Posted by Larry Doyle on July 30th, 2014 9:45 AM |
Most pundits and analysts will understandably try to hype the better than expected 4% growth rate of 2nd quarter GDP reported this morning.
I get it.
Some might temper the hype by highlighting that growth in inventories accounted for approximately 1.7% of the growth. Others might choose to direct attention to the fact that the disappointing 1st quarter GDP was actually revised to a -2.1% level from the -2.9% posting previously reported. Still others will point toward the positive developments within the consumer spending data.
Yes, most of this information has a positive bent to it but is this to say that we have a meaningfully positive trending economy that will drive growth in full-time, high paying jobs? (more…)
Posted by Larry Doyle on July 22nd, 2014 7:50 AM |
If you became aware of unethical and likely illegal practices at your company, would you consider ‘blowing the whistle?’ This question is a daunting proposition filled with very real risks that should be measured against potential rewards.
Given the risks and unpleasant real life experiences of many whistleblowers on Wall Street, I firmly believe and recommended in my book that Congress should establish a privately staffed Office of Whistleblower Protection. Some may think that is overreach. I don’t. Others in much greater proximity to the ‘whistles’ would seem to share my view that blowing the whistle is a high risk proposition deserving of increased protection.
Let’s navigate. (more…)
Posted by Larry Doyle on June 30th, 2014 9:56 AM |
I sent a copy of this letter to the members of the Editorial Board of The New York Times this morning.
To the Editorial Board of The New York Times
Re: Sunday Editorial, The Dark Pool Iceberg: Lawsuit Against Barclays Shows Need for More Scrutiny
Dear Mr. Rosenthal, et al,
I was pleased to read your editorial in this past Sunday’s New York Times regarding the recent lawsuit brought by New York Attorney General Eric Schneiderman against Barclays for engaging in a ‘pernicious fraud’ within its equity division and specifically in the operation of its dark pool.
The allegations made by AG Schneiderman are supported by information provided by whistleblowers who had previously worked at Barclays. The outrage by investors and the public should be justifiably long and loud. The erosion of trust and confidence in Wall Street broadly speaking will continue to undermine our economy. We all suffer in the process. (more…)
Posted by Larry Doyle on May 12th, 2014 10:50 AM |
While many in and around Wall Street and Washington have been either dismissive or silent on the issues Michael Lewis addresses in his book Flash Boys, a select few brave souls have issued a real siren call over the years.
Lewis pays respect to these ‘men in the arena’ who have shined a light on the less than pristine plumbing of our equity exchanges. Specifically on page 202 in a footnote, Lewis writes the following:
*Eric Hunsader, the founder of Nanex, a stock market data company, is a fantastic exception to the general silence on this subject. After the flash crash, it occurred to him to use his data to investigate what had gone wrong, and the search never really ended. “Almost every rock I overturn, something nefarious crawls out from under it,” he said. (more…)
Posted by Larry Doyle on October 28th, 2013 7:42 AM |
How do the executives running FINRA reconcile that mandate with the fact that problematic issues raised by Senator Ed Markey (D-MA) back in the mid-1990s continue to be outstanding today? In a recent letter sent by Markey to FINRA CEO Richard Ketchum, the Senator from Massachusetts writes,
I was alarmed to learn that arbitration awards and settlements do not show up in FINRA’s BrokerCheck database because brokers have been able to successfully expunge the information. (more…)
Posted by Larry Doyle on October 1st, 2013 8:59 AM |
With the shutdown of our government overnight, the proverbial lights in Washington have significantly dimmed and the finger pointing begins in a fashion that seems all too similar to a junior high school lunchroom.
Yet while Uncle Sam is not open for business today, our nation faces another enormous issue right around the corner as well, that is, the debt ceiling.
Some may think the costs of shutting down our government and playing chicken with the debt ceiling are not significant given that our overall level of interest rates remain low. But why is that? Because the Fed is purchasing upwards of 90% of net new debt issuance. (more…)
Posted by Larry Doyle on August 27th, 2013 11:53 AM |
Has there ever really been a doubt that Larry Summers would be the next chairman of the Federal Reserve?
Not in these parts.
Remember, President Obama — just like his predecessors — will announce who the chairman of the Federal Reserve will be, but that does not mean that he actually makes the selection.
Who do I believe really makes the selection or has veto power over the president’s choice?
Posted by Larry Doyle on October 25th, 2012 10:16 AM |
I personally believe the exchange I had with a farmer located in central Michigan is so important that I hope people who come to the site will not pass over this but might actually try to put yourself in this individual’s position. TYVM…..LD
I grew up parochially having been taught that “thou shalt not steal” meant you leave your hands off what is not yours.
The quote referenced above came to me from a farmer in central Michigan who remains entangled in the MF Global debacle.
Why is it that so many people in our nation and around the world have such little trust in our government and those charged with protecting their interests in the markets? (more…)
Posted by Larry Doyle on September 21st, 2012 8:54 AM |
The pen is mightier than the sword.
We are living through truly historic times. I am firmly convinced that the challenges and issues we face today will fill many a book tomorrow.
I truly love this blog for the very simple reason that it provides a voice to me and others to express and share informed opinions on a host of topics.
As we continue to navigate the twists and turns of our economic landscape, at this point in time I would welcome hearing from you, the readers of this blog. Could you take a few short moments and respond to this one question poll? (more…)