In Bed with Wall Street

Wednesday, January 22, 2014

The financial meltdown in 2008 triggered nationwide outcry over the lack of regulation and oversight on Wall Street. But how much has changed since then? Larry Doyle argues that Wall Street, politicians, and the regulators themselves have conspired for personal and industry-wide gains while failing to protect investors, consumers, and taxpayers. In In Bed with Wall Street discusses recent scandals, such as the multi-billion dollar trading losses at JP Morgan Chase, the manipulation of interest rates via the LIBOR scandal, and money laundering with North American drug cartels and rogue nations such as Iran.


Larry Doyle

Comments [18]

Larry Doyle from CT


I actually write in the book that if I were working on Wall Street or even at an asset management firm, I could not have written the book for the very simple reason that I would not have been at liberty to speak openly on these topics. Wall Street banks restrict the ability of their employees to talk to the press. Almost all public communication runs through a public relations office.

I hope you will read the book to see the manner in which I write and why so many people from inside the industry have reached out to me to thank me for writing such a revealing book. As an example I received this message just yesterday:

"I've been meaning to drop you a note on your book but I've been buried in an M&A project. I read it on a Friday/Sunday plane trip and couldn't put it down. For someone who spent a couple of decades in the industry and believes in it, it shakes my very foundations of belief and is staggering in its revelations. I look at Senator Elizabeth Warren in a very different light now. The SEC has been my pet peeve since Chris Cox was its head. You would love to believe that somehow there can be a pendulum swing back to protect the retail investor. Kudos for your work on the book and I hope it becomes a best seller and starts a swing back towards individual investor protection."

Feb. 26 2014 05:31 AM
Jason Wilson

Question I would want to ask the author is if he still held one of the many trading jobs - Credit Suisse/UBS/Bear Sterns/JPM - would he have been as critical and forthcoming?

Feb. 25 2014 03:55 PM
Eric C

Excellent interview and very disturbing... I have listened to it twice to confirm that I heard what I thought I heard, that Wall St is as good as unregulated. I would like to commend Mr Doyle for taking this on and putting the spot on the dirty 'little' secret that Wall St is actually largely self 'regulated'. What sense does this make, what sense does it make that the FDA 'permits' drug companies to test and verify the safety of their products? I hope that Mr Doyle will strive to build political support for the common sense reforms he proposes... perhaps Elizabeth Warren would be interested [since it sure won't be Chuck Shumer]

Jan. 23 2014 01:23 PM

jgarbuz from Queens

While it is true that there were depressions before the Fed, none lasted nearly as long as The Great Depression.

The Forgotten Depression of 1920

The Panic of 1819

America's Great Depression

Also, since the creation of the Fed, the dollar has lost over 95% of its purchasing power. This did not bode well for the middle class and especially the poor.

Jan. 22 2014 10:49 PM

It's hard to make a depression last for as long as FDR and Obama made theirs last, without the control that the Federal Reserve has over the money supply.
Admittedly, adding heaps of regulations, on businesses, is also an effective strategy for prolonging depressions. See FDR and Obama.

Jan. 22 2014 02:07 PM
Charles from Tribeca

Campaign Finance Reform with public financed elections is the Only way to fix the system.

Jan. 22 2014 02:02 PM

The Amazing Revolving Door - Monsanto, FDA & EPA
From Rich Murray

Jan. 22 2014 02:00 PM

The FDA and United States Department of Agriculture have been run by former and future people from companies which they regulate.

Jan. 22 2014 01:59 PM
Amy from Manhattan

And don't forget shame on the ratings agencies.

Jan. 22 2014 01:56 PM
jgarbuz from Queens

The Federal Reserve is irrelevant. There were depressions, bank crashes, and high unemployment before the FED was created, and have been since. It's pretty much an irrelevant institution, one way or the other.

But there can be no economy without banking, unless you want a Soviet-style (or North Korean style) slave state. You mess around too much with banking, you mess around with the heart of the economic system that sustains us all.

Jan. 22 2014 01:54 PM

You can't trust the regulators.
They only suppress competition against their cronies.

Jan. 22 2014 01:52 PM

If you haven't seen it I highly recommend everyone see both "Inside Job," Charles Ferguson's excellent film unraveling the many crimes, lack of regulation and sociopathic psychosis on Wall St, and Frontline's "Money. Power & Wall St."

The writing is on the wall: a revolution is coming, unless there's drastic change with respect to the collusion of Wall St and Gov't. And it won't be limited to this country either; it's consumed the entire world.

Jan. 22 2014 01:52 PM

To understand the Banking system read about the Federal Reserve:
The Creature from Jekyll Island: A Second Look at the Federal Reserve by G. Edward Griffin (Nov 30, 2010)

Jan. 22 2014 01:50 PM
jgarbuz from Queens

People have to understand that everything is a risk. Probably the least riskiest thing to do with money is to put it into an FDIC insured bank account. Everything else carries much greater risks, which is why the possibility of higher returns exists, if you don't lost half or more of it. All the regulations in the world will never cure the gambling instinct, with people thinking they can make a safe, quick, and high return. Such things are as rare as lightning strikes.

Jan. 22 2014 01:46 PM

This is similar to a problem in your earlier fungus story, where the captured regulator (The FDA) has killed the inexpensive and effective test for the fungus.
Here is one solution to one captured regulator:
You should control what medicines you use, not the FDA. The FDA should make advisory recommendations only. It should NOT have the power to mandate which drugs you can buy, and which you cannot. Write Congress through:

Jan. 22 2014 01:46 PM
jgarbuz from Queens

More muckraking in the new Gilded Age. What are people supposed to do with their money, keep it all under a mattress? Of course it is mostly going to go into a bank, into a mortgage, onto Wall Street or into a little business. Where else is money going to go? To the poor and homeless? Sure, look at Bill Gates and others who are giving away money later on, after they've accumulated a big bundle of it.

Jan. 22 2014 01:41 PM

If you want to really understand the banking/houing crisis, read this book.

Otherwise, keep believing that crony capitalism has been ended in the United States.

Jan. 22 2014 12:05 PM
oscar from ny

Sleeping with the enemy

Jan. 22 2014 11:56 AM

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