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HomeWhat’s Going On at The ‘Deutsche Bank Haus’? Video
Posted by Larry Doyle on July 24th, 2014 10:42 AM |
I am hard pressed to little more than chuckle at the recently released report by the New York Federal Reserve concerning the regulatory failures at Deutsche Bank. Why so amused?
The Financial Times informs us the regulators at the NY Fed are so ‘steamed’ due to “Deutsche’s perceived failure to act on similar problems raised by regulators since 2002.” Yes, 2002. That is not a misprint. What does that tell us?
Not unlike a bunch of frat boys having their way with an administration that is little more than comical and totally ineffective in maintaining order on campus, is it any real surprise that the crowd at the “Deutsche Haus” has little meaningful oversight of its own operations when its chief regulators at the New York Fed are either asleep and/or complicit in facilitating the party and mayhem? (more…)
Can Whistleblowers ‘Cross-Examine’ the SEC? Part II
Posted by Larry Doyle on January 10th, 2012 6:37 PM |
My commentary the other day entitled Can Whistleblowers ‘Cross-Examine’ the SEC? received a fair bit of attention and some rather interesting comments. In light of the very fluid developments within the realm of financial regulation, I strongly recommend that post.
The primary concern I raised within that commentary – and hence the title – was that a key panel at the upcoming 39th Annual Securities Regulation Institute consists solely of industry insiders. Why might that be such a concern?
Well, one of the main critiques of our financial regulatory system made by many, including Harry Markopolos, has been the revolving door between our regulators and the industry.
Why is a revolving door such a concern? Stick with me here. (more…)
UPDATE: Did Wall Street Violate the Racketeering Act?
Posted by Larry Doyle on May 4th, 2011 11:50 AM |
A month ago I questioned whether there was sufficient evidence of abusive and fraudulent practices in the mortgage business on Wall Street (underwriting, servicing, securitizations, etc) to make a case that the industry as a whole violated the Racketeering Act? I would not expect that our ‘leaders’ in Washington would ever think about making that case; that said, I think there is plenty of reason to believe that a very real case could be made.
What will we likely see? Perhaps a number of individual cases. We witness just such a situation today with news that the Department of Justice yesterday filed a lawsuit against Deutsche Bank for lying about the quality of loans made by a mortgage subsidiary of the German bank. (more…)
Keine Transparenz Mit Diesen Untersuchungen
Posted by Larry Doyle on July 26th, 2010 3:19 PM |
“Was ist das, LD?” What is this, you ask?
Did you inadvertently hit your keyboard and Sense on Cents is now being delivered in German? No, don’t worry about that. Although I have always had a strong interest in the German language and history, my language skills have faded over the years. That said, I think readers should be able to figure out the key German word in my title. (I hope my grammar is correct!!)
In light of the European Bank Stress Tests released on Friday, I am compelled to highlight the fact that for a number of German banks there was “No Transparency with These Tests.” How so? (more…)
The World of Wall Street CDOs or “Don’t Lie to Me”
Posted by Larry Doyle on May 13th, 2010 2:18 PM |
News that the SEC and federal prosecutors are further investigating Wall Street firms involved in the structuring and distribution of CDOs (collateralized debt obligations) is not a surprise. Although Goldman Sachs has been targeted initially for its marketing of an Abacus transaction in conjunction with Paulson and Co., the simple fact is Goldman was not anywhere close to the largest player in this space. Who was? Well, I should more appropriately ask, “Who wasn’t?” All of Wall Street jumped on the CDO gravy train. (more…)
