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HomeWhistleblower Appreciation Day: My Top 5
Posted by Larry Doyle on July 31st, 2014 9:40 AM |
Not a day goes by in which the citizens of our nation are not forced to continue to wade through a financial-political-regulatory cesspool of real cronyism and corruption.
The stench from this menage-a-trois is overpowering. Transparency is the only real disinfectant.
Who provides that transparency? Whistleblowers.
We owe immeasurable thanks to our fellow brethren who have taken immeasurable personal and professional risks to expose real waste, fraud, and abuse emanating from that cesspool. In honor of these true patriots a resolution was passed earlier this week designating July 30, 2014 as National Whistleblower Appreciation Day.
Let’s navigate. (more…)
GDP Review: How’s Our Economy ‘Really’ Doing?
Posted by Larry Doyle on July 30th, 2014 9:45 AM |
Most pundits and analysts will understandably try to hype the better than expected 4% growth rate of 2nd quarter GDP reported this morning.
I get it.
Some might temper the hype by highlighting that growth in inventories accounted for approximately 1.7% of the growth. Others might choose to direct attention to the fact that the disappointing 1st quarter GDP was actually revised to a -2.1% level from the -2.9% posting previously reported. Still others will point toward the positive developments within the consumer spending data.
Yes, most of this information has a positive bent to it but is this to say that we have a meaningfully positive trending economy that will drive growth in full-time, high paying jobs? (more…)
Alan “Ace” Greenberg, Rest In Peace
Posted by Larry Doyle on July 29th, 2014 8:45 AM |
In early 1990 after 7 fabulous years learning the ins and outs of Wall Street while working at The First Boston Corporation, I departed that venerable firm for the rough around the edges ways of Wall Street that defined Bear Stearns. I had been cautioned by some not to make that move. I am glad that I disregarded that advice.
The relationships and business acumen I gained during my 7 years (1990-1997) at “the Bear” made all the difference in the world during my days in those large Wall Street banks.
As with most organizations, the tone and culture that emanates throughout the company is set at the top. In 1990, Bear Stearns was led by Wall Street legend Alan “Ace” Greenberg. Last Friday I felt a real sadness when I learned of his passing. (more…)
What’s Going On at The ‘Deutsche Bank Haus’? Video
Posted by Larry Doyle on July 24th, 2014 10:42 AM |
I am hard pressed to little more than chuckle at the recently released report by the New York Federal Reserve concerning the regulatory failures at Deutsche Bank. Why so amused?
The Financial Times informs us the regulators at the NY Fed are so ‘steamed’ due to “Deutsche’s perceived failure to act on similar problems raised by regulators since 2002.” Yes, 2002. That is not a misprint. What does that tell us?
Not unlike a bunch of frat boys having their way with an administration that is little more than comical and totally ineffective in maintaining order on campus, is it any real surprise that the crowd at the “Deutsche Haus” has little meaningful oversight of its own operations when its chief regulators at the New York Fed are either asleep and/or complicit in facilitating the party and mayhem? (more…)
Book Talk: In Bed with Wall Street at New York Public Library, July 31 at 6pm
Posted by Larry Doyle on July 23rd, 2014 11:34 AM |
In late April I had the good fortune to speak to a packed house about my book In Bed with Wall Street at the Boston Public Library, the third largest library — and one of the oldest — in our nation. In early June I was pleased to regale a filled room at the Library of Congress, the largest library in the world, about the exploits and escapades of those ‘in bed with Wall Street.’
Next week I complete the trifecta of the greatest libraries in the land when I talk about my book at the New York Public Library. Details of the talk are as follows:
Thursday July 31 at 6pm
New York Public Library: Science, Industry, and Business Branch
188 Madison Avenue (at 34th Street) (more…)
Lt. Colonel Elton Johnson ‘Strongly Recommends’ In Bed with Wall Street
Posted by Larry Doyle on July 23rd, 2014 9:55 AM |
I am honored and humbled to read a message that was recently widely disseminated to FINRA member firms. The full body of the e-mail is an endorsement by Lieutenant Colonel Elton Johnson Jr. of Karen Fischer, a candidate for a position on the FINRA Board of Governors. Johnson prefaces his endorsement of Ms. Fischer by writing:
My name is Elton Johnson, Jr. I am an Iraq-Afghanistan war vet having served two tours in Iraq and one tour in Afghanistan and a small broker-dealer owner who took FINRA to task to provide more meaningful transparency.
Much of my story is prominently detailed in the book “In Bed With Wall Street” written by Larry Doyle which I would strongly recommend to EVERY FINRA member (Mr. Doyle was introduced to me by Karen Fischer). (more…)
SEC Whistleblower Program: Risks vs Rewards
Posted by Larry Doyle on July 22nd, 2014 7:50 AM |
If you became aware of unethical and likely illegal practices at your company, would you consider ‘blowing the whistle?’ This question is a daunting proposition filled with very real risks that should be measured against potential rewards.
Given the risks and unpleasant real life experiences of many whistleblowers on Wall Street, I firmly believe and recommended in my book that Congress should establish a privately staffed Office of Whistleblower Protection. Some may think that is overreach. I don’t. Others in much greater proximity to the ‘whistles’ would seem to share my view that blowing the whistle is a high risk proposition deserving of increased protection.
Let’s navigate. (more…)
Russian Hacking of Nasdaq: Further Color
Posted by Larry Doyle on July 21st, 2014 10:13 AM |
Global risks on many fronts remain exceptionally elevated.
From the Ukraine to a number of hot spots in the Middle East, to the South China Sea, to our southern border, global risk is rampant. Each of these situations entails real human suffering and generates strong reactions and appropriate empathy.
Yet in the midst of each of these stories, there was another story that broke last week that deserves far greater attention than it has received in terms of our national security. I refer specifically to a story released by Bloomberg Businessweek entitled How Russian Hackers Stole The Nasdaq:
In October 2010, a Federal Bureau of Investigation system monitoring U.S. Internet traffic picked up an alert. (more…)
DOJ/FBI Pour Hot Acid in America’s Wall St. Wound . . . . . WOW, JUST WOW
Posted by Larry Doyle on July 16th, 2014 8:36 PM |
If the American public thought that it had borne all the excruciating pain of every insult and injury that Wall Street and Washington could deliver . . . think again.
In what has to be a new low in terms of kicking the hard working, God-fearing, taxpaying investors of this land in the proverbial balls, check this WSJ story out about the motivations of the Department of Justice and Federal Bureau of Investigation in meting out large fines on Wall Street (Caution: prior to reading this, I recommend you remove any projectiles or sharp objects from your vicinity): (more…)
AEI: “What Works in Helping the Poor?”
Posted by Larry Doyle on July 16th, 2014 7:03 AM |
Is America on the right track?
Overwhelmingly most Americans feel the nation is not headed in the right direction. Consistently over the last 4 years, 2 out of every 3 American voters have expressed their belief that the nation is headed in the wrong direction. Only 1 in 4 American voters believe the nation is headed in the right direction.
In my opinion, what is the critical issue that will define our future? The fact that we live in a nation that is increasingly divided in terms of incomes and opportunities. Both political parties would like to have us believe that they have the right answers to addressing these issues. Really? Count me as not impressed.
While we hear a whole lot of redistribution rhetoric on one side of the aisle, the other seems to talk mostly about simply lowering taxes and regulations. Meanwhile more and more Americans struggle to make ends meet.
What to do? (more…)
