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Donald Trump did not want Kelly Loeffler to be a United States Senator. He wanted someone with more of a history of loyalty, and also with a penis. But when he asked Georgia Gov. Brian Kemp to appoint said loyal penis to the seat instead of Loeffler, did he know that Mitch McConnell would use her in the most Trumpian way imaginable, brushing aside any concerns about conflicts of interest in appointing her to a post with oversight of not only her former employer, but her former employer still run by her husband?

Republican leadership assigned interim Sen. Kelly Loeffler (R., Ga.), whose husband, Jeffrey Sprecher, is chairman and chief executive of Intercontinental Exchange Inc., to serve on the Senate Agriculture Committee.

The committee oversees the federal Commodity Futures Trading Commission, which regulates markets for derivatives that trade on ICE exchanges…. She joined ICE in 2002 and ran the company’s investor relations, communications and marketing for 15 years before becoming chief executive of Bakkt, a cryptocurrency trading platform owned by ICE.

That is some presidential-level lib-owning. Bravo. Now all Loeffler needs to do is get appointed to the Financial Services Committee to make sure this continues to not happen.

A proposal advanced Wednesday by the Securities and Exchange Commission takes aim at a two-tier system that allows trading platforms such as the New York Stock Exchange and Nasdaq Inc. to charge their largest customers higher fees for faster proprietary feeds, leaving smaller players to rely on a slower public stream….. The agency’s two Democratic commissioners, Robert Jackson, Jr. and Allison Lee, said Wednesday’s proposal effectively kicks the can down the road by seeking additional comment on an issue the SEC has studied for more than a decade. They suggested the agency should have skipped the comment period and issued a direct order to the exchanges.

Senator Whose Spouse Runs Major Exchange to Help Oversee Regulator [WSJ]
Regulators Seek to Loosen U.S. Exchanges’ Control Over Stock Data [WSJ]


By World Economic Forum from Cologny, Switzerland [CC BY-SA 2.0], via Wikimedia Commons

SPACs Get Unemployed Execs Off The Dole

Blank check companies brighten the day for Tidjane Thiam and Kelly Loeffler.

Maybe E*Trade Should Stop Giving Four-Year Contracts To Its CEOs

Like the four who held the job before him since its, er, difficulties began five-and-a-half years ago, Steve Freiberg did not do a particularly good job running E*Trade. But he's been compensated handsomely for facing the wrath of an angry Ken Griffin before getting a pink slip in August.

TomasEE [CC BY 3.0], via Wikimedia Commons

NYSE Chief Does Not Want To Antagonize The Biterati

Launching a bitcoin futures contract might seem like a sop to the blockchain gang, but might actually be a plot to destroy our utopian digital currency future.

Uh, where is everybody? where did they go? this is a long caption. really long. does it wrap? By Kevin Hutchinson (Flickr) [CC BY 2.0], via Wikimedia Commons

Stock Exchanges Don’t Have To Do Thing They Very Much Don’t Want To At Their Own Expense

If the SEC wants to know how rebates impact stock trading, they’ll have to figure it out themselves.

Jim Cramer Weeps

Jim Cramer Feels Better, And So Should You

Not because things are getting any better, of course. Just because it’s nice when old Jimmy’s in a good mood.


Bill Barr Has Figured Out How He’s Gonna Sweep Richard Burr’s Insider Trading Under The Rug

It is apparently unconstitutional to prevent senators from insider-trading on confidential information received as senators.