Gensler – Page 3 – Financial Treason & Crime

Preston Brewer, 10 May 2021

In testimony Thursday before the House Financial Services Committee, newly appointed SEC Chairman Gary Gensler signaled that he is prepared to change existing rules to better adapt to the challenges of today’s market environment, and to ask Congress for more authority where needed.

Gensler was there ostensibly to speak about the speculative trading in GameStop shares that occurred in late January. But the hearing went beyond GameStop and Robinhood to include a discussion of the Securities and Exchange Commission’s regulatory response about a wide range of topics. Continue reading “Article: ANALYSIS: Beyond GameStop—10 Takeaways From Gensler’s Testimony”

05/10/202105/11/2021

Article: House Democrats Urge Funding Boost for Wall Street’s ‘Cop on the Beat’

Article - Media, Publications

House Democrats Urge Funding Boost for Wall Street’s ‘Cop on the Beat’

Kevin Edgar, 10 May 2021

House Financial Services Committee Chairwoman Maxine Waters is calling on Congress to increase funding for Securities and Exchange Commission (SEC) oversight of Wall Street’s “regulatory and market structure weak points.”

With SEC Chairman Gary Gensler signaling stepped-up enforcement of public companies and other SEC registrants, Democrats on Capitol Hill are leveraging their majority status to ensure the agency has the resources to meet its new chairman’s aggressive oversight mandate.

Rep. Brad Sherman, D-Calif., co-signed Waters’ letter to the leaders of the House Appropriations Committee calling for more SEC funding. Sherman is chairman of the Financial Services Committee’s Investor Protection, Entrepreneurship and Capital Markets Subcommittee. Continue reading “Article: House Democrats Urge Funding Boost for Wall Street’s ‘Cop on the Beat’”

04/19/202104/20/2021

Article: Gary Gensler is now head of the SEC. What comes next?

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Gary Gensler is now head of the SEC. What comes next?

Kollen Post, 19 April 2021

As The Block reported last week, Gary Gensler is now chairman of the U.S. Securities and Exchange Commission after being sworn into office.

Now at the helm of the agency that governs trading at the largest stock markets in the world, Gensler will obviously play a key role in the Biden administration’s oversight of the U.S. financial services sector. His ascent to office comes during what might be called a period of heightened scrutiny, a state of affairs that came in the wake of controversy over the GameStop stock craze and the role of platforms like Robinhood and firms such as Citadel Securities, which play significant yet publicly invisible roles in the proverbial engine room of Wall Street. As Congress scrutinizing activities like naked short selling and payment for order flow, Gensler’s agency comes into view — particularly as the Biden administration seeks to take a potentially different tack compared to the Trump years. Continue reading “Article: Gary Gensler is now head of the SEC. What comes next?”

04/16/2021

Article: This $800 million whistleblower program is losing its top cop

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This $800 million whistleblower program is losing its top cop

Matt Egan, 16 April 2021

The head of the Securities and Exchange Commission’s highly-successful whistleblower program is stepping down at a delicate moment for the market watchdog.

Jane Norberg is leaving the SEC on Friday, after presiding over a four-and-half-year period during which the whistleblower office handed out a staggering $702 million in awards to 114 individuals who aided the agency’s investigations.

Her departure comes as former Obama-era official Gary Gensler takes over the SEC and as regulators come under fire from progressives — and even some famous investors — for failing to do enough to protect investors. Continue reading “Article: This $800 million whistleblower program is losing its top cop”

04/14/2021

Article: Gary Gensler has a full agenda as he gets set to take over the SEC

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Gary Gensler has a full agenda as he gets set to take over the SEC

Bob Pisani, 14 April 2021

(The Senate is expected to confirm Gary Gensler as the new chairman of the Securities and Exchange Commission on Wednesday, and crypto assets — including bitcoin — are likely high on his agenda.

With Democrats in control of all three major branches of government, and the SEC commissioners now with a 3-2 Democratic majority, Gensler is likely to face calls from progressives to act on several fronts, including ESG, the Gamestop fallout, the Archegos fiasco, payment for order flow, fiduciary obligations, and especially regulations around securities in the crypto space, including a bitcoin ETF.

A Senate vote on Gensler’s nomination is scheduled for 11:45 a.m. ET. Continue reading “Article: Gary Gensler has a full agenda as he gets set to take over the SEC”

04/10/2021

Article: Archegos Exposes SEC Blind Spots, Dithering on Market Oversight

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Archegos Exposes SEC Blind Spots, Dithering on Market Oversight

Robert Schmidt and Benjamin Bainx, 10 April 2021

The U.S. Securities and Exchange Commission was supposed to be able to spot a whale like Bill Hwang by now. As the financial world knows, it didn’t. Will the agency be able to catch the next one?

The collapse of Hwang’s Archegos Capital Management represents one of the most spectacular failures of risk-management and oversight in recent memory. For the SEC, it caps a decade of foot-dragging on protections that were meant to avert, or at least minimize, just such a blowup. Continue reading “Article: Archegos Exposes SEC Blind Spots, Dithering on Market Oversight”

04/06/202104/08/2021

Article: INSIGHT: U.S. cryptocurrency regulatory path appears long and complex

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Todd Ehret, 06 April 2021

Bitcoin, other cryptocurrencies, and essentially all digital assets have surged in price recently amid surging interest by the public, investors of all types, and the financial industry. Despite a steadily growing acceptance and anticipation of a crypto-friendly regulatory environment under the new administration in Washington, the future regulatory framework for digital assets is complex and uncertain. Continue reading “Article: INSIGHT: U.S. cryptocurrency regulatory path appears long and complex”

03/29/202103/30/2021

Article: How Goldman And Other Wall Street Giants Loaned Billions To Someone Who Traded Like A Meme Stock Gambler

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How Goldman And Other Wall Street Giants Loaned Billions To Someone Who Traded Like A Meme Stock Gambler

Kevin Dowd, 29 March 2021

Imagine if Goldman Sachs GS -0.5% lent a billion dollars to RoaringKitty.

News about margin calls is once again roiling markets. Except this time, instead of industry outsiders like Robinhood and RoaringKitty, a leading GameStop bull on WallStreetBets subreddit, the drama centers on traditional giants of the financial establishment. Continue reading “Article: How Goldman And Other Wall Street Giants Loaned Billions To Someone Who Traded Like A Meme Stock Gambler”

03/25/202103/27/2021

Article: Fidelity Joins Race for US Bitcoin ETF

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Fidelity Joins Race for US Bitcoin ETF

THESTREET CRYPTO, 25 March 2021

Fidelity has made an application with the U.S. securities regulator to offer a Bitcoin exchange-traded fund (ETF), according to public filings. The Block was the first to report on the application.

The asset management firm lodged paperwork for the Wise Origin Bitcoin Trust, which would track the price of Bitcoin using data from predominantly U.S.-based exchanges: Coinbase, Gemini, ItBit, Kraken and Bitstamp.

“An increasingly wide range of investors seeking access to Bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets,” a Fidelity spokesperson told Bloomberg.

Fidelity is perhaps the highest profile name to apply for a Bitcoin ETF this year. Five other contenders are vying to become the first U.S. Bitcoin ETF, including VanEck, First Advisors/Skybridge and NYDIG. Continue reading “Article: Fidelity Joins Race for US Bitcoin ETF”

03/04/2021

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”

03/03/202103/09/2021

Article: Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

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Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

Pam Martens and Russ Martens: March 3, 2021 ~ Wall Street on Parade

“Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.

“Those loans were made available at rock bottom interest rates – in many cases under 1 percent.”

Read full article.

03/02/2021

Tweet: Gary Gensler on SEC Further Down the Rabbit Hole of Complicity in Wall Street Treason & Crime

02/16/202102/17/2021

Article: Here’s what to expect at the congressional hearings on GameStop and Robinhood

Article - Media

Here’s what to expect at the congressional hearings on GameStop and Robinhood

Scum sucking sack of shit lawmakers will seek to make headlines, not legislation — and all the witnesses are probably RICO eligible!

Chris Matthews, MarketWatch, 16 February 2021

Executives at Robinhood, market maker Citadel Securities, hedge fund Melvin Capital, social media firm Reddit, and Keith Gill, an independent investor who found fame and riches with his early purchases of GameStop Inc. GME, -5.52% shares, will all testify at the hearing, scheduled for noon on Thursday. Here’s what to expect:

Read full article.