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…)
Posted by Larry Doyle on June 6th, 2011 7:41 AM |
This past Friday’s unemployment report was beyond disappointing. With non-farm payrolls increasing by a token 54,000 and the prior month’s report indicating a downward revision of 12,000 our ‘walking pneumonia’ economy continues to languish under the weight of excessive debts and grave uncertainties. What is an administration to do when faced with such a challenge? Spin, baby, spin.
Where do I witness this spin cycle working in overdrive? The Obama administration’s touting of success in saving our automotive industry. There is little doubt that the Obama team will be ‘driving’ this ‘saving’ of the automotive industry hard as part of his 2012 reelection platform. (more…)
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…)
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…)
Posted by Larry Doyle on May 2nd, 2009 11:07 AM |
“One of my clients was directly threatened by the White House.”
That’s a quote, folks, from a lawyer representing firms which lent Chrysler money on behalf of their clients, including pension funds, teachers, labor unions, college endowments, et al.
Threatening creditors may be common practice in the underworld. In the world of business and politics, commonly accepted rules of law, business practices and ethics are widely accepted and adjudicated by the courts to prevent abuse. Did the White House just abuse the Constitution in the process of engaging Chrysler’s non-TARP creditors? Tom Lauria, an attorney with White & Case representing a few non-TARP Chrysler creditors, believes the White House did exactly that.
The 10 minute interview (link provided at end of story) that Lauria gave yesterday morning to Detroit radio station WJR’s Frank Beckmann is a MUST LISTEN. (UPDATE: We now have a YouTube audio of the Frank Beckmann-Tom Lauria radio interview. THANK YOU Paul V!!)
Lauria offers, “I represent one less investor today than I represented yesterday. One of my clients was directly threatened by the White House and in essence compelled to withdraw its opposition to the deal under the threat that the full force of the White House press corps would destroy its reputation.”
Wow!!! Is the press corps so in bed with the White House that it will do its dirty work? Will other creditors fall in line under the pressure of this threat? Is Lauria’s analysis credible?
I believe the answer to all of these questions is yes!!
In my April 2009 Market Review: Brave New World I wrote:
Companies, consumers, and investors will be forced to adapt to a regular presence of Uncle Sam. He is not a good business partner.
Our economic landscape just entered a whole new realm. I strongly recommend that you listen to the audio recording of Frank Beckmann’s interview with Tom Lauria (special thanks to Daisyjane for the link).
UPDATE: Here’s the YouTube audio so you don’t have to leave this site. Thank you, again, to Paul.