Wall Street's Cronyism Begins at the SEC

Posted by mshupe 9 months ago to Government
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Cifu, a lawyer by training, understands the markets and their structure better than almost anyone I know on Wall Street — and he’s not bashful about telling you as much. Again, that puts him at odds with some folks even if it’s so refreshing since most Wall Street C-suite types are fearful of offending anyone, especially their regulators at the SEC. That’s why they often sound like simpletons, automatons, or both.

Not Cifu. One of the people Cifu has spoken out against, forcefully and at times eloquently, is Gensler, his primary regulator, no less. Gensler has grand plans to remake the stock market to score brownie points with lefties like the powerful Wall Street-hating senator from Massachusetts, Elizabeth Warren.
SOURCE URL: https://nypost.com/2023/09/16/gary-gensler-is-making-the-sec-into-a-banana-republic/


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  • Posted by freedomforall 9 months ago
    Wall Street is a sewer filled with looters, apologists covering for looters,
    and those willing to follow orders to steal from Wall Street's customers.
    Integrity and ethics are just words for people on Wall St who can rationalize
    their looting actions as if they are normal in any free market, never admitting
    they rig the market by making looting "legal" using their pet politicians.
    The attraction of Wall St is the 30 pieces of silver paid so people will pretend
    that ethics don't matter. People take jobs there to be highly paid for finding
    ways to cheat the customers (who are the competitors) of Wall St.
    These people are as great at lying (to customers and themselves)
    as the best Hollywod actors.
    The SEC has been conspiring with the street for decades.
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    • Posted by 9 months ago
      In other words, you're an ignorant clown. You are only able to process a three dimensional concept such Wall Street as a two dimensional rock. I can assure you that the majority of officers at Wall Street firms have more integrity, talent, and determination than scummy little trolls whose primary vocation is multiple posts like yours each day.
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      • Posted by GaltsGulch 9 months ago
        You'll want to pull back on the ad hominem, mshupe.

        https://www.galtsgulchonline.com/faq#...
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        • Posted by 9 months ago
          Yes, you are right, there is no place for that in a rational debate. For example, every sentence to which I replied is ad hominem. That makes the entire comment ad hominem. Regardless, I will delete the direct reference to its author. For what it's worth, my previous comment to another participant implies that both of us were Wall Street firm employees, so it's not a stretch to assume the verbal onslaught was a direct reference to me and him, and malicious, to wit: sewer, looters, apologists, rig the market, pieces of silver, pretend ethics, cheat customers, lying, and conspiring. All ad hominem, no evidence, no context, and no causality. To paraphrase John Galt's speech, the comment to which I replied is moral embezzlement.
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  • Posted by $ Abaco 9 months ago
    Back when I was doing work in finance as a registered pro I was shocked at how the SEC and, especially, FINRA was carrying out actions that really screw the small, retail investor. Under Obama's leadership it got very bad. The small investment firms, which typically serve the small mom-and-pop investors, became so overburdened with compliance paperwork that you really couldn't do business. Ends up that was the plan all along. The large firms wanted to acquire those clients by shutting down the small firms. They pushed for that and got it. Our office, as I left, was being absorbed by a bigger firm from So.Cal. That's when I hung it up.
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    • Posted by 9 months ago
      I think that's changing. The large wirehouses have been forced to change their business model to accommodate smaller RIA firms. LPL Financial is now the powerhouse that gives small firms their back office operations and compliance scale. That's needed to accommodate the massive regulatory burden.
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  • Posted by 9 months ago
    Heck, the FTX scandal broke less than a year ago, but it seems like ancient history now. Here's an excerpt from https://markshupepjw.medium.com/on-th...

    "Even better are strategic relationships with a slew of other regulators, and the collapse of the FTX crypto-currency derivatives exchange in November 2022 is a case in point. Oddly enough, the news didn’t break until after the midterm elections, and wind of $38 million in campaign contributions from FTX became public. As it turns out, the CEO of FTX also had a Zoom conference meeting with the chairman of the Securities and Exchange Commission, Gary Gensler, on March 23, 2022. This isn’t normal. Gensler’s boss is President Biden, to whom the CEO of FTX directed $10 million in campaign cash for his 2016 election bid. The purpose of this is self-evident — regulatory “protection.”
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