Posted by Larry Doyle on May 7th, 2014 8:58 AM |
Market manipulation is certainly not restricted to Wall Street.
In fact, I believe the most egregious case of market manipulation goes back to the early years of this century when traders in a Houston based firm known as Enron — you remember the names Lay, Fastow, and Skilling, right — manipulated the California electricity market. While Enron rolled in the dough, the only things rolling through the California countryside were blackouts.
Well, how interesting that ten-plus years later we revisit Houston to see the name Enron invoked once again in a case alleging manipulation of the electricity markets right there in Texas. Let’s navigate as the Courthouse News Service recently reported: (more…)
Posted by Larry Doyle on February 7th, 2012 11:14 AM |
Representative Michael Grimm (R-NY) was ceremoniously inducted into the Sense on Cents Hall of Shame in May 2011. Not that I ever believed there was reason to doubt his induction, but recently I witnessed further reason to cement his status in the elevated ranks of shame.
As regular readers are fully aware, I write passionately about pursuing the truth while promoting investor education and investor protection. The history of the last few years has shown that the financial services industry has not exactly shared our passion.
Who has shared the passion and took very real professional risk in the process? Numerous and sundry whistleblowers. (more…)
Posted by Larry Doyle on January 31st, 2011 10:13 PM |
If you were a senior accountant at a firm and suspected senior officials of perpetrating a fraud, would you run the risk of professional suicide and bring the information to the SEC or maintain cover and contact Wikileaks? What do you think? Do the right thing and hope you are protected or put your trust in the great equalizer known as Wikileaks?
Let’s not lose faith in Uncle Sam, right? Go straight to Washington and let them do their thing protecting America, yes? Well, maybe not.
Let’s check in with somebody who went to Washington while blowing the whistle on one of the greatest frauds in the history of our nation. Of whom do I speak? Sherron Watkins. Sherron who? Remember Enron? (more…)
Posted by Larry Doyle on March 9th, 2009 3:35 PM |
A great American and loyal reader (thanks FL) shared a report recently produced by not-for-profits Essential Information and The Consumer Education Foundation. This report, Sold Out: How Wall Street and Washington Betrayed America, has gotten little to no attention in the general media. What a shame. I find of particular interest the fact that a number of the currently discussed regulatory changes are directly addressing the points highlighted in this report. I personally view these proposed regulatory changes as substantiating this report and adding credibility to its effort. For the naysayers in the audience, I would ask you to review the report and reconsider your assessment.
I was struck a month ago by the incriminating statements put forth by Senator Chuck Hagel and CIA head Leon Panetta, which I highlighted on February 16th in Legalized Bribery. Those statements bluntly indict our massive system of lobbying, political fundraising, and the quality of those running for elected office! In light of that article, I am more and more convinced that our elected officials have turned their offices into massive for profit machines at the expense of our public well being.
I commend the authors of this report, Roger Weissman and James Donahue, for taking the time and making the extensive effort to expose the truth. The full report, 231 pages in length, spares no detail. In studying it, I found the information and analysis riveting. Let me try to summarize it for you. (more…)