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Archive for July, 2012

HR 757: “We the People” for Real Investor Protection

Posted by Larry Doyle on July 31st, 2012 10:06 AM |

In the same spirit as that which inspired those who signed our Declaration of Independence, I welcome attaching my name to the following proclamation in support of HR 757 for real investor protection. What makes the proclamation highlighted below so special? It is truly a grass roots effort. As noted attorney Helen Davis Chaitmain asserted:

People are contributing money for these ads in order to educate the electorate that our representatives (and the SEC) have forgotten that they represent the people.  They have allowed Wall Street (“SIPC”) to renege on its statutory obligation to insure each brokerage account up to $500,000.  Why would any honest hard-working American vote for someone who doesn’t support this bill?”


Sense on Cents Supports HR 757

Posted by Larry Doyle on July 31st, 2012 6:05 AM |

Earlier this year I came out in support of HR 757, legislation drafted and proposed by Rep. Scott Garrett (R-NJ), to address the sham perpetrated by the Securities Investor Protection Corporation (SIPC) upon innocent investors. As I wrote in support of HR 757 then,

Why are we discussing SIPC today? Recall that post Bernie Madoff, the SIPC fund was depleted. Recall also that for approximately 13 years those paying into SIPC were charged an annual premium of $150 in order to put the SIPC stamp of protection on their brokerage statements.

Did you just spill your coffee and think I must have mistyped that figure. I didn’t. I highlighted that ridiculous figure in November 2009.

$150 annual premium paid by each and every Wall Street brokerage house to put a stamp of investor protection on their statements. What type of insurance do you purchase for a $150 annual premium? Seriously.  (more…)

Chick-Fil-A: Is Free Enterprise Still Free?

Posted by Larry Doyle on July 30th, 2012 11:52 AM |

I do not find it surprising that certain political leaders in our nation easily lash out in threatening fashion to those running a free enterprise. Why am I not surprised? In the “Uncle Sam” economy that permeates our nation, the violation of contracts and property rights has become increasingly prevalent.

In that vein, we should not be surprised when leaders of certain cities and towns spew forth intimidating statements to those running a free enterprise. I refer specifically to recent statements delivered by the mayors of Boston, Chicago, and San Franciso and directed at the president of Chick-fil-A, Dan Cathy.

Regardless of what one may think about controversial topics of the day, including same-sex marriage, last I checked individuals in our nation not only had the right to free speech but then also the constitutional rights to free enterprise. (more…)

Listen to “Main Street Out Loud” This Afternoon

Posted by Larry Doyle on July 28th, 2012 7:21 AM |

webassets/standingredweb.JPGTired of the same old contrived conversations on the airwaves and news channels of America? Would you like to listen to people speaking “truth to power?” If so, I assure you that you will not be disappointed if you tune in this afternoon (6pm-7pm EST) to Main Street Out Loud with Rudi K,

. . .  recognized as “the premier political and issue driven talk show on weekend radio“.  We invite you to tune in to a live broadcast and/or listen to past programs. Hear for yourself why we continue to increase our audience share around the world.  We enjoy hearing from listeners — so send us an email.  We really do want to know, “What’s on your mind?”  (more…)

Libor Scandal: Trader Highlights Manipulation in 1991

Posted by Larry Doyle on July 27th, 2012 10:03 AM |

When did the scandalous manipulation of the London Interbank Overnight Rate, that is Libor, really begin?

I have posed that question often over the course of the last month. E-mails emanating from Barclays point to manipulation of Libor back in 2005.

The industry and regulators would clearly like to keep the focus of this scandal to the crisis period of 2008. Why is that? The excuse of, “We were trying to save the system” would seem to provide a very wide cover for all parties involved. But, again I ask, when did it really begin?  (more…)

Preet Bharara On “Too Big to Prosecute”

Posted by Larry Doyle on July 27th, 2012 6:48 AM |

How is it that America has not seen more indictments and prosecutions on Wall Street? That question, perhaps more than any other, is the cause of so much underlying rage and anxiety in our country. Why is that?

I firmly believe that the overwhelming majority of people in our nation embrace the principle of fair play and understand when that principle has been violated. In the process of that violation, people want justice to be served. Then why is that we have not witnessed more prosecutions on Wall Street?

Are certain institutions — and in my opinion, certain individuals — by definition, “too big to prosecute?” In a nation of laws, no institution or individual should ever be “too big to prosecute.” Then why haven’t we seen the indictments and prosecutions of senior executives at major firms on Wall Street?   (more…)

Breaking Up the Banks? . . . Just a Start

Posted by Larry Doyle on July 26th, 2012 6:50 AM |

The news yesterday that once renowned banker Sandy Weill has called for the breakup of the now “too big to fail” banks is treated as some sort of earth shattering news development. News? Really? “Sandy, where ya’ been, my man?

In the neighborhood of my youth, news of that sort was typically used to wrap the daily catch down at the local pier.

While those on the airwaves may care to direct a measure of respect to Mr. Weill, the call to break up the “too big to fail” banks is little more than yesterday’s news. Who made this call early on?  (more…)

What Truly Happened? The Top Ten Unfinished/Untold Stories of Our Economic Crisis

Posted by Larry Doyle on July 24th, 2012 8:23 PM |

With the development of internet applications and various social media sites, do you ever find yourself looking back to see what happened to specific situations or individuals in your past?

I am going to guess most people have navigated back down the road to do just that at least once over the past year or so. Perhaps sometimes you learn what truly happened to people and situations in your past, and sometimes you don’t.

In this spirit, let’s take a break from the daily flow of news and scandals and look back in time. (more…)

Barclays Libor Scandal: Naming Names

Posted by Larry Doyle on July 24th, 2012 8:38 AM |

When battling wildfires, firefighters will very often scorch the earth and sacrifice acreage and property as a defensive mechanism against the wildfire taking over and destroying even more valued territory.

As I review recent developments in the scandalous Libor “wildfire,” a mental image of that defensive strategy runs through my head. Why is that?

With news of pending arrests in this case, we awake this morning to see a number of individual names released by The Wall Street Journal as seemingly ring leaders and participants in this scandal.  (more…)

America’s Unspoken Crisis Is a “War on America”

Posted by Larry Doyle on July 23rd, 2012 7:43 AM |

Can you imagine the lengths our nation would go to address and eradicate a social situation correlated very highly with activities (including juvenile murder and rape) that land people in prison?

Can you further imagine the outcry to address this social situation if it were also highly correlated with an increased risk of suicide?

What if over and above those high correlations, this social situation was also very highly correlated with children dropping out of school? Clearly the public outcry would be earth shattering and the march on Washington would be historic in nature, no?  (more…)

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