Posted by Larry Doyle on June 4th, 2014 11:30 AM |
In preparation for my talk tomorrow at the Library of Congress, I thought I would gather some quotes from my book to share with those in attendance regarding shortcomings and failures within our financial regulatory system.
Some in the audience may think these quotes are evidence of meaningful corruption.
I would concur.
pg 105, Attorney Richard Greenfield
“We were able to get discovery, that is document presentation from the NASD (FINRA), very early on. Many of these documents were produced under a confidentiality order; in other words, the NASD wouldn’t produce them unless they could be kept confidential, i.e not in the public record. These documents showed unequivocally that the NASD defendants lied to the members of the NASD. Blatantly, unequivocally, you can’t put any coloration on it, you can’t say they were negligent. They intentionally lied. The lies are repeated over and over in a proxy statement. They are repeated in road shows taken all around the country.” (more…)
Posted by Larry Doyle on August 12th, 2013 7:41 AM |
In what has to be one of the greatest indictments to date of the lack of meaningful integrity in Washington, news broke late last week regarding mortgage fraud investigation and enforcement statistics that totally blew me away.
Before we dive into the cesspool that defines this story, let’s set the proper backdrop.
One would think that a government initiative with the name Financial Fraud Enforcement Task Force would have been incredibly busy over the last few years. For those unaware, President Obama established this initiative in November 2009. Its mission?
. . . to hold accountable those who helped bring about the last financial crisis as well as those who would attempt to take advantage of the efforts at economic recovery. (more…)
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 July 29th, 2013 8:36 AM |
The race to occupy the most influential position in the nation — that is, the chairman of the Federal Reserve — is now widely acknowledged to be a two horse sprint between Janet Yellen and Larry Summers.
Those supporting the appointment of Ms. Yellen, including Nancy Pelosi, Christina Romer and others, are actively and publicly voicing their endorsement of the current Vice-Chairman of the Federal Reserve.
Meanwhile we hear little from those most closely aligned with the oft-described arrogant — and sleep-deprived? — Mr. Summers. I gather that Robert Rubin and others supporting Summers are more comfortable operating under the blanket that has come to define Washington as being in bed with Wall Street.
So who will President Obama appoint?
Posted by Larry Doyle on February 9th, 2013 7:43 AM |
There have been few deliveries I have heard since writing this blog over the last four years that have inspired me as much as that which I watched and heard last evening. I so appreciated it I watched it twice.
I thank the longtime reader who shared this speech given by Dr. Benjamin Carson, a leading pediatric neurosurgeon at Johns Hopkins. If you were to ever wonder what Sense on Cents hopes to convey, Carson touches almost all the bases in this delivery at the National Prayer Breakfast in Washington on February 7th.
In a mere 25 minutes, Carson knocks it out of the park multiple times in his eloquent remarks on faith, family, respect, speaking one’s mind, the danger of a politically correct society, education, determination, self-destiny, charity (the Carson Scholars Program), fiscal sanity, health care, tax policy, patriotism, and so much more. (more…)
Posted by Larry Doyle on December 1st, 2012 9:00 AM |
The world of finance is largely centered on this American institution. In thinking of finance and markets, many are prone to think of annualized returns, measures of volatility, economic models, and so many more statistical facts and figures.
Robust numerical analysis is critically important to successfully navigating our economic landscape. While the numbers are important, from my standpoint, what makes Wall Street truly interesting are the people.
Let’s meet one of Wall Street’s sharpest minds and perpetual top portfolio managers, Doubleline’s Jeff Gundlach, who was profiled recently by Bloomberg. Gundlach has lots to say and never disappoints. What lies ahead on our economic landscape and how will that play out in our markets?
Posted by Larry Doyle on November 30th, 2012 6:58 AM |
Where is Pete Peterson when we really need him?
While America is fed a daily diet of fiscal diarrhea from the politicians and their spokesmen, Peterson remains one of the few adults in and around Washington when it comes to the topic of confronting the fiscal cliff and more importantly our fiscal deficit.
“Fiscal diarrhea, LD? Did you really have to go there, especially on a Friday morning?”
Yes, fiscal diarrhea. How else is one to describe the package and remnants left for us recently by Treasury Secretary Tim Geithner, as highlighted in this interview with Bloomberg’s Al Hunt, (more…)
Posted by Larry Doyle on October 27th, 2012 6:44 AM |
Can you imagine the media coverage of a train wreck in which the passengers largely consisted of hundreds of thousands of American college, university, and graduate students? Every news outlet in this nation would set up shop by the roadside to cover that massive human interest story.
Well, that train wreck is playing out in slo-motion each and every day in our country. Is that right? Yep, and it has garnered little of the requisite attention it deserves. Let’s navigate and take a personal look inside the trillion dollar student loan disaster. Interesting that it takes coverage from Euronews to shine a light on this pileup. (more…)