One can well imagine the political hay a certain President Trump would have made with word that his presumptive Democratic opponent in November’s namesake company—the very company whose built-from-the-ground-up story said self-made opponent so gleefully used to batter the somewhat less self-made poor steward of daddy’s money in the White—had been lying to clients. Promising them exceptional electronic trading execution using its own highly advanced and proprietary technology, while actually handing the trades to undisclosed and unaffiliated dealers to do it—for eight long years. One can imagine the tweets filled with antisemitic inuendo: Misleading Mike. Crooked Bloomberg. Who could trust such a small, sneaky man? LOCK HIM UP! LOCK HIM UP!

Of course, Mike Bloomberg isn’t going to be the Democratic nominee for president, and so the scandal has limited value to the president, who has probably already forgotten that such a person as “Michael Bloomberg” exists. As such, word has apparently come down from Trump’s babysitters that Jay Clayton & co. can make use of their housebound hyperactivity and let the whole thing just go away without getting the other Jay treatment.

The U.S. securities regulator on Wednesday said Bloomberg Tradebook LLC has agreed to pay a $5 million penalty to settle charges it made “material misrepresentations” over how the broker-dealer handled certain customer trade orders…. The firm ceased operating as an executing broker in U.S. stocks in September 2018….

“Contrary to representations in its marketing materials, Tradebook let unaffiliated brokers make decisions about the routing of certain customer trade orders in a way that lowered Tradebook’s costs,” Joseph Sansone, chief of the Enforcement Division’s Market Abuse Unit, said in the statement.

Bloomberg Tradebook agrees to pay $5 million to settle SEC charges [Reuters]
Bloomberg to Pay $5 Million to Settle SEC Investigation of Brokerage Practices [WSJ]