Robinhood’s Role in the Gamestop Frenzy Under Scrutiny Wall Street critic and U.S. Senator Elizabeth Warren (D-Mass.) has called on self-regulatory organization FINRA to “respond to Robinhood’s role in recent market volatility, its decision to cut off customers’ trading, and the broader concerns about market fairness that these events represent.” Warren is referring to discount… Read More >>
Elizabeth Warren Focuses on Private Equity’s ‘Loopholes’
U.S. Senator Elizabeth Warren (D-MA) is leading an effort to change how the private equity industry operates via a bill recently presented to the U.S. Congress that intends to close so-called “loopholes” that help private equity firms score major rewards from investments but without risk and little regard for the human cost of such enterprises…. Read More >>
Senator Elizabeth Warren Proposes Jailing Wall Street Execs
U.S. Senator Elizabeth Warren has introduced legislation that could send Wall Street executives found guilty of financial crimes to prison for up to five years. Moreover, if the executives are found guilty of financial crimes “while violating another law of the United States or as part of a pattern of any illegal activity involving more… Read More >>
Elizabeth Warren Asks Obama to Fire SEC Chair
A lightning rod for the financial services industry, U.S. Senator Elizabeth Warren (D-Mass.), an outspoken critic of Wall Street, is taking on Mary Jo White again, and has asked the Obama White House to fire the head of the SEC because of Warren’s concerns about public companies disclosing political contributions. In her recent letter to… Read More >>
Why the Wells Fargo Mess Makes Wall Street Nervous
My guess is that the dizzying fall from grace for Wells Fargo Chairman and CEO John Stumpf is making some Wall Street executives a little nervous, especially if they have something to hide. To recap, after a scandal broke about the bank setting up fraudulent consumer accounts, the Wells Fargo board of directors decided this… Read More >>
Elizabeth Warren, Others Push for Derivatives Overhaul
U.S. Senator Elizabeth Warren (D-Mass.) and two other Democrats in Washington, D.C. are proposing sweeping legislation governing derivatives that includes authorization for the CFTC to collect user fees from financial services firms to cover its budget in a way similar to fees collected by the SEC. Industry observers, however, counter that if those fees are… Read More >>
Time for a CFTC User’s Fee?
Would it really be such a bad idea for the CFTC to charge a user’s fee? That issue may wind up being a spinoff from a bill put forth late last month by the Wall Street lightning rod U.S. Senator Elizabeth Warren (D-Mass.) with the support of Mark Warner (D-Va.), and Congressman Elijah Cummings (D-Md.)…. Read More >>
Even the GOP Worries about TBTF
It only took six years but the Republicans have finally issued a response to the much-maligned Dodd-Frank Act, and there was a disturbingly familiar refrain amid the rants of the Republican chairman of the House Financial Services Committee, Texas Congressman Jeb Hensarling, who is the proponent of the GOP alternative. To recap, moving from the… Read More >>
News Analysis: Bernie Sanders’ Wall Street Reforms Lack Specifics
On the campaign trail for the Democratic presidential nomination, candidate Bernie Sanders has been hammering away at Wall Street and its impact upon the economy, calling for the return of the Glass-Steagall Act, the breakup of large banks, and other reforms that he says go further than the Dodd-Frank Act. However, the proposed changes from… Read More >>
SEC Enforcement Actions Jump 7 Percent in 2015
The SEC’s Enforcement Division reports that it had a seven percent increase in cases for fiscal year 2015 over the previous year and is breaking ground in several facets of the securities industry because of data and quantitative analytics and the help of the regulator’s other divisions. “The Enforcement Division’s leveraging of data, quantitative analytics… Read More >>
