Ep. 233: Larry Doyle Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Business, Investing

4.6 • 732 Ratings

🗓️ 28 April 2014

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Larry Doyle, a former JP Morgan banker. Larry embarked on his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation, and was involved in the growth and development of the secondary mortgage market from its near infancy.

The topic is his book In Bed with Wall Street: How Bankers, Regulators and Politicians Conspire to Cripple Our Global Economy.

In this episode of Trend Following Radio we discuss:

Doyle's background and why he put "In Bed With Wall Street" together
Madoff, and what was missed from a regulatory perspective
KYC, or "knowing your customer"
MF Global, Jon Corzine, and touching customer funds
Dodd Frank and the supposed fixes to the 2008 financial crisis, and why Dodd Frank was more of an architectual blueprint rather than a completed piece of legislation
Regulatory reforms to help fix the problems created in the 2008 financial crisis
Informing the general public of the problems surrounding Wall Street today
The "bribe" of equity markets at all-time highs; manipulation of the markets
Why Tim Geithner said "we saved the economy, but we lost the country"
If a crash is the only thing that will bring about change
Why the banks must be broken up
What would have happened if Goldman Sachs and Morgan Stanley had failed

Jump in!

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I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.1	I am your host, Michael Covel, not filtered, raw, honest.
0:27.4	That's my passion.
0:33.0	Today on the podcast, I have Larry Doyle, his book, In Bed with Wall Street,
0:38.6	former J.P. Morgan banker, who gets into the nitty-gritty of regulation, of politics, of elite,
0:46.2	and why this system is freaking fragile as hell, even though we're five, six years removed from the so-called crisis.
0:57.6	Might not be the most entertaining in terms of content, but I would argue that it's a very
1:03.7	important conversation. I hope you enjoy.
1:15.1	Why don't you explain to me?
1:17.1	So your book, In Bed with Wall Street.
1:25.8	And, you know, the quick and dirty version would be this is the political, regulatory, elite,
1:30.2	what's been going on behind the scenes and all the funny monkey business for the last decade or so, even going back farther perhaps. And you've painstakingly
1:36.3	broken this stuff down. And you've really gone after a lot of the regulatory arms. And,
1:43.6	you know, somebody might be already thinking,
1:45.1	hey, you know, I don't care. I just want to trade. I don't care about all this stuff. It's not
1:49.3	relevant to me. I don't think so. I think it's very relevant. Yeah, I agree. It's very relevant.
1:55.4	So let me just jump right in. Sure. Why, give me a little bit about your background and why
2:00.4	did you put this book together?
2:01.9	Well, first off, I, you know, worked on the sell side of Wall Street within those large
2:07.1	banks for 23 years, trading, selling, and running businesses. And, you know, I left J.P. Morgan in 2006. And, you know, at that point in time,
2:22.6	there were clearly some signs of stress within the markets. And, you know, sometimes, oftentimes,
	...

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