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HomeFebruary 14, 2008-2011: Auction Rate Securities Nightmare Continues
Posted by Larry Doyle on February 14th, 2011 7:36 AM |
“Take it, Phil. It’s free money.”
With that statement the saga of noted author Phil Trupp into the world of auction-rate securities commenced. Phil’s nightmare experience with auction-rate securities mimicked that of so many other tens of thousands. Three years to the day after the ARS market totally collapsed, that nightmare in which investors remain unable to access their cash from their supposed cash-alternative investment continues.
Selected financial regulators, such as FINRA, have the balls to promote the success they have had in recouping ARS investors funds. Let the record show, though, that three years to the day when the ARS market froze, approximately 40% of investor funds remain frozen. Their nightmare continues. Who is standing up and fighting for these ARS investors? (more…)
Lieutenant Colonel Elton Johnson on Way to Afghanistan Calls Out Finra…AGAIN!!
Posted by Larry Doyle on February 11th, 2011 7:07 AM |
I first wrote about Wall Street’s self-regulatory organization, FINRA (the Financial Industry Regulatory Authority) in January 2009. At that point and ever since I have believed strongly that for a revitalization of the health and confidence of our capital markets, our economy, and ultimately our nation itself that FINRA needed to become a MUCH more transparent organization. Regular readers of Sense on Cents know how passionately I feel.
Regrettably, though, outside of those regularly involved in the financial industry, I believe few people in our nation even know who FINRA is or what they do regulating Wall Street. I strongly believe that reality needs to change. Who would seem to share my belief? Amerivet Securities’ Lieutenant Colonel Elton Johnson, a member of the United States Army Reserve. (more…)
“There’s No Sense of Urgency” in Washington
Posted by Larry Doyle on February 10th, 2011 7:35 AM |
For those critical of Ben Bernanke and his massive bubble inducing, asset inflating quantitative easing program, Ben and his Federal Reserve friends have something to say to you. What wisdom do these banking behemoths have to share? Are you sitting down? In so many words, Bernanke and company offered that ‘if you think we’re bad, you should really focus on the clowns who have run up the out of control federal deficit.’
Wow!
Do two wrongs make a right? Does digging one hole get us out of another? Does a series of left hand turns ultimately bring us right back to where we began? Does anybody in Washington have the character to address our real structural problems? Does pointing fingers really get us anywhere? Why are we faced with these questions and problems? A lack of real leadership. (more…)
ARS ‘Penalty Does Not Fit the Crime’ or Why I Am Becoming a Libertarian
Posted by Larry Doyle on February 9th, 2011 7:38 AM |
Why is it that so many people in our nation do not trust our government, our media, and our banking system?
In my opinion, America continues to look and search for people and programs that truly represent their interests. In the course of a conversation yesterday with a former colleague, he spoke cogently as to why he is moving toward being a libertarian and why he believes so many others are as well. I found myself agreeing with him on so many fronts. (more…)
Obama’s Conundrum
Posted by Larry Doyle on February 7th, 2011 9:59 PM |
Cut the deficit? Promote jobs? Stimulate the economy? Get re-elected?
What’s a President to do?
In the short term, is there any doubt that Barack is fully supportive of Ben Bernanke’s ongoing backdoor bailouts and bubbling up of the market via his quantitative easing programs? Ben made no bones about his utilizing asset inflation as a means of stimulating the economy. Does that mean that hedge funds putting on carry trades in foreign markets are going to stimulate our economy here at home? Really? How does that work?
(more…)
Questions Left Unanswered
Posted by Larry Doyle on February 7th, 2011 7:13 AM |
Some random thoughts and questions in the midst of trying to determine what is really going on in the markets, the economy, and the world:
1. Just how healthy are our major money center banks? How many toxic mortgage related assets remain on their books? Where are those assets marked? With the housing market continuing to erode, and it is, how can those asset valuations not be eroding as well?
2. Will the American public ever truly learn what happened inside Bernard Madoff’s operations? (more…)
Did JP Morgan Aid and Abet Bernie Madoff? Time for Jamie Dimon ‘To Put Up or Shut Up’
Posted by Larry Doyle on February 4th, 2011 8:33 AM |
Just the facts.
A week ago at The World Economic Forum in Davos, Switzerland, Jamie Dimon, chief of JP Morgan, railed on the widespread vilification of bankers by the general public. The Wall Street Journal highlighted Dimon’s comment in writing, A Banker’s Plaintive Wail:
“A plaintive cry from one of the world’s top bankers on behalf of his industry pierced through an otherwise tame Thursday morning panel discussion here in Davos:
“I don’t lump all media together,” said Jamie Dimon, chief executive of J.P. Morgan Chase & Co. “There’s good and there’s bad. There’s irresponsible and ignorant and there’s really smart media. Well, not all bankers are the same. And I just think this constant refrain ‘bankers, bankers, bankers,’ — it’s just a really unproductive and unfair way of treating people. And I just think people should just stop doing that.”
Mr. Dimon argued that J.P. Morgan was one of the good banks..
On one hand, I agree with him. I have worked with many fabulous bankers throughout my career and count many of them as close personal friends. None of them actually run a major banking organization.
If Mr. Dimon wants to be distinguished as ‘one of the good guys’ and JP Morgan as ‘one of the good banks,’ he now has his opportunity to ‘put up or shut up.’ How so? Let’s reenter the world of Bernie Madoff. (more…)
Old Man Winter
Posted by Larry Doyle on February 3rd, 2011 5:10 AM |
Old Man Winter is putting a major hurting on many parts of our nation. Let’s take a photographic stroll thanks to some fabulous, bone-chilling snapshots provided by the Denver Post.
New Hampshire
Chicago
A satellite view of the United States
Vermont….why did the owner leave this pooch in the cold?
Waterbury, ConnecticutWisconsin
This collection is merely a semblance of the fabulous montage provided at this link.
In the midst of a normal economic period, we would be hearing a lot as to how this winter weather will definitely put a crimp into our first quarter GDP…and it will. What I find interesting, though, is that I have not heard one word about the economic impact of the weather…and yes, I watch and listen closely. I am not looking for negative reporting, BUT I do appreciate a keen sense of integrity and honesty. Yes, Old Man Winter will negatively impact first quarter GDP.
Enjoy the photos and please be safe!!
Larry Doyle
