RSS Feed
Twitter
Facebook
Email
HomeTrading Volumes Plummet, “Choose Not To Play”
Posted by Larry Doyle on March 9th, 2012 8:58 AM |
“The problem here is, when the public becomes aware of the nature of the game, they may choose not to play. This is the problem not only for Goldman but for Wall Street as a whole if people choose not to play.”
I made that statement in the midst of an interview two years ago with CNBC’s Mark Haines (may he rest in eternal peace) about Goldman Sachs. (For those interested you can access that interview here. My comments about Goldman specifically and this topic begin around the 3 minute mark.)
What have trading volumes done on the NYSE over the last two years? (more…)
Jon Corzine Meet Dean Tofteland
Posted by Larry Doyle on March 8th, 2012 6:27 AM |
“What they call ‘unlawful commingling’ on Wall Street is called ‘stealing’ back on Main Street.”
A week ago, I welcomed highlighting the plight of an elderly couple ensnared in the morass that is the MF Global debacle. Helen Metchikoff’s plea tugged at my heart as she wrote:
i am a 75 yr old grandmother my husband is 76 we take care of a brain injured 55 yr old son all of our investment money we saved in our lifetimes was invested in mf global for a monthly income to live out our lives now we are broke living on a pittance social security checks this is such a crime against all the people who lost through the greed of corzine and all the rest of his cronies isn’t there anything that can be done to help us we are suffering and i don’t think we deserve this they should all be punished severely for this just like madoff is…
There are clearly many, many more individuals and couples also suffering as a result of the “commingling” that transpired at MF Global. Yesterday, I read of just such another individual.
Jon Corzine meet Dean Tofteland. (more…)
Larry Doyle: The Jesus-Loving Cult of Rick Santorum
Posted by Larry Doyle on March 1st, 2012 9:45 AM |
“LD, have you gone mad??”
“I thought Sense on Cents was a blog to navigate the economic landscape?”
Relax, folks. I have not gone mad and Sense on Cents is not changing its primary goals of promoting investor education and investor protection.
That said, I am compelled to digress in this one commentary given some recent messages I have received in response to a commentary run at the Huffington Post written by a Larry Doyle entitled The Jesus-Eating Cult of Rick Santorum.
Doyle spews forth some truly vile comments which do little to promote a sense of decency in our nation. (more…)
Is Jon Corzine “Too Big to Indict”? Part VII
Posted by Larry Doyle on February 25th, 2012 9:07 AM |
Four full months have passed and MF Global customers are still out a reported ~$1.6 billion.
How are these individuals and entities surviving? Will they ever see a return of their funds? Will the public ever learn what truly happened in those fateful days and hours when this firm went down the tubes?
Don’t hold your breath.
In a not unsurprising manner, we receive word on a late Friday afternoon that the investigation into the MF Global demise may be little more than a case of sloppy controls and compliance. Is this to be believed? (more…)
CitiMortgage, Further Evidence of Wall Street Racket
Posted by Larry Doyle on February 17th, 2012 11:35 AM |
The story of rampant abuse within CitiMortgage is garnering enormous attention throughout the blogosphere today.
Do you find it ironic that an institution such as Citi, which was saved by Uncle Sam in 2008, would be abusing the old man a full three years later? No surprise here.
In a financial system in which regulators are ill equipped and overwhelmed by industry practices, rampant abuse and fraud seems to have become endemic. I tip my hat to Sherry Hunt, a whistleblower within CitiMortgage, for exposing the fraud within the mortgage underwriting business at Citi for which taxpayers foot the bill. Ms. Hunt gains immediate induction into the Sense on Cents Hall of Fame in the process. (more…)
Auction Rate Pain Continues: February 14, 2008 to February 14, 2012 Recommended
Posted by Larry Doyle on February 14th, 2012 6:07 AM |
“Larry, they have forgotten about me. I do not know what to do and I have nowhere to turn.”
In so many words, I received that message from an Oppenheimer Holdings customer just yesterday who continues to be unable to access his cash which remains locked up in auction-rate securities a full four years to the day that the ARS market totally froze.
This is America?
We have an administration and regulators which fabricate settlements and try to support people many of whom were financially imprudent? But who is standing up and speaking out on behalf of those remaining ARS investors who were defrauded by financial intermediaries and cannot access their funds from what were supposedly cash surrogate investments?
Four full years later and tens of thousands of our fellow citizens remain largely disenfranchised and disowned and unable to access tens of billions of dollars that is THEIR MONEY?
This is America? (more…)
Casey Gough’s “Do’s and Don’ts of Networking” or “Don’t Let Your Classwork Get in The Way of Your Education”
Posted by Larry Doyle on February 10th, 2012 11:09 AM |
I strongly believe the key to successfully navigating our economic landscape is education.
Given that I am passionate about mentoring, I try to impress upon all those whom I mentor the need to constantly expand their base of knowledge. I encourage them to read and learn from a wide array of resources including this blog and and also to utilize my Sense on Cents Career Planning link.
I also strongly encourage those whom I mentor that they “don’t let their classwork get in the way of their education.” How so? Developing street smarts, personal relationships, and business instincts are critical to long term success. How do we make this happen? Networking! (more…)
Bear Stearns circa 1985, “Thanks for the Memories”
Posted by Larry Doyle on February 8th, 2012 6:31 PM |
I worked as a mortgage trader at Bear Stearns from 1990 until the end of 1996. Having started my career in the early ’80s and learned a lot about the business at First Boston, I will readily admit that my stint at Bear took my time on the sell side of Wall Street to an entirely new level.
While Bear obviously suffered a traumatic demise in 2008, I hope whomever views this marketing video clip of Bear Stearns circa 1985 will appreciate that Bear was a dynamic company filled with many great people and a truly unique culture.
I thank the friend who shared this clip with me. I share it here in the hope that former colleagues may appreciate the memories and others may get a feel for a Wall Street trading desk from this era.
http://youtu.be/RLrQeJBRZAQ
I remember a lot from my days at the Bear. What do I most appreciate? (more…)
Rogoff:“Incredibly Cynical About Governments”
Posted by Larry Doyle on February 6th, 2012 1:55 PM |
I first referenced Kenneth Rogoff here at Sense on Cents in early 2009.
As I navigate the global economic landscape I look for this Sense on Cents Economic All Star often. Why?
I ALWAYS learn something when I read Rogoff’s work and I love the way he thinks. On that note, I got a real pleasure this weekend in reading Lunch with the FT: Kenneth Rogoff. Let’s navigate………
Adding Fuel to Goldman Exec Greg Smith’s Fire
Posted by Larry Doyle on March 18th, 2012 10:06 AM |
While I believe Smith should have been more pointed in directing his fire, for those impugning Mr. Smith, including New York City Mayor Michael Bloomberg, I would offer that what Mr. Smith asserts is HIGHLY unlikely just a Goldman issue.
Why do you think JP Morgan’s CEO and Morgan Stanley’s CEO James Gorman informed their troops to hold their own fire in response to the bombshell launched by Mr. Smith? (more…)
Tags: derivatives on Wall Street, Goldman Sachs business model, Goldman Sachs Greg Smith, Goldman Sachs JP Morgan Morgan Stanley, Greg Smith, Greg Smith bombshell, Larry Doyle, Larry Doyle comments on Goldman Sachs, Larry Doyle interview on CNBC, Lloyd Blankfein Jamie Dimon James Gorman, Michael Bloomberg comments on Greg Smith, need for transparency on wall street, reputation risk with Goldman Sachs, TRACE, Wall Street oligopoly, Wall Street post crisis
Posted in General, Goldman Sachs, Wall Street | 1 Comment »