Posts Tagged ‘collusion on Wall Street’
Posted by Larry Doyle on September 4th, 2013 10:07 AM |
With the five year anniversary of the demise of Lehman Brothers right around the corner, a financial reporter from a major news outlet reached out to me yesterday to get my take on the current situation on Wall Street.
He was interested in touching upon the current culture within the industry and what has changed.
We had a fair bit to discuss and I was not bashful. (more…)
Tags: cleaning up Wall Street, collusion on Wall Street, comparing Wall Street and MLB, current culture on Wall Street, how has Wall Street changed, Joe Saluzzi Sal Arnuk Themis Trading, market manipulation on Wall Street, Wall Street 5 years after Lehman, Wall Street and Major League Baseball, Wall Street culture 2013 vs 2008, Wall Street oligopoly, Wall Street revisitd 5 years later, who will clean up Wall Street, will Wall Street ever be cleaned up
Posted in General, Wall Street | 2 Comments »
Posted by Larry Doyle on June 22nd, 2012 2:07 PM |
There are many markets on Wall Street with very serious ethical issues. From my perspective, no market over the last number of decades has been more ethically challenged than the world of municipal finance.
In the spirit of fairness, I would maintain once again that the overwhelming percentage of people on Wall Street in general and municipal finance specifically are very good, decent people. Regrettably, though, the premise of fair and ethical dealings within many markets and certainly municipal finance has gotten so blurred as to be unidentifiable.
In a MUST READ commentary that pulls back the cloak on the bribes, bid-rigging and collusion within the municipal finance markets, Rolling Stone’s Matt Taibbi provides a chilling look into this corner of Wall Street. (more…)
Tags: bid rigging on Wall Street, bribery on Wall Street, CDR bid rigging case, CDR municipal corruption, collusion on Wall Street, crime in the municipal finance markets, crony capitalism, Dominick Carollo case, Dominick Carrollo, GE Capital case in municipal corruption, kickbacks on Wall Street, Matt Taibbi article July 5 2012, Matt Taibbi Rolling Stone magazine, municipal bond market crime, payoffs on Wall Street, Peter Grimm, Stephen Goldberg, The Scam Wall Street Learned from the Mafia, US vs Carrollo Goldberg Grimm, USA vs Carollo, Wall Street corruption, Wall Street mafia, Wendy Waszmer
Posted in General, municipal finance | 10 Comments »
Posted by Larry Doyle on March 6th, 2012 8:48 AM |
Shhhhhhhh………
What is that eerie silence emanating from Wall Street lately? No, it’s not the quiet on the floors of the equity exchanges in the midst of anemic trading volumes. It is also not the empty echoes emanating from trading desks once bursting with activity.
The eerie silence to which I allude goes to the price fixing at the very core of how our Wall Street banks fund themselves in the overnight market. Sounds ominous, no? Let’s navigate and enter the world of Libor based funding. What is Libor? ……………….. (more…)
Tags: British Bankers Association, Canada's Competition Bureau, collusion on Wall Street, collusive behaviors on Wall Street, Federal Reserve, how is Libor set, Libor based funding, Libor price fixing, overnight funding of banks, price fixing, price fixing on Wall Street, Traders Manipulated Key Rate, U.S. Treasury, Wall Street code of silence, Wall Street collusion, Wall Street Racket, Wall Street rings, Wall Street treasurers, what is Libor
Posted in General | 4 Comments »
Posted by Larry Doyle on April 29th, 2011 11:46 AM |
Earlier this month I inquired Did Wall Street Violate the Racketeering Act? in regard to the rampant abuses centered on Wall Street institutions involved in the mortgage foreclosure travesty. That commentary written on April 4th generated the strongest and most vocal reaction to any commentary I have written since the inception of Sense on Cents in January 2009. (I encourage you to scan the comments to that article to gain a sense of the pain and anguish felt by so many in our nation today!)
Today I repeat the question.
“Did Wall Street Violate the Racketeering Act …Again??” in regard to the pricing and potential manipulation of the credit derivatives market? Why has Wall Street fought the legislative and regulatory proposals to bring greater transparency into this corner of the casino? Why does Wall Street want to maintain its hegemony over the cash cow known as ‘credit derivatives’? Let’s navigate across the pond and review a probe of Wall Street’s CDS business by the EU. The European Union put out this official press release this morning: (more…)
Tags: abusing a dominant position on Wall Street, antitrust investigations on Wall Street, Bank of America's CDS business, Barclays CDS business, BNP Paribas CDS business, CDS, CDS bank dealers, Citigroup CDS business, collusion on Wall Street, Commerzbank CDS business, controlling financial information on Wall Street, Credit Agricole CDS business, credit derivatives manipulation, Credit Suisse First Boston CDS business, Deutsche Bank CDS business, did Wall Street violate the racketeering act, EU press release April 29 2011, Europa site, Europa website, Goldman Sachs CDS business, how does Markit work, HSBC CDS business, is Wall Street on the up and up, JP Morgan CDS business, lack of transparency on Wall Street, market manipulation, Markit, Morgan Stanley CDS business, mortgage foreclosure abuses, organized activity on Wall Street, practices to the detriment of competitors on Wall Street, price controls on Wall Street, RBS CDS business, Royal bank of Scotland CDS business, Societe Generale CDS business, transparency in derivatives business, UBS CDS business, Wall Street racketeering, Wall Street's CDS business, Wells Fargo CDS business, what is hegemony, what is Markit, what is RICO Act
Posted in Credit Derivative Swaps, derivatives, General | 8 Comments »
Posted by Larry Doyle on November 24th, 2010 10:44 AM |
***Update: video clip included below
If you’ve got some time this afternoon, please check in to CNBC’s Street Signs at 2:40pm as I will be discussing the recent insider trading probe and the implications it has on our markets.
Hopefully, I’ll be able to grab a video clip of the segment to post later today or tomorrow.
Larry Doyle
Please subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.
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.
Tags: capital flight, CNBC, CNBC Street Signs, CNBC Street Signs November 24 2010, collusion on Wall Street, comparing Ivan Boesky to Raj Rajaratnam, Diamondback insider trading, Erin Burnett interview November 24 2010, financial regulation, how does Boesky compare to Rajaratnam, insider trading interview, insider trading rings, investor protection, investors exiting the markets, Ivan Boesky comparison to Raj Rajaratnam, Ivan Boesky vs Raj Rajaratnam, Janus insider trading, lack of investor confidence, Larry Doyle, Level Global insider trading, SAC, SAC insider trading, Sense on Cents, State Street Investor Confidence Index, trading collusion, trading pools, Wade Slome of Sidoxia, Wellington insider trading
Posted in General | 5 Comments »
Posted by Larry Doyle on April 9th, 2010 11:16 AM |
Lessened competition in any industry will lead to wider margins and greater revenue and profit opportunities.
Wall Street circa 2010 is certainly a dramatically changed landscape with significantly lessened competition. Is Wall Street today an honest display of capitalism in which ‘to the victors go the spoils’? Or is Wall Street an oligopoly which is using its increased power and leverage to control, if not outright fix, prices for products and services?
In the midst of all the other issues Washington is facing, I think there is very little focus on this topic, but we overlook it at our peril. Why? Price fixing, or iterations thereof, is nothing more than a vehicle to transfer wealth from consumers to providers. (more…)
Tags: 13 Bankers James Kwak, Bank of America Mortgage, banks capital base, banksters, capitalism on Wall Street, Citi Mortgage, collusion on Wall Street, competition on wall street, how do banks rebuild capital base ilding, JP Morgan Chase Home Finance, leverage on Wall Street, Matthew Pineda of Castle & Cooke Mortgage, mortgage pricing, Mortgage Sellers Are fed Up with Megaservicers Oligopoly, No Quarter Radio Sense on Cents with Larry Doyle, oligarchy, oligopoly, price fixing on Wall Street, to the victors go the spoils, transferring wealth from consumers to providers, Wall Street leverage, Wall Street oligopoly, wealth transfers, Wells Fargo Mortgage
Posted in Bank of America, Banking Institutions, Federal Reserve, General, JP Morgan, Mortgage Crisis, Wells Fargo | 2 Comments »
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