Archive for January, 2011
Posted by Larry Doyle on January 31st, 2011 10:13 PM |
If you were a senior accountant at a firm and suspected senior officials of perpetrating a fraud, would you run the risk of professional suicide and bring the information to the SEC or maintain cover and contact Wikileaks? What do you think? Do the right thing and hope you are protected or put your trust in the great equalizer known as Wikileaks?
Let’s not lose faith in Uncle Sam, right? Go straight to Washington and let them do their thing protecting America, yes? Well, maybe not.
Let’s check in with somebody who went to Washington while blowing the whistle on one of the greatest frauds in the history of our nation. Of whom do I speak? Sherron Watkins. Sherron who? Remember Enron? (more…)
Tags: Center For Public Integrity, CPI, Enron, Enron fraud whistleblower Sherron Watkins, financial integrity, financial transparency, financial truth, Is Wikileaks effective, Julian Assange of Wikileaks vs MAry Schapiro SEC, NYSSCPA, Sherron Watkins, Sherron Watkins at CPA conference, Sherron Watkins at NYSSCPA, Sherron Watkins on Wikileaks vs SEC, truth transparency, what about Wikileaks, what can Wikileaks do, Wikileaks for financial transparency, Wikileaks vs SEC
Posted in General | No Comments »
Posted by Larry Doyle on January 31st, 2011 6:59 AM |
I believe we remain in the relative early stages of significant structural and fundamental changes in our global economy. As political leaders – both domestically and globally – work to address a variety of issues, I see the following two themes continuing to play out:
1. In an attempt to support our economy, Washington has done and seemingly will continue to do everything possible to pull demand forward, delay the recognition of financial losses, and simultaneously redistribute losses which emanated from our banking system. We could debate the merits and impacts of a variety of the programs implemented. Some have worked well. Others have been unmitigated disasters. The fact is, though, we have been faced with an array of unintended consequences in the process. The traditional rule book for investing and economics is not very helpful in our world circa 2011.
(more…)
Tags: easy money unintended consequences, emerging market inflation from Fed's easy money quantitative easing, Federal Reserve policy of easy money, financial economic political social and civil, food inflation in Egypt, global inflaiton from quantitative easing, global inflation from Fed''s easy money, impact of Fed policy on Egypt, impact of inflation in Egypt, inflation in Egypt, instability in Egypt, Larry Kudlow, law of unintended consequences, political turmoil in Egypt, political upheaval in Egypt, unintended consequences, unrest in Egypt, Washington policy impact on Egypt, Washington policy on emerging markets
Posted in General | 10 Comments »
Posted by Larry Doyle on January 28th, 2011 7:16 AM |
A multiple trillion dollar loss emanates from Wall Street and no crimes are committed? Will any form of real justice ever be served? Will those who facilitated and enabled this crisis to unfold ever be singled out? Are there individuals on both Wall Street and in Washington who just exhaled thinking, “We got away with it.”
The report released yesterday by the Financial Crisis Inquiry Commission highlights that Wall Street and Washington collectively failed our nation. Specifically the FCIC writes on page 23:
We do place special responsibility with the public leaders charged with protecting our financial system, those entrusted to run our regulatory agencies, and the chief executives of companies whose failures drove us to crisis. These individuals sought and accepted positions of significant responsibility and obligation. Tone at the top does matter and, in this instance, we were let down. No one said “no.”
How is it that these ‘supposed leaders’ failed to perform? (more…)
Tags: Arthur Levitt, Catholic Church, crisis on Wall Street, FCIC report, Financial Crisis Inquiry Commission report, phil angelides, sexual pedophilia in Catholic Church, the truth hurts, Wall Street and Washington failed America
Posted in General | 11 Comments »
Posted by Larry Doyle on January 27th, 2011 8:26 AM |
If you do not trust an individual, a company, an industry, or any entity, how can you really do business with them? At the very least, how or why would you want to engage them? The simple fact is without trust, nobody really wants to engage.
Why are banks, the media, and our government finding it so difficult to get things done and grow their footprint and influence with American consumers, investors, and the populace at large? To an ever increasing extent, Americans do not trust our banks, our media, and our government. Why is that?
Americans know and feel that these industries and bodies have violated their trust. Once, twice, multiple times burned, Americans are now not so quick to trust. Can you blame them? (more…)
Tags: a lack of trust in America, do we trust our banks, Edelman Trust Barometer, how can we measure trust, how much do we trust, how much do we trust banks, how much do we trust our government, how much do we trust our media, how to trust, measuring trust, trust, trust in America, trust in American banks, trust in American government, trust in American media, trust in business, trust in government, trust in media
Posted in General | No Comments »
Posted by Larry Doyle on January 26th, 2011 9:25 AM |
Tomorrow the Financial Crisis Inquiry Commission will release its widely anticipated report investigating the causes of our financial crisis. While many on Wall Street would like to promote the fact that the financial crisis was nothing more than ‘the perfect storm,’ we know that is not the case. The New York Times has received a preview of the FCIC’s report and highlights the fact that the Financial Crisis Was Avoidable, Inquiry Finds,
The 2008 financial crisis was an “avoidable” disaster caused by widespread failures in government regulation, corporate mismanagement and heedless risk-taking by Wall Street, according to the conclusions of a federal inquiry. (more…)
Tags: bill thomas, FCIC report, FCIC report january 26 2011, financial crisis, Financial Crisis Inquiry Commisison report, Financial crisis inquiry commission, Financial Crisis Was Avoidable Inquiry Finds, phil angelides, The New York Times Financial Crisis Was Avoidable, what caused the financial crisis
Posted in General | 9 Comments »
Posted by Larry Doyle on January 24th, 2011 10:52 PM |
The Project on Government Oversight has become the financial regulatory eyes and ears for our nation. While one would think Congress might care to thoroughly investigate government agencies and hold them to account, our recent history has shown us that the Congressional oversight is severely lacking. Enter POGO. What has POGO provided us now?
By utilizing the Freedom of Information Act, POGO has provided a huge window of transparency into the SEC. Why should POGO have to perform these acts? Where is the Congressional oversight? Heck, where is the SEC chair Mary Schapiro?
I strongly encourage readers to save this commentary as POGO provides links to a wealth of amazing stories and investigations. THANK YOU POGO for performing a national public service in opening the windows into the SEC. (more…)
Tags: breach of ethics, Congressional oversight of SEC, David Kotz, insider trading, insider trading by SEC employees, Investigate reports SEC Doesn't Want You to See, Mary Schapiro, Michael Smallberg, oversight of Bear Stearns, perjury, POGO, POGO SEC reports they do not want you to see, project on Government Oversight, SEC FOIA, SEC misconduct, SEC OIG, SEC transparency, SEC transparency and disclosure, what is POGO?, who oversees SEC
Posted in General, SEC | 3 Comments »
Posted by Larry Doyle on January 24th, 2011 7:00 AM |
“Who will protect me?”
How many investors in our nation continue to ask that question?
A lot!!
Throughout the crisis of the past few years and certainly well beyond that, investors have come to appreciate that they really need to learn to protect themselves. Why is that? We have rampant evidence that neither Wall Street nor the financial regulators overseeing Wall Street have truly protected investors. So now what? (more…)
Tags: a low opinion of finra, Dodd Frank Wall Street reform and Consumer Protection Act, Dodd-Frank, fiduciary vs suitability, Financial Advisor, Financial Industry Regulatory Authority, financial planning, financial regulators, financial regulatory system, formation of FINRA, Global Economic Intersection, Investment Advisors Act of 1940, investor protection, John Lounsbury, Kathleen Casey and Troy Paredes, Larry Doyle, No Quarter Radio, oversight of registered investment advisers, oversight of RIAs, questions for FINRA, SEC vs FINRA, self regulatory oversight for Wall Street, Sense on Cents, Wall Street oversight, Wall Street regulation, what is an RIA, what is an SRO, who protects investors, who will regulate RIAs
Posted in FINRA, General | 1 Comment »
Posted by Larry Doyle on January 22nd, 2011 8:14 AM |
Walter Williams
Prior to reading the Weekend Interview in this morning’s Wall Street Journal, I had never heard of Walter Williams. After reading this interview, I will be looking for more of Williams’ work. What really struck me this morning about the George Mason University economist? He badly wants the truth and he embodies the best of ‘sense on cents’ in pursuing it. How so? Do you have any doubts that Williams nails the truth after reading:
Over the decades, Mr. Williams’s writings have sought to highlight “the moral superiority of individual liberty and free markets,” as he puts it. “I try to write so that economics is understandable to the ordinary person without an economics background.” His motivation? “I think it’s important for people to understand the ideas of scarcity and decision-making in everyday life so that they won’t be ripped off by politicians,” he says. “Politicians exploit economic illiteracy.”
Amen!! (more…)
Tags: Alabama Rep Clayton Allgood, Clarence Thomas Thomas Sowell, Davis-Bacon, destroying the black family, economic exploitation, economics of minimum wage law, exploiting blacks, free markets, George Mason University economist Walter Williams, growing up black, growing up poor and black with a single parent, illegitimacy, Jim Crow, Larry Doyle, libertarianism, Malcolm X and Walter Williams, Mssouri Rep John Cochran, politicians exploit economic illiteracy, racial discrimination, Richard Allen Housing Projects in Philadelphia, Rush Limbaugh's radio program, Sense on Cents, Sense on Cents Hall of Fame, Shelby Steele, shotgun weddings, single parent families, The State Against Blacks by Jason Riley, The State Against Blacks by Walter Williams, the welfare state, think with your brain not your heart, UCLA professors James Buchanan Armen Alchian Milton Friedman, Up From the projects by Walter Williams, W.E.B. Du Bois' Black Reconstruction in America, Walter Williams, Weekend Interview in Wall Street Journal, what destroyed the black family, who is Walter Williams
Posted in General | 10 Comments »
Posted by Larry Doyle on January 21st, 2011 7:19 AM |
With 2011 just barely out of the starting block, there are a lot of developments across our global economic landscape. What do I see? Long term interest rates are flashing warning signs. How so?
Many reasons domestically and internationally, but especially the following: (more…)
Tags: bailing out European nations, can states declare bankruptcy, dealing with debt, defaulting on debt, devalue restructure or default, devaluing debt, EU debt, EU Finance Ministers Begin talks on Restructuring Sovereign Debt, EU-IMF programs, federal deficit, financing the deficit, fiscal deficit, inflationary pressures in emerging markets, Irish Times, Larry Doyle, long rates headed higher, long term rates, Municipal Assistance Corporation, Olli Rehn, path is Souhgt for States to Escape Debt, Paul Maco, public pensions, restructuring debt, restructuring Greek sovereign debt, risk factors, risk management, short term rates vs long term rates, steep slope yield curve, steep yield curve, what does yield curve tell us, why are long term rates headed higher, why is curve steepening
Posted in General | 3 Comments »
Posted by Larry Doyle on January 20th, 2011 7:06 AM |
Screw me once, shame on you!! Screw me twice, ….
You know how that works. Yes, indeed, we do know how that works. In fact, Americans know all too well that they were badly screwed by many within the financial industry. In the spirit of fairness, there were also many consumers who screwed the system by knowingly falsifying info on mortgages and loans. From both ends, the biggest loser over the course of the last decade has been our virtues of truth, transparency, and integrity. Rest assured, though, that pursuit goes on and it is having ripple effects across Wall Street specifically and the financial industry as a whole.
I see clear evidence of this dynamic in a recent commentary at The Center for Public Integrity. Why are banks very concerned and scrambling to protect their franchise value? (more…)
Tags: abusive lending practices, Bank of America, can I trust Wall Street, Center For Public Integrity, Christine Acosta, credit freeze for small business, customer franchises, Customers Close Accounts to Protest Wall Street, financial industry, hidden bank fees, hidden credit card charges, integrity on Wall Street, JP Morgan Chase, JPM, Larry Doyle, Michael Dalrymple, screw me once, screw me twice, Sense on Cents, transparency on Wall Street, trust on wall street, truth in lending, Wall Street 2011, Wall Street bailout, Wall Street franchises, Wall Street screwing customers
Posted in General | 1 Comment »
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