{"id":418812,"date":"2022-03-20T05:04:14","date_gmt":"2022-03-20T02:04:14","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/secs-gary-gensler-passes-the-buck\/"},"modified":"2022-03-20T05:04:14","modified_gmt":"2022-03-20T02:04:14","slug":"secs-gary-gensler-passes-the-buck","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/secs-gary-gensler-passes-the-buck\/","title":{"rendered":"#SEC&#8217;s Gary Gensler \u2018passes\u2019 the buck"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2ab75907148\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2ab75907148\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/secs-gary-gensler-passes-the-buck\/#%E2%80%9CSECs_Gary_Gensler_%E2%80%98passes_the_buck%E2%80%9D\" >&#8220;SEC&#8217;s Gary Gensler \u2018passes\u2019 the buck&#8221;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/secs-gary-gensler-passes-the-buck\/#No_help_for_little_guy\" >No help for little guy\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/secs-gary-gensler-passes-the-buck\/#Citigroups_headache\" >Citigroup\u2019s headache\u00a0<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CSECs_Gary_Gensler_%E2%80%98passes_the_buck%E2%80%9D\"><\/span>&#8220;SEC&#8217;s Gary Gensler \u2018passes\u2019 the buck&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Charles Gasparino\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=152 152w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=114 114w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=76 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png?w=38 38w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/Gasparino_Charles_headshot.png 706w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/>      <\/div>\n<\/div>\n<\/aside>\n<p>It\u2019s bad enough that our political class never lets a good crisis go to waste in pursuing harebrained policies that sound good on paper but usually fail in practice (ObamaCare). It\u2019s another thing to make the crisis \u2014 in this case soaring energy prices and rampant inflation \u2014 worse. Yet Gary Gensler aims to do just that.\u00a0<\/p>\n<p>You might be wonder why a guy whose main job is supposed to be protecting investors from pump-and-dump schemes and the like is wading into our energy woes. But Gensler\u2019s tenure as chair of the Securities and Exchange Commission has been filled with odd edicts and windmill-tilting excursions that seem far removed from the commission\u2019s core responsibilities.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"No_help_for_little_guy\"><\/span>No help for little guy\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For example, as this column has pointed out, Gensler seems prepared to upend the structure of the stock market even though trading for average investors has never be easier or cheaper; he seems to think some hedge funds are robbing the little guy without much in the way of proof.\u00a0<\/p>\n<p>But if Gensler gets his way, he won\u2019t be protecting the little guy. According to one of the new proposals, it\u2019ll be large sophisticated investors putting money in private equity who somehow need protection through heightened disclosures and other needless rules.\u00a0<\/p>\n<p>It\u2019s another non-solution in search of a non-scandal for personal gain, I am told.\u00a0<\/p>\n<p>Gensler\u2019s proposals are likely designed to build up his street cred with his real boss \u2014 not Joe Biden, but the private-equity-hating progressive Massachusetts Sen. Elizabeth Warren who has de-facto veto power over major Biden <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointments.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-1.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Traders work on the floor of the New York Stock Exchange.\" class=\"wp-image-21589676\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-1.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-1.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-1.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Traders work on the floor of the New York Stock Exchange.<\/figcaption><figcaption><span class=\"credit\"> Spencer Platt\/Getty Images<\/span><\/figcaption><\/figure>\n<p>Gensler has it made it clear around DC that his next stop after the SEC should be Treasury secretary, and he needs Warren in his corner to make this happen.\u00a0<\/p>\n<p>This week things might get even stranger in Genslerland as the SEC chief looks to further solidify his relationship with Warren, I\u2019m told. I say stranger because the last thing US consumers need is more ESG \u2014 environmental <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social<\/a> governance \u2014 edicts that have the effect of reducing exploration as oil and gas prices soar due to sanctions on Russia over its invasion of Ukraine.\u00a0<\/p>\n<p>Wall Street executives who are tracking Gensler\u2019s work say they expect to be hit with proposed new disclosure requirements for public companies and asset managers in relation to ESG goals.\u00a0<\/p>\n<p>The move comes about a year after Gensler and his task force began \u201cstudying\u201d the alleged need for companies to tell investors how they are looking to make the world a better, more woke place \u2014 as opposed to merely employing people and serving investors.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-4.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Senator Elizabeth Warren (D-MA) attends a Senate Armed Services hearing on Capitol Hill March 15.\" class=\"wp-image-21589678\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-4.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-4.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-4.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Sen. Elizabeth Warren (D-Mass.), who seems to be Gensler\u2019s real boss. <\/figcaption><figcaption><span class=\"credit\">Drew Angerer\/Getty Images<\/span><\/figcaption><\/figure>\n<p>Wall Street is bracing for Gensler to start demanding that every public company provide detailed accounts about how they are looking to reduce their carbon footprints, seek and hire diverse candidates for board seats and lots of other ESG stuff that will make Elizabeth Warren, Bernie Sanders and AOC swoon.\u00a0<\/p>\n<p>Asset managers will likely face the same types of disclosures for how they\u2019re allocating capital to green projects that meet ESG standards, these people tell me.\u00a0<\/p>\n<p>If you think all of this is a bit tone-deaf given what\u2019s going on in the world these days, you\u2019re not alone.\u00a0<\/p>\n<aside class=\"single__inline-module alignleft\">\n    <\/aside>\n<p>Before the sanctions, Wall Street invested in Russian oil and gas because it\u2019s a sure money maker. These Russian companies are often hidden from the public (and ESG guidelines) as seemingly conventional emerging market investments when they\u2019re not. Meanwhile, if investors want to follow ESG guidelines, they are constrained from putting money into US oil producers.\u00a0<\/p>\n<p>It\u2019s the same ridiculous double standard that means that yes, even as we boycott Russia, the US is forced to buy oil from other unsavory nations (our friends in Venezuela) to prevent gas from going above $8 a barrel to make up for declining domestic production.\u00a0<\/p>\n<p>And all that was before the SEC and Gensler further solidify ESG mandates into corporate law through new disclosures and possibly more. Warren will, of course, cheer him on; the American people, who are paying through the nose for energy, not so much.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Citigroups_headache\"><\/span>Citigroup\u2019s headache\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Citigroup\u2019s messy relationship with Russia is also likely to be costly.\u00a0<\/p>\n<p>The US bank has the largest exposure to Russia of all the big US banks, close to $10 billion, filings indicate.\u00a0<\/p>\n<p>Since at least last year, the bank was looking to sell its Russia unit, possibly over concern that doing business in the land of Putin would make it impossible to engage in virtue signaling about just how bad it is to live in the US as many companies like to do these days to gain brownie points with lefties in Washington.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gansler-3.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"The logo for Citibank\" class=\"wp-image-21589675\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gansler-3.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gansler-3.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gansler-3.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Citi has been looking to sell its Russia unit since last year. <\/figcaption><figcaption><span class=\"credit\">Andrew Kelly\/REUTERS<\/span><\/figcaption><\/figure>\n<p>Putin\u2019s invasion of Ukraine, and his killing of innocent civilians, and the sanctions that were triggered, has made the sale next to impossible; western buyers don\u2019t seem to be interested. Maybe a Chinese bank run by China\u2019s oppressive Communist Party will step in, but the optics of that aren\u2019t appealing.\u00a0<\/p>\n<p>In the meantime, analysts are debating the financial hit Citi will take as its Russian assets deteriorate.\u00a0<\/p>\n<p>Dick Bove of Odeon Capital tells Eleanor Terrett of Fox Business that Citi could lose at least $1 billion on Russia, but \u201cthat is spit relative to the size of the company\u2019s balance sheet.\u201d\u00a0<\/p>\n<p>True, but it should loom more significantly the next time Citigroup joins the virtue-signaling crowd about the evils of America.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/03\/19\/secs-gary-gensler-passes-the-buck\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;SEC&#8217;s Gary Gensler \u2018passes\u2019 the buck&#8221; It\u2019s bad enough that our political class never lets a good crisis go to waste in pursuing harebrained policies that sound good on paper but usually fail in practice (ObamaCare). It\u2019s another thing to make the crisis \u2014 in this case soaring energy prices and rampant inflation \u2014 worse&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":418813,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/03\/gensler-2.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[126983,70932,77105,118979,70790,72388],"class_list":["post-418812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-3-19-22","tag-citigroup","tag-elizabeth-warren","tag-gary-gensler","tag-goldman-sachs","tag-stock-market"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/418812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=418812"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/418812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/418813"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=418812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=418812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=418812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}