Posts Tagged ‘Wall Street-Washington incest’
Posted by Larry Doyle on April 30th, 2012 7:56 AM |
Six months and counting.
The lives of countless numbers of families and individuals are likely forever changed by what transpired at MF Global. Yet there remains no real accounting nor full retribution for the fiasco which unfolded within the walls of the firm that traced its roots to the late 1700s.
Certainly we can expect that trustees and regulators will put forth some thousand page reports trying to detail the minute by minute demise of MF Global. Do you think those reports will mean anything to the lives of the people impacted? I don’t. Why? How do you recapture trust? When there is NO real trust, there is NO real justice, and NO real closure. It is that simple. (more…)
Tags: Barack Obama and Jon Corzine, crony capitalism, Jeff Carter Chicago futures trader, John Roe BT Trading, john Roe Commodity Customer Coalition, MF Global, MF Global April 2012, MF Global customers, MF Global Edith O' Brien, MF Global history, MF Global Jon Corzine, MF Global lack of confidence, MF Global lack of trust, MF Global Leaves Industry Scarred, MF Global prosecution, MF Global regulators, MF Global The Sting, MF Global trustee, The sting, The Sting Paul Newman, The Sting Robert Redford, The World Project, This was a massive theft, Wall Street-Washington incest, what happened at MF Global
Posted in General, MF Global, Wall Street Washington Incest | 32 Comments »
Posted by Larry Doyle on April 29th, 2012 12:41 PM |
I truly love gaining global insights and perspectives from highly intelligent people. I had just such a treat this morning in reading a Barron’s interview with the economic and financial historian Niall Ferguson.
What did this Harvard professor have to say on a topic which should be a MAJOR point of debate for our 2012 Presidential election? A lot. Let’s navigate.
Barron’s: There are once again concerns about U.S. growth. What factors are keeping the economy from reaching what you call “escape velocity”? (more…)
Tags: cost of crony capitalism, crony capitalism, greater economic growth, harvard professor Niall Ferguson, how do we generate economic growth, how to increase GDP, how to reach escape velocity, how to strengthen economy, investor protections, is America Becoming anAnti-Risk Welfare State?, keys to economic growth, Niall Ferguson, Niall Ferguson interview in Barron's, property rights, reducing corruption, rule of law, self-sustaining recovery, The World Justice Project, transparent regulations, unlocking more economic growth, waht point in history is like the current, Wall Street-Washington incest, what are the keys to economic growth, what is escape velocity, who is Niall Ferguson
Posted in Economy, General, Wall Street Washington Incest | 4 Comments »
Posted by Larry Doyle on April 23rd, 2012 7:28 AM |
Having been away for the weekend, I missed last night’s edition of 60 Minutes and thank a loyal reader who brought it to my attention.
How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so real justice can be meted out?
We keep coming back to the same old question: Where were the regulators, both the SEC and FINRA? Pervasive evidence over the years continues to persist that our regulators were and are fully and totally captured as they served to protect Lehman and virtually every other major Wall Street firm. The fact that the SEC has still not chosen to pursue Lehman executives is a massive indictment of our financial regulatory system. This is not a difficult assessment to make. Enough with the sovereign immunity for the SEC and absolute immunity for FINRA. Put these institutions and appropriate individuals on trial along with the appropriate Lehman execs…and many more. The integrity of our nation is at stake.
Watch this 13 minute video and ask yourself the question, “Is our system corrupt”? (more…)
Tags: 60 Minutes story on Lehman Brothers, absolute immunity, Anton Valukas Lehman bankruptcy, Barack Obama, Ernst and Young Lehman Brothers, financial regulators, FINRA Lehman Brothers, integrity of the United States, Joe Biden, Lehman bankruptcy, Lehman Brothers failure, Lehman shell game, Matthew Lee Lehman accountant, regulatory capture, Repo 105, Richard Fuld, SEC Lehman Brothers, sovereign immunity, Steve Kroft 60 Minutes, Steve Kroft story on Lehman Brothers, the case against Lehman and financial regulators, Wall Street-Washington incest, what really happened at Lehman Brothers
Posted in General, Wall Street Washington Incest | 17 Comments »
Posted by Larry Doyle on April 13th, 2012 7:58 AM |
Do you ever wonder why we have not heard more people on Wall Street coming forth to expose practices and policies which were prevalent in bringing our economy and nation to its knees? What is holding people and firms back from coming clean? Why does the same scenario seem to be playing out in Washington as well?
Allowing bad behaviors to remain swept under the rug is little more than a catalyst for further bad behaviors down the road. Actually, punishing those who might look to expose bad practices promotes a code of silence which I strongly believe undermines confidence in our markets and our nation. I am very concerned that we are experiencing this very dynamic at play. Let’s navigate. (more…)
Tags: blowing the whistle on Wall Street, coming clean on Wall Street, FDA, Food and Drug Administration, GAP, Government Accountability Project, Jake Tapper, Jesselyn Raddack, Obama Administration's Treatment of Whistleblowers, Omerta, POGO, project on Government Oversight, shut up is business practice, the code of silence, Wall Street's code of silence, Wall Street-Washington incest, Washington's code of silence, whistleblowers on wall street
Posted in General, whistleblowers | 8 Comments »
Posted by Larry Doyle on April 3rd, 2012 8:31 AM |
They are going to forget about me.
I have heard that line and iterations thereof from too many of our fellow citizens. Uncle Sam in the personage of Ben Bernanke, Tim Geithner, Henry Paulson, Mary Schapiro, John Boehner, Nancy Pelosi, Barack Obama and many others can talk about the actions they have taken and will take to save our economy and our nation; however, in the midst of their supposed efforts they have failed, violated, and left behind tens of thousands of our fellow citizens in their wake.
Of whom and to what do I refer? (more…)
Tags: ARS, ARS scandal, auction rate scam, Auction Rate Securities scandal, Barack Obama, Ben Bernanke, customers of MF Global, Henry Paulson, Joe Nocera, John Boehner, Jon Corzine, Madoff, Madoff victims, Madoff Victims Coalition, Mary Schapiro, MF Global customers, Nancy Pelosi, those Uncle Sam Failed Violated and Left Behind, Tim Geithner, Wall Street-Washington incest
Posted in ARPS, ARS, Auction Rate Securities scandal, General, Madoff, MF Global, Mortgage Crisis | 3 Comments »
Posted by Larry Doyle on March 20th, 2012 9:01 AM |
Don’t believe anything that you read or hear and only half of what you see…
Almost from the outset of launching my blog back in early 2009, I coined the phrase the Uncle Sam economy to describe the massive presence and ultimate takeover of so many parts of our economy by the old man. I cautioned people that Uncle Sam was not a good business partner.
What makes a good business partner? Anybody involved in business knows there will be many times when you disagree with your partners. Disagreeing with partners will not kill a business relationship. What will kill a relationship? A lack of trust.
Given that we are all in business with Uncle Sam whether we like it or not, I ask, “Do you trust Uncle Sam?” (more…)
Tags: a lack of trust in America, can we trust the government, do you trust our government, do you trust Uncle Sam, game theory, Gary Aguirre, Harry Markopolos, how trustworthy is Uncle Sam, incredibly cynical about government, Kenneth Rogoff, Lan T. Pham, Neil Barofsky, question authority, trust in America, Uncle Sam economy, Wall Street-Washington incest, what makes a good business partner
Posted in General, Wall Street Washington Incest | 3 Comments »
Posted by Larry Doyle on March 13th, 2012 11:03 AM |
I will admit that having written extensively and aggressively about Wall Street’s self-regulator FINRA over the last three years, I did not think there was anything more I could see that would surprise me.
Today I am surprised, shocked, and saddened.
For those in our nation who have a semblance of decency and a desire to see due process reflected in legal hearings and financial arbitration, I believe you will be similarly dismayed.
The case to which I will refer strikes deep into the core of Wall Street arbitration. (more…)
Tags: 401-K fees, Broker Bankrupted by Kangaroo Court, financial regulatory reform, FINRA arbitration, FINRA Katherine Bayer, FINRA panel, how does Wall Street arbitration work, Mark Mensack, Mark Mensack Morgan Stanley, Mark Mensack whistleblower, Morgan Stanley 401-K business, regulatory capture on Wall Street, Wall Street arbitration, Wall Street whistleblower, Wall Street-Washington incest, who is Mark Mensack
Posted in FINRA, General, Wall Street Washington Incest | 19 Comments »
Posted by Larry Doyle on March 5th, 2012 8:47 AM |
All too often I have heard over the last few years from investors violated by the Wall Street-Washington incestuous process and feeling totally disenfranchised as a result. Why have investors gotten trampled?
Great question and worthy of widespread debate and discussion. In an attempt to narrow our focus today, let’s zero in on the Securities Investor Protection Corporation, the organization designed to:
restoring funds to investors with assets in the hands of bankrupt and otherwise financially troubled brokerage firms. The Securities Investor Protection Corporation was not chartered by Congress to combat fraud.
From where does SIPC raise its funds in order to offer this protection to investors? (more…)
Tags: Bernie Madoff, brokerage statements, Goldman Sachs, H. R. 757, Helen Davis Chaitman, integrity of brokerage statements, investor protection, Madoff, real investor protection, Scott Garrett, SEC Madoff, SEC protection, Securities Investor Protection, SIPA Bankruptcy Code, SIPC, SIPC Annual Report, SIPC insurance premiums, SIPC premiums, Wall Street Scams Main Street, Wall Street-Washington incest, what does SIPC do, who is SIPC
Posted in General, SIPC | 3 Comments »
Posted by Larry Doyle on February 27th, 2012 8:27 AM |
How are MF Global customers supposed to protect themselves when financial regulators and our legislative bodies show themselves to be incapable of performing that basic duty?
Those engaged in the unseemly acts of Wall Street-Washington Incest have shown their true colors in allowing the most innocent of investors in our nation to be trampled. How un-American of them. That said, while our incestuous ‘friends’ may leak stories over the weekend indicating that the MF Global fight for justice is largely over, let us show them that the fight has only just begun. How might we do so?
Let’s get very specific and highlight an impassioned plea by an MF Global customer who is crying out for help. Sense on Cents welcomes providing a forum to do just that. (more…)
Tags: Edith O' Brien Jon Corzine MF Global Preet Bharara Charlie Gasparino, fight for justice for MF Global, Matthew 25:40, MF Global, MF Global custome rmakes impassioned plea, MF Global customers, MF Global funds, MF Global Jon Corzine, Wall Street Journal Whodunit at MF Global, Wall Street-Washington incest, what is happening to MF Global customers
Posted in General, MF Global | 10 Comments »
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…)
Tags: abusive foreclosure practices, Bank of America mortgage fine, Citibank mortgage abuses and fraud, Citigroup mortgage abuse, CitiMortgage, CitiMortgage abuses, fraud within CitiMortgage, How Citibank Dumped Fraudulent Lousy Mortgages on the Government, Larry Doyle, lax financial regulation, ProPublica, Sense on Cents Hall of Fame, Sherry Hunt, Wall Street-Washington incest, whistleblower Sherry Hunt
Posted in Foreign Policy, fraud, General, Mortgage Crisis, Mortgages | 15 Comments »
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