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Posts Tagged ‘collusion on Wall Street’

Wall Street & ML Baseball: A Common Thread

Posted by Larry Doyle on September 4th, 2013 10:07 AM |

With the five year anniversary of the demise of Lehman Brothers right around the corner, a financial reporter from a major news outlet reached out to me yesterday to get my take on the current situation on Wall Street.

He was interested in touching upon the current culture within the industry and what has changed.

We had a fair bit to discuss and I was not bashful. (more…)

Taibbi: Wall Street Bribes, Bid-Rigging & Collusion

Posted by Larry Doyle on June 22nd, 2012 2:07 PM |

There are many markets on Wall Street with very serious ethical issues. From my perspective, no market over the last number of decades has been more ethically challenged than the world of municipal finance.

In the spirit of fairness, I would maintain once again that the overwhelming percentage of people on Wall Street in general and municipal finance specifically are very good, decent people. Regrettably, though, the premise of fair and ethical dealings within many markets and certainly municipal finance has gotten so blurred as to be unidentifiable.

In a MUST READ commentary that pulls back the cloak on the bribes, bid-rigging and collusion within the municipal finance markets, Rolling Stone’s Matt Taibbi provides a chilling look into this corner of Wall Street. (more…)

The Eerie Silence Surrounding Wall Street Price Fixing

Posted by Larry Doyle on March 6th, 2012 8:48 AM |

Shhhhhhhh………

What is that eerie silence emanating from Wall Street lately? No, it’s not the quiet on the floors of the equity exchanges in the midst of anemic trading volumes. It is also not the empty echoes emanating from trading desks once bursting with activity.

The eerie silence to which I allude goes to the price fixing at the very core of how our Wall Street banks fund themselves in the overnight market. Sounds ominous, no? Let’s navigate and enter the world of Libor based funding. What is Libor? ……………….. (more…)

Did Wall Street Violate the Racketeering Act…AGAIN??!!

Posted by Larry Doyle on April 29th, 2011 11:46 AM |

Earlier this month I inquired Did Wall Street Violate the Racketeering Act? in regard to the rampant abuses centered on Wall Street institutions involved in the mortgage foreclosure travesty. That commentary written on April 4th generated the strongest and most vocal reaction to any commentary I have written since the inception of Sense on Cents in January 2009. (I encourage you to scan the comments to that article to gain a sense of the pain and anguish felt by so many in our nation today!)

Today I repeat the question.

Did Wall Street Violate the Racketeering Act …Again??” in regard to the pricing and potential manipulation of the credit derivatives market? Why has Wall Street fought the legislative and regulatory proposals to bring greater transparency into this corner of the casino? Why does Wall Street want to maintain its hegemony over the cash cow known as ‘credit derivatives’? Let’s navigate across the pond and review a probe of Wall Street’s CDS business by the EU. The European Union put out this official press release this morning:  (more…)

CNBC Appearance This Afternoon at 2:40pm >>> UPDATED with Video

Posted by Larry Doyle on November 24th, 2010 10:44 AM |

***Update: video clip included below

If you’ve got some time this afternoon, please check in to CNBC’s Street Signs at 2:40pm as I will be discussing the recent insider trading probe and the implications it has on our markets.

Hopefully, I’ll be able to grab a video clip of the segment to post later today or tomorrow.

Larry Doyle

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

I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.

Price Fixing on Wall Street?

Posted by Larry Doyle on April 9th, 2010 11:16 AM |

Lessened competition in any industry will lead to wider margins and greater revenue and profit opportunities.

Wall Street circa 2010 is certainly a dramatically changed landscape with significantly lessened competition. Is Wall Street today an honest display of capitalism in which ‘to the victors go the spoils’? Or is Wall Street an oligopoly which is using its increased power and leverage to control, if not outright fix, prices for products and services?

In the midst of all the other issues Washington is facing, I think there is very little focus on this topic, but we overlook it at our peril. Why? Price fixing, or iterations thereof, is nothing more than a vehicle to transfer wealth from consumers to providers. (more…)






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