Official: Gary Gensler

Official, People

Gary Gensler  (born October 18, 1957) is an American academic, former investment banker, and former government official. Gensler leads the Biden–Harris transition’s Federal Reserve, Banking and Securities Regulators agency review team. He is also a professor at the MIT Sloan School of Management.

Gensler previously served as the 11th chairman of the Commodity Futures Trading Commission, under President Barack Obama, from May 26, 2009 to January 3, 2014. He was the Under Secretary of the Treasury for Domestic Finance (1999–2001), and the Assistant Secretary of the Treasury for Financial Markets (1997–1999). Prior to his career in the federal government, Gensler worked at Goldman Sachs, where he was a partner and co-head of finance. Gensler also served as the CFO for the Hillary Clinton 2016 presidential campaign. Continue reading “Official: Gary Gensler”

Subject: Hamilton E. James

People, Subject of Interest

Hamilton Evans “Tony” James  (born February 3, 1951) is an American billionaire businessman, and the executive vice chairman of The Blackstone Group, a New York-based global asset management firm, having previously been president and chief operating officer. James has been chairman of Costco since August 2017.

In 1975, James joined investment bank Donaldson, Lufkin & Jenrette and became head of its global M&A group in 1982. He founded DLJ Merchant Banking, Inc in 1985. In 1995, James was appointed chairman of the firm’s banking group, a position he held when DLJ was acquired in 2000 by Credit Suisse First Boston, and was a member of its board of directors. At CSFB, James served on the executive board and as chairman of global investment banking and private equity. A 2007 Wall Street Journal article credited James with leading the acquisition process, on behalf of DLJ. Continue reading “Subject: Hamilton E. James”

Subject: David Rocker

People

David A. Rocker  (born 1943) founded the hedge fund Rocker Partners, LP. Rocker holds a magna cum laude bachelors from Harvard College and a master of business administration from Harvard Business School. Rocker and his wife, Marian, reside in Florida and New Jersey. They have two sons.

In 1969, Rocker joined Mitchell Hutchins, where he was a research analyst and investment banker. In 1972, he hired on at Steinhardt, Fine, Berkowitz & Co., a pioneering hedge fund, and was a general partner there from 1973 to 1981. Rocker joined Century Capital, a registered investment adviser, as a partner in 1981. While there, he was a portfolio manager for institutional clients. Continue reading “Subject: David Rocker”

Economist: Robert E. Litan

Academic, Author, Economist, Journalist, People

Robert E. Litan Robert Litan is a Non-Resident Senior Fellow at the Brookings Institution, where he has previously been a Senior Fellow on staff, and Vice President and Director of Economic Studies. His current research focuses on federal regulation, entrepreneurship, and a broad range of economic policy subjects.

Litan is also a practicing attorney, as a partner with the law firm of Korein, Tillery, based in St. Louis and Chicago. He previously was a partner, Of counsel and associate with two Washington, D.C. law firms, and served during the first term of the Clinton Administration as Principal Deputy Assistant Attorney General in the Antitrust Division of the Justice Department, where he oversaw civil non-merger litigation and the Department’s positions on regulatory matters, primarily in telecommunications. Continue reading “Economist: Robert E. Litan”

Journalist: Richard Crump

Journalist, People

Richard K. Crump Richard Crump joined the Federal Reserve Bank of New York in 2009. His research interests are in Econometric Theory and Financial Economics.

He holds a Ph.D. in Economics and an M.A. in Statistics from the University of California at Berkeley, along with a B.S. in Economics from MIT. Prior to graduate school he worked as an Associate in the US Economic Research Group and the Global Markets Research Group at Goldman Sachs.

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Articles:

Article: Burford Loses Bid For LSE Trader Info In Short-Selling Attack

 

Author: John D. Finnerty

Author, Journalist, People

John D. Finnerty  John D. Finnerty is Professor of Finance and the founding Director of the MS in Quantitative Finance Program at Fordham University. He was awarded early tenure in 1991 and received the Gladys and Henry Crown Award for Faculty Excellence in 1997. He served as the Director of the MS in Quantitative Finance Program from 2006 to 2008. Dr. Finnerty is also Managing Principal of Finnerty Economic Consulting, LLC, which is based in New York. His areas of specialization include business and securities valuation, solvency analysis, derivatives instruments, and calculation of damages.

Dr. Finnerty has published fourteen books and more than 90 articles and professional papers. His writings and teaching have focused on the analysis and valuation of fixed income securities, complex derivative products, mortgage-backed securities, and asset-backed securities. His most recent books include Corporate Financial Management, 4th edition, just published by Wohl Publishing, Project Financing: Asset-Based Financial Engineering, 2nd edition, published by Wiley, and Debt Management, published by Harvard Business School Press. Continue reading “Author: John D. Finnerty”

Author: Noah Feldman

Author, People

Noah R. Feldman  (born May 22, 1970) is an American academic, author, columnist, public intellectual, and host of the podcast Deep Background. He is the Felix Frankfurter Professor of Law at Harvard Law School and chairman of the Society of Fellows at Harvard University. His work is devoted to constitutional law, with an emphasis on free speech, law & religion, and the history of constitutional ideas.

Feldman grew up in Cambridge, Massachusetts, where he attended the Maimonides School. Feldman was raised in an Orthodox Jewish home. Continue reading “Author: Noah Feldman”

Journalist: Richard B. Evans

Journalist, People

Richard B. Evans  Associate Professor of Business Administration, Donald McLean Wilkinson Research Chair in Business Administration.

Richard Evans’ research deals broadly with investment decisions, and his current research projects explore fund manager compensation and incentives, exchange-traded funds, corporate political activity and stock performance, short-selling and quantitative vs. fundamental investment strategies. Continue reading “Journalist: Richard B. Evans”

Article: Young Koreans are echoing r/WallStreetBets in their war against short sellers

Article - Media, Publications

Young Koreans are echoing r/WallStreetBets in their war against short sellers

Max Kim, Rest of World,  03 March 2021

The Korean Stockholders’ Alliance is located in Yeouido, Seoul’s financial and political district, on the fifth floor of an officetel building mostly occupied by financial companies. Jung Eui-jung, the 62-year-old head of the Alliance and the sole resident of its office, points out the window to a large, bright-yellow bus parked outside on Eunhaengro (“bank street”), so named because it is home to South Korea’s two main state banks. The Alliance is an advocacy group that represents retail investors, with around 41,000 members. Its current mission statement is displayed in block letters on the side of the bus: “I hate short selling!”

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Article: Texas Grid Failure: Why More Heads Need To Roll

Article - Media, Publications

Texas Grid Failure: Why More Heads Need To Roll

Ed Hirs, 02 March 2021

The Texas electricity market failed. Yet in the words of ERCOT, the Electric Reliability Council of Texas, it functioned just as designed. ERCOT has congratulated itself for losing only 40% of the grid and is proceeding to settle transactions to transfer more than $50 billion from consumers to electricity generators. Why is there such an obvious disconnect?

The core premise of effective governance is that the officers and directors of any entity understand the business they govern. The late Yale University economist Paul W. MacAvoy used to state it this way: The purpose of the board of directors is to assist the CEO to develop the corporation’s strategy and then monitor performance. If performance is not up to expectations, the board must ask two questions. Continue reading “Article: Texas Grid Failure: Why More Heads Need To Roll”

Article: FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

Article - Media, Publications

FinCEN Must Staff Up to Fulfill Reform Mandate, Director Says

Dylan Tokar, The Wall Street Journal, 02 March 2021

The U.S. Treasury Department’s financial crimes unit is focused on acquiring the resources it needs to implement sweeping new anti-money-laundering reforms—in a way that doesn’t unnecessarily burden the financial industry, its director said.

Putting into practice the anti-money-laundering legislation, which was passed in January as part of an annual defense-policy bill, is a priority of the Financial Crimes Enforcement Network, FinCEN Director Kenneth Blanco said Tuesday at a virtual conference hosted by International Institute of Bankers.

“The priority is to make sure that we do everything that we can to implement the [law], everything that we can to get FinCEN in a position where it can accomplish that,” Mr. Blanco said.

That means making sure FinCEN is “fully staffed” and “fully resourced,” and conducts outreach needed to carefully write regulations surrounding the law, he said.

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Article: What’s Going On At Goldman? Another Senior Exec Just Jumped Ship

Article - Media, Publications

What’s Going On At Goldman? Another Senior Exec Just Jumped Ship

TYLER DURDEN, 02 March 2021

In the last few days, Goldman Sachs has lost two very senior executives from the investment bank’s two biggest bets on the future – consumer finance (Marcus) and wealth-management – and now, the behemoth’s chief lawyer is abandoning ship.

Leaving many asking – what is going on at Goldman? Continue reading “Article: What’s Going On At Goldman? Another Senior Exec Just Jumped Ship”

Article: How Regulating GameStop’s ‘Market Manipulation’ Could Harm Crypto

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How Regulating GameStop’s ‘Market Manipulation’ Could Harm Crypto

Benjamin Sauter, Steven Perlstein, William McGovern and David McGill, 02 March 2021

The ongoing roller-coaster ride of GameStop, dogecoin and other so-called meme stocks has led day traders, market makers and exchanges to attack each other with knee-jerk accusations of “market manipulation.” When this happens, the primary winners are government regulators seeking to expand the scope of their authority. Industry cries of market “manipulation” – from all sides – are not only shortsighted. They also risk setting the market on a path towards an enforcement framework that all market participants may come to regret, no matter what side they think they are currently on.

Reddit takes on Wall Street
Since early this year, by sharing tips and organizing on social media platforms such as Reddit and Twitter, individual traders have been able to rally prices of meme stocks to unbelievable heights. First, it was GameStop, AMC and a handful of other targets, with traders sending prices skyward 1,500% or more. Then, traders set their sights beyond the securities markets: dogecoin (DOGE) rose over 800% in 24 hours after a tweet from Elon Musk rallied the masses behind it.

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Article: Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit

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Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit

Caleb Drickey, 02 March 2021

Australian bank Westpac has agreed to a $25 million deal settling claims that it conspired with a cabal of banking institutions to rig the price of derivatives based on an Australian foreign exchange benchmark.

Tuesday’s proposed deal would also compel Westpac, which denied all illegal conduct or wrongdoing, to turn over information related to the alleged price-fixing conspiracy. This would, according to the investors, strengthen cases against Westpac’s co-defendants and lead to similarly-structured deals with the accused conspirators.

In a memorandum, representatives for the proposed class expressed confidence that the newly announced deal would lead to further victories against defendant banks. Continue reading “Article: Aussie Bank Westpac Inks $25M Deal In Rate-Rigging Suit”

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?