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“#Biden, Psaki dodge GameStop trading scandal for second day” President Joe Biden refused to weigh in on the Reddit-fueled GameStop market frenzy on Friday as White House press secretary Jen Psaki for a second day also remained mum on the pressing issue. Biden ignored shouted questions from reporters in the Oval Office after the Securities and Exchange Commission earlier Friday said it…
“#Will the SEC probe the GameStop stock mania? Not so fast” The GameStop trading frenzy has morphed from an insane market story to a political one as well. Regulatory sources tell me that Wall Street’s top cop, the Securities and Exchange Commission, is eyeing a possible market manipulation case over the tremendous run-up in shares…
“#Wall Street’s luck runs out with Biden’s SEC head Gary Gensler” Among corporate America’s biggest worries about a Biden presidency was that he might cave to the left wing of his party and select Elizabeth Warren as his top white-collar-crime cop. Well, the corporate chieftains dodged that bullet, only to find themselves now in the…
“#Watch out Wall Street, Gary Gensler tapped to head SEC” Gary Gensler appears to have won the race to be the next sheriff of Wall Street after elbowing out a centrist rival. According to multiple insiders, President-elect Joe Biden’s transition team has chosen Gensler — a former Goldman Sachs executive-turned-Obama administration financial regulator — as…
“#Deutsche Bank reportedly set to OK $100M payout over bribery charges” Deutsche Bank agreed Friday to pay fines and penalties of more than $100 million to avoid a criminal prosecution on charges it participated in a foreign bribery scheme to win business in Saudi Arabia. Lawyers for the bank, which has long ties to President…
“#XRP cryptocurrency plunges after SEC charges creator Ripple” Digital currency XRP plunged on Wednesday as the feds sued Ripple, the tech firm that created it. XRP’s price sank more than 30 percent to 34 cents as of 10 a.m. after the Securities and Exchange Commission accused Ripple of illegally raising more than $1.3 billion by…
“#SEC slaps Robinhood app with $65M fine for misleading users” Robinhood, the free stock-trading app aimed at millennials, will pay $65 million to settle charges from the feds that it misled users about how it was making money and failed to deliver the best execution it had promised on trades. Between 2015 and 2018, Robinhood…
“#The four contenders to be Joe Biden’s SEC chair” President-elect Joe Biden has drawn up a diverse list of candidates to be Wall Street’s next sheriff, some of them with tough enforcement records — but insiders say his pick looks increasingly likely to be a pointy-headed white guy. According to multiple insiders, Biden and his…
“#Braggy billionaire Michael Platt’s firm fined $170M for deceiving investors” The hedge fund tied to a billionaire who last year got caught on a viral video bragging to a New York City cabby about his wealth just got slammed with a massive fine for two-timing its investors. BlueCrest Capital Management — co-founded by Michael Platt,…
“#SEC fines Cheesecake Factory for hiding COVID-19 cash burn” The feds served The Cheesecake Factory a $125,000 fine for allegedly hiding how much cash it was hemorrhaging early in the coronavirus crisis. The restaurant chain agreed to fork over the payment in a Friday settlement with the Securities and Exchange Commission that involved the regulator’s…