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HomeAmar Bhide Makes Case for Volcker Rule
Posted by Larry Doyle on February 20th, 2012 8:50 AM |
Why do you think former Fed chair and widely respected central banker Paul Volcker paid a visit the other day to SEC head Mary Schapiro?
I would gather that Mr. Volcker was not there merely to exchange pleasantries. No, clearly Mr. Volcker was exhorting Ms. Schapiro to withstand the pressure currently being applied by many members of the Wall Street-Washington Incest society to water down the Volcker Rule which would curtail proprietary trading on Wall Street. (more…)
CitiMortgage, Further Evidence of Wall Street Racket
Posted by Larry Doyle on February 17th, 2012 11:35 AM |
The story of rampant abuse within CitiMortgage is garnering enormous attention throughout the blogosphere today.
Do you find it ironic that an institution such as Citi, which was saved by Uncle Sam in 2008, would be abusing the old man a full three years later? No surprise here.
In a financial system in which regulators are ill equipped and overwhelmed by industry practices, rampant abuse and fraud seems to have become endemic. I tip my hat to Sherry Hunt, a whistleblower within CitiMortgage, for exposing the fraud within the mortgage underwriting business at Citi for which taxpayers foot the bill. Ms. Hunt gains immediate induction into the Sense on Cents Hall of Fame in the process. (more…)
Profiting from Political Intelligence
Posted by Larry Doyle on February 16th, 2012 9:54 AM |
Gaining sensitive, market moving information is NOT by its very nature illegal or unethical. In point of fact, those who are ingenious and industrious enough to outwork and outsmart the competition are fully deserving of the benefits and rewards that come their way.
That ingenuity and industriousness are cornerstones of capitalism. I love it and commend those who ethically pursue these paths to success.
That said, how are these pursuits regulated? Who is monitoring the exchange of what might be exceptionally sensitive and insider information? Great questions. (more…)
Paul Ryan (R-WI): A Choice of Two Futures
Posted by Larry Doyle on February 15th, 2012 10:17 AM |
Markets manipulated by the presence of massive infusions of liquidity from central bankers may give the appearance of calm, smooth sailing but under the surface an explosion of epic proportions continues to build.
What is fueling that volcanic eruption?
Chronic deficit spending.
With our fiscal deficit having grown by trillions of dollars over the last few years, make no mistake the withdrawal pains and devastation from this out of control spending WILL be extraordinary. Not might be. WILL be. Borrowing from future generations may be a political art form in Washington but it is truly nothing more than a failure of governance. (more…)
Auction Rate Pain Continues: February 14, 2008 to February 14, 2012 Recommended
Posted by Larry Doyle on February 14th, 2012 6:07 AM |
“Larry, they have forgotten about me. I do not know what to do and I have nowhere to turn.”
In so many words, I received that message from an Oppenheimer Holdings customer just yesterday who continues to be unable to access his cash which remains locked up in auction-rate securities a full four years to the day that the ARS market totally froze.
This is America?
We have an administration and regulators which fabricate settlements and try to support people many of whom were financially imprudent? But who is standing up and speaking out on behalf of those remaining ARS investors who were defrauded by financial intermediaries and cannot access their funds from what were supposedly cash surrogate investments?
Four full years later and tens of thousands of our fellow citizens remain largely disenfranchised and disowned and unable to access tens of billions of dollars that is THEIR MONEY?
This is America? (more…)
Mortgage Settlement Pisses Into the Wind
Posted by Larry Doyle on February 12th, 2012 5:34 PM |
In a nation now all too familiar with a “too big to fail” banking system, a heavily manipulated and high frequency dominated equity market, and an incestuous financial regulatory system, we should not be surprised with a mortgage settlement that does little more than ‘piss into the wind’.
Pardon my cynicism, but one does not need to look too deeply into the recently announced mortgage settlement to understand there is little in the way of meaningful justice embedded in this contrivance. (more…)
Christie on Education: “How Disgusted I Am”
Posted by Larry Doyle on February 10th, 2012 3:41 PM |
I wrote earlier today about the need for those in college to “not let their classwork get in the way of their education.”
That said, in order to get to college or ahead in the world in the first place, each and every child in our nation needs a quality secondary education.
They are not getting it.
Obviously, family structure and other factors play a significant role in our children’s well being and development; however, when we have urban graduation rates of approximately 50%, education in many cities is largely in name only. From where do you think large percentages of our prison populations come? (more…)
Casey Gough’s “Do’s and Don’ts of Networking” or “Don’t Let Your Classwork Get in The Way of Your Education”
Posted by Larry Doyle on February 10th, 2012 11:09 AM |
I strongly believe the key to successfully navigating our economic landscape is education.
Given that I am passionate about mentoring, I try to impress upon all those whom I mentor the need to constantly expand their base of knowledge. I encourage them to read and learn from a wide array of resources including this blog and and also to utilize my Sense on Cents Career Planning link.
I also strongly encourage those whom I mentor that they “don’t let their classwork get in the way of their education.” How so? Developing street smarts, personal relationships, and business instincts are critical to long term success. How do we make this happen? Networking! (more…)
Bear Stearns circa 1985, “Thanks for the Memories”
Posted by Larry Doyle on February 8th, 2012 6:31 PM |
I worked as a mortgage trader at Bear Stearns from 1990 until the end of 1996. Having started my career in the early ’80s and learned a lot about the business at First Boston, I will readily admit that my stint at Bear took my time on the sell side of Wall Street to an entirely new level.
While Bear obviously suffered a traumatic demise in 2008, I hope whomever views this marketing video clip of Bear Stearns circa 1985 will appreciate that Bear was a dynamic company filled with many great people and a truly unique culture.
I thank the friend who shared this clip with me. I share it here in the hope that former colleagues may appreciate the memories and others may get a feel for a Wall Street trading desk from this era.
http://youtu.be/RLrQeJBRZAQ
I remember a lot from my days at the Bear. What do I most appreciate? (more…)
Questions of Fairness and Rectitude
Posted by Larry Doyle on February 8th, 2012 6:45 AM |
Stephen Moore wrote a commentary entitled A Fairness Quiz for the President in the Wall Street Journal yesterday which generated hundreds of comments. The comments seemed to break down largely along party lines. I think most of those commenting might not grasp the full picture.
With our nation in the midst of an increasingly confrontational political debate, I think it useful to promote serious questions of fairness and rectitude. In doing so, I would like to reference a fair bit of Mr. Moore’s commentary while passing over some of his more overtly political statements. Additionally, I include my own ‘sense on cents’ and add some of my own questions at the end. (more…)
