Tag: Shaw

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Article: Global Derivatives Cling to Libor Even as Its Retirement Nears

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Global Derivatives Cling to Libor Even as Its Retirement Nears

William Shaw and Alex Harris, 14 April 2021

Anyone hoping Libor’s death notice would accelerate the shift of hundreds of trillions of dollars worth of derivatives toward replacement benchmarks will be sorely disappointed.

In the U.S, just 4.7% of contracts traded in March were pegged to the Secured Overnight Financing Rate, or SOFR, the benchmark slated to replace the London interbank offered rate, according to data from the International Swaps and Derivatives Association released Wednesday. That’s down from 5% in February. Continue reading “Article: Global Derivatives Cling to Libor Even as Its Retirement Nears”

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Article: Federal Prosecutors allege credit union CEO embezzled $2M

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Federal Prosecutors allege credit union CEO embezzled $2M

ACG, 23 March 2021

In May 2017, five months after Stacey Shaw became president and CEO of the International Brotherhood of Electrical Workers Local Union 712 Federal Credit Union in Beaver, Pennsylvania, she opened credit cards issued by the union. Federal prosecutors allege she made more than $2 million in charges and cash advances through March 2020, according to a report in the Pittsburgh Post-Gazette.

Court documents filed by prosecutors in U.S. District Court in Pittsburgh charged Shaw with one felony count of embezzlement from a federal credit union and two felony counts of failing to file federal income tax returns. Continue reading “Article: Federal Prosecutors allege credit union CEO embezzled $2M”

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Article: GameStop hearing targets stock lending, social media

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GameStop hearing targets stock lending, social media

Michael Shaw, 23 March 2021

Two issues emerged from a congressional hearing on the volatile trading of GameStop Corp. shares: Lawmakers and regulators need a greater understanding of how technology helped foster the frenzy, and regulators need systems to understand such events — and possibly to manage them.

House Financial Services members and witnesses spent most of their time at the hearing last week focusing on the role of short-selling in the GameStop trading frenzy in January. They specifically looked at the source of securities used to take short positions, and they looked at how a bunch of retail investors seemingly were able to outmaneuver the professionals. Continue reading “Article: GameStop hearing targets stock lending, social media”

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Article: 15 Hedge Fund Managers Made $23 Billion In 2020

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15 Hedge Fund Managers Made $23 Billion In 2020

Tyler Durden, Zero Hedge, 10 February 2021

The historic gains by a handful of Wall Street tians demonstrates “the disconnect between the stock market and the real economy,” said finance professor Reena Aggarwal, director of Georgetown University’s Center for Financial Markets & Policy. While high volatility and low interest rates buoyed hedge funds, much of the population struggled “with worries about health, jobs, mortgage payments and student loans,” she said.

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