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HomeCalling All Auction-Rate Securities Holders
Posted by Larry Doyle on November 15th, 2010 7:15 AM |
Information is everything!!
A nation of laws will prosper if and only if the adjudication of disputes is handled in a truly robust fashion. This adjudication process should theoretically lead to the drafting and implementation of new legislation if and when necessary. While industry insiders will often lobby to influence this process both in the courts and in our legislative bodies, America needs real statesmen and true heroes who will champion worthy causes and pursue total truth, real transparency, and unbridled integrity.
The media can play a large role in highlighting and exposing injustices if it cares to perform its duties. Regrettably during our economic crisis of the last few years, the media has often largely shown itself to be as much part of the problem as part of the solution. Why do I write on this topic today? For the very simple reason that tens of thousands of our fellow Americans have largely been disowned and disenfranchised by our nation. Really? Unaccustomed hyperbole, LD? I think not. Let’s navigate further.
I have been an ardent supporter of all those in our nation today who continue to be stuck holding auction-rate securities. These people number in the many tens of thousands and their holdings run upwards of $140 BILLION. Ponder that for a second. How is it that with numbers of this magnitude, the hue and cry of the accompanying injustice is not ringing loudly across our nation. It should. (more…)
The November Employment Report: “Upon Further Review, The Play on the Field…”
Posted by Larry Doyle on November 13th, 2010 7:01 AM |
Who would not admit that the ability to review plays in athletic contests has made for an overall better product? While continually questioning calls and plays would obviously detract from the pleasure of the game, I think most – if not all – fans truly appreciate the benefit of reviewing critically important plays so the outcome and integrity of the game are not compromised.
Can you imagine if we had the same ability to review the release of economic statistics?
Picture this. A key economic statistic is set to be released at 8:30am. Traders and investors the world over are hanging on the edge of their seats in anticipation. The number is released and commentators immediately hype the ‘headline’. But then, as those very commentators take their cameras to the floors of respective exchanges and trading floors, all of a sudden we witness a number of red flags thrown on the ‘field’ – that is, the trading floor – calling for a further review. In the hope of getting the call right, would our nation and our economy be better off if we allowed just such a process to occur? Why do I ask? (more…)
“We’re Not Prosecuting the Bad Guys”
Posted by Larry Doyle on November 9th, 2010 7:44 AM |
Who needs major print media which will not aggressively report on stories deserving real exposure when we have Sense on Cents to spread the faith while pursuing truth, transparency, and integrity? Regular readers hopefully appreciate that I do not easily engage in hyperbole but I am compelled to highlight the virtues of my blog this morning based on a comment left here last evening at 11:58pm.
A reader by the name of Nancy shed light on her less than satisfying Finra arbitration process. In the body of her comment, Nancy alludes to a retiring CFTC administrative Judge George Painter’s very serious allegations of misconduct by a fellow CFTC administrative Judge Bruce Levine. How serious is Painter’s allegation? As Nancy highlighted,
As George H. Painter was preparing to retire recently as one of two administrative law judges presiding over investor complaints at the Commodity Futures Trading Commission, he issued an extraordinary request: (more…)
Ben Davies: Ex Scientia Pecuniae Libertas/Out of Knowledge of Money Comes Freedom
Posted by Larry Doyle on October 25th, 2010 8:47 AM |
I thoroughly appreciate those involved in the markets who also have an equal appreciation for history, languages, literature, and the arts and sciences. Rare is the individual who is able to intertwine their passions and fluent enough to share them with others.
I thank a loyal reader of Sense on Cents who brings us just such an individual, that being Ben Davies, CEO of London-based Hinde Capital. Davies spoke the other day to the Committee for Monetary Research and Education in New York. Although his remarks are extensive, I found them to be quite compelling and truly insightful. I commend Ben for his passion and well rounded perspectives. If you consider yourself a student of the markets, interested in our global economy, or merely a lover of topics well written, you will want to read and savor Ben’s thoughts. I am happy to share them here today.
Remarks by Ben Davies,
CEO, Hinde Capital, London
Fall Dinner Meeting
Committee for Monetary Research and Education
Union League Club, New York
Thursday, October 21, 2010 (more…)
A Good Man
Posted by Larry Doyle on October 23rd, 2010 8:34 AM |
Morning in America and life is truly good.
Despite the ongoing challenges facing our nation and our world, hope does spring eternal. Why do I touch upon this often overused yet underappreciated sense of being and way of life?
Since launching my blog in January 2009, I have received innumerable comments and personal e-mails from readers. I thank each and every person who takes the time to write and share sentiments on the wide array of topics I address. I write today of “A Good Man” because I wake up this morning having received a message overnight from a reader which truly touches me. I am compelled to share it with you. I would hope those who read it will in turn share it with others. (more…)
12th Street Capital Provides Perspective on the Foreclosure Fiasco
Posted by Larry Doyle on October 22nd, 2010 11:23 AM |
What the hell is truly going on within the entire mortgage foreclosure fiasco? There are seemingly more angles to this mess than there ever were choices of mortgage products themselves. Where can we turn to make some ‘sense’ of this madness? Let’s check in with the crowd on the cutting edge of this sinkhole, that is our friends at 12th Street Capital. Today they write,
Not surprisingly the ones that look to be best positioned during this mortgage foreclosure/put back fiasco are the lawyers. As reported by HousingWire.com late yesterday, “A spokesperson for the New York law firm Quinn, Emanuel Urquhart & Sullivan confirmed to HousingWire it has been hired by the Federal Housing Finance Agency, a move some say means the government-sponsored enterprises are going after bad mortgages it bought from originators.” Guess what, the GSEs have ALWAYS pursued repurchases. (more…)
Ray Dalio’s ‘Hyper-Realism’ Defines ‘Sense on Cents’
Posted by Larry Doyle on October 22nd, 2010 9:12 AM |
In a world awash with lies, obfuscation, backstabbing, conflicts of interest, and those who prosper via these machinations, are there individuals and companies whose very core is defined by a perpetual pursuit of truth, transparency, and integrity? Of course there are many people who cherish these virtues and try to live and work by them. That said, within even the most well-intended organizational structure these principles will seemingly often be compromised for a variety of reasons. Is there an organization that not only promotes the pursuit of these virtues but has actually made them the foundation on which it operates and invests?
In fact there is. Let’s take a hard look at perhaps the single most successful fund in the markets today with a track record of success that would be the envy of all. I am talking of Bridgewater Associates based in Westport, CT.
Bridgewater is run by Ray Dalio. What does Ray have to say about his corporate philosophy? Let’s navigate as Ray writes, (more…)
Federal Reserve: Economic Prognosticators or “Just Winging It”?
Posted by Larry Doyle on October 21st, 2010 6:47 AM |
All hail the mighty and powerful Federal Reserve!!
Is that right?
Are we all supposed to bow down and prostrate ourselves at the throne of Ben Bernanke and assume he is ‘all knowing’? The fact is the Federal Reserve has assumed a mantle of being ‘all powerful’ but who in our country is willing to challenge the Federal Reserve? Are we supposed to merely turn over the economic fortunes of our nation and our children’s future to one individual and one institution without aggressively calling them on the carpet? What happened to the calls for increased Fed transparency? What happened to the pressure on the Fed to justify their actions? The silence is deafening.
Those with a degree of sense on cents understand and appreciate the following: (more…)
Did the 2010 Economic Slump Just Surpass the 2008 Great Recession? Let’s Ask Rick Davis
Posted by Larry Doyle on October 14th, 2010 7:26 AM |
Economics is the most inexact of sciences. As much as we may think we can understand our future economic landscape based upon the study of the past, a variety of twists, turns, and unknown challenges inevitably come upon us. This reality has never been more prevalent than in our ‘Uncle Sam’ economy circa 2010. Do not think for a second that the ‘grand wizards’ in Washington currently undertaking the massive financial experiment throughout our economy do not appreciate this. They do. They just would not admit it.
Can we look toward private enterprises in an attempt to ‘see through’ the Washington smoke and mirrors? In fact we can. I make no bones about my admiration for the work of Rick Davis at Consumer Metrics Institute. As Rick so boldly states, the work at CMI is focused on:
“Bringing the measurements of critical economic activities into the twenty-first century by mining tracking data for an understanding of what American consumers were doing yesterday.”
Well, what were our fellow Americans doing yesterday and the days before that? (more…)
