Posts Tagged ‘Washington’
Posted by Larry Doyle on November 19th, 2010 6:57 AM |
Where are our statesmen?
Where are the individuals who would choose to sacrifice personal gain for our national welfare? I am not talking about mere public policy implementation. I am talking about those who would choose to pursue and embrace the truth while exposing the incestuous Wall Street-Washington relationship that has brought our nation to its knees.
Where is today’s Ferdinand Pecora when we need him? I shudder to think that the great Pecora, who led the investigation of Wall Street practices which brought on the Great Depression, might be rolling over in his grave right now. Why’s that? (more…)
Tags: America's statesmen, cause of The Great Recession, causes of economic crisis, causes of The Great Depression, Crisis panel Delays Report Amid Rancor, FCIC, FCIC Bill Thomas, FCIC Phil Angelides, Ferdinand Pecora, Financial crisis inquiry commission, financial policemen, growth of The Tea Party, Larry Doyle, members of the FCIC, members of the financial Crisis Inquiry Commission, Pecora Commission, preface to Wall Street Under Oath, Sarah Palin, Sense on Cents, The Street, The Tea Party movement, Wall Street, Wall Street regulatory reform, Wall Street Under Oath, Wall Street's money-changers, Wall Street-Washington incest, Washington, who is ferdinand pecora, why is America outraged, why is The Tea Party thriving
Posted in FCIC, General | 15 Comments »
Posted by Larry Doyle on November 17th, 2010 7:25 AM |
When I worked at JP Morgan, we had a year end review process that I believe was largely a joke. Why? It lacked integrity and honesty. How so? Individuals largely gamed the system by not being forthright with each other. As a result, the overall assessment of individuals, departments, divisions, and the firm itself were skewed. I recall looking at the composite and average scores and remarking to my boss, “Our people and our firm are NOT this good.”
Mind you, JP Morgan had and still has some real strengths — but it also had some real weaknesses. Excessively bureaucratic would be a good start on the ‘weakness’ list.
I did try to grade myself and others in an honest and constructively critical fashion. Some of my reports would come to me after the fact inquiring about my assessments of them. They would often be concerned. I would respond that I had little interest in ‘gaming the system’ but I had every interest in making them a stronger and more productive employee. My being forthright and honest was “the means,” their improving and becoming more productive was “the ends.”
I raise this topic today because every individual and every organization needs a very healthy dose of constructive criticism. (more…)
Tags: a stronger America, criticism of Finra, critiquing FINRA, Financial Industry Regulatory Authority, FINRA, incest, integrity and honesty, Investment News Daily, John Busacca, JP Morgan year end review, JPM, Larry Doyle, Mary Schapiro, public service, Sense on Cents, Wall Street, Wall Street relationship with Washington, Washington, year end reviews
Posted in FINRA, General | 12 Comments »
Posted by Larry Doyle on June 2nd, 2010 1:20 PM |
Has America lost the courage to aggressively address those who commit fraud? Is the American public even aware of the massive fraud perpetrated by those in our financial system which led to our current economic crisis? Are those in Washington willing to take a stand, risk their own skins, call out those engaged in fraud, even if some of the fraudsters occupy neighboring seats at nearby regulatory bodies?
Unless we find people in our government who are willing to make these calls, repeat them publicly in a long, loud fashion, and compel prosecutors to issue indictments, then I fear our union will pay a price and incur a cost that may be immeasurable.
Why so strong? Why so strident? (more…)
Tags: addressing fraud, AIG, Arlen Specter, Barack Obama, Ben Bernanke, bill thomas, Brooksley Born, caveat emptor, CDS, Charles Keating, Conspiracy of Fools, control frauds, Dick Cheney, economic theory, efficient market hypothesis r, Enron scandal, Fannie Mae, FCIC, Financial crisis inquiry commission, financial frauds, fraud in our economy, frauds, Freddie Mac, George Akerlof, George W. Bush, Goldman Sachs, Hank Paulson, heather murren, how to address fraud, IBG YBG, indict fraudsters, investigating fraud, James Stewart's Den of Thieves, Joe Biden, John K. Galbraith, John Paulson, Kurt Eichenwald, Levy Economics Institute, liar loans, Lloyd M. Bentsen Jr. chair in Government Business Relations, market discipline, Mary Schapiro, Nelson's Eye, neutron loans, ninja loans, Paul Romer, Peter Fisher, phil angelides, rational expectations, Representative Doggett, Robert Johnson, Savings and loan fraud, SEC, speculation, systemic fraud, Thomas Ferguson, Tim Geithner, University of Texas, Wall Street, Washington, William K. Black
Posted in General | 4 Comments »
Posted by Larry Doyle on April 9th, 2010 9:12 AM |
Who in America is going to stand up and accept appropriate culpability for his/her contribution to our current economic crisis? Who in America is also willing to expose the incestuous nature of the Wall Street-Washington relationship which provided the cover for the activities which have debilitated our nation?
Let’s review what we have learned so far:
1. Blame has been directed at bank executives…but they got paid handsomely, and have not accepted full responsibility.
2. Blame has been directed at ratings agencies….but they also got paid handsomely to provide ratings, while not really knowing what they were doing. (more…)
Tags: Ben Bernanke, blame for crisis, Chris Dodd, culpability for crisis, Fannie Mae execs, FCIC, finger pointing, FINRA, Franklin Raines, Freddie Mac execs, Larry Summers, Leland Brendsel, mortgage originators, Phil Gramm, public service, public service and private wealth accumulation, ratings agencies, reasons for our economic crisis, regulators, Rham Emanuel, Robert Rubin, SEC, Tim Geithner, Wall Street executives, Wall Street-Washington incest, Washington, what is to blame for our economic crisis, who is to blame for our economic crisis
Posted in General, Wall Street, Washington D.C. | 5 Comments »
Posted by Larry Doyle on March 29th, 2010 1:08 PM |
Is the great lie and fraud encompassing the auction-rate securities fiasco continuing even into the settlement process? Information, or the lack thereof, indicates it is. In the process, the injustice served cold to the thousands of ARS investors, especially those who purchased these so-called ‘cash’ instruments from Oppenheimer Holdings, continues.
Wall Street, Washington, and the bulk of the financial media (exceptions being author Phil Trupp, Bloomberg’s Susan Antilla, and the Washington Examiner’s Marta Mossburg) would prefer to keep the ARS fraud and fiasco neatly under the rug. I have no interest in allowing the fraudulent ARS perpetrators and their financial regulators any degree of comfort in this mess. (more…)
Tags: Albert Loewenthal, ARPS, ARS, ARS settlement Oppenheimer, financial frauds on Wall Street, Marta Mossburg, New York Attorney General Andrew Cuomo, Oppenheimer ARS, Oppenheimer auction rate securities settlement with NY AG Cuomo, Oppenheimer auction rate settlement, Phil Trupp, Susan Antilla, Wall Street, Washington
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 12 Comments »
Posted by Larry Doyle on March 8th, 2010 8:12 AM |
Investors defrauded in the distribution of auction-rate securities deserve a voice. Sense on Cents is happy to provide it. Aside from feeling screwed by Wall Street banks and money managers in the distribution of auction-rate securities as a cash surrogate, investors now feel increasingly incensed by the lack of support in the judicial system and in selected attorneys general offices in our country.
The latest AG to feel the wrath of ARS investors is New York AG Andrew Cuomo for his recent settlement with Oppenheimer Holdings. Rather than reading my opinion of Cuomo’s settlement, let’s listen to an investor (who remains nameless for obvious reasons). In my opinion, this individual’s letter speaks volumes and echoes the sentiments of thousands of investors who continue to hold the $150 BILLION in frozen ARS. (more…)
Tags: Andrew Cuomo, ARPS, ARS, ars investor unloads on ny ag cuomo, Auction rate preferred securities, Auction Rate Securities, Bernie Madoff, cash surrogate ars, fees earned on auction rate securities, fraud on Wall Street, insider trading ars, marketing of ars, New York AG Andrew Cuomo, Oppenheimer CEO Albert Loewenthal, Oppenheimer Holdings, Wall Street, Washington, Washington D.C.
Posted in ARPS, ARS, Auction Rate Securities scandal, General | 4 Comments »
Posted by Larry Doyle on March 1st, 2010 1:03 PM |
On the heels of my commentary this morning addressing why Harry Markopolos feels America’s citizens should not trust the government, we receive more fuel for the fire.
The timing of this release is truly uncanny:
MADOFF JUDGE’S RULING REDUCES PROTECTIONS AGAINST PONZI SCHEMES FOR ALL SECURITIES INVESTORS
Judge rules SIPC does not have to insure every account up to $500,000, shifts burden of Madoff losses to American taxpayer. (more…)
Tags: Chaitman, Helen Davis Chaitman, holding securities in street name, investment loss vs theft loss, investor protection, Judge Burton Lifland, Judge Lifland ruling March 1 2010, Madoff losses, Madoff ruling Judge Lifland, Madoff ruling ponzi schemes Lifland, Madoff ruling SIPC, Main Street, Ponzi scams, Ponzi schemes, risks on Wall Street, SIPC, SIPC insurance premium of $150, SIPC obligation, SIPC ruling on Ponzi schemes, street name, Wall Street, Washington
Posted in General | 14 Comments »
Posted by Larry Doyle on February 24th, 2010 2:39 PM |
You can rest assured that the powers that be on Wall Street would just as soon have the Madoff saga over. The Madoff scam perpetrated on investors is an ugly reminder of the non-existent financial regulatory system during the better part of the last twenty years.
I also believe many in Washington also might like to see the Madoff saga quietly pass by. The failures of the SEC, FINRA, and SIPC in this greatest of scams are an ugly reminder of the Wall Street-Washington incest.
Well, while many of the incestuous partners would like to turn the page, there remains a lot of filth that still needs to be cleaned up and a lot of individuals and institutions that need to be held to account. (more…)
Tags: Bernie Madoff, Bernie Madoff Investor coalition sues SIPC directors, financial regulation, financial regulatory system, fraud, investor protection, Madoff investors suing SIPC, SEC FINRA SIPC, SIPC, Stephen Harbeck of SIPC, Wall Street, Wall Street regulation, Wall Street-Washington incest, Washington
Posted in Bernie Madoff, General, Madoff, SIPC | 7 Comments »
Posted by Larry Doyle on February 22nd, 2010 6:05 AM |
Without the truth, we are mere slaves to a corrupt system and will never control or master our destiny.
I don’t write this premise whimsically nor do I accept it as a given. The fact is, our forefathers are rolling over in their graves right now given the fatuous culture our society has not only tolerated but promoted. I continually call for the pursuit of truth, transparency and integrity while navigating the economic landscape for the very reason that without these virtues we are doomed as a nation.
High five to AL for pointing out that none other than Thomas L. Friedman of The New York Times drills this very point in writing, The Fat Lady Has Sung. Whether you agree with Friedman’s politics is immaterial. (more…)
Tags: Ben Bernanke, foundation of American culture and society, integrity, need for integrity, need for transparency, need for truth, rationalizing the truth, The Fat Lady Has Sung, The New York Times Thomas L. Friedman, Thomas L. Friedman, Thomas l. friedman The Fat Lady Has Sung, Tim Geithner, transparency, truth, Wall Street, Washington
Posted in General | 2 Comments »
Posted by Larry Doyle on February 13th, 2010 2:52 PM |
Paul Volcker
What will the future of Wall Street hold? No man is attracting more attention regarding that very question than former Fed Chair Paul Volcker. What might the Volcker Rule mean for Wall Street? For those with an interest in the global economy and markets, Volcker provided an extensive interview recently to the Financial Times.
In this interview, the former Fed chair talks more ‘sense on cents’ than anybody I have come across since launching this blog a year ago. I STRONGLY recommend reading it and saving it. Volcker’s interview will serve as a fabulous reference map as we collectively navigate our economic landscape.
Paul Volcker is seen as one of the wise men of American public life. As chairman of the Federal Reserve under Presidents Jimmy Carter and Ronald Reagan he subdued inflation, for which he is lauded today, although it was controversial at the time. After President Obama’s election, Mr Volcker was made chairman of the President’s Economic Recovery Advisory Board, a position which initially seemed largely ceremonial. But Mr Volcker returned to the centre of financial and economic debate last month when Mr Obama endorsed his proposed separation of commercial banking and proprietary trading, a plan dubbed the “Volcker Rule”. (more…)
Tags: Goldman Sachs, Obama, Paul Volcker, Paul Volcker addresses financial system, Paul Volcker interview Financial Times February 12 2010, Paul Volcker talks about economy and future of Wall Street, Paul Volcker talks about Federal Reserve and Obama administration, Paul Volcker talks about Goldman Sachs, Paul Volcker talks about proprietary trading activity, Paul Volcker talks about Washington, Transcript: Interview with Paul Volcker FT February 12 2010 otb, volcker rule, Volcker talks about too big to fail, Volcker talks about Wall Street, Wall Street, Washington
Posted in General, Paul Volcker | No Comments »
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