.
@RepAOC
: "You stated earlier that you believe consumers own their own data. Do consumers or everyday people explicitly consent to giving their data to you?"
A: "There is not a consent"
@AOC
: "So there's no way for them to prevent you from collecting it"
What is the latest "plague on our equity markets" ripping off retail investors & involving
@citsecurities
? Read our legal brief here & our press release here to find out:
“The GameStop frenzy really ripped the curtain off of the financial system, and kind of the mechanics of how dysfunctional and rigged our current equity markets are,” says
@DennisKelleher
in
#GamingWallStreet
on
@HBOMax
.
Predators, crooks, scammers, corporate executives, Wall Street CEOs, put your seatbelts on - Gary Gensler was just confirmed as Chairman of the
#SEC
. Investor and market protection will be the priority; coddling corporate criminals, not so much! 1/
Better Markets today filed an amicus brief w/ DC Circuit supporting
@SEC
action that will help retail investors fight back against HFT abuse. Our Steve Hall said outcome of Citadel v. SEC case will have a "huge impact on everyday investors’ ability to protect their money."
That's what's at stake w/ the
@SEC_News
Chairman's job generally, but
@SECEnfDirector
in particular. If people lose faith & trust in our capital markets - if
#WallSt
's rigging continues - then the US won't have the best, deepest, most liquid markets & every1 will suffer
@BetterMarkets
@SEC_News
@SECEnfDirector
Retail investors will lose complete faith in the US markets if the status quo remains. No more 401ks, IRAs, equities or mutual funds. We won't continue to fund a crooked game.
.
@RobinhoodApp
employees/supervisors/executives who were involved in illegal conduct should be personally sanctioned & Robinhood should have been required to give up all ill-gotten gains, made all customers whole, & paid a fine many multiples of the money made & losses inflicted.
Reforms to money market funds are needed & long overdue which is why we urged
#SEC
to implement reforms to increase transparency & reduce the risk that
#taxpayers
will have to bail out the industry--again. Learn more here
We filed a legal brief supporting
#SEC
re
@IEX
D-Limit order b/c the outcome of this case will have a huge impact on the ability of everyday investors to protect their money from being siphoned away by HFT firms like
@citsecurities
: 1/
.
@Citadel
,
@citsecurities
, Ken Griffin and high-frequency traders everywhere have been put on notice by a D.C. circuit opinion that both rejected ALL of Citadel’s arguments and stands up for ALL investors.
Short selling in $GME & other
#memestocks
could not happen without financial firms lending their securities to hedge funds etc. to short. We support
@SECGov
’s proposed securities lending rule, which would bring more transparency and regulation.
#shortsell
For years the SEC has neglected its enforcement duties, and the resulting Wall Street crime spree has costs investors, savers, and retirees millions.
We hope that the agency’s new enforcement director will take action to punish and deter lawbreakers
Our securities markets are rigged in favor of Wall Street at the expense of everyday retail investors. So, in
@citsecurities
v.
@SECGov
, we weighed in with an amicus brief to help defend a new order type developed by
@IEX
, an investor-friendly exchange.
Tomorrow at 8pm,
@TheProblem
takes on the stock market, and you can hear me talk about conflicts-of-interest, complexity and other multi-syllabic words!
"The stock market is like a casino. The only real difference is a casino is well regulated. And they kick out cheaters."
YEAH. Finally, a (acting) head of the
#SEC
who is focused on putting investors 1st, not the industry or past/future Wall Street clients. Hopefully, Gary Gensler will be confirmed this week & he can restore the mission, focus & commitment of this crucial regulatory agency
Acting Chair Allison Herren Lee: "The DOL is taking important and thoughtful steps to protect investors’ best interests and ensure that fiduciaries meaningfully address conflicts of interest that can undermine the advice investors receive."
Today's
@FSCDems
3rd hearing on
#Gamestop
, market volatility should be very interesting w/
#SEC_NEWS
Chair 𝐆𝐚𝐫𝐲 𝐆𝐞𝐧𝐬𝐥𝐞𝐫 as 1 of witnesses.
@DennisKelleher
will be live tweeting the hearing which starts at noon, ET.
Or, as our CEO
@DennisKelleher
was quoted as saying: "Constant attempts by some of the industry to evade rules and regulations and a level playing field are in for a rude awakening from a Gary Gensler
#SEC
."
@kelmej
2/
Happy to be part of 45+ organizations calling for
@WhiteHouse
initiative on Inclusive Economic Growth; we have long-supported such initiatives which help Main Street families & workers & recently called for a cabinet-level Department of Economic Security to create more equitable
Hahahahah.........we don't "charge" a visible upfront fee; we extract an invisible after-the-fact fee = we get rich off of you; isn't that what the Sheriff of Nottingham would do, not Robin Hood: rob from retail & enrich billionaires
@RobinhoodApp
@GameStop
@reddit
@citsecurities
Another example of
@business
missing the story: "
@SECGov
Investigating Archegos for Potential Market Manipulation" saying "Its implosion in March cost global banks more than $10 billion" but no mention of ~$200 billion mkt cap losses suffered by investors!
The
@GameStop
trading frenzy once again revealed the lack of transparency in
#ShortSelling
activity.
@SECGov
’s proposal will help increase transparency by requiring reporting on short selling activities. Read our comment letter here:
Don't believe the whining billionaires...
@SECGov
Chair
@GaryGensler
's proposals will increase access, and promote the best interests of retail investors.
Bad that
@SECEnfDirector
had to resign today, but it's an opportunity for
@SEC_News
to break with the disreputable pattern of hiring
#WallSt
defense lawyers hoping they will do the job the American people need which they haven't for decades: 1/
Thank you
@RepCasten
for stating what so few in Washington will admit: for companies like
@robinhoodapp
, fines for lawbreaking are just a cost of doing business. To crack down on wrongdoing, regulators need to hold executives accountable!
New wrinkle in GME saga: DTCC chief says on Jan. 28, NSCC waived capital premium charge for all members, not just Robinhood, "using the discretion provided in the rule." RH initally faced a $2.2bn capital premium charge that day, later reduced to zero. That's a lot of discretion!
Our press release on
@citsecurities
- Ken Griffin's revolving door hiring of ex-
@CFTC
Chairman: "The Epidemic of Regulators Selling Out to the Highest Big Finance Bidder & Undermining Public Confidence via the Revolving Door Must be Outlawed":
Yet another example of big finance using its economic power to buy political power to keep the system rigged to enrich themselves more, all at the expense of the country:
@citsecurities
"Hires Ex-
@CFTC
Chair Tarbert as Legal Chief": 1/
Big pro-investor announcement from
@SEC_News
just now: it fired the Trump installed anti-investor head of the PCAOB & will be removing the other 5 as well; this is great news! our release here:
Looking forward to hearing our Legal Director & Securities Specialist Steve Hall talk
@GameStop
,
#retail
investors and lessons learned tomorrow PM as part of panel discussion at
@NASAA
conference on public policy. More info here:
Nice headline for revolving door piece by
@staffordphilip
@JARennison
@FT
: "Ex-CFTC chair joins Citadel Securities 27 days after leaving regulator" (although the enforcement claims are inflated!):
The
@GameStop
trading frenzy brought attention to
longstanding deficiencies in the regulatory guardrails governing
#ShortSelling
. See our recommendations for how we can improve
@SECGov
's regulatory framework:
Specifically,
@denniskelleher
says every
@SEC_News
@SEC_Enforcement
action must include, in addition to meaningfully punishing the banks, "personally fining, barring and enjoining all involved or responsible individuals":
@thehill
2/
The power of the
@SEC_News
Chairman &
@SECEnfDirector
cannot be overstated; that power has been used to protect entrenched
#WallSt
power for years. That must change. Gensler cannot appoint
#WallSt
apologists/lawyers/bagcarriers to top SEC positions or there will be consequences
Progressives campaigned for Gary Gensler to be Biden’s SEC chair. Now they’re challenging him, underscoring how big of a deal the future of the powerful agency is to lawmakers and advocates in the left
On Monday Oct. 25, the D.C. Appeal Court will hear the
@citsecurities
v.
@SECGov
case. Better Markets’
@DennisKelleher
lays out what’s at stake & how we’re advocating for investors. 1/
The resignation of the SEC's Director of Enforcement, who spent more than two decades as a Wall Street defense lawyer, is an opportunity for the agency to select a dedicated public servant who will fight for Main Street for the position
Seriously, any1 else who did this would have
@FBI
all over them;
@federalreserve
actions impacted prices of all financial products & 3 regional Pres, Chair Powell & now VC "Clarida Traded Into Stocks on Eve of Powell Pandemic Statement"
@ctorresreporter
@WHCOS
@BrianDeeseNEC
“The GameStop frenzy really ripped the curtain off of the financial system, and kind of the mechanics of how dysfunctional and rigged our current equity markets are,” said
@DennisKelleher
in
#GamingWallStreet
on
@HBOMax
. Watch the doc here:
#WallStreet
's crime spree continues - with the 6 biggest banks racking up another Billion Dollars in fines in just the last 15 months. That makes nearly $200 billion in fines and settlements over the last 2 decades. Learn more in our Rap Sheet Report.
The long term impact of $AMC + $GME isn't about what happens to these companies or their stocks. It is about the public, which views the stock market (and economy) as something that is manipulated and not trusted.
"The perfect, right model we don't know. The wrong model we do know, and that's the
@RobinhoodApp
model."-
@DennisKelleher
on
@BloombergTV
discussing Robinhood's shameful record of ripping off its customers.
Better Markets calls for the resignation of
@federalreserve
regional Presidents Robert Kaplan & Eric Rosengren for seeking profits during the pandemic. It’s past time for the
#Fed
to do what leaders are supposed to do: lead by example.
@michaelsderby
@WSJ
:
To this day, the American people have no idea if the
@federalreserve
leaders who we know traded during the pandemic is the full extent of it or if they were just the tip of the iceberg. The American people DESERVE to know & the cover up must stop.
We're pleased to welcome Phillip Basil as our Director of Banking Policy. Phillip most recently was an executive director at
@jpmorgan
& a former
@federalreserve
supervisory financial analyst. He is a great addition to our already stellar
#Banking
staff!
.
@SEC_News
@SEC_Enforcement
's latest slap on wrist (to
@UnderArmour
) not only reward past lawbreaking, but incentivizes future lawbreaking b/c penalty so small & rare; that's why new Chair Gensler has to fundamentally change enforcement as detailed here:
Totally fair, but how long will
@SEC_News
Chair get away with that? Lots of pressure for him to act quickly on lots of things & he's indicating without committing to doing so & we bet he will; our views are here: &
Mooney sounds like he's reading a statement written by Robinhood defending PFOF and zero-commission trading.
"Increased participation by retail is a positive development" - obviously. But you don't need commission-free trading for it, and you don't even need PFOF for 0-comm.
The
@SECGov
's action today has changed nothing about this worthless financial product:
#Bitcoin
and
#crypto
still have no legitimate use; remain the preferred product of speculators, gamblers, predators, and criminals; and continue to be cesspools of fraud, manipulation, and…