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Gary Gensler is not yet Securities and Exchange Commission chairman. He’s not even, in these busy days on the Senate floor, in any danger of receiving a hearing on his appointment as such any time soon.

No matter: The folks who are running the SEC are doing so as though Gensler’s already in charge.

The move by the Securities and Exchange Commission allows more enforcement supervisors to authorize investigations, permitting about 36 senior officials at the agency to subpoena companies and individuals for records or testimony. The agency during the Trump administration withdrew that authority from supervisors and allowed only two officials to approve new probes, saying it would result in more consistent decisions about which tips and complaints justified investigations…. The number of new investigations fell every year during the Trump administration, from 1,063 in 2016 to 827 in 2019, according to the most recent figures published by the SEC….

Under Mr. Gensler, the SEC is expected to become more active….

Hey, speaking of which:

In a court filing, the agency said a monitor is needed to protect investor assets and prevent the New York private-equity firm from disposing of assets that could be used to recover investors’ capital…. “The principal source for potential investor recovery is revenue generated by the several dozen automobile dealerships owned by GPB Capital,” the SEC said in a court filing to support its request for an independent monitor. “These dealerships have contractual relationships with lenders and manufacturers that are now at risk of termination because of, among other things, Gentile’s arrest.”

Well, if that’s the way things are going to be going at Gensler’s SEC, those he’ll be regulating want him to know that they’ve got some pretty good lawyers, too.

Nasdaq Inc and the New York Stock Exchange have each sued the Securities and Exchange Commission, seeking to block a plan by the regulator to overhaul public data feeds that broadcast stock prices to investors, court filings show.

Under the SEC plan, approved in December, supply and demand data for stocks would be added to public feeds, broadening access to the information which the exchanges currently sell to professional traders at a premium…. The Wall Street Journal reported that Cboe Global Markets, which operates the Chicago Board Options Exchange, was also suing the SEC over the issue.

SEC Expands Enforcement Staff’s Power to Start New Investigations [WSJ]
SEC Seeks Outside Monitor to Protect GPB Capital Investors [WSJ]
Nasdaq, New York Stock Exchange sue SEC over planned overhaul of public data feeds [Reuters]


(Getty Images)

Burnout Pays Off For Gary Gensler, SEC

He may be working his people to the bone, but it may just be worth it to the tune of $2.2 billion.

By Chris Potter (Flickr: 3D Judges Gavel) [CC BY 2.0], via Wikimedia Commons

Second Trial Avoided Rather Less Auspicious For Private Equity Firm Than The First

It doesn’t sound like Merrick Garland is looking as kindly on the GPB boys as Bill Barr.

car dealer

Maybe It Wasn’t Such A Great Idea To Fire A Guy Who Knew About The Ponzi Payments You Were (Allegedly) Making

Because in addition to “unemployed,” he can also now call himself “whistleblower.”

By US government [Public domain], via Wikimedia Commons

Gary Gensler Stands Astride History Yelling Stop

Actually, he’s not saying anything. Just suing.


Gary Gensler Sticks His Finger Into Alleged Ponzi Schemer’s Still-Raw Gunshot Wound

If it’s any consolation, Matthew Beasley will be in prison for so long it won’t matter how much the SEC orders him to pay.

(Getty Images)

SEC To Reduce The Number Of Things Private Equity Firms Can Lie About

And also, you know, try to reduce the number of times they lie in other respects.