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HomeWeekend Assaults: Dominique Strauss-Kahn, Greece, and Goldman Sachs
Posted by Larry Doyle on May 16th, 2011 6:17 AM |
What a weekend. I would like to comment on two specific situations.
1. Dominique Strauss-Kahn
Just when you think the world could not suffer any further ‘assaults’ from global financial executives on our sense of decency and the virtuous pursuit of truth, transparency, and integrity, enter IMF chief Dominique Strauss-Kahn. While Kahn obviously is innocent until proven guilty and is entitled to due process, his arrest this weekend in New York City on charges of attempted rape, sexual assault, and unlawful imprisonment upon a hotel maid evinces many reactions including:
1. Did he not have other things on his mind worrying about an imminent Greek default and/or restructuring of Greece’s financial debacle?
2. Do you think this is the first time he has engaged in this type of behavior? (more…)
Real Liberty and Meaningful Justice for All?
Posted by Larry Doyle on May 14th, 2011 11:00 AM |
In light of the ongoing and overwhelming evidence of the deeply embedded regulatory capture in a variety of industries (including the Wall Street-Washington incest), is it any surprise why so many in our nation continue to question the differing standards of liberty and justice on both ends of our national spectrum? The powerful unions have bought and paid for so many pols on the left. Large corporations have done the same to many pols on the right. The monied interests on Wall Street always hedge themselves by paying for favors on both sides of the aisle.
Do you sometimes wonder who is working for you and if our nation truly embraces and practices one standard of real liberty and meaningful justice for all?
What do we need? I strongly believe we need a meaningful and vibrant Third Party!!
Larry Doyle
Isn’t it time to subscribe to all my work via e-mail, an RSS feed, onTwitteror Facebook?
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Matt Taibbi Presents ‘The People vs. Goldman Sachs’
Posted by Larry Doyle on May 13th, 2011 8:58 AM |
(This is a long commentary, but if you have any interest whatsoever in Wall Street, our markets, our economy, and our national character it is a MUST READ. Rolling Stone’s Matt Taibbi lays out in voluminous detail why I have aggressively questioned the validity of a self-regulatory model for Wall Street and whether under that construct Wall Street violated the Racketeering Act. Read it and weep. Then for our national interest, please share this with your friends and colleagues. I thank the loyal Sense on Cents supporter who brought this story to my attention. LD)
On March 2, 2010, I was invited on CNBC’s Street Signs to discuss Goldman Sachs. I pulled no punches that day in cautioning people interested in Goldman Sachs that the greatest risk with Goldman was its’ ‘reputational risk’. For those who care to view that 4 minute Media Appearance on CNBC, my specific comments about GS’ reputation come in at about the 3-minute mark.
Over the last fourteen plus months, the Dow Jones Industrial Average is higher by approximately 20% and Goldman Sachs’ stock is lower by approximately 10%. (more…)
Raj Rajaratnam: GUILTY ON ALL COUNTS!!
Posted by Larry Doyle on May 11th, 2011 10:43 AM |
In the case of Raj Rajaratnam, he was just found guilty on all 14 counts.
I am sure he will appeal this verdict. That said, under the sentencing guidelines he faces up to 20 years in the sin bin. Let’s revisit the story I highlighted on Rajaratnam back in the fall of 2009 when he was initially indicted.
Fatal Character Flaws Bring Down Wall Street Titans (more…)
Auction Rate Securities Update: Raymond James Claims ‘Meritorious Defenses’
Posted by Larry Doyle on May 11th, 2011 9:14 AM |
Three plus years and counting and with little indication that a full blown settlement of the auction-rate securities nightmare is close to happening, the crowd at Raymond James asserts it has ‘meritorious defenses’ against making its clients whole.
Really? How interesting.
Does Raymond James hold a trump card that nobody else is even aware is in the deck? Why is it that Raymond James provides such bluster at this time? Is the heat rising in Ray Ja’s kitchen? Let’s navigate as Investment News yesterday highlighted, ARS Mess Could Cost Raymond James Up to $50 Million,
Raymond James Financial Inc. said today it could face a loss of $25 million to $50 million if it immediately has to buy back distressed auction-rate securities from clients. (more…)
When Will The European Union Collapse?
Posted by Larry Doyle on May 10th, 2011 8:36 AM |
2011? 2012? 2013? 2015? 2020?
Who is willing to make book that the European Union as we know it will no longer exist within any of the time frames highlighted above? You think I’m reaching? I don’t. Why? Let’s navigate.
The core principle of the Prisoner’s Dilemma promotes that individual economic entities will act in their own self interest at the expense of a collective interest. We witness this dilemma at work within many economic circles in the world today.
Why do individual economic units behave in such a fashion? Often a lack of trust and a true sense of partnership will compel one economic unit– be it a state, a nation, or a trade bloc– from fully cooperating and embracing its supposed partner. While this dilemma is causing real conflict and friction in many parts of the world today, I believe the dilemma is most troubling within the peripheral countries of EU. Why so? (more…)
“Fix Pensions and We Won’t Have to Fire Teachers”
Posted by Larry Doyle on May 9th, 2011 9:36 AM |
You do not need to read Sense on Cents to know that many of the states in our union are drowning amidst a sea of future pension obligations. While state treasurers and legislators are all too often inclined to play financial games and utilize smoke and mirrors to disguise the burden of these pension obligations, the absolute figures are so astronomical and will require a meaningful restructuring. Might that happen? Would public employees actually swallow a very real revaluation of their pension benefits?
Marcia Fritz, the head of the California Foundation for Fiscal Responsibility, is calling for her state to do just that. Ms. Fritz recently released a statement entitled, Fix Pensions and We Won’t Have to Fire Teachers,
California taxpayers would save billions of dollars that would flow to public schools, community colleges and universities if state and local public employees retired with benefits comparable to those provided to employees of Silicon Valley’s top companies. Teachers’ jobs would be saved and school programs spared. (more…)
Jammin’ with Recession Sessions
Posted by Larry Doyle on May 7th, 2011 9:06 AM |
For a little weekend Sense on Cents entertainment, I am happy to promote the youthful musical exuberance of Recession Sessions. This group of young artists utilizes their musical talents to comment on the issues which we address everyday while navigating the economic landscape.
Who are Recession Sessions?
Recession Sessions was born in 2008 out of the desire to capture the Great Recession in song. From early worries of stagflation, to the more recent implementation of a second round of quantitative easing, we tried to capture the major events of the crisis as they unfolded. Three years and several continents later, the album is finished, but is the crisis really over yet?
We believe that it takes an unusually creative and unique approach to make a difference. A portion of sales will be used to support the Somerville Homeless Coalition, which provides crucial services to individuals and families in Greater Boston.
Take a listen and enjoy the brief 2-minute trailer highlighting the story, work, and talent of Recession Sessions.
1….2…3…..hit it!
LD
Gary Aguirre’s Commentary on Rajaratnam Verdict and Wall Street Insider Trading
Posted by Larry Doyle on May 11th, 2011 3:34 PM |
There are few Americans in our nation today who have displayed a greater degree of integrity and character than Gary Aguirre.
Gary who?
Gary Aguirre is a former SEC attorney who sued and settled with the SEC for wrongful termination. After departing the SEC he continued to pursue the case which brought Art Samberg of Pequot Capital to his knees.
I highlighted Gary Aguirre, that case, and much more last December in writing, Connecting the Dots: The US Attorney, The SEC, Art Samberg, Pequot Capital, Hush Money, Lying and More. Today we hear from Mr. Aguirre. (more…)
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