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Posts Tagged ‘FCIC’

Richard Bowen: The Corruption Extends to the Highest Levels of Government

Posted by Larry Doyle on September 23rd, 2013 10:02 AM |

I thank the many devoted readers of Sense on Cents who made sure I was aware of a riveting, must-read article in yesterday’s New York Times written by Bill Cohan, a Wall Street-Washington critic without peer.

Cohan writes of the travails of Richard Bowen, former whistleblower at Citigroup, who ran headlong into the fortress manned by Robert Rubin and friends. Bowen was a Citi employee who blew the whistle regarding the preponderance of defective mortgages running through the Citi pipeline.

He brought the knowledge of this activity to the highest perch within the bank including the attention of Robert Rubin. How was he treated? With what most would define as ‘the silent treatment.’ Once silenced, he was then subsequently shown the door.

While Bowen was pushed out of Citigroup back in 2009, he has not been silenced since then.  (more…)

Whom Should Darrel Issa Investigate?

Posted by Larry Doyle on January 4th, 2011 6:47 AM |

Darrell Issa, Republican Congressman from California, will be the new chair of the House Oversight and Government Reform Committee. Early indications are that he will pursue investigations of Wikileaks, Fannie Mae and Freddie Mac, perhaps the Food and Drug Administration, and the failures and ineptitude of the Financial Crisis Inquiry Commission.

Is there any doubt that Issa and his committee could work around the clock pursuing a wide array of investigations? I have no doubt. The question begs, though, will Issa specifically lead this committee in an overly partisan fashion as it has operated in the past? Will Issa pursue investigations without generating real truth, transparency, and integrity? Will he unearth the ‘smoking guns’? Will he ask the hard questions and demand the real answers? (more…)

Is Ferdinand Pecora Rolling Over in His Grave?

Posted by Larry Doyle on November 19th, 2010 6:57 AM |

Where are our statesmen?

Where are the individuals who would choose to sacrifice personal gain for our national welfare? I am not talking about mere public policy implementation. I am talking about those who would choose to pursue and embrace the truth while exposing the incestuous Wall Street-Washington relationship that has brought our nation to its knees.

Where is today’s Ferdinand Pecora when we need him? I shudder to think that the great Pecora, who led the investigation of Wall Street practices which brought on the Great Depression, might be rolling over in his grave right now. Why’s that? (more…)

What Wall Street Secrets Will FCIC Reveal?

Posted by Larry Doyle on September 2nd, 2010 10:06 AM |

Information is everything.

There is no doubt that the development of the internet and a wide array of websites has led to a significant increase in the amount and quality of information accessed and processed by many. That said, there is also no doubt that there is an equally aggressive, if not public, effort to protect information, privileged or otherwise. Industry and company specific trade secrets can often be the key to developing and maintaining a hard earned competitive edge in the marketplace. I fully support and appreciate those ‘secrets.’ On the other side of this coin, though, there are ‘secrets’ which can often be the key to unlocking bad practices, if not much worse.

On this note, after a day’s worth of travel yesterday, I was particularly intrigued to read the Financial Times’ Probe Chief to Issue Wall Street Data. A few comments. Why is it that the FT’s electronic delivery entitles this article as such, while the hard copy entitled it, Probe Chief to Issue ‘Secret’ Wall Street Data? That one little word, ‘secret,’ is exceptionally powerful. What is Wall Street hiding? Why are they hiding it? Who specifically is hiding it? Do the secrets entail illicit and fraudulent activities? So many questions. (more…)

Indict, Prosecute, Convict the Fraudsters…Or Else!!

Posted by Larry Doyle on June 2nd, 2010 1:20 PM |

Has America lost the courage to aggressively address those who commit fraud? Is the American public even aware of the massive fraud perpetrated by those in our financial system which led to our current economic crisis? Are those in Washington willing to take a stand, risk their own skins, call out those engaged in fraud, even if some of the fraudsters occupy neighboring seats at nearby regulatory bodies?

Unless we find people in our government who are willing to make these calls, repeat them publicly in a long, loud fashion, and compel prosecutors to issue indictments, then I fear our union will pay a price and incur a cost that may be immeasurable.

Why so strong? Why so strident? (more…)

Is the Financial Crisis Inquiry Commission Providing Cover for FINRA?

Posted by Larry Doyle on May 6th, 2010 11:03 AM |

The Financial Crisis Inquiry Commission is charged with the following:

… a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people.

So far, I would grade the Commission’s work as an F, as in failing . . . as in f@*%ing pathetic. Why so harsh?   (more…)

Finger Pointing and Payoffs

Posted by Larry Doyle on April 9th, 2010 9:12 AM |

Who in America is going to stand up and accept appropriate culpability for his/her contribution to our current economic crisis? Who in America is also willing to expose the incestuous nature of the Wall Street-Washington relationship which provided the cover for the activities which have debilitated our nation?

Let’s review what we have learned so far:

1. Blame has been directed at bank executives…but they got paid handsomely, and have not accepted full responsibility.

2. Blame has been directed at ratings agencies….but they also got paid handsomely to provide ratings, while not really knowing what they were doing. (more…)

Robert Rubin, Raise Your Right Hand . . .

Posted by Larry Doyle on April 8th, 2010 9:15 AM |

Robert Rubin

Perhaps no one single individual is more representative of the Wall Street-Washington incestuous relationship than Robert Rubin.

Today, Mr. Rubin will provide testimony to the Financial Crisis Inquiry Commission which is charged with investigating the root causes of the economic crisis which emanated on Wall Street. Will the FCIC allow Mr. Rubin to hide behind the veil of platitudes, unnamed consultants, unknown risks, and the like? Will the FCIC finally stand up for American citizens and drill Mr. Rubin to expose the deeply embedded, culturally corrosive nature of the incestuous relationship between Wall Street and Washington? (more…)

Citi’s Richard Bowen Exposes Wall Street’s ‘Garbage In, Garbage Out’

Posted by Larry Doyle on April 7th, 2010 3:41 PM |

Does anybody have any doubt that massive fraud within our mortgage industry played a large part in our current economic crisis? America continues to suffer from the fakers and phonies within our financial regulatory structure (including Alan Greenspan) who fail to accept responsibility for their shortcomings and the resultant frauds.

The mortgage fraud grew over time in order to feed the Wall Street machine the collateral it needed to execute a wide array of structured transactions. This need for increasing volume of mortgage originations was a critical point in one of my earliest blog posts written in November 2008, “The Wall Street Model is Broken… and Won’t Soon be Fixed!!” I wrote: (more…)

Citigroup: The Blind Leading the Blind

Posted by Larry Doyle on April 7th, 2010 1:28 PM |

When in doubt, hire a consultant.

When something fails, blame the consultant.

Shirk responsibility and pass the buck.

When will somebody with a set of balls on Wall Street stand up and take responsibility for the massive failures of risk management and business execution which led to the economic crisis which brought our country to its knees?  (more…)

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