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HomeCan Whistleblowers ‘Cross-Examine’ the SEC?
Posted by Larry Doyle on January 9th, 2012 7:09 AM |
Later this month, Northwestern Law will be hosting its 39th Annual Securities Regulation Institute in Coronado, California. In light of everything that has occurred on Wall Street and in Washington, one might think this could be a lively conference as it looks to provide:
A timely analysis of recent laws and developments in the corporate and securities law fields presented by senior SEC officials and leading practitioners.
While reviewing the conference invitation, I am particularly intrigued by one workshop to be held on Friday morning, January 20th. What is this workshop? Who is involved? Why am I so intrigued? Please stick with me here as we preemptively try to connect some dots.
Will States, such as California, File Chapter 9?
Posted by Larry Doyle on December 3rd, 2010 6:38 AM |
Are those large waves roiling the world of municipal finance–and centered on California–to be feared?
Are they an indication of an oncoming tsunami? Or are they to be discounted and taken as just another “Hey, dude, don’t worry. Surf’s up!!”
Well, perhaps those less concerned about what is just ‘off the coast’ may care to ‘break out their boards’ but prudence dictates we take a harder look at what is causing the recent waves in the world of municipal finance. These factors include: (more…)
California Non-Sense on Cents
Posted by Larry Doyle on August 27th, 2010 5:07 AM |
If a picture spells a thousand words, then two graphs of the employment situation and future pension obligations in California far exceed the works of William Shakespeare.
Should we file these under the heading of “American Tragedy”? Would these works be referenced when somebody looks up “future default” or “unsustainable”? These future pension obligations did not happen by accident. The projected figures represent the plundering of California municipalities with subsequent tax burdens left to future generations. How did this happen? Let’s “read” the following “tomes” provided by the California Department of Finance and highlighted in The Wall Street Journal,
![[schwarzenegger]](http://sg.wsj.net/public/resources/images/ED-AM115B_schwa_NS_20100826182703.gif)
You might almost think you were reviewing a “Greek tragedy”.
This is no way to run a state or a country.
Larry Doyle
Related Sense on Cents Commentary
Sense on Cents/California
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I have no affiliation or business interest with any entity referenced in this commentary. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Bruce Malkenhorst Should Thank Robert Rizzo
Posted by Larry Doyle on July 24th, 2010 10:15 AM |
Bruce Malkenhorst must be a very happy man today and for that he should thank Robert Rizzo.
Who is Malkenhorst? Who is Rizzo? What is the story here?
Readers may recall that 14 months ago, Malkenhorst, a former municipal employee in Vernon, CA was exposed as the recipient of a sweet little ‘half million dollar pension’ connected to his duties in the bustling metropolis of Vernon, CA. How bustling? Vernon, a community in southern California, has a total population of approximately 100 citizens.
Malkenhorst and his cronies in Vernon singlehandedly redefined the concept of municipal fiscal abuse. I highlighted this story and accompanying unbelievable details a year ago in writing a story which an inordinate number of readers have reviewed entitled California’s $100, 000 Club.
This week, Malkenhorst and his pals in Vernon must have partied real hard and toasted Robert Rizzo all week long. Why is that? (more…)
Steady Decline Through 2060?
Posted by Larry Doyle on June 28th, 2010 1:12 PM |
What type of legacy are we leaving our kids? Will we leave them so burdened with overwhelming debts and deficits so as to strangle and choke off real opportunities? While Uncle Sam is able to play charades in an ever increasing and dramatic fashion, Sam’s smaller brethren at the state and local levels do not have those capabilities.
On that note, let’s look westward. I wrote in May 2009, “As California’s Economy Goes, So Goes the Country.” Along the same line, today we read from Bloomberg, States of Crisis for 46 Governments Facing Greek-Style Deficits:
Californians don’t see much evidence that the worst economic contraction since the Great Depression is coming to an end. (more…)
Should Uncle Sam Bailout California?
Posted by Larry Doyle on January 7th, 2010 8:07 AM |
Should 49 states bail out one? Should the American public be compelled to cover the fiscal disaster of our largest state? Will America ever face reality?
The ticking time bomb that is the fiscal disaster of the state of California is making its way to Washington. As reported in yesterday’s Wall Street Journal, the Governator Arnold Schwarzenegger Seeks U.S. Funds. If Uncle Sam bails out California, then who is next?
Not surprisingly, the general media is not giving this story even close to the attention it deserves. I wrote extensively on this ticking time bomb last spring and summer. Tick…tick…tick. The fuse is running short.
Let’s quickly review some general statistics about the state on our Left Coast (in more ways than one). As I highlighted last May in writing “As California’s Economy Goes, So Goes the Country,” California has:
– 8 of the 50 largest cities
– population of approximately 37 million people (that we know of), a full 12% of our national population
– an economy similar in size to Italy, ranking it as one of the top 10 in the world (I have seen rankings of 8th and 9th)
– California’s economic output represents 13% of our national GDP!!
– an unemployment rate north of 11% compared to the national average of 8.9%. With a high unemployment rate amongst illegal immigrants, it is not a stretch that California’s unemployment rate is approaching 15% and its underemployment rate is greater than 20%!! (LD’s edit, the current rate is 12.3%).
What is Schwarzenegger’s case? The WSJ reports: (more…)
