Archive for April, 2012
Posted by Larry Doyle on April 23rd, 2012 7:28 AM |
Having been away for the weekend, I missed last night’s edition of 60 Minutes and thank a loyal reader who brought it to my attention.
How is it possible that even today an institution such as Lehman Brothers, which clearly engaged in accounting maneuvers designed to disguise its true financial position, is not pursued so real justice can be meted out?
We keep coming back to the same old question: Where were the regulators, both the SEC and FINRA? Pervasive evidence over the years continues to persist that our regulators were and are fully and totally captured as they served to protect Lehman and virtually every other major Wall Street firm. The fact that the SEC has still not chosen to pursue Lehman executives is a massive indictment of our financial regulatory system. This is not a difficult assessment to make. Enough with the sovereign immunity for the SEC and absolute immunity for FINRA. Put these institutions and appropriate individuals on trial along with the appropriate Lehman execs…and many more. The integrity of our nation is at stake.
Watch this 13 minute video and ask yourself the question, “Is our system corrupt”? (more…)
Tags: 60 Minutes story on Lehman Brothers, absolute immunity, Anton Valukas Lehman bankruptcy, Barack Obama, Ernst and Young Lehman Brothers, financial regulators, FINRA Lehman Brothers, integrity of the United States, Joe Biden, Lehman bankruptcy, Lehman Brothers failure, Lehman shell game, Matthew Lee Lehman accountant, regulatory capture, Repo 105, Richard Fuld, SEC Lehman Brothers, sovereign immunity, Steve Kroft 60 Minutes, Steve Kroft story on Lehman Brothers, the case against Lehman and financial regulators, Wall Street-Washington incest, what really happened at Lehman Brothers
Posted in General, Wall Street Washington Incest | 17 Comments »
Posted by Larry Doyle on April 18th, 2012 6:50 AM |
This commentary is a little lengthy, but for those with even a passing interest in banking, our markets, our economy, and ultimately our nation it is a MUST READ. Think those in Washington really know what they are doing? Think all regulation is good regulation and that one size can truly fit all? The divide from Wall Street to Main Street is widening. To get a perspective on both sides of the street, read this fabulous review by M&T Bank’s Robert Wilmers. I recommend you save this, as we will refer back to it while we continue to navigate our economic landscape. LD
Reflections on the State of Banking and the Leadership Crisis
As relatively good a year 2011 was for M&T itself, it was far from an easy one. Indeed, it is difficult, for one who has spent more than a generation in the field, to recall a time when banking as a profession has been publicly held in such persistently low esteem. A 2011 Gallup survey found that only a quarter of the American public expressed confidence in the integrity of bankers. (more…)
Tags: banking, Banking Wall Street vs Main Street, Robert Wilmers, Wall Street banks vs Main Street banks, Wall Street vs Main Street
Posted in General | 9 Comments »
Posted by Larry Doyle on April 17th, 2012 7:54 AM |
Do readers recall Dick Fuld, then CEO of Lehman Brothers, railing against hedge funds that were attacking the once venerable firm by aggressively shorting its stock? Fuld maintained that these aggressors were engaged in a practice known as ‘naked short selling’ and that they brought Lehman to its knees in the process.
The last four years have brought us plenty of intrigue and innuendo about a host of illegal and illicit practices on and off Wall Street, but we have heard and seen little about this practice. Why? What questions need to be addressed on this topic? (more…)
Tags: Carl Hagberg Wall Street Conspiracy, Darren Saunders Activist, Dave Patch Activist, Dick Fuld, he's a crook Patrick Byrne, helen Avery US Editor Euromoney Wall Street Conspiracy, Jim Cramer Wall Street Conspiracy, John Harmer Wall Street Conspiracy, John O' Quinn Wall Street Conspiracy, Jonathan Feldman Eastern Savings Bank, Kristina Leigh Copeland, Larry Doyle Wall Street Conspiracy, Mark Faulk Wall Street conspiracy, naked short selling, optionsXpress, Overstock.com, Patrick Byrne CEO of Overstock, Reg SHO, Robert Shapiro Wall Street Conspiracy, SEC Charges Broker in Short Selling Scheme, Sense on Cents Wall Street Conspiracy, stock market fraud, Susanne Trimbath, they ripped off America, Wall Street conspiracy, Wes Christian lawyer Wall Street Conspiracy, what is naked short selling
Posted in General | 24 Comments »
Posted by Larry Doyle on April 16th, 2012 7:24 AM |
Who would not want to have some sort of forewarning regarding major market moves? While many brokers and financial planners are keen to offer insights as to what their in house strategists think of the market, remember these individuals and their firms ultimately and primarily get paid when they sell you products. How about an independent and insightful tip from an industry insider whom I have come to respect for a wide variety of reasons?
With the markets having recently experienced some indigestion, over the weekend this individual sent me what he kindly described as “the best tip you’ll ever get.” (more…)
Tags: a market tip, best tip, best tip you'll ever get, closed end fund, FCT closed end fund, floating rate fund, floating rate note fund, how to monitor debt conditions in mid-size business world, Morningstar, senior bank loans, senior loan fund, what is a closed end fund
Posted in General | No Comments »
Posted by Larry Doyle on April 13th, 2012 2:40 PM |
With so many sectors of the market displaying significant correlation, investors and traders have come to define market movements, in general, as ‘risk on’ and ‘risk off’.
Despite the fact that central banks have provided endless amounts of fuel to prop markets, there are still points in time when indicators flash warning signals that markets are overextended. Is now one of those times?
According to Bank of America Merrill Lynch it is. (more…)
Tags: Abhinandan Deb, Anders Armelius, Bank of America Merrill Lynch, Benjamin Bowler, Bloomberg, CDS, Chart of the Day, credit default swaps, Dave Wilson Bloomberg, Global Financial Stress Index, is the market overbought April 2012 h, is the market overextended April 2012
Posted in General | No Comments »
Posted by Larry Doyle on April 13th, 2012 9:09 AM |
UPDATE: This commentary written in mid-April 2012 should be read in conjunction with the following:
May 14th Review: Bloomberg Bombshells re: JP Morgan $2B Loss
May 12th review: $2B Loss? What Went Wrong at JP Morgan?
May 11th review: JP Morgan Whale: “Thar She Blows”
********************
Reports are swirling around Wall Street and the global markets about massive credit bets on the books at JP Morgan.
A JP Morgan trader in London, Bruno Iksil, has been nicknamed ‘the whale’. Iksil reports ultimately to Achilles Macris, JPM’s chief investment officer in Europe and Asia. Bloomberg had an interesting discussion this morning about Iksil, Macris, JPM, and these positions. Let’s watch and learn… (more…)
Tags: Federal Reserve, is JP Morgan Fronting for the Fed, JP Morgan, JP Morgan Achilles Macris, JP Morgan Bruno Iksil, JP Morgan credit, JP Morgan credit bets, JP Morgan credit exposures, JPM and Federal Reserve, Wall Street oligopoly
Posted in General, JP Morgan | 4 Comments »
Posted by Larry Doyle on April 13th, 2012 7:58 AM |
Do you ever wonder why we have not heard more people on Wall Street coming forth to expose practices and policies which were prevalent in bringing our economy and nation to its knees? What is holding people and firms back from coming clean? Why does the same scenario seem to be playing out in Washington as well?
Allowing bad behaviors to remain swept under the rug is little more than a catalyst for further bad behaviors down the road. Actually, punishing those who might look to expose bad practices promotes a code of silence which I strongly believe undermines confidence in our markets and our nation. I am very concerned that we are experiencing this very dynamic at play. Let’s navigate. (more…)
Tags: blowing the whistle on Wall Street, coming clean on Wall Street, FDA, Food and Drug Administration, GAP, Government Accountability Project, Jake Tapper, Jesselyn Raddack, Obama Administration's Treatment of Whistleblowers, Omerta, POGO, project on Government Oversight, shut up is business practice, the code of silence, Wall Street's code of silence, Wall Street-Washington incest, Washington's code of silence, whistleblowers on wall street
Posted in General, whistleblowers | 8 Comments »
Posted by Larry Doyle on April 12th, 2012 9:41 AM |
The greatest social program known to mankind is the two parent family.
I find it regrettable that for many in our nation, my broaching this topic is deemed politically incorrect and an inconvenient truth. Family issues encompass a wide array of social and economic topics. As such, and as I navigate our economic landscape here at Sense on Cents, I feel compelled to address them.
In my strong opinion, the media and those whom the media protect would like to distract the nation by discussing contraception rather than addressing the inconvenient truths of single parent families. Are we so narrow minded and unable to garner what is truly going on here? (more…)
Tags: Ann Romney, benefits of two parent families, Children's Living Arrangements, Consequences of Father Absence Statistics, contraception debate, Hilary Rosen, Hilary Rosen and the DNC, Hilary Rosen comments about Ann Romney, hilary Rosen Democratic National Committee, Hilary Rosen interview on CNN, Hilary Rosen interview with Anderson Cooper, Hilary Rosen on women's issues, inconvenient truths, National Fatherhood Initiative, political ploy about contraception, single parent birth rates in America, statistics on childhood health, statistics on childhood obesity, statistics on crime, statistics on education, statistics on substance abuse, statistics on teen pregnancy, stay at home Moms Hilary Rosen, the greatest social program known to mankind, two parent families, War on Women, welfare statistics
Posted in General | 2 Comments »
Posted by Larry Doyle on April 12th, 2012 7:14 AM |
“The mind, once expanded to the dimensions of larger ideas, never returns to its original size.” Oliver Wendell Holmes, Sr.
Uncle Sam and his friends in officialdom around the world may believe their ideas are of larger size and greater dimension. That point is open to debate. How do the old man’s ideas mesh with the principles of freedom and liberty?
Uncle Sam and his ‘friends’ make for very strange bedfellows . . . and lousy business partners. I cautioned people on this front a few years back.
The sanctity of contracts? Fuhgeddaboutit. The primacy of market based principles? How inconvenient! Protecting private capital? Why bother? (more…)
Tags: Barack Obama, Cumberland Advisors, David Kotok, Fannie Mae, Freddie Mac, housing finance, impact of Uncle Sam's presence, Larry Doyle, market based principles, Oliver Wendell Holmes Sr., post-Lehman world, presence of central banks, principles of freedom and liberty e, protecting private capital, sanctity of contracts, Supreme Court decision on healthcare, Uncle Sam, Uncle Sam economy, violation of contracts, when i suncle sam moving out of the house
Posted in General | 2 Comments »
Posted by Larry Doyle on April 11th, 2012 10:29 AM |
Those familiar with the shell game or three card monte are aware that in order to keep the game going, new players with new money are required to enter.
In the world of global finance, a wide array of iterations of these games are being played literally each and every trading day. Who often plays the role of both dealer and participant? The central banks.
Without these entities involved in the markets, there is no doubt that interest rates would be substantially higher than current levels. The critically important questions facing all investors are the following: (more…)
Tags: failed german bund auction, German bunds, ratings of sovereign debt, shell games in sovereign debt markets, sovereign debt, three card monte in government bond markets, value in government bonds
Posted in General | No Comments »
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To: Hilary Rosen and the DNC: Inconvenient Truths and The Two Parent Family
Posted by Larry Doyle on April 12th, 2012 9:41 AM |
The greatest social program known to mankind is the two parent family.
I find it regrettable that for many in our nation, my broaching this topic is deemed politically incorrect and an inconvenient truth. Family issues encompass a wide array of social and economic topics. As such, and as I navigate our economic landscape here at Sense on Cents, I feel compelled to address them.
In my strong opinion, the media and those whom the media protect would like to distract the nation by discussing contraception rather than addressing the inconvenient truths of single parent families. Are we so narrow minded and unable to garner what is truly going on here? (more…)
Tags: Ann Romney, benefits of two parent families, Children's Living Arrangements, Consequences of Father Absence Statistics, contraception debate, Hilary Rosen, Hilary Rosen and the DNC, Hilary Rosen comments about Ann Romney, hilary Rosen Democratic National Committee, Hilary Rosen interview on CNN, Hilary Rosen interview with Anderson Cooper, Hilary Rosen on women's issues, inconvenient truths, National Fatherhood Initiative, political ploy about contraception, single parent birth rates in America, statistics on childhood health, statistics on childhood obesity, statistics on crime, statistics on education, statistics on substance abuse, statistics on teen pregnancy, stay at home Moms Hilary Rosen, the greatest social program known to mankind, two parent families, War on Women, welfare statistics
Posted in General | 2 Comments »