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HomePresident Obama, “Are You In?”
Posted by Larry Doyle on May 25th, 2011 7:57 AM |
Information is everything.
Regular readers of Sense on Cents are well aware of my having written that statement on many an occasion. Those on Wall Street who gain early access to critical information have a decided advantage. Those in Washington who gain the upper hand in controlling the flow of information are also at a decided advantage.
As these realities become ever more prevalent, Americans and people worldwide are working harder and digging deeper to attain unbridled access to information in order to determine the truth and promote transparency. With major media outlets often failing us in these pursuits, where do we turn for this information? The internet.
Against this backdrop, I am not surprised to see political powers in Washington accept and embrace the reality of the power of the information superhighway and put an ‘eye in the sky’ in order to monitor the traffic. To what do I allude? (more…)
Oscar Winner Charles Ferguson Rips Wall Street and Washington
Posted by Larry Doyle on February 28th, 2011 5:28 AM |
Charles Ferguson
“Forgive me, I must start by pointing out that three years after our horrific financial crisis caused by financial fraud, not a single financial executive has gone to jail, and that’s wrong.”
With those words last evening, Charles Ferguson, the winner of the Academy Award for Best Documentary for his film Inside Job, did a lot more than merely begin an acceptance speech. Ferguson touched the third rail and made a political statement. But did he really? Really? Not in my opinion. Ferguson spoke the truth.
When did the mere voicing of the truth become political? Perhaps in America 2011 those who speak the truth actually stand out because we hear so little of the prized virtue. That reality is a sad commentary on our society.
I commend Ferguson. Backstage he had even more to say. (more…)
Matt Taibbi Exposes Wall Street’s Regulatory Capture Strongly Recommended
Posted by Larry Doyle on February 17th, 2011 6:30 AM |
Regular readers may be accustomed to my designating the relationship between our financial industry and the political crowd as the “Wall Street-Washington incest.” The technical term for this relationship is regulatory capture, as defined by our investing primer:
…the process by which regulatory agencies eventually come to be dominated by the very industries they were charged with regulating. Regulatory capture happens when a regulatory agency, formed to act in the public’s interest, eventually acts in ways that benefit the industry it is supposed to be regulating, rather than the public.
Bingo!! That’s the incestuous relationship we’re talking about.
Is the game really on the up and up? How does regulatory capture work? Who are the financial cops really protecting?
Thank you to the number of readers who pointed out to me an amazing expose of regulatory capture written by Matt Taibbi in Rolling Stone. Taibbi provides extensive detail in writing, Why Isn’t Wall Street in Jail? This article is a must read. (more…)
