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HomeStandard Chartered Scandal: “Asian Regulators Had Lost Faith in American Regulators”
Posted by Larry Doyle on August 13th, 2012 8:58 AM |
I would not expect that Benjamin Lawsky, superintendent of the New York State Department of Financial Services, is receiving many invitations on the Washington cocktail circuit currently.
When Lawsky recently brought to light the alleged longstanding Iranian money laundering activities at Standard Charted Bank, he not only dropped a bombshell on the institution, he dropped an even bigger explosive into the midst of America’s largest financial regulators. Good for him and for us.
We are long overdue for somebody with a real set of balls to expose the crony capitalism that defines our domestic and international banking and regulatory system these days. (more…)
Why Paul Ryan Will Deliver a Romney Victory
Posted by Larry Doyle on August 11th, 2012 2:01 PM |
Why am I so excited about the choice of Paul Ryan as Vice-President on the Republican ticket in the 2012 campaign and why do I think Romney’s selection of Ryan will deliver victory in November?
Please view a serious and measured address given by Ryan this past April. Ryan hits upon the most critical issues of the day including: (more…)
Sense on Cents Loves Paul Ryan as Vice-President
Posted by Larry Doyle on August 11th, 2012 9:06 AM |
We are LONG overdue to have adult conversations in our nation about the issues that are leading us into social depravity and economic depression.
With the choice of Sense on Cents Hall of Famer Paul Ryan as the Vice-Presidential choice on the Republican ticket, today is a great day for America and those who care about its future. Why so?
Just yesterday I revised the layout here at Sense on Cents to highlight the massive deficits that are a choke hold on our children and the future quality of life in America. Look to your left at those numbers soaring ever higher. Those numbers are bills being left to all our kids. (more…)
Joel Thurtell Shames Poway, CA Financing
Posted by Larry Doyle on August 10th, 2012 7:56 AM |
Do not discount the lengths to which some will go to satisfy a perceived current need while screwing future generations with an exorbitant — dare I say usurious — bill.
Just another day atop Capitol Hill, you think? No, for this scandalous behavior let’s navigate to Poway, California where town leaders recently utilized a capital appreciation bond to finance selected school operations.
How do capital appreciation bonds work? Well if you wanted any evidence as to the ignorance of the American public and the willingness of local pols to go to any lengths to feed the pigs then this story truly takes the cake. (more…)
Libor Scandal: UBS Plays the “Most Dangerous Game”
Posted by Larry Doyle on August 9th, 2012 9:00 AM |
“You want loyalty? Get a dog.”
Wall Street management was notorious for playing the loyalty card with employees when they were preparing to screw them during bonus season. I am going to guess that those loyalty conversations do not carry much weight anymore. Certainly not at UBS.
In what I would define as the financial equivalent of the classic story, “The Most Dangerous Game“, the intrigue currently within the offices at Union Bank of Switzerland redefines the Wall Street employer-employee relationship. Let’s navigate into this unknown and uncharted territory. (more…)
Standard Chartered Scandal: Crime Pays
Posted by Larry Doyle on August 8th, 2012 9:07 AM |
If in fact — and as reported — the UK-based Standard Chartered Bank is fined a token $700 million for the violation of American sanctions in dealing with Iran, then we are left with only one conclusion: CRIME PAYS. (A second conclusion would be that our regulators and government officials are in the pockets of the banks BUT we already knew that.)
There are allegedly $250 billion worth of transactions in question in this Standard Chartered scandal. A slap on the wrist of $700 million would equate to less than .3 of 1% (.003) for dealing with the crowd that would like to see Israel obliterated. (more…)
Standard Chartered: Friends Like This, Who Needs Enemies
Posted by Larry Doyle on August 7th, 2012 9:07 AM |
Dealing with terrorists, weapons dealers, drug lords, and corrupt regimes would all seem to take a back seat to the pursuit of profit and revenue at the UK-based Standard Chartered Bank.
In what has to be a new low in terms of financial intermediation, the crowd at Standard Chartered stands accused this morning by the New York State Department of Financial Services of being a rogue institution.
In what might seem to be a potential script for a Harrison Ford thriller but is regrettably all too real, the Financial Times hits Standard Chartered hard in reporting, StanChart Shares Hit Over Iran Probe,
Shares in Standard Chartered plunged nearly 25 per cent on Tuesday after the New York State financial regulator accused the UK bank of hiding $250bn of transactions with the Iranian government. (more…)
Weekend Reading Re: Knight Capital and HFT
Posted by Larry Doyle on August 4th, 2012 7:09 AM |
Investors are constantly confronting the question whether it is safe to go in the water, that is, to commit capital and make an investment.
With so much concern already surrounding the structure of and practices within our equity exchanges, there was serious fuel added to these fires with the malfunction and accompanying meltdown at Knight Capital this week.
This story and situation deserve serious attention. To that end, when I want to know what goes on within the equity markets, I immediately go to the most reliable source. Who is that? Our resident Sense on Cents’ Hall of Famers Joe Saluzzi and Sal Arnuk at Themis Trading. What do these ‘men in the arena’ have to say about the Knight Capital debacle and the structure of the equity markets overall? (more…)
My Focus on Exports Not Employment
Posted by Larry Doyle on August 3rd, 2012 9:50 AM |
The monthly jobs report came out and is viewed as slightly better than expected but provides both sides of the political debate sufficient fodder to spin it to their advantage.
While equity markets want to put a happy face on the report (an increase in non-farm payroll of 163,000 jobs along with an uptick in the unemployment rate to 8.3%), I have little real confidence in the report signaling meaningful improvement in our economy.
Why am I concerned that our economy is poised to slow and potentially contract? Forget the employment report, let’s look elsewhere to get a better read on economic growth going into year end. (more…)
FINRA “Meter Maids” Top 25 Fines: “Ain’t No Party”
Posted by Larry Doyle on August 2nd, 2012 9:09 AM |
Wall Street’s self-regulator FINRA just celebrated its 5 year anniversary. Congratulations to them. Sympathies and condolences to the rest of us.
The Securities Technology Monitor highlights FINRA’s birthday with a grandiose slideshow presentation entitled, The First Five Years; FINRA’s Top 25 Enforcement Cases. While those at FINRA might be celebrating the anniversary with cookies, cupcakes, and lemonade, let’s take a more critical review of Wall Street’s industry-funded private police detail. (more…)
