Dennis Kelleher
@DennisKelleher
Followers
13,446
Following
336
Media
82
Statuses
8,635
Pres/CEO @BetterMarkets ; was senior Senate staffer, partner Skadden, Arps, Air Force firefighter; DC via Boston; opinions mine & RT ≠ Endorsements; mute haters
Washington, DC
Joined November 2011
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That's right: Whistleblowers went to
@SECGOV
for 16 YEARS w/ evidence on Madoff’s Ponzi crimes & the SEC ignored it; this was 1 of the SEC’s biggest derelictions of duty ever; if SEC did its job, it would have saved thousands of Americans billions of dollars;
@TheProblem
4/12
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736
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HUGE WIN for investors; HUGE LOSS for
@Citadel
@citsecurities
; DC Cir Court agreed w/
@SECGov
decision to allow
@IEX
anti-predator order type; our release here:
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400
2K
.
@TheProblem
even has Jon interviewing the
@SECGOV
Chair
@garygensler
, who we are a big fan & supporter of; but he said something wildly inaccurate that we just have to correct:
@SEC_Enforcement
did not catch/punish Bernie Madoff; in fact, they let him go for 16 YEARS 3/12
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Funny how
@Citadel
can make billions in profits w/ sophisticated/complicated computers/algos processing kazillions of data points all at the speed of light, but gosh golly just can't get regulatory reporting right. Wonder how much they made on the 163+ million misreported trades
SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations
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Thanks to everyone who joined me to discuss
@GameStop
,
@Citadel
@robinhood
& lots of other issues today
@reddit
. I had a great time answering Redditors' thoughtful & insightful questions. Special thanks to
@RedChessQueen99
for her work as mod! Let's get people power going!
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Amazingly, even though whistleblowers begged
@SECGOV
for yrs to stop Madoff, they did little & nothing meaningful; as a result, the SEC did not catch him as claimed on
@TheProblem
; Madoff actually turned himself in! That’s right. NO ONE CAUGHT HIM. 5/12
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EVERYONE STOP WHAT YOU ARE DOING: a huge banking crisis is happening;
@fdic
just closed Silicon Valley Bank (couldn't last 5 hours to get to the weekend) & contagion is coming esp b/c only covering insured depositors, which will ignite a run on many similarly situated banks; 1/
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After giving
@GoldmanSachs
a sweetheart deal,
@TheJusticeDept
prosecuted just 1 former junior partner for crimes associated w/ the
#1MDB
global crime spree yet more than 30 execs etc involved; it is grossly inadequate; see my stmt here detailing why:
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Make no mistake about it, Jon Stewart on
@TheProblem
has again done a huge public service by doing an informative & entertaining show about a critically important topic: how our equity markets are rigged & predators run wild. It’s on Apple+ tonight: 1/12
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Hey,
@PlatnumSparkles
, did you see that
@Citadel
,
@citsecurities
, Ken Griffin & the rest of the HFT predators were handed a crushing defeat by the DC Court in their bogus suit against the
@SECGov
for allowing
@IEX
to protect retail orders?
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Bottom line: Jon/
@TheProblem
is right:
@SECGOV
@SEC_Enforcement
go after the Martha Stewarts of the world, not the big crooks on
#WallSt
; minnows shake while whales swim free; Chair
@garygensler
says he’s changing that;
@TheProblem
&
@BetterMarkets
will be back next yr 12/12
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Too much so-called reporting today by MSM is just financial firm advertising masquerading as what used to be known as journalism. MSM are selling out to get access & interviews from rich, powerful, & famous to get eyeballs which will get advertising dollars + help careers.
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Don't worry
@citsecurities
Ken Griffin might be short on change after his $100 million in donations to Republicans over 2 years. His net worth jumped last year alone by $5 billion to an estimated $26.5 billion!!
#GME
@Reddit
@TheProblem
@jonstewart
3/3
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Oops: I misspoke on
@TheProblem
Twitter Space chat about
@citsecurities
owner Ken Griffin's political contributions: he was the single biggest Republican megadonor in 2021, but "only" gave $28 million, but is expected to multiply that in 2022:
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Trading in dark, unregulated markets, esp in times of extreme volatility, that cannot be effectively policed is always very lucrative.
BBG: Citadel Flagship Hedge Fund Gains 29% in Year of Market Turmoil
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Thanks!
@IEX
deserves huge credit for fighting every day for retail/fair markets against HFT & predators.
@SECGov
@GaryGensler
deserve huge credit for approving it knowing they be sued &
@Citadel
would throw everything at them & for beating the bad guys!
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Hey,
@BillAckman
, before telling elected officials/policymakers what to do/not to do, publicly disclose your positions so every1 can see your conflicts of interests & how you'd benefit from public policy/actions
This is a big mistake. We are suffering from self-inflicted wounds.
@SecYellen
statement combined with 25bps puts even more pressure on the non-SIBs.
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Big news:
@TheJusticeDept
just convicted 2
@jpmorgan
@Chase
officers for criminal violations of the law for market manipulation; finally, Wall St execs were prosecuted & convicted; hopefully it signals more to come; read
@BetterMarkets
press release here:
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This is 1 of the reasons there is a crime spree on Wall St: there were almost 400 major legal actions from 1998-2020 against the 6 biggest banks resulting in $200 billion in fines, yet their lawbreaking is going up as shown in
@bettermarkets
’ report: 7/12
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Using economic power to buy political power isn't enough for
@Citadel
's CEO Ken Griffin; he's also now suing
@SECGov
to stop it from having effective tools to stop fraud in the equity mkts. What is he afraid of?
@KatLeighDoherty
@ElleBeyoud
1/2
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Big news here from Juliet Chung, Susan Pulliam &
@davidamichaels
@WSJ
that
@SECGov
investigating Melvin Capital in connection w/
#GME
$GME trading frenzy last year:
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BREAKING: Come on, you knew it had to happen:
@GoldmanSachs
at the scene of the crime: it bought Silicon Valley Bank's bond portfolio: It reportedly "advised" SVB to "sell" the portfolio/do a stock offering to fill the capital hole the sale created 1/5
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Seriously, what does leadership mean
@federalreserve
: Chair falsely blamed policies, covered up conduct, stonewalled disclosures! 3 of the most senior leaders had to resign due to policy/ethics if not legal violations while a pandemic ravaged the country!
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This is one of the most important things to do: "Let that sink in, the next time you vote." Vote for people who will actually represent you & your interests!
@TheProblem
@Reddit
“Ken Griffin was the
#1
donor to the Republican Party in 2021.” -
@DennisKelleher
@jonstewart
@matt_kohrs
Speaking now 👌🏼
Let that sink in, the next time you vote.
NOT a political opinion, but political fact.
$AMC
#AMCSTOCK
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Hahahahaha...The
@SECGov
's pro-investor consolidated audit trail (CAT) tool will gather the information that HFT firms like Citadel use everyday to generate gigantic profits, but to ensure they are following the law in those dark, uncompetitive & largely unregulated mkts
A new SEC market-tracking database is a “massive, unprecedented government surveillance system” that could cost the financial services industry billions of dollars and compromise investors’ privacy, Citadel Securities told a US appeals court.
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This is sadly so true.
@TheJusticeDept
dropping one of the biggest campaign money laundering schemes in history. It's a dereliction of duty. They should have not only prosecuted
@FTX_Official
&
@SBF_FTX
but dozens of others who appear to have helped them break the laws. Disgrace
DOJ accused of covering for ‘deep state’ by not holding second SBF trial on illegal political donations: ‘Disgrace’
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while claiming to "democratizing finance for all,"
@RobinhoodApp
has proved to be a remorseless predator & failed business model, sanctioned AGAIN & now laying off ~25% of workers, but founders very rich. Our article on what's wrong/needs to be done here:
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Madoff is not an example of
@SECGOV
catching crooks; he is an egregious failure & embarrassment that should motivate SEC to do more, as the Chair says he’s going to do; but, as Jon on
@TheProblem
says, let’s see what their enforcement record is in a year 8/12
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Hello, I say again, almost 15 years to the day Bear Stearns failed in 2008; whether or not SVB has lit a new fuse that will ignite a financial crisis, remember that every1 gave false comfort in 2008 & didn't know what they were confidently talking about. Not malicious, but wrong!
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Hahahaha! The world's biggest bank
@jpmorgan
doesn't pay $200 million for a "lapse" - it pays that for very deficient systems/controls/management or actual lawbreaking! The media far too often downplays or minimizes WallSt & corporate wrongdoing, which fails to inform the public
JPMorgan set to pay $200 mln fine over staff communications lapse - Bloomberg News
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Amazingly,
@TheProblem
illustrates & talks in understandable English about payment for order flow,
@RobinhoodApp
@citsecurities
@Reddit
communities & lots more; it’s even funny & not to be missed! 2/12
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It's not that
@SECGov
is corrupt/stupid/incompetent, it's just almost impossible to keep up w/ finance private sector w/ unlimited cash/experts/etc. as brilliantly told by an investors' best friend
@JoeSaluzzi
today w/ shout out to R. T. Leuchtkafer:
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Huge congrats to
@tobiasdeml
& the entire
#GamingWallStreet
&
@hbomax
team. This film is a great public service & deserves a wide audience, including
@SECGov
@GaryGensler
@SEC_Enforcement
@SECEnfDirector
$gme $amc
@InvestorReddit
@GunpowderSky
@BiltmoreFilms
@prodigiumpics
#GamingWallStreet
is
#17
in current
@IMDb
popularity, right between docuseries heavyweights
#DontFuckWithCats
and
#TigerKing
. A BIG thank you to our amazing audiences for giving it such love - please keep rating on IMDb and sharing it with you friends!
$gme $amc
@InvestorReddit
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.
@TheJusticeDept
end the double standard: law-breaking white-collar officers
@JPMorgan
@Chase
, making millions of dollars a year, driving fancy cars, living in mansions, flying private jets, & toasted as a masters of the universe should go to prison:
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In middle of a pandemic killing Americans,
@federalreserve
breaks policies, if not the law; misleads press & public; engages in massive ongoing cover up; zero accountability or transparency; really shows disdain for democracy; time to change the law:
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Another key Q for
@TheProblem
: did
@SECGOV
@SEC_Enforcement
publicly detail all of the wrongdoing & exactly who did what when? Only that will enable public oversight/trust/accountability, not the SEC's current misleading practice of telling the public as little as possible 11/12
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UPDATE on GOLDMAN & SILICON VALLEY BANK:
@nytimes
reporting that
@GoldmanSachs
likely make $100 million in buying
#SVB
portfolio when SVB LOST $2+ billion, igniting its failure; every fact here must be investigated & publicly disclosed; no more coverups of
#Goldman
's actions
BREAKING: Come on, you knew it had to happen:
@GoldmanSachs
at the scene of the crime: it bought Silicon Valley Bank's bond portfolio: It reportedly "advised" SVB to "sell" the portfolio/do a stock offering to fill the capital hole the sale created 1/5
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This outrageous breach of the public trust & unquestioned violation of
@federalreserve
policies (which is not limited to Clarida) looks even more likely to be illegal insider trading – we previously detailed this on dedicated website here:
@POTUS
@WHCOS
2/
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Press Rel on growing
@federalreserve
trading scandal: "As Explosive New Facts About Fed Insider Trading Scandal Are Revealed, Better Markets Renews Call For The Fed To End Its Cover Up And For An Investigation by
@TheJusticeDept
":
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I was honored to be a script consultant for this terrific episode of
@TheProblem
! Don't miss it & catch the Twitter Space discussion afterwards - I'll be joining!
Mark your calendars! Tomorrow at 5pm PT/8pm EST we’re pressing play on The Problem With The Stock Market on Apple TV+. Tweet along with the episode using
#TheProblem
, and join Jon at 6pm PT/9pm EST for a Twitter Space discussion with our friends
@dlauer
,
@jjbrown111076
and more!
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It's been a crazy busy day w/ a huge victory in the DC Circuit Court against
@Citadel
, but also an appearance w/
@CarolineHydeTV
,
@RiggsReport
,
@sonalibasak
@BloombergTV
talking
@RobinhoodApp
& retail investors. Watch it here:
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Qs for next yr: Did
@SEC_Enforcement
&
@garygensler
go after the wealthy, powerful, politically well-connected titans of WallSt? Were they personally charged w/ substantive (not mere disclosure) violations? Did he extract meaningful personal penalties from them?
@TheProblem
9/12
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READ this story: Silicon Valley Bank lobbied Congress to weaken financial regulations, which it did & as a result SVB less supervised, regulated & resilient. The lobbyists, lawmakers & SVB execs got the cash, leaving customers screwed
@davidsirota
@RebeccaJBurns_
@jul1arock
🚨BREAKING: Silicon Valley Bank's president successfully pressured lawmakers to weaken bank risk regs before his bank's collapse, according to records reviewed by
@LeverNews
.
He touted the “low risk profile of our activities & business model.”
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per recent report, 93%+ of SVB deposits are uninsured & they only getting "receivership certificates" meaning getting in line w/ all other creditors; tells depositors everywhere to run asap (including to Wall St's too-big-to-fail banks which
@federalreserve
won't let fail) 2/
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Whether you call it a bailout or not & whether it works or not, it is past time to force accountability on
@federalreserve
that failed miserably here to regulate & supervise Silicon Valley Bank. In addition, must go after the officers & Board of SVB. Throw the book at them all!
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More Qs for
@TheProblem
next yr: Did
@SECGOV
bar supervisors & executives at Wall St’s biggest banks & financial firms from the working in the industry? Did they extract meaningful penalties not slaps on the wrist? Did they push
@JusticeDpt
to criminally prosecute them? 10/12
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Here's a big surprise - NOT:
@RobinhoodApp
is facing yet another
@SECGov
"Probe on Compliance With Short-Selling Rule" - coming on top of $30 million
@NYDFS
fine, etc., is there a law or rule they won't break?
@antoniabmassa
@ElleBeyoud
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31
148
.
@federalreserve
IG report is brazen attempt to mislead everyone into thinking an investigation was done when it was incomplete/not credible at all, as detailed here:
@rachsieg
@vtg2
@KateDavidson
@michaelsderby
@amacker
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Let's hope what you're hearing is inaccurate.
@GaryGensler
@SECGov
fully know decades of studies showing that disclosure is grossly inadequate & repeatedly fails to protect investors or markets. Dereliction of duty to focus on disclosure here.
@SECHerrenLee
@SEC_Investor_Ed
Gary Gensler says that the SEC is weighing rules for Payment for Order Flow.
I've heard rumors this might only be focused on disclosure and not mandating material price improvement for off-exchange execution.
Let's see what the SEC comes out with, but disclosure won't fix this.
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Good article but gives insufficient attention to the fact
#SVB
sold $15.3 BILLION in hedges in 2H 2022, at the same time it changed it's model & at the same time its Chief Risk Officer quit.......nothing suspicious there......
@ByDanielGilbert
NEW: An internal model at Silicon Valley Bank warned that higher interest rates could have a crushing impact on its finances. So executives changed it: with
@tcfrankel
@josephmenn
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There's a big untold story here:
@SBF_FTX
&
@FTX_Official
were very, very close to pulling off their scam & getting away w/ it due to help from
@CFTCbehnam
& bipartisan
@SenateAg
members; that's what $100 million or so in campaign $$/lobbying buys. Pure luck it didn't happen
With all that campaign cash Bankman-Fried/FTX was throwing around DC, it does make you wonder: What would have happened if the crypto exchange hadn't collapsed amid allegations of a massive fraud?
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How did
@FTX_Official
@SBF_FTX
get away w/ so much? B/c they spent tens of millions buying access & influence in Washington, esp in Congress, as
@ddayen
@TheProspect
show again: "Congressmembers Tried to Stop the
@SECGov
's Inquiry Into
#FTX
":
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Bravo South Korea! As I've said to
@TheJusticeDept
for years, put a
#WallStreet
executive or 2 in jail & legal compliance will skyrocket; instead they offer carrots/incentives for legal compliance, which gets nothing, especially when lawbreakers get sweetheart settlements
This is how you write a law to protect
#HouseholdInvestor
individual investors!
"South Korean crypto criminals face life imprisonment" for making more than $3.8 million illegal profits. via
@cointelegraph
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Here's a surprise: the predators
@RobinhoodApp
& their payment for order flow buddies
@citsecurities
etc. are now going after American's retirement money; if you want your money siphoned away in dark, unregulated mkts, here's your chance! See
Looking for trading revenue…
“Robin hood isn’t profitable. Over the first nine months of the year, it lost $862 million on revenue of $978 million…”
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But
@federalreserve
policy is at the root of this growing crisis: maturity mismatch and the inverted curve due to the Fed’s unprecedented pace/amount policy pivot. Flipping some of the AFS portfolios to HTM and FHLB backstops will help, but that’s not going to be enough 3/
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Huge swings in treasuries in last 48 hours or so loosening financial conditions caused the stock mkt to temporarily pop, but the immediate financial stability implications are serious & growing. Hard to see how the
@federalreserve
isn’t going to have to intervene . 4/4
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You are 100% right. I expect
@TheJusticeDept
to ask for long jail sentences b/c the
@jpmorgan
@Chase
crimes went on for 8 yrs! Hopefully the judge will agree; it's the only way to stop the Wall Street crime spree:
@DennisKelleher
@BetterMarkets
@TheJusticeDept
@jpmorgan
@Chase
A long jail sentence is the only effective deterrent. Fines are just incentives to continue breaking the law. Glad to see some change
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Thanks
@ApesTogetherDoc
! We're not all going to agree all the time, but we need to stick together to oppose the power, influence & money of WallSt ripping off Main St families, investors, workers, small biz & community banks; let's replace wealth extraction w/ wealth creation!
Meeting
@DennisKelleher
and the team at
@BetterMarkets
has been a highlight of making this project. There are good guys out there y'all. One thing Dennis said to us that stuck:
"Wall Street wins largely because they are unopposed"
Not any more
#ApesTogetherStrong
✊
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This is so true: the financial system is supposed to support the real, productive economy, generating a wealth-creation system for the many; instead, it has been hijacked & perverted into a wealth-extraction mechanism for the few & protected by a money-soaked influence industry
There is no invisible hand that drives
#inequality
—but a system engineered to benefit the few instead of the many.
We need to rethink
#capitalism
& the systems that perpetuate
#inequality
.
More:
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You don’t have to believe me about this sordid & unbelievable story; it was all widely covered in the media & is in fact detailed in a report by
@SECGOV
’s own Inspector General.
@TheProblem
6/12
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Don't miss
@JoeSaluzzi
's blog post this morning at Themis Trading about Jon Stewart's
@TheProblem
show on
#GME
@citsecurities
etc. &
@hbomax
on all that & more in the fantastic 2-part "Gaming Wall Street" documentary:
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It's amazing how much the public does not know because of the incomplete coverage the media (both mainstream & ideological).
@federalreserve
trading scandal & cover up w/ media complicity is sadly just the latest example, as
@BetterMarkets
discusses here:
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Shocking that the financial industry that makes a ton of money from predatory practices extracting wealth to enrich themselves at the expense of markets, investors & capital formation are upset that
@SECGov
Chair
@GaryGensler
going to inject transparency & fairness!
@declanharty
SEC Chair Gary Gensler is staring down a potential court battle with Wall Street and brewing resistance from Hill Dems as he pursues the biggest overhaul of the stock market in two decades
@declanharty
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The masters of the universe know their shady activities won't survive the light of day. If
@Citadel
's CEO Ken Griffin & others thought they could win a case on the merits, they wouldn't file lawsuits in Texas where they know they'll win in the biased kangaroo courts. 2/2
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Don't forget that
@GoldmanSachs
pleaded guilty to extensive criminal conduct in the 1MDB crime spree (detailed here ) & entered a DPA that lasts until 10/22/23 (); some1 should be looking into its conduct here closely & quickly 5/5
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That self-investigation is part of the
@federalreserve
cover up;
@SECgov
@JusticeDept
must investigate in addition to a genuinely independent investigation that fully discloses all the facts to the public. The stonewalling must stop
@POTUS
@WHCOS
6/
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This story didn't get enough attention; I bet if more US corporate crooks got sentences like this there would be a big reduction in corporate crime: "Boss of Failed Crypto Exchange Gets 11,196-Year Sentence"
@AABerwick
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What was
@citsecurities
net income & how much of that was attributable to payment for order flow? How much of the hedge fund’s revenue was directly/indirectly related to activities related to
@citsecurities
?
Exclusive: mega market-maker Citadel Securities made a record $7.5bn in revenue in 2022; the hedge-fund side had revenues of $28bn, also a record, say people familiar with the matter. From Juliet Chung and myself
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Perfect example of key problem w/ Washington: the narrow special interests are powerful b/c they hold elected officials "accountable" for voting for the public interest; difficult for the dispersed, often misinformed public to reward them for standing up to the special interests!
Pharma group leader says Dems who vote for reconciliation bill 'won't get a free pass'
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False, false, false. These are just the talking points of
#WallSt
's biggest banks/trade groups/allies trying to prevent the re-regulation of these banks after years of deregulation precipitating unreasonable risk taking leading to crisis & crashes that threaten all Americans
The failure of Silicon Valley Bank was a lapse of supervision, not of regulation.
@SenatorTimScott
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Like before 2008, industry predictably disagrees leverage is a problem. But given the high levels of debt, historically low interest rates, accommodative policy, 4 yrs of dereg/lax supervision + derivatives, time to worry
@JARennison
@FT
:
@bettermarkets
2/
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With the
@federalreserve
backstopping all financial markets, flooding the financial system w/ cash, & maintaining negative real rates, causing risk to be mispriced everywhere, it's raining free money on Wall St & moral hazard is at all times high, hence "partying like it's 2006"!
Is greed good? (I had a poster of the famous Gordon Gekko speech when I was in high school.) Anyhoo, greed is definitely back on the real Wall Street. My story.
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Thanks
@dlauer
!!
@tobiasdeml
&
@prodigiumpics
did a fantastic job on
@hbomax
w/ "Gaming Wall Street," making how Wall Street & finance really work to rip people off clear & understandable!
@hbomax
@tobiasdeml
@DennisKelleher
“If you look at each one of these violations in isolation, it’s pretty bad. But when you open the aperture and you look at it over the last 20 years, the level of illegal activity and misconduct is just astonishing.”
@DennisKelleher
(he had a lot of awesome quotes)
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If that's not enough to destroy the credibility of the
@federalreserve
IG report, the fact he also didn't mention the Chair's $1 million+ trade (his largest ever) in Oct. 2020 when the
#Fed
was intervening in all markets definitely should: 5/
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If you need a laugh, think about this:
@TheJusticeDept
just settled its last case against a bank for "mis-selling" residential mortgage bonds before the 2008 crash, i.e., 17 years ago:
@sjhmorris
@stephengandel
@FT
1/
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90
.
@andrewrsorkin
just concluded his
@dealbook
interview of former CEO
@FTX_Official
@SBF_FTX
& much of it was BS; as a former corporate defense lawyer, I heard answers that had to be carefully crafted by lawyers coaching him to minimize his liability & rehab a tattered reputation
15
21
86
What's wrong w/ the biggest banks on Wall St & why shouldn't any1 trust them? This case against
@GoldmanSachs
tells you why: it's basically asking courts for a "license to lie" as we spell out in a court brief & this press release:
6
22
84
If
@TheJusticeDept
&
@SECGov
doing their jobs, SVB CEO should be lawyering up & preparing for depositions if not handcuffs, otherwise no accountability '08 all over again. Note his wife is a
@StanfordLaw
lecturer reminiscent of
@FTX_Official
@SBF
's
#Stanford
's connections
8
24
83
Created complexity/fragmentation for little purpose other than facilitate wealth extraction under the guise of wealth creation.
@SECGov
should require independent analysis proving that this serves investors rather than enriching sell side! $gme $amc
@InvestorReddit
@Reddit
2
11
86
excellent reporting on the growing trading scandal
@federalreserve
by
@jeannasmialek
@NickTimiraos
@ctorresreporter
@rachsieg
@vtg2
etc, but should also be outrage at ZERO disclosure of Clarida's Dec. 16, 2021 "amended" filing after all their prior inaccurate/misleading stmts 1/
0
20
83
That predatory/criminal conduct is well known to Wall St's CEOs, incl.
@jpmorgan
@chase
's CEO Jamie Dimon; his bank has a long RAP sheet including 4 criminal guilty pleas for egregious crimes:
@stephengandel
@dealbook
@FSCDems
7/
6
45
86
No1 is more experienced in phony investigations & coverups than
@federalreserve
& that's what any self-investigation for their Silicon Valley Bank failures will be. Powell setting a deadline of just 6 weeks for the release of a public report reveals that a whitewash is coming 1/
2
18
84
@RedChessQueen99
@GameStop
@Citadel
@robinhood
@reddit
Well, then, thanks to everyone! Worked really great and I'd love to come back!
3
1
83
This is nothing but a massive transfer of wealth from Main St families & hardworking Americans to Wall St banks & bankers' bonuses. Shouldn’t
@federalreserve
require banks to pay interest on deposits similar to their interest rate increases on credit cards, loans, etc.?
Chair Powell every time
@federalreserve
raises rates, banks increase the cost of credit, but barely increase interest paid on deposits, thereby pocketing tens of billions in free money due to net interest income (NIM) that customers pay for twice. How does that fight inflation?
5
18
71
4
27
82
former
@federalreserve
Vice Chair Clarida made a large personal equity PURCHASE on Feb. 27, 2020 right before a HUGE
#Fed
pandemic announcement; he SOLD the same equities 3 days earlier; he disclosed the purchase but not the sale, claiming that the omission was inadvertent 1/
1
18
79
Any other person in the US would already be in prison for decades for doing this. If democracy is going to survive, the ongoing double standard of (in)justice must end for wealthy, politically connected and protected elites.
Donald Trump, when borrowing money, claimed his Trump Tower apartment was 30,000 sqft and worth $327m. In reality it was less than 11,000 sqft and the valuation was exaggerated by hundreds of millions of dollars.
264
2K
5K
3
14
80
BTW, any1 going to see if Goldman/its hedge fund clients, etc., shorted (directly/indirectly) any bank stocks once SVB contacted it? How if at all did any of its/its advised clients' positions anywhere change on/after the SVB contact?
@TheJusticeDept
@SEC_Enforcement
@CFTC
3/5
4
15
81
It certainly pays for
@cz_binance
to cooperate: 4 months in a comfy prison & a laughably tiny $50 million fine for a guy who gets to keep his $43 Billion, ownership/control of
@binance
& can return as CEO in just 3 years. Shows crime pays which sends the exact wrong message.
"Instead of fighting extradition, CZ willingly came to the U.S. to stand trial. The [sentence] outcome is the latest signal that, if caught doing a crime, cooperate, cooperate, cooperate."
Opinion
@DanielGKuhn
40
15
98
35
17
88
BIG
@SECGov
news: very difficult to find, but the vote today on
@Bitcoin
ETF was 3-2 w/ Chair
@GaryGensler
voting w/ the 2 Republican Commissioners & against the 2 Democratic Commissioners:
43
32
82
If even half of this is accurate, people should go to jail,
@NYSE
personnel should be fired, &
@NYSE
itself should be fined many multiples of the money it pocketed on this listing which appears to have facilitated very substantial investor losses
@mjruehl
@primroseriordan
"Nate Anderson, from short seller Hindenburg Research, accused the NYSE of ignoring “glaring issues” and focusing on collecting listing fees over protecting the integrity of US markets. The NYSE declined to comment."
1
9
35
4
18
78
The
@FTX_Official
bankruptcy trustee should publicly disclose every dime
#FTX
@SBF_FTX
paid any1 in DC to push/promote their corrupt agenda (payroll, pol contributions, lobbyists, lawyers, nonprofits, academics, media, etc.) & maybe even demand they pay it all back.
Too many elected officials should have whiplash from fawning over
@FTX_Official
@SBF_FTX
(& taking their money) to pathetically criticizing
@SECGov
for not being tough on
#FTX
; b/c this is going to get worse, I'm proposing the creation of a House Hypocrisy Caucus!
9
4
32
22
21
74
.
@federalreserve
keeps making late Friday afternoon announcements trying to hide from the media & the public what it is doing. That's wrong. When the
#Fed
fails, the public pays, as egregiously happened in 2008. See
@BetterMarkets
release for details:
1
29
75
We've been touting the big court win Friday for retail investors/buy side,
@SECGov
&
@IEX
over
@Citadel
@citsecurities
, but many have asked what it's about; here's a video I did for
@BetterMarkets
explaining it:
3
7
75
As you watch the developments & soon-to-be announced rescue efforts of First Republic Bank, remember that it is the 14th largest bank in the US that the Trump admin &
@federalreserve
Chair Powell said was definitely NOT systemically significant & could be/was deregulated
4
20
72
The biggest banking crash since 2008 is happening right now with gigantic implications for economic, social, and racial justice, but progressives are again AWOL; only Wall Street, finance, fat cats, insiders, lobbyists & business media paying attention & grabbing the cash
3
9
73
It's unfortunate, but
@cftc
chair
@CFTCbehnam
needs a full time fact checker; he says in
@JohnCassidy
's
@NewYorker
piece that he was "open & transparent" re
@FTX_Official
@SBF_FTX
proposal; that's false as
@BetterMarkets
detailed here (& elsewhere):
7
18
70
.
@jpmorgan
@Chase
CEO Jamie Dimon &
@BetterMarkets
agree: failing TBTF banks should be resolved in bankruptcy, not bailed out, but
@federalreserve
just rubber stamps mergers, creating more TBTF banks threatening taxpayers/stability & that must stop:
3
14
75