Larry Doyle Still Thinks 'The System Is Broken'

There is an incestuous relationship between banks, regulators and almost everyone in between.

That is the main point Larry Doyle likes to remind the reader in his book In Bed With Wall Street: The Conspiracy Crippling Our Global Economy. It's alluded to in the title and various times throughout -- Wall Street was corrupt, and no one did anything to stop it.

Doyle begins with a couple history lessons, such as a recap of the Securities Act of 1933 that “would put ‘the burden of telling the whole truth on the seller' of securities.” He recounts the steps that led to the U.S. financial crisis of the late 2000s, making it easy for even the most novice onlooker of the crisis to understand.

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“I certainly hope that anybody with any interest in the markets and economy would find the book of interest,” Doyle told Benzinga, “but even more broadly the general population who might becoming disenchanted by developments both on Wall Street and in Washington.”

Doyle began his Wall Street career in 1983 as a mortgage-backed securities trader for The First Boston Corporation. For the last five years, he has been the author of Sense on Cents, a website that “looks to deliver an understanding of the economy, markets, and global finance to a wide audience.”

Many became disenchanted as the financial crisis started to snowball. In the book, Doyle points to how the incoming Obama administration was “clearly more focused on saving Wall Street” than determining what led to the crippled economy.

“I hope people gain a real appreciation that they cannot blindly presume that those charged with upholding the public interest will fulfill their mandate given the massive financial influence of Wall Street over Washington," said Doyle.

Doyle lays out several key regulatory reforms of his own, with a focus on more transparency from Financial Industry Regulatory Authority (FINRA), Auction Rate Securities (ARS) and others. He told Benzinga in February that “the immediate reforms are the need for increased disclosures and transparency in the system. More information for the benefit of investors in terms of investment offerings to drill down the ability to assess risks."

Doyle finished writing In Bed With Wall Street late in 2013 and the book was published in January 2014. What progress has the author seen from those in question?

“I have seen an attempt by every entity involved in what I define as the conspiracy to address and allay some of the public concerns,” said Doyle.

“But I believe that ‘the system is broken (i.e., captured and corrupted) just as a recently retired SEC attorney named James Kidney stated in remarks made upon his retirement from the commission.”

In April, Kidney said his bosses at the Securities and Exchange Commission were too “tentative and fearful,” as he resigned from the organization he worked at since 1986.

“The SEC has become an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” said Kidney.