landscape . . . and why?  Read the rest »


Central Bankers’ Favorite Games: We’re Being Played

Posted by Larry Doyle on February 21st, 2012 10:30 AM |

War. Street hockey. Hide the belt. Kick the can. Flipping cards.

The games of my youth growing up in my neighborhood section of Boston provide very fond memories. The best part of these games was the simple fact that everybody was included, the rules were clear cut, and the older kids looked out for the little guys.

In a manner of speaking, the central bankers of today are similarly engaged in a few different games. What are the games being played on both sides of the Atlantic? Kick the can and charades. Regrettably, the central bankers are not playing by the rules as we defined them.

Read the rest »


Amar Bhide Makes Case for Volcker Rule

Posted by Larry Doyle on February 20th, 2012 8:50 AM |

Why do you think former Fed chair and widely respected central banker Paul Volcker paid a visit the other day to SEC head Mary Schapiro?

I would gather that Mr. Volcker was not there merely to exchange pleasantries. No, clearly Mr. Volcker was exhorting Ms. Schapiro to withstand the pressure currently being applied by many members of the Wall Street-Washington Incest society to water down the Volcker Rule which would curtail proprietary trading on Wall Street. Read the rest »


CitiMortgage, Further Evidence of Wall Street Racket

Posted by Larry Doyle on February 17th, 2012 11:35 AM |

The story of rampant abuse within CitiMortgage is garnering enormous attention throughout the blogosphere today.

Do you find it ironic that an institution such as Citi, which was saved by Uncle Sam in 2008, would be abusing the old man a full three years later? No surprise here.

In a financial system in which regulators are ill equipped and overwhelmed by industry practices, rampant abuse and fraud seems to have become endemic. I tip my hat to Sherry Hunt, a whistleblower within CitiMortgage, for exposing the fraud within the mortgage underwriting business at Citi for which taxpayers foot the bill. Ms. Hunt gains immediate induction into the Sense on Cents Hall of Fame in the process.   Read the rest »


Profiting from Political Intelligence

Posted by Larry Doyle on February 16th, 2012 9:54 AM |

Gaining sensitive, market moving information is NOT by its very nature illegal or unethical. In point of fact, those who are ingenious and industrious enough to outwork and outsmart the competition are fully deserving of the benefits and rewards that come their way.

That ingenuity and industriousness are cornerstones of capitalism. I love it and commend those who ethically pursue these paths to success.

That said, how are these pursuits regulated? Who is monitoring the exchange of what might be exceptionally sensitive and insider information? Great questions. Read the rest »


Paul Ryan (R-WI): A Choice of Two Futures

Posted by Larry Doyle on February 15th, 2012 10:17 AM |

Markets manipulated by the presence of massive infusions of liquidity from central bankers may give the appearance of calm, smooth sailing but under the surface an explosion of epic proportions continues to build.

What is fueling that volcanic eruption?

Chronic deficit spending.

With our fiscal deficit having grown by trillions of dollars over the last few years, make no mistake the withdrawal pains and devastation from this out of control spending WILL be extraordinary. Not might be. WILL be. Borrowing from future generations may be a political art form in Washington but it is truly nothing more than a failure of governance.  Read the rest »


Auction Rate Pain Continues: February 14, 2008 to February 14, 2012 Recommended

Posted by Larry Doyle on February 14th, 2012 6:07 AM |

“Larry, they have forgotten about me. I do not know what to do and I have nowhere to turn.”

In so many words, I received that message from an Oppenheimer Holdings customer just yesterday who continues to be unable to access his cash which remains locked up in auction-rate securities a full four years to the day that the ARS market totally froze.

This is America?

We have an administration and regulators which fabricate settlements and try to support people many of whom were financially imprudent? But who is standing up and speaking out on behalf of those remaining ARS investors who were defrauded by financial intermediaries and cannot access their funds from what were supposedly cash surrogate investments?

Four full years later and tens of thousands of our fellow citizens remain largely disenfranchised and disowned and unable to access tens of billions of dollars that is THEIR MONEY?

This is America?  Read the rest »


Mortgage Settlement Pisses Into the Wind

Posted by Larry Doyle on February 12th, 2012 5:34 PM |

In a nation now all too familiar with a “too big to fail” banking system, a heavily manipulated and high frequency dominated equity market, and an incestuous financial regulatory system, we should not be surprised with a mortgage settlement that does little more than ‘piss into the wind’.

Pardon my cynicism, but one does not need to look too deeply into the recently announced mortgage settlement to understand there is little in the way of meaningful justice embedded in this contrivance. 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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