Archive for February, 2012
Posted by Larry Doyle on February 29th, 2012 6:27 AM |
Michael Douglas? Have we gone totally soft?
Does America need to call on Michael Douglas, as the FBI recently did, to promote that “greed really is not good”?
Call me unimpressed.
Who would Sense on Cents like to see as the 2012 face to counteract insider trading activity on Wall Street? Not Michael Douglas, but more on this later.
There are many others to whom America might care to listen to understand basic virtues and values. That said, while many in America may be somewhat amused to see Douglas’ face on the Wall Street Journal’s front page, let’s get a little more serious on this topic of insider trading. (more…)
Tags: Al Pacino as Serpico, Barry Goldsmith FBI, David Chaves FBI, finra liquidation of ars, FINRA SEC auction rate securities, Gordon Gekko vs Serpico, hedge fund insider trading activity, insider trading on Wall Street, insider trading on Wall Street 2012, Larry Doyle Sense on Cents, Michael Douglas insider trading, Michael Douglas Wall Street Journal, Perfect Hedge operation on Wall Street, Raj Gupta Goldman Sachs insider trading, ultimate insider trading on Wall Street, Wall Street insider trading 2012
Posted in FINRA, General, insider activity, insider trading | 5 Comments »
Posted by Larry Doyle on February 28th, 2012 6:46 AM |
The cost of college and the accompanying burden of student loan payments are having an enormous impact across many segments of our economic landscape.
From basic consumer spending habits to decisions on living arrangements and so much more, recent college grads are facing a decidedly different economic future than their counterparts a decade or two ago.
I ask once again, Are Student Loans an Impending Bubble? Is Higher Education a Scam?
Many people in the field do forecast an impending student loan debt bomb. Why should we be concerned? For the very simple reason that the bomb is ENORMOUS!! (more…)
Tags: Are Student Loans the Next Bubble?, college costs, cost of college, effect of rising cost of college, handling student debt, how to deal with rising cost of college, impact of rising cost of college, John Rao NACBA, Lake Erie College of Osteopathic Medicine, Mark Kantrowitz FinAid.org, NACBA, NACBA William Brewer, national Association of Consumer Bankruptcy Attorneys, rising cost of college, Rosell Schenk, student debt, Student debt is Stifling Home Sales, student loan debt bomb, student loans, total amount of student debt, weight of student debt
Posted in General, student loans | 8 Comments »
Posted by Larry Doyle on February 27th, 2012 8:27 AM |
How are MF Global customers supposed to protect themselves when financial regulators and our legislative bodies show themselves to be incapable of performing that basic duty?
Those engaged in the unseemly acts of Wall Street-Washington Incest have shown their true colors in allowing the most innocent of investors in our nation to be trampled. How un-American of them. That said, while our incestuous ‘friends’ may leak stories over the weekend indicating that the MF Global fight for justice is largely over, let us show them that the fight has only just begun. How might we do so?
Let’s get very specific and highlight an impassioned plea by an MF Global customer who is crying out for help. Sense on Cents welcomes providing a forum to do just that. (more…)
Tags: Edith O' Brien Jon Corzine MF Global Preet Bharara Charlie Gasparino, fight for justice for MF Global, Matthew 25:40, MF Global, MF Global custome rmakes impassioned plea, MF Global customers, MF Global funds, MF Global Jon Corzine, Wall Street Journal Whodunit at MF Global, Wall Street-Washington incest, what is happening to MF Global customers
Posted in General, MF Global | 10 Comments »
Posted by Larry Doyle on February 26th, 2012 4:00 PM |
Every now and then I come across a piece of research that resonates so strongly with my beliefs and also outlines my hopes and desires for launching Sense on Cents. I thank the regular reader who shared just such a piece with me earlier this week.
I exhort you to save this commentary so you can savor the wisdom provided by one of the greatest financial minds in the world today. Of whom do I speak? Jeremy Grantham.
I provide some appetizers from Grantham’s work to excite you to read and share his entire work to which I link at the end. It does not get better than this!!
Jeremy Grantham provides investment advice, his take on the shortcomings of capitalism, and his investing observations for 2012 in this three-part “Longest Quarterly Letter Ever:” (more…)
Tags: GMO, Grantham on risk, Jeremy Grantham 4Q letter, Jeremy Grantham on investing, Jeremy Grantham on markets and economy, Jeremy Grantham outlook on market and economy, Jeremy Grantham research piece, threats to capitalism, who is Jeremy Grantham
Posted in General | 1 Comment »
Posted by Larry Doyle on February 25th, 2012 9:07 AM |
Four full months have passed and MF Global customers are still out a reported ~$1.6 billion.
How are these individuals and entities surviving? Will they ever see a return of their funds? Will the public ever learn what truly happened in those fateful days and hours when this firm went down the tubes?
Don’t hold your breath.
In a not unsurprising manner, we receive word on a late Friday afternoon that the investigation into the MF Global demise may be little more than a case of sloppy controls and compliance. Is this to be believed? (more…)
Tags: Charlie Gasparino Fox Business, Charlie Gasparino MF Global, Corzine relationships on Wall Street and in Washington, criminal acts at MF Global, Edith o' Brien MF Global assistant treasurer, grand jury for MF Global, immunity for Edith O' Brien, Jon Corzine, JP Morgan MF Global, Larry Doyle, MF Global compliance, MF Global Customer funds, MF Global customers, MF Global demise, MF Global investigation, Preet Bharara, sloppy bookkeeping at MF Global, what really happened at MF Global
Posted in General, MF Global | 10 Comments »
Posted by Larry Doyle on February 24th, 2012 6:54 AM |
All reports to the contrary, unless and until our housing market stabilizes you can rest assured our economy is NOT going to rebound in a meaningful fashion anytime soon.
A wide array of government sponsored mortgage programs to date have yielded very limited support. Uncle Sam has written checks and violated many a moral hazard via these programs, but has very little to show for it in return.
As we enter into 2012, the markets for purchasing versus rental in many geographic regions of our nation are dramatically different. Might a program which promotes converting current foreclosures to rental properties be viable? (more…)
Tags: a sensible solution for housing, foreclosure crisis, housing scams, how to solve our housing crisis, Ken Rosen, Lew Ranieri, Options for Real Estate Owned, Private Sector Solution to Foreclosure Problem, rental program for foreclosed properties, renting foreclosed properties, renting out foreclosed properties r
Posted in General, Housing Crisis | 3 Comments »
Posted by Larry Doyle on February 23rd, 2012 12:58 PM |
“You can’t regulate and legislate for greed and stupidity.”
In the course of a riveting 30+ minute interview, soon to depart public relations chief Lucas van Praag of Goldman Sachs made the above point and many more as he spoke openly and extemporaneously on a number of topics.
The fascinating dynamic at work in this interview with the Dutch television program Tegenlicht is the fact that van Praag does not seem to fully appreciate that he is being taped. Much of what van Praag addresses would seem to toe the Goldman party line, but he does speak in such a matter of fact style that we learn a lot about the mentality and culture at work inside the offices of Goldman Sachs.
What are some of the general themes of van Praag’s commentary? (more…)
Tags: do investors understand how Wall Street works, do legislators understand how Wall Street works, Dutch television program Tegenlicht, Goldman PR chief, Goldman Sachs culture, Goldman Sachs Lucas van Praag, Goldman Sachs risk model, Goldman's risk management system, impact of repeal of Glass Stegall, inside Goldman Sachs, investors do not understand, Lucas van Praag, people don't understand Wall Street, public does not understand Wall Street, Sense on Cents instant classic, van Praag's accidental exit interview, world of Wall Street
Posted in General, Goldman Sachs | No Comments »
Posted by Larry Doyle on February 22nd, 2012 2:01 PM |
I have crossed paths with some exceptionally interesting people while navigating our economic landscape and writing Sense on Cents over the last few years. These individuals encompass a wide swath of our American population and include investors, economists, lawyers, consumers, small businesspeople, bankers, students, and so many more.
While I admire and respect most of the people with whom I interact, there are a handful who truly occupy a very special place in my heart and in the Sense on Cents Hall of Fame. Who are these people whom I consider true American heroes? (more…)
Tags: American heroes, blowing the whistle, Darcy Flynn, Don't trust your government, essential voices for Accountability, examples of whistleblowers, exposing fraud, exposing waste fraud and corruption, Gary Aguirre whistleblower, Government Accountability Project, Harry Markopolos, Peter Sivere whistleblower, Sense on Cents Hall of Fame, Sherry Hunt Citigroup Mortgage, what is whistleblowing, Whistleblower Tour, whistleblowers, whistleblowing inside the SEC, who are our modern American heroes
Posted in General, whistleblowers | 3 Comments »
Posted by Larry Doyle on February 22nd, 2012 6:28 AM |
This commentary provides a wealth of details and data along with some fabulous links. I firmly believe it covers the most important issues which will determine the future health and prosperity of our nation. It is a little lengthy, and for some perhaps overly sensitive—dare I say politically incorrect—but I hope you will take the time to read, review, and comment upon it. Thanks. LD
While there are plenty of pols in Washington and elsewhere who would like to paint a picture of a land divided along class lines, let’s not get distracted by those merely making noise to score political points.
Let’s dig a little deeper and determine who is not keeping up along our economic landscape . . . and why? (more…)
Tags: America's Promise Alliance Cities in Crisis, As Job market Mends Dropouts Fall Behind, class warfare in America, Editorial Projects in Education Research Center, Education, Education Gap Not Income Gap is America's Number 1 Problem, education impact on jobs and income, graduation rates in urban settings, graduatoin rates amongst minorities in America, high school dropouts, income disparity in America, income level vs education, income levels amongst classes in America, level of education impact on income and jobs, McKinsey Global Institute study on education, National Fatherhood Initiative, single parent birth statistics, single parent families and child abuse, single parent families and drug and alcohol abuse, single parent families and incarceration, single parent families and obesity, single parent families and poverty, single parent families and teen pregnancy, unemployment amongst high school dropouts, unemployment and education, unemployment and family structure, unemployment and single parent birth rates, who is Susan Lund of McKinsey and Company
Posted in Barack Obama, Education, Employment, General | 9 Comments »
Posted by Larry Doyle on February 21st, 2012 10:30 AM |
War. Street hockey. Hide the belt. Kick the can. Flipping cards.
The games of my youth growing up in my neighborhood section of Boston provide very fond memories. The best part of these games was the simple fact that everybody was included, the rules were clear cut, and the older kids looked out for the little guys.
In a manner of speaking, the central bankers of today are similarly engaged in a few different games. What are the games being played on both sides of the Atlantic? Kick the can and charades. Regrettably, the central bankers are not playing by the rules as we defined them.
(more…)
Tags: Bank Stress Tests Too Cloudy for Treasurers, central bank policy, central bankers games 2012, Fed Writes Sweeping Rules from Behind Closed Doors, Federal Reserve lack of transparency, financial settlement in Greece, fraud at CitiMortgage, games of youth in Boston in 1960s, Greece Faces Hurdles After Deal, Greece settlement, health of our banking system, kick the can and charades, lack of transparency at the Fed, rules of free market capitalism, settlement in Greece
Posted in European Central Bank, European Union, Federal Reserve, General, Greece | 7 Comments »