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Posts Tagged ‘Steven Rattner’

Is This What President Obama’s ‘Change’ Looks Like?

Posted by Larry Doyle on January 12th, 2012 9:50 AM |

While driving my truck this morning and listening to Bloomberg Radio, I almost gagged on my coffee and pictured my vehicle lurching into a ditch.

What caused my knee jerk reaction? Let me set the table as to what I heard, what prompted my thinking “You have got to be kidding me”, and why I feel compelled to write this commentary today.

I believe it is a foregone conclusion that the Republican Party will critique the Obama administration for failing to bring meaningful “change” in how Washington operates. I am not so sure the Republicans should be so quick to play that card.

In a similar fashion, we already see political interests from both ends of the spectrum attacking Mitt Romney—whom I believe is the presumptive Republican nominee—and the tenets of free market capitalism embedded within private equity and venture capital. (more…)

Sense on Cents Reflections: What Really Happened…?

Posted by Larry Doyle on November 28th, 2010 11:15 AM |

What Really Happened…?

The financial and economic turmoil of the last three plus years has brought us stories and developments which are almost unfathomable. In fact, in my opinion there is no doubt that Wall Street and Washington would like to keep certain of these stories and developments buried forever.

Will America ever learn where some of these bones are buried? Will America ever learn of these skeletons in the closet? Will the media charged with pursuing the truth dare dig into these stories?

We are living through a time warp currently. The twists and turns on our economic landscape come at us so quickly. In the process, are we able to recall those turns–that is, certain stories and developments–which were never fully explored and exposed?
What Really Happened….? (more…)

Throw the Book at Steven Rattner

Posted by Larry Doyle on March 11th, 2010 9:31 AM |

Does crime pay on Wall Street?

When those implicated in ‘pay to play’ schemes on Wall Street are not dealt with in truly appropriate fashion, everybody loses. Why? We end up with a loss of confidence not only in the markets, but even moreso a loss of confidence in our judicial system. I am not so naive as to think that our fields of justice are level, but that doesn’t mean we should not pursue that goal and highlight inequities when and where we see them.

Those engaged in financial crimes or schemes including ‘pay to play’ should never be able to buy their own justice by writing a check. That system of justice will never truly dissuade those engaged in or attracted to ‘pay to play.’

I see a strong sign of just such a potential inequity this morning. It smells. (more…)

Sense on Cents 2009 Halls of Fame and Shame

Posted by Larry Doyle on January 4th, 2010 9:47 AM |

For those who missed last evening’s No Quarter Radio’s Sense on Cents with Larry Doyle Hall of Fame and Shame Induction, I am compelled to provide a recap and listing of all those honored or dishonored — depending on one’s perspective. What was the measuring stick to make these assessments? Very simply, the pursuit and promotion of truth, transparency and integrity as we navigate the economic landscape.

Some names you will immediately recognize, others you may not. Additional information about these individuals can be found via the search window (located above the right sidebar) at Sense on Cents. The names appear in no specific order of priority or importance. With no further adieu . . .

Sense on Cents 2009 Hall of Shame Inductees

1. Bernie Madoff
2. Nicholas Cosmo: ran financial scam at Agape World
3. Tim Geithner: tax cheat amongst other things
4. Larry Summers: arrogant, condescending, and sleep deprived
5. Auction-Rate Securities dealers and managers, especially Oppenheimer Holdings, E-Trade, Schwab, Pimco, Van-Kampen, Blackrock
6. The Wall Street Journal
7. George Soros
8. Chris Dodd (D-CT): reasons too numerous to mention
9. The Board of FINRA
10. Franklin Raines and Leland Brendsel: former CEOs of Fannie and Freddie
11. Wall Street management, especially Lloyd Blankfein of Goldman Sachs
12. Frank Dipascali: a special place in hell for Madoff’s CFO
13. Rahm Emanuel
14. Jimmy Cayne: CEO of Bear Stearns
15. Dick Fuld: CEO of Lehman Bros.
16. Congress collectively
17. Barney Frank (D-MA): reasons too numerous to mention, but start with “I want to roll the dice…”
18. Bank Stress Tests: a total sham
19. Allen Stanford
20. Steven Rattner: car czar
21. Bruce Malkenhorst: receiving a 500k pension from Vernon, CA
22. Barack Obama: just another politician (more…)

Wall Street Buys Albany

Posted by Larry Doyle on April 18th, 2009 1:00 PM |

The “pay to play” game in which municipal, state, or federal officials solicit or accept kickbacks in turn for directing government business is regrettably deeply embedded into our political and financial industries. As much as authorities and regulators talk about cleaning it up, without aggressive deterrents in place to truly punish parties on both ends of a transaction, these corrupt activities will continue.

As we follow the money once again, we see that it leads to a firm named Quadrangle, recently headed by Steven Rattner, the current car czar. Associates at Quadrangle have been implicated in providing kickbacks to individuals who manage the allocation of funds from the New York State pension.

This scenario has all the sordid details of a B-rated movie or a tawdry teenage novel. While the characters involved may be cheap in terms of character and integrity, the cost borne by taxpayers and society is very dear. If one allocation of funds from the pension is polluted by kickbacks, it would be naive to think that many dollars emanating from the New York State pension is not similarly polluted.

Why is it that President Obama selected Steven Rattner for the high profile position of car czar? To be perfectly honest, I would imagine that Secretary Geithner and Larry Summers selected Rattner. Geithner and Summers know how to play the Wall Street game and have benefitted from it. (more…)

How Many Investment Bankers and Campaign Aides Does It Take to Turn a Lug Wrench?

Posted by Larry Doyle on March 26th, 2009 5:16 PM |

In light of the hundreds of billions of dollars allocated to the financial sector, I never thought for a second that Washington would not bail out Detroit. While details are being finalized, rest assured there will be tens of billions of dollars injected into the automotive industry.

The question regarding the automotive industry’s viability has always revolved around the level of annual sales. These sales had run at an annual rate of 16 million during the “good” years. Sales in 2009 are now projected in the 8-9 million range. How much does the industry need to downsize and what rate of sales are necessary in order to breakeven? Will the capital injected be the proverbial “good money after bad?”

There are so many variables in the automotive equation (rate of sales, merger possibilities, debt covenants, union and pension obligations, dealerships, autoparts suppliers) as to make the entire equation untenable. (more…)

We Need a Bigger Boat

Posted by Larry Doyle on March 23rd, 2009 6:05 AM |

"We need a BIGGER boat!"

"We need a BIGGER boat!"

The movie Jaws struck fear into the souls of beachgoers in the mid-70s. If our current economy were only a scary movie. A classic scene in Jaws occurred when the salty mariner Quint eyed the shark and informed his sidekicks, “we need a bigger boat.”

 In similar fashion, the size of the losses embedded in our banking, insurance, automotive, and states and municipalities will similarly require “a bigger boat!!”

Capital needs in the banking industry are projected from at least $500 billion to $1.5 trillion. Bloomberg reports former Fed chair Greenspan Says Banks Need $750 Billion More Capital. Nouriel Roubini puts the needs at upwards of $1.5 trillion. (more…)

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