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HomeWill It Take Another Crisis for Real Reform?
Posted by Larry Doyle on July 9th, 2014 9:59 AM |
“Our current cronyism is not the property of one political party or the other. As with any cancer, it does not care who it attacks or where it spreads. In the process of unearthing and exposing these crony Wall Street- Washington paths, we have come to learn that large numbers from both political parties, their well-heeled financial benefactors, and many of our financial regulators, all sit on one side of the table while the general investing, consuming, and taxpaying public — along with a large percentage of Wall Street’s own employees — sit on the other.”
page 187, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy
A full 6 years from the onset of our ongoing economic crisis, I remain convinced that our nation’s markets and economy remain burdened by the cancer that metatstatized from the corrupt Wall Street-Washington dynamic.
I stated as much in my book as quoted above.
Many have asked me if the current crisis was not enough to excise this cancer what might it take. Another crisis? (more…)
Not If But When the Next Crisis Comes . . .
Posted by Larry Doyle on May 14th, 2014 2:39 PM |
With mid-term elections on the near term horizon, I expect we will hear various pols and their selected pundits tout Dodd-Frank as not being perfect but as having brought meaningful reform to Wall Street.
Really? I know, politico-speak is more noise than substance but let’s get real.
When there is not a lot to grab onto in terms of truly meaningful political accomplishments, we should not be surprised that any legislation that has been passed will be used as fodder to feed the masses.
So when you hear a pol from either side of the aisle play this game talking about Dodd-Frank, make sure you hit them with the following insider assessments: (more…)
Dodd-Frank Derivative Reform: Dead on Arrival
Posted by Larry Doyle on September 5th, 2013 8:59 AM |
While many in Washington and elsewhere will look to collect political points for bringing reform to Wall Street, those watching closely knew all too well that the blueprints for this reform were always subject to massive change.
So has Dodd-Frank brought real reform to Wall Street? If you believe so, I would invite you to become a charter member of The Gullible Club.
Let’s dispense with the formalities. Wall Street ultimately answers to nobody but itself. As such, we can unload another truckload of dirt over the casket holding Dodd-Frank.
While many observers of the financial and political scenes are not inclined to draw attention to this service, fortunately those at Bloomberg view this funereal undertaking more seriously. I thank them as they recently pulled back the cloak on Dodd-Frank to reveal a Wall Street dagger protruding from its midst. (more…)
UK Leads, USA Follows: Changing Banking for Good
Posted by Larry Doyle on June 19th, 2013 8:10 AM |
At one point in time, the USA may have been viewed as the preeminent world leader on major financial issues.
While many arrogant bankers, regulators, and political leaders here in the USA might care to continue to believe they hold that leadership position, I think most who might read this blog know that those days have passed.
Dodd-Frank reformed our financial system? Really? Then why is it that bankers from Citigroup are virtually writing entire new legislation under the heretofore now designated Fraud-Dank umbrella?
If we care for a more honest assessment of the comparably incestuous, crony, corruptible dynamic at play within these parts, let’s redirect our focus across the pond. (more…)
“How Washington Hurts Small Community Banks”
Posted by Larry Doyle on January 31st, 2013 9:52 AM |
The other day I addressed the current David vs Goliath situation in the banking industry and presented The Case for Community Banks. There is no doubt that the crisis that emanated on Wall Street required some real regulatory attention. Regrettably the “one size fits all” regulatory changes embedded in Dodd-Frank is not the answer. Not that people in Washington with little background in markets and the economy might understand that.
Let’s listen to former Inspector General for the TARP, Neil Barofsky, who provides a brief 2-minute dose of ‘sense on cents’ on how Washington has hurt the small community banks in our country. Props to American Banker for this clip.
Larry Doyle
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I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Would You Buy a Used Car From Lloyd Blankfein?
Posted by Larry Doyle on January 8th, 2013 8:41 AM |
America awakes this morning with another 20 billion reasons not to trust those running our major financial institutions, our regulatory agencies, or those in Congress ultimately charged with overseeing them.
Wall Street’s merely paying of fines for activities (mortgage fraud) that by any measure would be defined as part and parcel of racketeering only serves to further erode what little trust the American public might still hold in these aforementioned entities.
Trust….what price does trust trade at? What value does it hold? Would you know it if you ‘saw’ it? (more…)
Wall Street Regulation: Different Day, Same Dog$hit
Posted by Larry Doyle on October 3rd, 2012 9:05 AM |
Despite a wealth of political bluster that Wall Street has been reformed, we awake this morning to see that very little has really changed on this front. Financial regulatory reform? Not today, folks.
The simple fact is when it comes to Wall Street regulation, investors, consumers, and the American public at large are being fed the same helping of dog$hit.
We need look no further than a meeting held just yesterday of industry executives and securities regulators to see exactly this. (more…)
Lessons of Financial Amnesia
Posted by Larry Doyle on December 28th, 2011 11:26 AM |
We often hear that those who do not learn from history are doomed to repeat it. Does anybody in the audience contest those words of wisdom?
Why do you think I hear from many former colleagues and other Wall Street insiders that we are very likely going to experience another economic crisis—or perhaps merely a prolonging of our current crisis—and accompanying significant market decline?
My ‘sense on cents’ indicates to me that we will have more economic and market turmoil for the very simple reason that our financial titans, our political leaders, and our nation as a whole have not embraced nor learned from the lessons of the past. (more…)
SEC and FINRA “Accountability Is Impossible Without Transparency”
Posted by Larry Doyle on June 17th, 2011 6:46 AM |
“Good corporate governance is a system in which those who manage a company — that is, officers and directors — are effectively held accountable for their decisions and performance. But accountability is impossible without transparency.”
Truer words were never spoken. The above statement very succinctly highlights a cornerstone principle of Sense on Cents. Whomever issued this proclamation would certainly seem to be a strong candidate for the Sense on Cents Hall of Fame. Regrettably not.
Our current SEC chair Mary Schapiro offered those pearls of wisdom in December 2009 and the Washington Post concluded its commentary SEC Tightens Rules On Investment Advisers, Corporate Transparency with that quote from Ms. Schapiro. If only Mary would practice what she preached. (more…)
