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Posts Tagged ‘fraud on Wall Street’

Libor Scam/Tom Hayes: Goes Much Higher Than Me

Posted by Larry Doyle on February 8th, 2013 9:04 AM |

I have long maintained that senior executives on Wall Street were very much aware of the collusive racketeering in the Libor rigging scandal. Why so? When a trader ‘makes it rain,’ that is, he is connected to a P/L that generates hundreds of millions of dollars, you better believe that the execs up the chain of command will want to know how the money is being made.

To think otherwise would display a level of naivete not found in these markets.

What evidence do we learn this morning that supports my premise that senior execs on Wall Street were aware that Libor was being manipulated? Let’s navigate as the WSJ writes about the “Rain-Man” >>>>>>>> (more…)

Libor Scandal: “Companies Do NOT Commit Fraud, People Do”

Posted by Larry Doyle on February 7th, 2013 6:19 AM |

What does it mean when news that one of the world’s largest financial firms pays a $612 million fine for behaviors that clearly smack of racketeering and nobody even blinks?

I will tell you what it means. It means that free market capitalism is losing, and cronyism in the financial system is simply becoming more deeply embedded. Do you disagree? (more…)

Uncle Sam Charges S&P with FRAUD!!!

Posted by Larry Doyle on February 6th, 2013 9:28 AM |

“Fraud,” cried the maddened thousands, and the echo answered “Fraud.”

Fans of our national pastime are likely well acquainted with the classic poem, Casey At The Bat. In that well worn tale, the patrons of the game go home with heads bowed as their power hitter, that being the mighty Casey, fails to drive home the winning runs in the bottom of the ninth.

In similar fashion but in real life, the fans of the red, white, and blue team with USA adorned across their breast are also disappointed to date as justice officials have yet to swing at pitches seemingly thrown right over the plate. To what do I refer? Financial frauds emanating on Wall Street. Although our very real game is seemingly in the late innings, mighty Sam is in the process of swinging his bat as he charges the rating agency Standard & Poors with fraud.  About time right?  (more…)

“Hook ’em Horns” Complaint: State of Texas v. Goldman Sachs et al

Posted by Larry Doyle on July 2nd, 2010 12:42 PM |

Is America supposed to believe that the economic crisis emanating on Wall Street and costing our economy trillions of dollars was all on the up and up and was merely a ‘perfect storm’? Although many on Wall Street and in Washington would have us believe just that, a true measure of ‘sense on cents’ dictates that we not be so naive.

Regrettably, our financial regulators and most state attorneys general have shown themselves to be incapable, unwilling, or incompetent in pursuing the massive financial transgressions and fraud that lie at the foundation of our crisis. Well, it is time for “hook ’em horns!!”

The Democratic candidate for Attorney General in the great state of Texas, Barbara Ann Radnofsky, has written a Legal Complaint and Legal Brief which form the basis for a lawsuit against Wall Street and the underlying fraud which has brought our nation to its knees. (more…)

Auction-Rate Securities: The Fraud Continues

Posted by Larry Doyle on May 3rd, 2010 10:57 AM |

To: Wall Street, Washington, and State Capitols

From: Sense on Cents

Re: Auction-Rate Securities Fraud and Financial Regulatory Reform

To all those enmeshed on both sides of the political-financial incest and currently debating and lobbying on the merits of proposed financial regulatory reform, you are proving yourselves to be nothing more than massive frauds yourselves by not fully addressing and exposing the single greatest financial fraud perpetrated on American investors, that is the world of auction-rate securities.

To President Obama, members of Congress, financial regulators, and Wall Street executives, your unwillingness and inability to openly and honestly address the perpetuation of the fraud surrounding ARS ($150 billion ARS remain outstanding) paints you as nothing more than aiding and abetting the fraud itself. Who amongst you is even willing to fully address this topic? (more…)

FINRA Fraud Team Must Look in the Mirror

Posted by Larry Doyle on April 16th, 2010 10:14 AM |

A report released yesterday by MarketWatch highlights the fact that the Wall Street self-regulator FINRA is launching a new initiative to target fraud within its purview of the financial industry. This initiative, designated the Office of Fraud Detection and Market Intelligence, will be headed by a longstanding FINRA employee, Cameron Funkhouser. Let’s navigate and offer insightful critique and analysis.

From the MarketWatch report entitled, Wall Street Watchdog Promises to Show More Teeth:

Wall Street’s self-regulatory body that self-admittedly failed to detect 2008’s major financial scandals has a plan to not miss the next one. The Financial Industry Regulatory Authority is touting its new fraud team as the key to spotting another Bernard Madoff. (more…)

Sense on Cents Calls for Independent Investigation of FINRA

Posted by Larry Doyle on March 27th, 2010 4:51 PM |

PLEASE READ and ENDORSE THIS CALL for an INDEPENDENT INVESTIGATION. PLEASE SHARE. Thanks!! LD

I have publicly stated time and again that I believe the Wall Street self-regulatory organization, FINRA, did sit and likely still sits at the nexus of the Wall Street-Washington incest that has brought our nation’s economy to its knees.

Regrettably, we have had no Congressional inquiries into the failures at FINRA. Dare I say, we have had no public pressure from the media to drive a Congressional inquiry.

I am tremendously sickened by Congress not working for America’s citizens interests by investigating FINRA. Please recall that FINRA not only failed to protect investors, but there are strong allegations that FINRA itself participated in some of the greatest frauds on Wall Street via its own internal investment portfolio. Which frauds?

We know they dumped $647 million auction-rate securities in mid-2007 and likely front ran the ARS market while doing it. I unearthed the fact that FINRA owned these ARS in January 2009 when reading FINRA’s 2007 Annual Report. Meanwhile, $150 BILLION held by thousands of investors remains in frozen ARS investments.

There is an outstanding allegation that FINRA invested its own funds in Bernie Madoff. We know they failed to properly regulate and monitor Lehman, Bear Stears, and Merrill Lynch. How much more should Congress need to know?

FINRA needs to be introduced to the American public and investigated by Congress. FINRA has not even received direct focus or attention in Senator Dodd’s proposed Financial Regulatory Reform.

We can sit idly by and allow Wall Street and Congress to dictate to us or we can do something. I choose the latter. I want this post and this site to be the lightning rod to bring attention to how Wall Street’s self-regulation, embodied in FINRA, drove our economy into the ditch.

Please add your support by leaving a comment endorsing this investigation. I intend to keep a focus on this topic until FINRA’s failures are fully exposed and people are held to account. Get your friends and colleagues to do the same. If we can create a groundswell of support, I feel confident I can get some selected media friends to pick this up. From there, I welcome leading this march to Washington.

The American public and American investors deserve nothing else.

Any questions. Please do not hesitate to ask here or write me at senseoncents@aol.com.

Who’s with me?

FINRA must be independently investigated. America needs to learn how the Wall Street cop was not only asleep, but also in bed with the financial industry as Wall Street brought America to the brink of disaster.

LD

Another Oppenheimer ARS Investor Unloads on New York AG Cuomo

Posted by Larry Doyle on March 8th, 2010 8:12 AM |

Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country.

The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for his recent settlement with Oppenheimer Holdings. Rather than reading my opinion of Cuomo’s settlement, let’s listen to an investor (who remains nameless for obvious reasons). In my opinion, this individual’s letter speaks volumes and echoes the sentiments of thousands of investors who continue to hold the $150 BILLION in frozen ARS. (more…)

Update: David Slaine Pleads Guilty

Posted by Larry Doyle on February 2nd, 2010 10:02 PM |

GUILTY!!

Wall Street master of the universe David Slaine has now been reduced to just another in a long line of Wall Street crooks.

God forbid one tries to make an honest living in the financial industry.

I first wrote about Slaine on January 17th. At that point, I wondered whether Slaine’s cover as a government mole in the ongoing insider trading investigation on Wall Street had been blown by The Wall Street Journal. Was somebody trying to out Slaine in order to distract or derail the ongoing investigation?

We may never know. What we do know now is that Slaine had already pled guilty at that point.

Reuters reports today, Ex-NY Fund Manager Slaine Pleads Guilty: >> (more…)

FHLB-Seattle Sues Wall Street

Posted by Larry Doyle on January 27th, 2010 9:54 AM |

When people lose a lot of money, it’s no surprise that they find a lot of lawyers and a lot of reasons to start bringing lawsuits.

Talking about losses, I first introduced readers to the expected red ink within the Federal Home Loan Bank (FHLB) system last May. I wrote “FHLBs: Red Sea, Dead Sea or Both?” and “Freddie Mac, Fannie Mae Deja Vu?” to highlight the embedded losses within the FHLB system. The losses are centered in the massive mortgage portfolios within the system. The toxic waste within a lot of these mortgages is now being realized in terms of actual losses as an ever increasing percentage of the mortgages default. What’s the result? Let’s go to court.

Thank you to a loyal Sense on Cents supporter for highlighting a developing lawsuit. The FHLB-Seattle is effectively suing all of Wall Street. This suit and its underlying roots deserve significant broad based coverage. Why? (more…)






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