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HomeSimon Johnson: Financial Power Corrupts System
Posted by Larry Doyle on May 23rd, 2013 9:05 AM |
Incestuous activity in every fashion is a destructive and corruptible force. Would anybody hoping to be regarded as a serious, credible individual dare say, “Hey, I think incestuous activity is actually pretty good.”
Certainly not, although those engaged in the behaviors may appreciate the benefits that accrue to them without wanting them brought to light.
On that note, the incestuous dynamic that defines the Wall Street-Washington-Regulatory menage-a-trois continues to thrive. You don’t have to take my word for it. Let’s listen to what Simon Johnson, former chief economist of the IMF, professor at MIT Sloan, and a senior fellow at the Peterson Institute for International Economics has to say on this topic. (more…)
Sachs Unloads Again on Wall St-Washington Incest
Posted by Larry Doyle on May 1st, 2013 7:35 AM |
A few days ago Columbia University’s Jeff Sachs delivered a diatribe on the crony corruption pervasive in the Wall Street – Washington dynamic to a cadre of elites in attendance at a Philadelphia Federal Reserve symposium.
Well, yesterday Sachs took his message to the masses in the midst of an exchange on MSNBC’s Morning Joe.
Selected other liberal contributors to this exchange seemed to me to be almost embarrassed by the beating Sachs put on the “bought and paid for” crowd atop Capitol Hill and others residing and working at 1600 Pennsylvania Avenue.
Grab a second cup of coffee and watch this clip from the 3:30 mark. It will only take you 8 minutes and it is well worth it. (more…)
Jeff Sachs UNLOADS on Wall St., D.C, & Obama
Posted by Larry Doyle on April 29th, 2013 7:13 AM |
If anybody were to think that the fight for decency and justice in our markets, our nation’s capital, and throughout our land were to have run its course . . . well think again.
In a volley of invectives not often seen in the genteel world of liberal academia, Columbia University professor Jeffrey Sachs recently threw a string of verbal haymakers that would have made the noted NHL hitman Chris “Knuckles” Nilan proud.
Sachs was named one of the world’s 100 Most Influential people by Time magazine in 2004. His professional body of work speaks for itself. At a symposium held recently at the Philadelphia Federal Reserve, Sachs dropped the gloves and unleashed the following:
“What has been revealed, in my view, is prima facie criminal behavior,” he said. (more…)
S&P Ratings: ‘You Didn’t Believe Us, Did You?’
Posted by Larry Doyle on April 23rd, 2013 7:37 AM |
What are the most important issues you face?
I imagine most would think that physical, mental, and emotional well being would rank highest on your list.
Imagine, then, the individuals to whom you went for independent and objective advice on these very personal issues were to inform you that their insights were, in fact, highly conflicted and that their proclamations and prescriptions were actually little more than “puff.” You would probably be more than a little pissed off.
What about your financial well being? (more…)
The Fed Leak: Who is Brian J. Gross?
Posted by Larry Doyle on April 11th, 2013 8:16 AM |
If so, I might caution you from opening e-mail solicitations you receive from individuals in Nigeria informing you that you are the beneficiary of millions of dollars from recently deposed warlords in that nation or other sub-Saharan locales.
I mean, come on. Major financial institutions including Goldman Sachs, JP Morgan Chase, Wells Fargo, The Carlyle Group and more are informed a full day in advance of what the Fed governors are thinking, and the American public is supposed to buy that as an accident? (more…)
1 in 5 Trust Our Banks
Posted by Larry Doyle on January 28th, 2013 8:56 AM |
What is the basis of any relationship?
Trust.
How much do you want to engage somebody if you have little to no trust in that individual or institution? Obviously not much. A healthy society is one in which trust is pervasive. The premise and foundation of trust within our relationships allows for the free flow of information, capital, and goods. Everybody benefits.
Regrettably, our nation has an enormous trust deficit currently. Why so? Once violated, trust does not easily or quickly return or regenerate. Although many within positions of leadership in our nation would like to present the rebound in our markets and supposedly within our economy as indicative of a return to a healthy nation, they are FOOLS if they truly believe that. Why so? (more…)
UPDATE: Who Will Be Next Head of the SEC?
Posted by Larry Doyle on January 18th, 2013 8:42 AM |
Two months ago, I inquired as to who might be our nation’s next chief financial cop, that is, the next head of the Securities and Exchange Commission.
Are we about to see a continuation of the Wall Street-Washington revolving door at work for this critically important position? How so?
A leak yesterday puts the name of Mary Jo White into the mix to head the SEC. Who is she? Is she the right person for the job? Not according to Sense on Cents Hall of Famer Gary Aguirre, who pulled no punches yesterday in asserting,
“Obama is not going to clean up financial corruption by pinning a sheriff’s badge on Wall Street’s protector-in-chief.” (more…)
JP Morgan Holding Back Madoff Documents
Posted by Larry Doyle on January 4th, 2013 11:57 AM |
Four years after the fact and America still does not know what really transpired within the Madoff scandal. Who knew what? Who did what?
Are we supposed to believe that only Bernie and a few other miscreants within his web perpetrated this scam unbeknownst to others on Wall Street and within the halls of our financial regulators? That premise would take the definition of naivete to an exceptionally elevated level.
What other entities benefited from feeding off Bernie Madoff? Well, if we needed to rely on the likes of JP Morgan, we will seemingly never learn that info and likely more. Why is that? (more…)
America’s Trillion Dollar Student Loan Train Wreck (with Video)
Posted by Larry Doyle on October 27th, 2012 6:44 AM |
Can you imagine the media coverage of a train wreck in which the passengers largely consisted of hundreds of thousands of American college, university, and graduate students? Every news outlet in this nation would set up shop by the roadside to cover that massive human interest story.
Well, that train wreck is playing out in slo-motion each and every day in our country. Is that right? Yep, and it has garnered little of the requisite attention it deserves. Let’s navigate and take a personal look inside the trillion dollar student loan disaster. Interesting that it takes coverage from Euronews to shine a light on this pileup. (more…)
Obama’s Failure to Reform Wall Street: “The Letter”
Posted by Larry Doyle on September 27th, 2012 7:20 AM |
Yesterday’s commentary addressing the gross injustice of an SEC attorney walking away largely unscathed after having blown the cover of a whistleblower resonated far and wide. What is it about this story of the whistleblower Peter Sivere having his confidence violated that consumes me and strikes right at the core of America?
Sivere was victimized by those charged with upholding our laws, protecting our values, and promoting a system of free and fair trade. Peter Sivere’s story epitomizes the essence of the Wall Street -Washington Incest which I have railed on for the last three years.
Yet, Peter Sivere awakes again today a victim with no real justice. While he bears the brunt of the pain of being victimized, the simple fact is Sivere is every good and decent man and woman in America. As Sivere suffers, so do we all.
It does not have to be this way. How might it begin to change? (more…)
