Article: Former NYSE Trader on GameStop Earnings and Naked Shorts

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Former NYSE Trader on GameStop Earnings and Naked Shorts

thestreet, 10 June 2021

Momentum stocks, which have been dubbed “meme stocks” by mainstream media and Wall Street, have taken the stock market by storm in the last six months.

Earlier this week, stocks such as GameStop (GME) – Get Report and AMC (AMC) – Get Report were seeing positive momentum. Even stocks like Clover (CLOV) – Get Report and Wendy’s (WEN) – Get Report joined them.

However, GameStop’s momentum turned negative in Thursday intraday trading following the company’s earnings report late Wednesday. Continue reading “Article: Former NYSE Trader on GameStop Earnings and Naked Shorts”

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’”

Article: Departing GameStop Executives Eyeing Lottery-Winning Paydays

Article - Media, Publications

Departing GameStop Executives Eyeing Lottery-Winning Paydays

ERIK GRUENWEDEL, 26 April 2021

July 31 can’t come soon enough for several GameStop executives, including CEO George Sherman, who are slated to exit the videogame retailer at that time in a management reorganization driven by incoming chairman of the board Ryan Cohen, co-founder/CEO of online pet supply service

Sherman, CFO James Bell, chief customer officer Frank Hamlin and Chris Homeister, chief merchandising officer, all have provisions in their contracts that call for expedited vesting of stock options, the latter Wall Street-based restricted shares that can drive executive compensation into the stratosphere — with no tax liability for the company. Continue reading “Article: Departing GameStop Executives Eyeing Lottery-Winning Paydays”

Article: GameStop’s CEO Goes Out on Top

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GameStop’s CEO Goes Out on Top

Matt Levine, 26 April 2021

Is George Sherman one of the greatest public-company chief executive officers in American history? He became CEO of GameStop Corp. on April 15, 2019. The stock closed at $8.94 per share that day. On April 19, 2021 — almost exactly two years later — GameStop announced that he will be stepping down by July. The stock closed at $164.37 that day. That’s a 1,739% return over his two-year term, or about 325% annualized. (The S&P 500 index was up 43%, or about 20% a year, over those two years.) GameStop’s market capitalization went from about $900 million to about $11.5 billion; Sherman added about $10.5 billion of shareholder value in two years. 1

How much should he get paid, for doing this amazing work for shareholders? A billion dollars? Two billion? If GameStop’s shareholders had only gotten the S&P 500 return over the last few years, they’d have missed out on more than $10 billion in value; I suppose you could make a case that they should be willing to pay Sherman up to $10 billion for his magic touch. Continue reading “Article: GameStop’s CEO Goes Out on Top”

Subject: Brad Sherman

Subject of Interest

Brad Sherman (D-CA) is a committee member of the 116th Congress U.S. House Committee on Financial Services. Sherman is an American politician serving as a member of the United States House of Representatives. A Democrat, Sherman is in his 12th term as a congressman, having served since 1997. He currently represents California’s 30th congressional district within the San Fernando Valley, in Los Angeles County and the eastern Simi Hills in Ventura County. He previously represented the state’s 24th and 27th congressional districts, located in Los Angeles County. He graduated from the University of California, Los Angeles (B.A.), Harvard University (J.D.)


U.S. House Banking Committee on Financial Services

Article: 180 Life Sciences Corp.

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180 Life Sciences Corp.

EDGAR AGENTS LLC, 01 June 2017

KBL Merger Corp. IV is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, which we refer to throughout this prospectus as our initial business combination.

This is an initial public offering of our securities. Each unit has an offering price of $10.00 and consists of one share of our common stock, one right and one redeemable warrant. Each right entitles the holder thereof to receive one-tenth (1/10) of one share of common stock upon the consummation of an initial business combination, as described in more detail in this prospectus. Each redeemable warrant entitles the holder thereof to purchase one-half of one share of our common stock at a price of $5.75 per half share, subject to adjustment as described in this prospectus. Warrants may be exercised only for a whole number of shares of common stock. We have also granted the underwriters a 45-day option to purchase up to an additional 1,500,000 units to cover over-allotments, if any.

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Article: FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal

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FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal

Rupert Neate in New York and Jill Treanor in London, 20 July 2016

Mark Johnson and a colleague allegedly defrauded clients and ‘manipulated the foreign exchange market to benefit themselves and their bank’

A senior HSBC banker has been arrested by the FBI as he attempted to board a transatlantic flight and charged him with fraudulently rigging a multibillion-dollar currency exchange deal.

Mark Johnson, a British citizen and HSBC’s global head of foreign exchange trading, and a colleague are accused of “defrauding clients” and alleged to have “corruptly manipulated the foreign exchange market to benefit themselves and their bank”.

He was arrested on Tuesday night shortly before he was due to fly to London from New York’s JFK airport, and was due to be formally charged by a judge at Brooklyn federal court later on Wednesday. He was later released on bail.

A second Briton, Stuart Scott, who was HSBC’s European head of foreign exchange trading in London until December 2014, is accused of the same crimes. A warrant was issued for Scott’s arrest.

They are the first people to be charged in connection with the US government’s long-running investigation into bankers’ alleged rigging of the $5.3tn (£4tn) per day forex market.

“The defendants allegedly betrayed their client’s confidence, and corruptly manipulated the foreign exchange market to benefit themselves and their bank,” said the US assistant attorney general Leslie Caldwell. “This case demonstrates the [US Department of Justice’s] criminal division’s commitment to hold corporate executives, including at the world’s largest and most sophisticated institutions, responsible for their crimes.”

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