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Home“Stevie Boy” Cohen: Too Big to Prosecute?
Posted by Larry Doyle on March 18th, 2013 11:52 AM |
News released late Friday afternoon that the SEC has agreed to a settlement of $616 million with entities connected to SAC Capital is viewed as another indication that our financial police are playing hardball, right?
I mean $616 million is a lot of money, correct? Yes and no. Money is relative and playing hardball is in the eye of the beholder.
Did SAC and its founder Steven A. Cohen, aka “Stevie Boy” Cohen, just enter the realm of Goldman Sachs, JP Morgan, and the other heavyweights on Wall Street who have been defined as “too big to fail, to regulate, and to prosecute?” (more…)
What is Going on in Cyprus?
Posted by Larry Doyle on March 18th, 2013 8:23 AM |
News emanating from the Republic of Cyprus that depositors in its banks will likely be hit with a tax to support an EU bailout of this small nation is a warning signal that the financial system specifically and the world at large remains fraught with risk.
Some individuals within central banks and creditor nations may like to discount the impact of the taxing of depositors as no big deal. Additionally, I can already hear people asserting that Cyprus is a tiny nation with an economic GDP that is hardly statistically significant.
Should we disregard a tax on bank depositors that would relegate the topic of deposit insurance onto the garbage heap? At our peril. Let’s navigate. (more…)
Happy St. Paddy’s Day!!
Posted by Larry Doyle on March 17th, 2013 9:56 AM |
It is a great day for the Irish.
Saint Patrick spread the faith throughout Ireland. Today I hope that you may be a channel of the peace that runs through your faith — whatever it may be — and that you might spread your faith and peace to others as well.
In that spirit, I welcome sharing a brief yet classic Irish ballad.
Enjoy. . . and navigate accordingly.
Larry Doyle
Isn’t it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Josh Rosner Torches JP Morgan
Posted by Larry Doyle on March 15th, 2013 6:17 AM |
It is not often that an industry insider unleashes a report on a major financial institution that makes me sit up and immediately think, “I need to share this . . . . NOW.”
Well, I just sat up.
If you have any doubts that our “too big to fail” banks are out of control and hence “too big to regulate” and “too big to prosecute,” you will want to read a report written by Graham Fisher’s Josh Rosner.
I can assure you this report will generate a lot of focus from even the generally compliant financial media. I thank the friend of Sense on Cents who brought it to my attention. I recommend you put your coffee down as Rosner writes, >>>>> (more…)
Obama’s Two American Governments
Posted by Larry Doyle on March 15th, 2013 5:17 AM |
Do you ever think that politicians speak out of both sides of their mouth? Well, we know they do.
What do you make of the fact that our wizards in Washington during the current administration have passed pieces of legislation that would appear to be diametrically opposed to actual actions taken?
Standard double-speak, double-act? Let’s give credit where it is due to the folks at the Project on Government Oversight for highlighting the “bipolar” nature of our “governments” in Washington via the following pictorial: (more…)
Raising Minimum Wage: A Trojan Horse Disaster
Posted by Larry Doyle on March 14th, 2013 10:00 AM |
A few weeks back, I described raising the minimum wage as a jobs killer.
Readers chimed in and addressed the fact that the real beneficiaries of raising the minimum wage are the unions that often have wage contracts benchmarked to the minimum wage, and that the raising of this rate is really a Trojan horse.
So the question begs, if raising the minimum wage is, in fact, a Trojan horse, just how many people might be negatively impacted in terms of losing their job if it were to be raised? Let’s navigate and review a release by the Employment Policies Institute that highlights the following: (more…)
Income Distribution in America
Posted by Larry Doyle on March 13th, 2013 6:19 AM |
I would like to believe I am the ultimate free market capitalist. I embrace and respect those who take risk and embody the entrepreneurial spirit that is the engine of our nation.
I detest and abhor those who utilize their positions to further a spirit of crony capitalism in America. I would count many of our politicians from both sides of the aisle in this camp.
How do we advance the former group while exposing the latter? Well, that is a topic for another day.
Today let’s review a brief video (thank you to the readers who brought this to my attention) that some may like to use to advance a liberal agenda of income redistribution. I strongly believe that approach would be an enormous mistake, and merely serve to perpetuate and exacerbate our current problem with cronyism and government handouts/bailouts. Watch the video, and then I’ll make a few comments: (more…)
What Is “THE Key” to Asset Management Success?
Posted by Larry Doyle on March 11th, 2013 8:44 AM |
There are many factors that go into developing and maintaining a successful business enterprise. If you were asked, though, what is the single greatest key to business success, what would you say?
Gven that this blog is all about helping people navigate the economic landscape, let’s delve into what asset management firms believe is the key to their success. It should come as no surprise. The FT highlights this key point this morning in writing:
It is often said that trust is the hardest thing to gain, but the easiest to lose. The experiences of many fund management companies over the past few years are testament to that. (more…)
Morgenson:Corralling Mobsters, if Not Many Big Banks
Posted by Larry Doyle on March 10th, 2013 9:12 AM |
Mary Jo White’s confirmation hearing to be the next head of the Securities and Exchange Commission is scheduled for this coming Tuesday.
Will any of our officials supposedly representing the public interest have the courage and character to question Ms. White about the skeleton in her closet, that being her intervention on behalf of Morgan Stanley, that derailed an insider trading case then being pursued by SEC lawyer Gary Aguirre?
Or might that be too much to ask and too upsetting to the cronyism disguised as public service these days? (more…)
Holder Refutes Obama with “Indictment” of TBTF
Posted by Larry Doyle on March 12th, 2013 8:25 AM |
Tags: Department of Justice, Eric Holder comment on banks, Eric Holder indicts too big to fail, holder on too big to fail, Holder on too big to prosecute, Obama on too big to fail, too big to fail, too big to jail, too big to prosecute, too big to regulate, Wall Street regulation
Posted in Bailout, Bank Failure, Banking Institutions, General, Obama Administration, too big to fail, Wall Street, Wall Street Washington Incest | 6 Comments »