Brian Moynihan | Sense on Cents

Posts Tagged ‘Brian Moynihan’

The Integrity of the Game

Posted by Larry Doyle on March 22nd, 2012 5:31 AM |

The penalties handed out by NFL Commissioner Roger Goodell to the coaches and executives of the New Orleans Saints organization for the bounty program practiced down on the bayou were perhaps the stiffest in the history of the game.

Goodell has shown himself to be a no-nonsense individual cut from the mold of Kenesaw Mountain Landis. Goodell is clearly focused on protecting the sport, and knows that any program which promotes an intent to injure renders modern day football to little more than barbarism. (more…)

Tags: Albert Loewenthal, Barack Obama, Ben Bernanke, Brian Moynihan, Chuck Schumer, Darrel Issa, Eric Holder, Greg Williams, James Gorman, Jamie Dimon, Jim Himes, Jon Corzine, Judge Kenesaw Mountain Landis, justice on Wall Street, Lloyd Blankfein, Mary Schapiro, New Orleans Saints, penalties for New Orleans Saints, penalties on Wall Street, Preet Bharara, Richard Blumenthal, Richard Ketchum, Robert Khuzami, Roger Goodell NFL Commissioner, Sean Payton, Spencer Bachus, the integrity of the game, Timothy Geithner
Posted in General | 2 Comments »

SEC’s Robert Khuzami: “All Individuals Will Be Held Accountable…”

Posted by Larry Doyle on December 18th, 2011 7:35 PM |

What do we think of the SEC’s attempt to pursue former Freddie and Fannie CEOs Richard Syron and Daniel Mudd?

Is this a fully legitimate pursuit of justice against these executives? Could there be more than a whiff of political motivation on the part of the current administration buried in this pursuit?

As The New York Times reports the other day, SEC Accuses Fannie and Freddie Ex-Chiefs of Deception:

On Friday, S.E.C. officials trumpeted their actions in the Fannie and Freddie case as part of a renewed effort to crack down on wrongdoing at the highest levels of Wall Street and corporate America……….. (more…)

Tags: Angelo Mozilo, are SEC investigations politically motivated, Brian Moynihan, Chuck Prince, Fannie Mae, Franklin Raines, Freddie Mac, Hank Paulson, James johnson, John Thain, Jon Corzine, Ken Lewis, Lelend Brendsel, Lloyd Blankfein, Mary Schapiro, Mudd, Richard Fuld, Robert Khuzami, SEC Accuses Fannie and Freddie Ex-Chiefs of Deception, SEC Accuses Richard Syron and Daniel Mudd, SEC Enforcement Chief Robert Khuzami, Stanley O' Neal, Syron, Tim Geithner, Tim Howard, Vikram Pandit
Posted in General | 5 Comments »

$8.5 Billion Settlement but No Fraud, Right? They Must Think We’re Stupid.

Posted by Larry Doyle on June 29th, 2011 6:44 AM |

They must think we’re stupid.

News that Bank of America is poised to pay an $8.5 billion settlement in a claim by investors that the firm and a predecessor sold packages of loans/securities which did not meet standards and provide proper disclosures is a joke. Regrettably the joke is on us, that is, the citizens of this great land.

$8.5 billion may be a lot of money but what price warrants real justice? (more…)

Tags: BAC settlement, Bank of America settlement, Blackrock settlement with Bank of America, borrowing money from the Federal Reserve, Brian Moynihan, capital flight, failure to disclose, financial regulators, investor education and protection, justice denied, Met Life settlement with Bank of America, mortgage mess on Wall street, mortgage scam, mortgage settlement, need for accountability an dtransparency on Wall Street and in Washington, New york fed settlement with Bank of America, real justice is never bought, scam, they must think we're stupid, Wall Street-Washington incest, wealth redistribution into the financial system, wher eis the admission of fraud and guilt, who pays the Bank of America fine, why are trading volumes declining
Posted in General | 7 Comments »

Where and When Did Wall Street Go Wrong?

Posted by Larry Doyle on June 23rd, 2011 8:32 AM |

You do not need to read Sense on Cents to know that Wall Street and America have problems. That said, the future of both the financial services industry and our nation are inextricably linked.

The innovative ideas which our nation must generate to drive future growth and employment require capital. Wall Street has that capital. In my opinion, Wall Street needs to seriously refine the use of its capital for its own benefit and that of our nation.

Can Wall Street adapt? Does Wall Street understand the errors of its ways? When might some real leaders on Wall Street call out for the industry to clean up its act? These questions can only be properly addressed in the future if there is an acknowledgment and understanding of where and when did Wall Street go wrong in the past. Let’s navigate.

(more…)

Tags: black box trading on wall street, Brady Dougan, Brian Moynihan, declining volumes on Wall Street, do you trust your mechanic, failure of wall street leadership, failure of wall street management, failure of wall street regulation, failure to protect investors on wall street, financial services industry, impact of high frequency trading on equity volumes, its not a bug its a feature, James Gorman, Jamie Dimon, John Gapper, JP Morgan CDO settlement with SEC, lack of quality control on wall street, lack of transparency and opacity on wall street, Lloyd Blankfein, need for integrity on wall street, need for transparency on wall street, putting derivatives on exchanges, quants on wall street, regulation of CDS, regulation of derivatives market, Robert Wolf, selling risk on Wall Street, structured transactions on Wall Street, The Price of Wall Street's Black Box, the quants, Tom Montag, wall street developments since mid 1990s, Wall street fraud, wall street mechanics, wall street over the last fifteen years, Wall Street sales, when did wall street go wrong, where and when did wall street go wrong, where did wall street go wrong
Posted in General, Wall Street | 2 Comments »

Merrill Lynch Lawyer Told Eliot Spitzer: “Be Careful, We Have Powerful Friends”

Posted by Larry Doyle on April 18th, 2011 8:29 AM |

Is the need to repair the health of our financial system SO GREAT, that we should be willing to allow the basic rights of individuals and the laws of our land to be trampled and violated in the process? In my opinion, this very question is central to the rage that burns in so many hearts across our great land.

Bailing out banks may be anathema to those who love and cherish capitalism BUT not pursuing justice and real accountability for the transgressions of those individuals and those institutions central to our crisis is sickening. I believe it is inherently un-American to allow these transgressions to pass without proper prosecution. Which transgressions? (more…)

Tags: accountability on Wall Street, Anderson Cooper interview with Matt Taibbi, Auction Rate Securities, bank bailouts, Brian Moynihan, Chrysler creditors, CNN interview with Eliot Spitzer, did Wall Street violate the racketeering act, Eliot Spitzer interview with Anderson Cooper, James Gorman, Jamie Dimon, justice on Wall Street, Lloyd Blankfein, mortgage foreclosure abuse, mortgage originations, prosecutions on Wall Street, regulatory capture, repairing Wall Street, RICO Act, Rolling Stone's Matt Taibbi, transgressions on Wall Street, violating rights of individuals, Wall Street-Washington incest
Posted in General | 5 Comments »

Oscar Winner Charles Ferguson Rips Wall Street and Washington

Posted by Larry Doyle on February 28th, 2011 5:28 AM |

Charles Ferguson

“Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong.”

With those words last evening, Charles Ferguson, the winner of the Academy Award for Best Documentary for his film Inside Job, did a lot more than merely begin an acceptance speech. Ferguson touched the third rail and made a political statement. But did he really? Really? Not in my opinion. Ferguson spoke the truth.

When did the mere voicing of the truth become political? Perhaps in America 2011 those who speak the truth actually stand out because we hear so little of the prized virtue. That reality is a sad commentary on our society.

I commend Ferguson. Backstage he had even more to say. (more…)

Tags: Academy Awards February 27 2011, Alan Greenspan, Barack Obama, Ben Bernanke, Brady Dougan, Brian Moynihan, CFTC chair Gary Gensler, Charles ferguson acceptance speech, Christopher Cox, Ferguson statement, financial crisis financial fraud, Financial Meltdown Documentary Wins Oscar, Henry Paulson, Inside Job, James Gorman, Jamie Dimon, Larry Doyle, Lloyd Blankfein, Oscar winner Charles Ferguson, Richard Ketchum, SEC Chair mary Schapiro, Sense on Cents, Timothy Geithner, what is regulatory capture, who is Charles Ferguson, winner Best Documentary
Posted in General | 14 Comments »

What Did Bank of America Know and When Did They Know It?

Posted by Larry Doyle on October 13th, 2009 8:19 AM |

Are the powers that be at Bank of America wilting under political pressure to release the details of its merger with Merrill Lynch? In fact they are and in the process, the executives at Bank of America are agreeing to waive attorney-client privilege. What are the critical points which New York Attorney General Andrew Cuomo, the SEC, those in Congress, and especially Bank of America shareholders want to learn?

1. What did Bank of America know about the ongoing deteriorating financial position at Merrill Lynch?

2. What did Bank of America executives share with their board members about the billions in bonuses to be paid at Merrill?

3. Did Ken Lewis overplay his hand? Please reference my commentary from a few weeks ago, “Documents Indicate Ken Lewis Utilized the MAC To Shake Down Bernanke and Paulson.”

The Wall Street Journal summarizes these topics this morning in writing, BofA to Hand Over Documents Related To Its Merrill Deal:

Mr. Cuomo’s investigators, as well as Judge Rakoff, have said a fuller accounting of the events surrounding the deal is a prerequisite to any resolution of the probes. BofA is hoping releasing the privileged documents will satisfy those demands, according to people familiar with the matter.

BofA’s move will likely reveal exactly what advice was provided by outside firms, according to people familiar with the matter. Those firms include Wachtell, Lipton Rosen & Katz, which represented BofA during the Merrill transaction and is a long and trusted adviser to the bank, as well as Merrill’s counsel, Shearman & Sterling LLP.

It may also show conversations with ex-general counsels Timothy Mayopoulos and Brian Moynihan. Bank of America recently hired law firm Paul Weiss Rifkind Wharton & Garrison LLP to join Cleary Gottlieb Steen & Hamilton LLP in representing the bank in the various federal and state investigations surrounding the Merrill acquisition.

“This is going to get to the down-and-dirty question of what counsel did say and did not say, what counsel meant and did not mean,” said James Cox, a law professor at Duke University.

(Associated Press) In a photo from Sept. 2008, Merrill Lynch Chairman and CEO John Thain, left, and Bank of America Chairman and CEO Ken Lewis shake hands following a news conference.