business as usual

Posts Tagged ‘business as usual’

After Goldman, Who’s Next in the SEC’s Scope?

Posted by Larry Doyle on July 22nd, 2010 1:15 PM |

One would think the SEC’s settlement with Goldman Sachs was just the break we needed in the logjam to finally get some real truth and transparency into Wall Street business practices. Recall that the Goldman CDO Abacus represented a mere .2 of the total CDO market from 2006-2008.

There must be many more fish in that tank just waiting to get caught by the SEC. American taxpayers deserve nothing less than a full and total accounting and adjudication of the travesty and transgressions embedded in a number of structured transactions on Wall Street. Will we receive that accounting? Is the SEC sending a strong message to those on Wall Street that ‘there’s a new sheriff in town?’ Or is the SEC placating the American public, applying a sizable slap on the wrist to Goldman, and giving Wall Street a wink and a nod indicating that it is ‘business as usual?’ Let’s navigate. (more…)

Tags: Abacus CDO, Adam Pritchard University of Michigan Law School, After Goldman's Concession, business as usual, CDO underwriters, Goldman Sachs SEC, Goldman Sachs settlement, Lloyd Blankfein, Mary Schapiro, New York Times, Regulator May Be Satisfied, Robert Khuzami, SEC
Posted in General, Goldman Sachs, SEC | 4 Comments »

Deluxe Knowledge Quarterly “Open Invitation”

Posted by Larry Doyle on April 1st, 2010 7:10 AM |

I recently had an article published in the financial magazine Deluxe Knowledge Quarterly. I was asked to write on the topic of advice I would give to executives of financial intermediaries during these challenging economic times.

I think regular readers of Sense on Cents may detect a few common threads in my article. Please know that I do not merely write about these principles, but I truly believe them and continue to promote them.

Open Invitation

by Larry Doyle
Despite the fact that the economic crisis has clearly changed the nature of business and the expectations of our customers, many of us would love to revert to business as usual. This desire to default to the status quo is part of human nature. Consider how often we see this behavior displayed on Wall Street, in Washington and beyond. (more…)

Tags: advice to credit unions, advice to financial firms, advice to money managers, ask your customers, business as usual, customer and consumer needs, customer interaction, customer satisfaction, customer service, Deluxe Knowledge, Deluxe Knowledge Quarterly, Deluxe Knowledge Quarterly March 2010, how should financial firms adapt, how should money managers adapt business, it's all about the customer, lack of public trust, lack of trust, Larry Doyle, listen to your customers, no more business as usual, Open Invitation, protect your customers, public outrage, rule number one of business, rules of business customer is right, Sense on Cents, staying close to customers, talk to your customers, the customer is always right, Wall street changes, what do customers need and want
Posted in General | 2 Comments »

Posted by Larry Doyle on June 19th, 2009 7:28 AM |

“That’s the way we’ve always done it!!”

How often have you heard a person answer in that fashion when asked why something is done a certain way? A lot, I’m sure. Why? Change is stressful. Adjusting to change is perhaps even more stressful.

As we are forced to adjust to the Brave New World of the Uncle Sam Economy, we will certainly witness many individuals, business units, and industries resist change. I’m seeing them all around me. Let me share a few with you:

1. FINRA: at a time when our economy is screaming for increased transparency and accountability, this Wall Street self-regulatory organization has not yet released its 2008 Annual Report. Why? I view it as unacceptable.

The facts, figures, and transactions for 2008 are in the books. A mere accounting should be simple and straightforward. With the exception of Bloomberg, do you even hear of FINRA from major media outlets?

Rest assured, I will review the FINRA Annual Report thoroughly, with particular focus on their investment activities, and question them as need be. At some point, perhaps, the mainstream media may want to engage them as well.

2. Wall Street: why do banks so badly want to pay back TARP funds? The primary reason is compensation. In fact, in recently speaking with a number of colleagues on the street, banks are again paying “guaranteed” contracts to recruit personnel. Certain of these banks remain flush with government funds.

What propels banks to do this? Because they can, meaning there is no transparency or accountability. Additionally, they do not want to “cede turf” to startup firms which can offer opportunity but no guarantees. In layman’s terms, the large banks are flexing their muscles to impede smaller organizations from gaining a foothold in their ‘hood.’ Fair and open competition is one thing, but using taxpayer funds to pay guaranteed contracts is an entirely different issue.

3. Banking: why do banking industry execs feel compelled to maintain the perks of prior years? Ego. The Wall Street Journal highlights CEOs of Bailed-Out Banks Flew to Resorts on Firm’s Jets.

Business is business and executives, whether working at firms flush with government aid or not, need to compete. That said, if the executives are at firms still in receipt of government assistance . . . “back of the bus, pal.”

Tags: back of the bus, Bankers on corporate jets, bankers using corporate jets, banks with government assistance, business as usual, business as usual on wall street, compensation on Wall Street, FINRA, FINRA 2008 Annual Report, lack of accountability on Wall Street, lack of transparency at Finra, lack of transparency on Wall Street, mr. banker, Uncle Sam economy, Wall street guaranteed bonuses, Wall Street guaranteed contracts, Wall Street guarantees, where is finra's 2008 annual report
Posted in Banking Institutions, FINRA, General, Wall Street | 1 Comment »