Category: Economy-Federal Agencies
By Larry Doyle on Mar 2, 2010 in Bernie Madoff, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | 28 Comments
In an interview on the Today show Monday morning (video clip after the fold), Harry Markopolos dropped a few bombshells. Harry’s statement that he had purchased a gun and mentally prepared himself to kill Bernie Madoff in self-defense if need be will likely grab the most attention. It shouldn’t. Markopolos’ biggest bombshell this morning is [...]
By Larry Doyle on Feb 13, 2010 in American Consumers, Auto Industry, Current Affairs, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | 11 Comments
When regulators are in bed with industry, bad things happen. When regulators actually go to work for the industry, then really bad things happen. Evidence of this dynamic on Wall Street is overwhelming. Yet, don’t think Wall Street has a monopoly on this incest. Bloomberg highlights incestuous activity has also played out in the disaster [...]
By Larry Doyle on Feb 12, 2010 in Bank Stress Test, Banks, Economy, Economy-Federal Agencies, Elizabeth Warren, Sense on Cents (Larry Doyle blog), U.S. Treasury | 42 Comments
The initial Bank Stress Tests run by Treasury Secretary Geithner were largely a sham. I questioned as much last April in writing, “Bank Stress Tests: Major Sham?”: As with any test, the results are only meaningful if the process and proctor have unquestioned integrity. The proctors for the Bank Stress Test are none other than [...]
By Larry Doyle on Feb 9, 2010 in Banking Institutions, Banks, Economy, Elizabeth Warren, Sense on Cents (Larry Doyle blog), Wall Street | 28 Comments
How is it that some people are able to aggressively promote the virtues of truth, transparency, and integrity within our financial system while others would seem to talk a good game but do not truly walk the walk? The key, in my mind, is that the former are not beholden to a constituency focused on [...]
By Larry Doyle on Feb 3, 2010 in Economy, SEC, Sense on Cents (Larry Doyle blog) | 20 Comments
Who is George Demos? A former enforcement lawyer in the New York office of the SEC, currently running for Congress from Long Island. Who is Peter Sivere? A former compliance employee at JP Morgan. Sivere crossed paths with Demos in 2004 while providing information related to an investigation of questionable mutual fund trading activity. In [...]
By Larry Doyle on Jan 15, 2010 in Current Affairs, Economy, SEC | 12 Comments
“I’m not here to talk about the past.” Mark McGwire, the steroid-abusing home run hitting phoney, may have issued a massive mea culpa this week, but his career will forever be defined by his March 2005 Congressional obfuscation. In my strong opinion, Mary Schapiro is the financial industry’s equivalent of Mark McGwire. How so? In [...]
By Larry Doyle on Jan 8, 2010 in AIG, Bailouts, Current Affairs, Economy, Sense on Cents (Larry Doyle blog), Tim Geithner, U.S. Treasury, treasury department | 28 Comments
Tim Geithner blinked and screwed the American taxpayer out of billions of dollars in the process. How so? Geithner and his cronies in Washington have misrepresented–if not outright lied–about the payments to both domestic and foreign banks in settling exposures to then failing AIG. While politicians and pundits alike will reference the precarious nature of [...]
By Larry Doyle on Jan 3, 2010 in Bailouts, Barney Frank, Current Affairs, Economy, Fannie Mae, Freddie Mac, Housing & Housing Crisis, Larry Summers, Sense on Cents (Larry Doyle blog), U.S. Treasury | 27 Comments
Blank checks are the antithesis of good public policy. America can not allow the passage of time to lessen the outrage over the Obama administration’s Christmas Eve bonus to the financial sinkholes known as Freddie Mac and Fannie Mae. Platitudes and posturing aside, the American taxpayer is being set up as never before. A blank [...]
By Larry Doyle on Dec 17, 2009 in Bernie Madoff, Current Affairs, Economy, SEC, Sense on Cents (Larry Doyle blog) | 7 Comments
Having written about the massive regulatory failures on Wall Street for the better part of 2009, I am heartened by the House Finance Sub-Committee on Capital Markets hearing last week. The bell that tolled in this hearing deserves to ring loud, long, and clear across our great land. Rackets operate best in the dark. Well, [...]
By Rabble Rouser Reverend Amy on Dec 9, 2009 in Current Affairs, Health Care, President Barack Obama, U.S. Treasury | 9 Comments
Some of you may recall how I ruined my partner’s Solstice present for me, one she had planned for some time, back in September. I had gotten a flyer from the Charleston Concert Series in the mail, and behold, my favorite opera singer, Kathleen Battle was coming to Charleston. Turns out, my partner had already [...]
By Larry Doyle on Dec 6, 2009 in Banking Institutions, Banks, Economy, FDIC, Sense on Cents (Larry Doyle blog) | 3 Comments
Postponing losses in hopes that one can trade out of them is a game very rarely won. In similar fashion, not acknowledging losses in hopes that the situation improves and the loss is mitigated is also a recipe for disaster. All one needs to do is look eastward to Japan to realize that. Ultimately, a [...]
By Anita Finlay ("Ani") on Nov 30, 2009 in Bailouts, Bank Bailouts, Current Affairs, DNC idiocy, Democratic Party, Larry Summers, Media Bias, New York Times, Newsweek, Obama Administration, Obama-Barack & President Barack, Secretary of State Hillary Clinton, Tim Geithner | 117 Comments
*This importance treatise on the Obama presidency has been bumped up * During the presidential campaign, Peggy Noonan rhapsodized about an Obama presidency, trashing Hillary Clinton to the bargain. Recent months have seen Ms. Noonan pen several articles deconstructing her prior romantic notions, reaching the same conclusions as the very people she derided for not [...]
By Larry Doyle on Nov 1, 2009 in Bernie Madoff, Current Affairs, Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog) | 6 Comments
Did FINRA invest its own funds from its internal investment portfolio with Bernie Madoff? Would FINRA’s head Mary Schapiro invest with her “dear friend” Bernie? Stick with me on this and let’s navigate the newest development in this ongoing scam. My concluding remarks provide insights you won’t find in many mainstream media outlets. High five [...]
By Larry Doyle on Oct 20, 2009 in Economy, FINRA, SEC, Sense on Cents (Larry Doyle blog), Wall Street | 14 Comments
Is Mary Schapiro a liar? Are other FINRA executives also liars? Fully appreciating that merely asking these questions is aggressive by its very nature, I do not ask them in a derisive fashion. The fact is, the answer to those questions in the eyes of Richard Greenfield is an unequivocal, “Yes!” Who is Richard Greenfield? [...]
By Larry Doyle on Oct 17, 2009 in Economy, SEC, Sense on Cents (Larry Doyle blog) | 34 Comments
You must be kidding me. Our financial regulators, both the SEC and FINRA, certainly failed American investors. The structural failures of these regulators have been highlighted by their own internal reviews authored by David Kotz for the SEC and Charles Bowsher for FINRA. Over and above the structural failures of these regulators, both the SEC [...]
by Ronald Scott
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