Posted by Larry Doyle on July 16th, 2014 8:36 PM |
If the American public thought that it had borne all the excruciating pain of every insult and injury that Wall Street and Washington could deliver . . . think again.
In what has to be a new low in terms of kicking the hard working, God-fearing, taxpaying investors of this land in the proverbial balls, check this WSJ story out about the motivations of the Department of Justice and Federal Bureau of Investigation in meting out large fines on Wall Street (Caution: prior to reading this, I recommend you remove any projectiles or sharp objects from your vicinity): (more…)
Posted by Larry Doyle on June 13th, 2014 9:22 AM |
Those engaged in cronyism and corruption much prefer to operate under a cover of darkness. When transgressions due occur, those caught in the web of such practices typically like to pay a fine and quickly move on.
Given the preponderance of these practices in our current economy, I think it is a good idea that, rather than addressing cases on an individual basis, we compile an index of those involved. In doing so, we can then reflect back on them and gain a fuller appreciation for how widespread and destructive this cronyism and corruption is within our nation.
With no further adieu, I kick off the Sense on Cents Index of Cronyism and Corruption:
The IRS Scandal: “That’s a Lie; (June 14, 2014)
Today’s FT highlights (June 12, 2014): “Goldman Sachs and Bain Capital paid $121m to settle a lawsuit alleging they conspired with other private equity firms to fix the price of some of the biggest ever leveraged buyouts. (more…)
Posted by Larry Doyle on March 27th, 2014 9:19 AM |
In the midst of your morning routine, you can probably lay out a number of situations in which you reach into your pocket to pay people or vendors for services/products provided. I would imagine that many reading this blog pay for a daily coffee and newspaper, perhaps a periodic shoe shine, a highway toll, or train and bus fare.
In addition to these fees, how do you feel about reaching into your pocket on a daily basis to pay a surcharge to support banking institutions on Wall Street that are deemed ‘too big to fail?’ How does that feel? Not very good, does it? I did not think so.
Yet, make no mistake, that daily banking toll you pay, and the subsidy the banks receive, are very much a reality in America circa 2014. (more…)
Posted by Larry Doyle on March 18th, 2014 4:34 AM |
Are you sick of being lied to?
At what point do we as a nation say ENOUGH to the lies and scandalous practices within and around Washington?
I am referring to the lies — and yes, they are lies — that were put forth by the Attorney General’s office in the investigation of mortgage fraud. If you do not think Eric Holder, Lanny Breuer, and others intentionally misrepresented — er, lied — regarding the efforts of the DOJ to the American public, I beg to differ. (more…)
Posted by Larry Doyle on September 17th, 2013 9:15 AM |
On a daily basis we now get fed less than comprehensive if not fully distorted views of the last 5 years by an array of politicians, industry sponsored economists, and assorted other puppets.
While the airwaves and other outlets are filled with much of this noise, let’s take a step back so we can get the wide-angled view as to what has really transpired within our nation and the global economy. To do so, lets check in with Sense on Cents Hall of Famer Simon Johnson who provided a prescient view as to what was — and is — really going across a wide swath of our economic landscape.
Posted by Larry Doyle on August 25th, 2013 7:09 AM |
For those who might still be wondering why America is rotting from within, please find 45 minutes to watch Bill Moyers recent interview with Mark Leibovich, author of This Town, a best selling expose of how crony capitalism has become pervasive in our nation’s capital.
After watching this clip, I think there is little doubt that people will understand how public service has become a major for profit undertaking; I think people may also feel the need to take a shower. This is truly a must view as Leibovich names names and does not pull any punches in doing so.
Washington is clearly filled with a pack of losers. But unfortunately the real losers are the American public.
I thank the regular reader who brought this clip to my attention.
Please pre-order a copy of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy, that will be published by Palgrave Macmillan on January 7, 2014.
For those reading this via a syndicated outlet or receiving it via e-mail or another delivery, please visit the blog to view this clip and comment on this piece of ‘sense on cents’.
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.
Posted by Larry Doyle on July 30th, 2013 8:08 AM |
People of faith are likely very familiar with the seven deadly sins: pride, envy, gluttony, lust, anger, greed, and sloth.
I think it goes without saying that our nation would be a better place if we had less of these vices on display. That said, our greatest virtues emanate from the very freedom that allows the aforementioned vices to gain a foothold. What if we did not have our freedom, though? Then what?
To explore this question, let’s navigate to The People’s Republic of China and review a recent report from Global Post that highlights:
In a directive reportedly distributed last month to local party committees, China’s top propaganda officials issued new
restrictions banning discussion of seven topics deemed to be “dangerous Western influences.” (more…)
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. (more…)
Posted by Larry Doyle on March 13th, 2013 6:19 AM |
I would like to believe I am the ultimate free market capitalist. I embrace and respect those who take risk and embody the entrepreneurial spirit that is the engine of our nation.
I detest and abhor those who utilize their positions to further a spirit of crony capitalism in America. I would count many of our politicians from both sides of the aisle in this camp.
How do we advance the former group while exposing the latter? Well, that is a topic for another day.
Today let’s review a brief video (thank you to the readers who brought this to my attention) that some may like to use to advance a liberal agenda of income redistribution. I strongly believe that approach would be an enormous mistake, and merely serve to perpetuate and exacerbate our current problem with cronyism and government handouts/bailouts. Watch the video, and then I’ll make a few comments: (more…)
Posted by Larry Doyle on February 20th, 2013 9:45 AM |
There is not even one credible individual in the world today who would believe that we do not still operate under a “too big to fail” model for our banking industry.
We now know that “too big to fail”also means “too big to regulate” and “too big to prosecute.” Free market capitalism is dying a slow and steady death in the process.
Might we ever get out from under the heavy burden of this model? We can only hope. Yet I awaken this morning and vomited my coffee as I read in the WSJ,
Should the government backstop even more of the financial system than it already does?
Sure, if you love a mix of crony capitalism and socialism, wave it in, right? (more…)