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HomeWhere Will Euro-Dominoes Stop?
Posted by Larry Doyle on April 28th, 2010 8:34 AM |
While many eyes, including mine, were fixated yesterday on the Senate hearings grilling the Goldman Sachs’ executives, the fact is much more serious issues are playing out across the pond. Greece is literally on the precipice of default. Is Portugal far behind? Will Ireland be next? Will the financial train wreck in Europe be contained? Is that a pipe dream in a world interconnected via a massive credit derivatives market?
Who has a great pulse on the Euro-zone? Simon Johnson, former chief economist of the IMF, co-author with James Kwak (my BlogTalkRadio guest on April 11th) of 13 Bankers, and blogger at Baseline Scenario. Johnson sheds timely insights on moves within the European bond markets and potential for another wave of global financial crisis in writing, Wake the President:
Most days we can coast along, confident that tomorrow will be much like yesterday. On a very few days we need to look hard at the news headlines, click through to read the whole story, and then completely change a large chunk of how we thought the world worked. Today is such a day. (more…)
Live Blogging: Levin Lashes Out at Goldman Execs for Stonewalling
Posted by Larry Doyle on April 27th, 2010 12:16 PM |
A few quick thoughts on the Senate subcommittee hearing with Goldman Sachs executives today.
1. Senate subcommittee chair Carl Levin (D-MI) just unleashed what could only be defined as a tirade at the Goldman team of execs Dan Sparks, Josh Birnbaum, Michael Swenson and Fabrice Tourre for “stonewalling.” Levin lashed out in saying that he would keep the subcommittee there for as long as it takes to get the answers America wants.
2. Levin made the following quotes:
>>”In the absence of a cop on the beat…” Sense on Cents repeats my long held view, “where was FINRA??” (more…)
BREAKING NEWS: Goldman Spread Risk? That’s Very Old News!
Posted by Larry Doyle on April 26th, 2010 8:43 PM |
Breaking News!!!
The Washington Post just broke a news story, Senate Panel Finds Goldman Spread Risk Through Financial System, highlighting the fact that a Senate investigation has determined that Goldman Sachs actually ‘spread’ risk via its distribution and dissemination of structured transactions. Really? And this is supposed to be news? (more…)
Tim Geithner: “I Never Had a Real Job”
Posted by Larry Doyle on April 26th, 2010 1:25 PM |
Although Treasury Secretary Geithner may chuckle about his statement in an interview released yesterday, Americans should be more demanding of Geithner and many other members of the Obama administration. Why more demanding? The lack of private sector experience is a very real problem in Washington. How can we expect our public representatives to make strong and effective policy impacting the private sector if they have little to no experience in that space?
Geithner can read all the books and public policy manuals he wants. Theory may work great in the classroom, but games are truly won and lost on the field. If he has never put a jockstrap on, how can we expect him to know what it takes to play the game?
LD
If Inflation is Dead, Then…
Posted by Larry Doyle on April 26th, 2010 12:17 PM |
Recent reports indicate the dreaded inflation monster has been slayed. Is that truly the case? If the monster has been slayed, is another monster lurking in the weeds, that is the larger monster that embodies economic death known as deflation?
Sense on Cents has debated this topic more than a handful of times over the last year. The mere fact that the topic has been on our front burner is a strong indication that we are not experiencing cyclical developments and changes within our economy, but rather large, structural changes. (more…)
Ed Morrow Highlights America’s Sense of Betrayal
Posted by Larry Doyle on April 26th, 2010 9:11 AM |
Is there any worse feeling than knowing you have been betrayed by somebody whom you believed represented your interests? Throughout history, stories of betrayal do not fade but truly leave indelible imprints on our minds and our souls. From Biblical stories to tales spun by William Shakespeare to the traitor Benedict Arnold, betrayal evokes the strongest of emotions in the American spirit.
While all too often we hear positive spin from those in Washington and on Wall Street as to the current state of our economy and our markets, they are missing the pulse of the American public. Who has his finger on that pulse? My guest last evening Ed Morrow, the Chairman and CEO of the International Association of Registered Financial Consultants, an 8000 member non-profit association serving financial consultants and their clients.
I hold Ed in extremely high regard. He pulled no punches during our interview on No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes the IARFC’s Ed Morrow. For those who have a full hour, I strongly recommend your listening to Ed’s pearls of wisdom. Included in Ed’s pearls are his thoughts on regulatory failures, Goldman Sachs shorting America, absolute immunity for financial regulators, ethics within the financial industry, the travesties surrounding Bernie Madoff and Allen Stanford, questions of competence, corruption, and class, and so much more. (more…)
No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes the IARFC’s Ed Morrow, Sunday Night at 8pm ET
Posted by Larry Doyle on April 24th, 2010 8:41 PM |
UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar.
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America needs more men like Ed Morrow.
Ed Morrow embodies the integrity, the character, and the heart to stand and deliver for his colleagues and for those in America who want real transparency and integrity. Ed embraces these virtues and is willing to fight for them.
It was my lucky day when I crossed paths with Ed while navigating the economic landscape. Ed is Chairman and CEO of the International Association of Registered Financial Consultants (IARFC), a non-profit international society dedicated to educate, support, and advance the professionalism of financial advisors who are helping people spend, save, insure, invest and plan for the future. More specifically, in regard to my guest: (more…)
Using the “F” Word
Posted by Larry Doyle on April 24th, 2010 9:28 AM |
Fraud, that is. During an interview on Bill Moyers Journal last night, former bank regulator William K. Black had no trouble using the word fraud to describe the root cause of our current economic crisis. Many thanks to Sense on Cents reader Lizzy for bringing attention to this interview.
Questions from Sense on Cents for Goldman Sachs
Posted by Larry Doyle on April 27th, 2010 8:55 AM |
Goldman Sachs’ executives, including CEO Lloyd Blankfein and structured finance VP Fabrice Tourre, will come front and center in Washington today to supposedly face the music and address what truly was going on within the mortgage operations of Goldman Sachs.
Will the music which Lloyd and team face be merely of the background variety? Will today’s hearing be nothing more than another sideshow to the ongoing three ring circus in Washington pretending to serve as real investigations? What has America truly learned throughout the ongoing Congressional investigations into our financial and economic crisis that we did not already know eighteen months ago?
The American public has been largely served a dish of stale bread and chopped meat with little substance or sizzle. Will today be different? I am not optimistic. Why? (more…)
Tags: Dan Sparks Congressional questioning April 27 2010, Fabrice Tourre faces questioning April 27 2010, Financial Times Goldman Criticised $1B Loan Product, Goldman Sachs faces Congress April 27 2010, Goldman Sachs questioning April 27 2010, Lloyd Blankfein faces questioning April 27 2010, Matthew Bieber Goldman CDO trader on Timberwolf transaction, Senate subcommittee questioning of Goldman Sachs April 27 2010, Tom Montag comment on Timberwolf CDO April 27 2010
Posted in General, Goldman Sachs | 5 Comments »