Archive for the ‘Wall Street’ Category
Posted by Larry Doyle on September 27th, 2012 7:20 AM |
Yesterday’s commentary addressing the gross injustice of an SEC attorney walking away largely unscathed after having blown the cover of a whistleblower resonated far and wide. What is it about this story of the whistleblower Peter Sivere having his confidence violated that consumes me and strikes right at the core of America?
Sivere was victimized by those charged with upholding our laws, protecting our values, and promoting a system of free and fair trade. Peter Sivere’s story epitomizes the essence of the Wall Street -Washington Incest which I have railed on for the last three years.
Yet, Peter Sivere awakes again today a victim with no real justice. While he bears the brunt of the pain of being victimized, the simple fact is Sivere is every good and decent man and woman in America. As Sivere suffers, so do we all.
It does not have to be this way. How might it begin to change? (more…)
Tags: George Demos, JP Morgan compliance, justice for Peter Sivere, Nita Lowey letter to SEC chair Mary Schapiro, Nita Lowey Peter Sivere, Peter Sivere, Peter Sivere case, Peter Sivere JP Morgan, Peter Sivere whistleblower, protection of whistleblowers, SEC whistleblower protection, Wall Street-Washington incest, whistleblower protection
Posted in General, SEC, Wall Street, Wall Street Washington Incest | 17 Comments »
Posted by Larry Doyle on September 26th, 2012 5:51 AM |
While listening to the upcoming Presidential and Vice-Presidential debates and you hear selected politicians make the case that they have reformed Wall Street, I recommend you get yourself a barf bag and think of the story I share with you today.
I introduced readers of this blog to whistleblower and former JP Morgan Chase compliance officer Peter Sivere in early 2010. For those unaware, Mr. Sivere had his identity revealed — that is, his confidence was violated — by an SEC attorney while in the process of blowing the whistle in an after hours trading case ongoing at JP Morgan.
Going on three years later Sivere and America still wait for the SEC to make proper amends in his case. Why is that fact and this case so important? (more…)
Tags: Dodd Frank reform of Wall Street, Dodd-Frank financial regulatory reform, Eliot Spitzer interview with Bill Cohan, JP Morgan Canary after hours trading scandal, JP Morgan Joan Guggenheimer, Obama reform of Wall Street, Peter Sivere case, Peter Sivere George Demos, Peter Sivere whistleblower, SEC after hours trading scandal, SEC in bed with Wall Street, Spitzer interview with William Cohan, Wall Street corruption, Wall Street-Washington incest, who violated Peter Sivere
Posted in General, SEC, Wall Street, Wall Street Washington Incest | 13 Comments »
Posted by Larry Doyle on September 25th, 2012 5:51 AM |
Few people had as much interaction in the heat of battle with financial CEOs than former FDIC chair Sheila Bair. What does Ms. Bair think of both past and current chief executives on Wall Street?
American Banker provides a riveting review of the good, the bad, and the ugly according to Ms. Bair in writing, What Sheila Bair Really Thinks of Big Bank Execs,
Former Federal Deposit Insurance Corp. Chairman Sheila Bair was always known for speaking her mind, even when she ran the agency from 2006 to 2011. (more…)
Tags: American Banker Sheila Bair, Bull by the Horns by Sheila Bair, leadership in America, leadership on Wall Street, Sheila Bair, Sheila Bair FDIC chair, Sheila Bair grades Vikram Pandit, Sheila Bair grades Wall Street's CEOs, Sheila Bair rates Jamie Dimon, Sheila Bair rates John Thain, Sheila Bair rates Ken Lewis, Sheila Bair rates Lloyd Blankfein, Sheila Bair rates Richard Kovacevich, Wall Street executives, Wall street management
Posted in General, Sheila Bair, Wall Street | 3 Comments »
Posted by Larry Doyle on March 18th, 2012 10:06 AM |
Former Goldman executive Greg Smith created quite a firestorm on Wall Street this week. Smith tarred and feathered his former firm for the manner in which they engage their clients.
While I believe Smith should have been more pointed in directing his fire, for those impugning Mr. Smith, including New York City Mayor Michael Bloomberg, I would offer that what Mr. Smith asserts is HIGHLY unlikely just a Goldman issue.
Why do you think JP Morgan’s CEO and Morgan Stanley’s CEO James Gorman informed their troops to hold their own fire in response to the bombshell launched by Mr. Smith? (more…)
Tags: derivatives on Wall Street, Goldman Sachs business model, Goldman Sachs Greg Smith, Goldman Sachs JP Morgan Morgan Stanley, Greg Smith, Greg Smith bombshell, Larry Doyle, Larry Doyle comments on Goldman Sachs, Larry Doyle interview on CNBC, Lloyd Blankfein Jamie Dimon James Gorman, Michael Bloomberg comments on Greg Smith, need for transparency on wall street, reputation risk with Goldman Sachs, TRACE, Wall Street oligopoly, Wall Street post crisis
Posted in General, Goldman Sachs, Wall Street | 1 Comment »
Posted by Larry Doyle on March 13th, 2012 5:51 AM |
If the Wall Street mortgage settlement is supposed to define justice, then crime certainly does pay.
Having asked repeatedly in 2011 whether Wall Street mortgage servicing practices qualified as a racket and thus the charges filed should have been addressed as a RICO violation, yesterday we received our answer.
By any measure of ‘sense on cents’, the evidence provided screams of a RICO violation. The verdict delivered? (more…)
Tags: Ally Financial mortgage servicing, Bank of America mortgage servicing, Citigroup mortgage servicing, crime on Wall Street, crime pays, false or fraudulent claims, FHA mortgage insurance, Foreclosure Pact Alleges a Pattern of Malfeasance, JP Morgan Chase mortgage servicing, MERS, mortgage abuses, mortgage servicing practices, mortgage servicing settlement, mortgage settlement, racketeering violation on Wall Street, RICO Act, robo-signing, unfair and deceptive practices, Wall Street justice, Wall Street mortgage settlement, Wells Fargo mortgage servicing
Posted in General, Mortgage Crisis, Mortgages, Wall Street | 9 Comments »
Posted by Larry Doyle on March 9th, 2012 8:58 AM |
“The problem here is, when the public becomes aware of the nature of the game, they may choose not to play. This is the problem not only for Goldman but for Wall Street as a whole if people choose not to play.”
I made that statement in the midst of an interview two years ago with CNBC’s Mark Haines (may he rest in eternal peace) about Goldman Sachs. (For those interested you can access that interview here. My comments about Goldman specifically and this topic begin around the 3 minute mark.)
What have trading volumes done on the NYSE over the last two years? (more…)
Tags: BATS, CNBC, derivatives volume, Euronext NYSE, European derivatives, flash crash, front running, Goldman Sachs, hft, high frequency trading, Larry Doyle, Larry Doyle speaks about Goldman Sachs, Mark Haines, MF Global, new york stock exchange, NYSE, NYSE Amex, NYSE Arca, NYSE Euronext, NYSE Volumes Cut in half in Three Years, nyxdata.com, people choose not to play, Securities Technology Monitor, trading volumes, what is behind decline in trading volumes, when principal is not protected, why are trading volumes down so much, why have trading volumes declined
Posted in General, Wall Street | 5 Comments »
Posted by Larry Doyle on June 23rd, 2011 8:32 AM |
You do not need to read Sense on Cents to know that Wall Street and America have problems. That said, the future of both the financial services industry and our nation are inextricably linked.
The innovative ideas which our nation must generate to drive future growth and employment require capital. Wall Street has that capital. In my opinion, Wall Street needs to seriously refine the use of its capital for its own benefit and that of our nation.
Can Wall Street adapt? Does Wall Street understand the errors of its ways? When might some real leaders on Wall Street call out for the industry to clean up its act? These questions can only be properly addressed in the future if there is an acknowledgment and understanding of where and when did Wall Street go wrong in the past. Let’s navigate.
(more…)
Tags: black box trading on wall street, Brady Dougan, Brian Moynihan, declining volumes on Wall Street, do you trust your mechanic, failure of wall street leadership, failure of wall street management, failure of wall street regulation, failure to protect investors on wall street, financial services industry, impact of high frequency trading on equity volumes, its not a bug its a feature, James Gorman, Jamie Dimon, John Gapper, JP Morgan CDO settlement with SEC, lack of quality control on wall street, lack of transparency and opacity on wall street, Lloyd Blankfein, need for integrity on wall street, need for transparency on wall street, putting derivatives on exchanges, quants on wall street, regulation of CDS, regulation of derivatives market, Robert Wolf, selling risk on Wall Street, structured transactions on Wall Street, The Price of Wall Street's Black Box, the quants, Tom Montag, wall street developments since mid 1990s, Wall street fraud, wall street mechanics, wall street over the last fifteen years, Wall Street sales, when did wall street go wrong, where and when did wall street go wrong, where did wall street go wrong
Posted in General, Wall Street | 2 Comments »
Posted by Larry Doyle on June 7th, 2011 6:55 AM |
Truth, transparency, and integrity.
The compromising of these virtues may be the cost of doing business in our nation but make no mistake the price we collectively pay is enormous. Whether in Washington or on Wall Street, the ability to compromise our prized virtues has truly been raised to an art form.
From derivative transactions which disguise unprecedented levels of risk to bond indentures which require advanced legal degrees to interpret, our ‘friends’ on Wall Street with assistance from ‘their’ friends in Washington have displayed little regard for the aforementioned virtues which are the foundation for real ‘sense on cents’.
More often than not,though,the violation of our virtues is viewed in an impersonal light. Wall Street and Washington are behemoths. The American public and investors at large are faceless. In my opinion, our financial services industry and government would just as soon keep it this way.
Let’s challenge them. (more…)
Tags: bad business practices, Bernie Madoff, bringing sunshine to wall street, business virtues, complaint of Sivere vs Demos, cost of doing business, David Kotz, George Demos, JP Morgan Whistleblower Peter Sivere, New York Office of SEC, New york State Supreme Court Appellate Division, Peter Sivere, POGO, project on Government Oversight, Raj Rajaratnam, regulatory capture, SEC OIG, Sense on Cents, truth transparency and integrity, violating business principles, Wall Street-Washington incest, whistleblowers
Posted in General, SEC, Wall Street, Washington D.C., whistleblowers | 13 Comments »
Posted by Larry Doyle on April 11th, 2011 8:20 AM |
While Uncle Sam in the persons of Ben Bernanke, Tim Geithner et al may promote the fact that our capital markets currently are a reflection of a rebound in capitalism, they would be wrong.
Our markets and the Wall Street banks that dominate them no more embody the true tenets of capitalism than the incestuous nature of the Wall Street-Washington relationship truly represents the best interests of the American public. As The New York Times highlighted this weekend, Banks Are Off the Hook Again,
Americans know that banks have mistreated borrowers in many ways in foreclosure cases. Among other things, they habitually filed false court documents. There were investigations. We’ve been waiting for federal and state regulators to crack down. (more…)
Tags: agreement to settle mortgage foreclosure investigation, American Banker, Banks Are Off the Hook Again, Ben Bernanke, capital markets, consumer banking fees, consumer banking services and fees, Fat Fees Few Banks, financial supermarket model, foreclosure crisis and mistreatment, foundation of capitalism, gigantic banks, how does an oligopoly work, investment banking fees, investment banking services and fees, is capitalism dead, mistreatment of borrowers age, mortgage foreclosure crisis, pillars of capitalism, principles of capitalism, take it or leave it, The New York Times April 9 2011, Tim Geithner, true tenets of capitalism, underwriting fees on Wall Street, Wall Street Banks, Wall Street has America by the Balls, Wall Street regulation, Wall street regulators, Wall Street-Washington incest, what is an oligopoly, what is capitalism
Posted in General, Wall Street | 2 Comments »
Posted by Larry Doyle on August 23rd, 2010 12:23 PM |
What is something worth? Very simply whatever somebody is willing to pay for it, correct? While regulations or the lack thereof have a big impact on overall levels of returns and compensation, all other things being equal, I do not begrudge those who take risk, work hard, and reap rewards. I applaud them. I view that process as the essence of capitalism.
Does this line of thinking still work in our Uncle Sam economy circa 2010? One of the overriding themes highlighted in Observations on My Afternoon in New York City addressed the topic of market valuations. I wrote:
4. Investors do not want to sell what they currently own because they do not know what they might purchase to replace it. Investors do not want to allocate more capital because they are concerned about market valuations in general.
I should have been even more pointedly specific in writing this statement. While I do believe many people in the market today are concerned about the overall level of the market, the point I was trying to get across is that people do not trust or believe the individual values of investments at current prices. Why is this the case and how does this happen? (more…)
Tags: book of Ecclesiastes, economic outlook unusually uncertain, Fed's balance sheet, Government Clouds Valuations of Investments, market valuations, reaping rewards, taking risk, the essence of capitalism, the price of everything the value of nothing, Uncle Sam economy, what is something worth, working hard
Posted in General, Wall Street | 8 Comments »
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Adding Fuel to Goldman Exec Greg Smith’s Fire
Posted by Larry Doyle on March 18th, 2012 10:06 AM |
While I believe Smith should have been more pointed in directing his fire, for those impugning Mr. Smith, including New York City Mayor Michael Bloomberg, I would offer that what Mr. Smith asserts is HIGHLY unlikely just a Goldman issue.
Why do you think JP Morgan’s CEO and Morgan Stanley’s CEO James Gorman informed their troops to hold their own fire in response to the bombshell launched by Mr. Smith? (more…)
Tags: derivatives on Wall Street, Goldman Sachs business model, Goldman Sachs Greg Smith, Goldman Sachs JP Morgan Morgan Stanley, Greg Smith, Greg Smith bombshell, Larry Doyle, Larry Doyle comments on Goldman Sachs, Larry Doyle interview on CNBC, Lloyd Blankfein Jamie Dimon James Gorman, Michael Bloomberg comments on Greg Smith, need for transparency on wall street, reputation risk with Goldman Sachs, TRACE, Wall Street oligopoly, Wall Street post crisis
Posted in General, Goldman Sachs, Wall Street | 1 Comment »