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HomeXu Xiaonian Speaks ‘Sense on Cents’
Posted by Larry Doyle on January 24th, 2013 9:04 AM |
Who would have thought that we would or should need to navigate to The People’s Republic of China to gain a basic understanding of how to grow our economy but let’s do just that and meet Xu Xiaonian of the China Europe International Business School.
What is the CEIBS vision?
To become the most respected international business school by linking East and West in teaching, research, and business practice and by promoting China’s social and economic development through high-impact knowledge creation and dissemination.
What pearls of economic wisdom, or dare I say ‘sense on cents’ does Professor Xiaonian have to share? (more…)
Barclays Wealth: Little More Than a Boiler Room?
Posted by Larry Doyle on January 23rd, 2013 9:11 AM |
The cover up is often worse than the crime.
How often have we seen that reality play out? All too often. Might we see it play out once again at Barclays Wealth Management, a division of Barclays Global?
Well, depending on how aggressive financial regulators — I know, that is an oxymoron — might be, the operation at Barclays Wealth may prove to be particularly volatile and potentially explosive. How so? If there is a shred of truth in a story emanating in the UK, then Barclays Wealth might only be compared to some of the best boiler room operations on Wall Street. (more…)
PBS’ Frontline: Fraud Was . . . The F-Bomb”
Posted by Larry Doyle on January 22nd, 2013 7:29 PM |
I will be watching Frontline this evening on PBS as a documentary on fraud within the mortgage industry airs. This show, The Untouchables, will interview a number of mortgage due diligence underwriters.
What did they have to say? This 5-minute Frontline preview says a lot, including ….
“Fraud in the due diligence world, fraud was the F-word or the F-bomb,” said Tom Leonard. “You didn’t use that word,” (more…)
Ignoring Our Deficit Is Irresponsible
Posted by Larry Doyle on January 22nd, 2013 11:28 AM |
Do you remember where you were and what you were doing in 2005? Although much has transpired over the last 8 years, in many regards 2005 seems like just last week. As I think most would attest, if we think the last 8 years went by quickly, the next 8 will go by even quicker. Why is that such a concern?
For the very simple reason that if we do not prepare NOW, the future for our nation and ALL citizens of the United States will be decidedly more challenging. Why so? As the Financial Times addresses today,
It is the 2020s when the big spending will start. The baby boomers, into their 70s, will start getting sick; the Social Security retirement age will stabilise at 67 in 2022; and the CBO is unwilling to assume that certain controls on medical costs will stick for more than a decade. The revenue and spending paths will become irreconcilable. Debt will pile up – and quickly. (more…)
Martin Luther King: “I Have a Dream”
Posted by Larry Doyle on January 21st, 2013 10:00 AM |
In the summer of 1963, Martin Luther King delivered his “I Have a Dream” speech at the Lincoln Memorial in Washington D.C.. On this the day that our nation honors Dr. King, I welcome sharing his words once again so that we may try to reflect on where our nation stood at that point in time and simultaneously critique ourselves as to where we stand today.
“I Have A Dream”
I am happy to join with you today in what will go down in history as the greatest demonstration for freedom in the history of our nation. (more…)
Weekend Read: Bill Bratton’s Cures for Gun Violence
Posted by Larry Doyle on January 19th, 2013 12:55 PM |
Given all of the attention to the gun issue, I welcome sharing this Wall Street Journal Weekend Interview with William Bratton. Who is he? Former New York City (and Los Angeles) police commissioner. How did he do while In New York?
Mr. Bratton publicly promised to cut crime by 10% in his first year and 15% in his second. Privately he told Mr. Giuliani that crime would drop 40% in three years.
And down it went. In two years, murders fell 39%, robbery 31%, burglary 25% and car theft 36%. By 1998, two years after he left the job but with his programs firmly in place, murders had fallen 70%, robbery 55%, burglary 53% and car theft 61%.
How might he address the gun issue currently? (more…)
UPDATE: Who Will Be Next Head of the SEC?
Posted by Larry Doyle on January 18th, 2013 8:42 AM |
Two months ago, I inquired as to who might be our nation’s next chief financial cop, that is, the next head of the Securities and Exchange Commission.
Are we about to see a continuation of the Wall Street-Washington revolving door at work for this critically important position? How so?
A leak yesterday puts the name of Mary Jo White into the mix to head the SEC. Who is she? Is she the right person for the job? Not according to Sense on Cents Hall of Famer Gary Aguirre, who pulled no punches yesterday in asserting,
“Obama is not going to clean up financial corruption by pinning a sheriff’s badge on Wall Street’s protector-in-chief.” (more…)
Fed Governor Fisher: “Break Up TBTF Banks”
Posted by Larry Doyle on January 17th, 2013 11:54 AM |
Three days ago I wrote how strongly I believe that the Wall Street landscape needs to be restructured. How so? I made my case in defining Wall Street as an oligopoly and Why Should the Banks Be Broken Up?
I concluded my commentary by highlighting that Dallas Federal Reserve governor Richard Fisher would be addressing this same topic on Wednesday evening. What did the good governor have to say? (more…)
Calling All Auction-Rate Holders: OPEN FORUM
Posted by Larry Doyle on January 17th, 2013 8:57 AM |
We are now less than one month away from the five year anniversary of what I believe is the greatest fraud ever perpetrated on Wall Street. Regular readers know I am referencing the ARS (auction-rate securities) tragic debacle. I have been remiss in not addressing this situation for more than a few months and apologize for that.
Some past holders may wonder, “Is the ARS pain ongoing?” Indeed it is. Tens of billions of ARS remain outstanding. Some individuals and institutions still trapped in the painful ARS predicament may wonder if anybody even still cares about their plight. We do. Not only investors, but ARS issuers as well were ensnared by the Wall Street ARS trap and continue to experience very real pain in the process.
I broach this topic once again thanks to a reader who shared the following story about a communications firm entangled in the ARS mess the other day: (more…)
Federal Reserve Governors Comments from 2007
Posted by Larry Doyle on January 18th, 2013 7:12 PM |
If anybody thinks that the governors of the Federal Reserve have any degree of foresight on the economy, the following transcripts from 2007 are a MUST read. One governor, (yes one and it was not Ben Bernanke), displayed real foresight and expressed real concern on what likely lay ahead on our economic landscape. Who was it? The one I recently highlighted as calling for the breakup of our TBTF megabanks. That would be Dallas Fed governor Richard Fisher.
After reading this release provided by the WSJ, you may doubt the Fed’s collective capability in managing the economy.
(more…)
Tags: Ben Bernanke 2007 comments, does the Federal reserve understand the economy, Fed comments about sub prime mortgages, Federal Reserve, Federal reserve comments from 2007, Federal Reserve governors comments from 2007, Federal Reserve transcripts from 2007, Janet Yellen 2007 comments, Richard Fisher comments from 2007, Tim Geithner comments from 2007
Posted in Federal Reserve, General | 1 Comment »