Elon continues his long walk down the highway of law fare. As Chuck schumer so famously said regarding the CIA: “The Intelligence Community has Six Ways from Sunday of Getting Back at You.” For Elon Musk, his nemesis is the SEC.
A federal court said that Elon Musk must testify again in the U.S. Securities and Exchange Commission’s investigation into his $44 billion takeover of Twitter, according to a court filing on Tuesday. His battles started long ago and far away.
This was five years ago and the battles continues.
“The Tesla cofounder got in hot water with the Securities and Exchange Commission and explains to Lesley Stahl how his tweeting has been reined in as a result.”
He closes by saying he respects the Justice System. Well, Elon, five years and many subpoenas later do you feel the same way?
Yahoo news chimes into the controversy at the same time with this keen observation.
Here’s why the SEC has a problem with Elon Musk
Now we have the latest:
The SEC sued Musk in October to compel the Tesla and SpaceX CEO to testify after he refused to attend a September interview for the investigation, saying the SEC was trying to “harass” him with a number of subpoenas.
The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X. It is also reviewing statements and SEC filings he made in relation to the deal, the agency has previously said.
One can only wonder how Soros and the rest of the wacko left, ever let such a powerful communication company as Twitter aka “X” ever slip away from them and into the hands of a man such as Elon Musk. The last bastion of a free press.
This post doesn’t even attempt to address the issues he is having with the government over Tesla.
Musk will no doubt end up similar to Trump before its over with criminal charges.
The expense of providing this data will be enormous to the Securities and Exchange Commission. Companies large and small listed on the U.S. stock exchange will be subject to litigation by investors as well as the SEC. To make this story even better we take a look at the man behind the curtain who has put this plan into motion.
WASHINGTON, March 21 (Reuters) – The U.S. securities regulator on Monday proposed requiring U.S.-listed companies to disclose a range of climate-related risks and greenhouse gas emissions, part of President Joe Biden’s push to join global efforts to avert climate-related catastrophes.
Or rather, how to destroy capitalism would be my take on the matter.
Here we go from NPR:
The U.S. Securities and Exchange Commission on Monday formally proposed new rules that would for the first time require businesses to report their greenhouse gas emissions, along with details of how climate change is affecting their businesses.
In a statement of support for the proposed rules, SEC Chair Gary Gensler said the regulator is responding to demand from investors and companies given the increased push for information on the risks climate change-related events pose to businesses.
“Our core bargain from the 1930s is that investors get to decide which risks to take, as long as public companies provide full and fair disclosure and are truthful in those disclosures,” Gensler said. “That principle applies equally to our environmental-related disclosures.”
The rules would be phased in
If the regulators approve the rules, companies would be required to provide climate-related information when they register as public companies with the SEC, and also in annual filings.
Companies would need to disclose potential risks to their operations from climate-related events such as having operations in an area facing the risk of rising sea levels.
The rules would also require companies to provide data on their own greenhouse gas emissions and also on how much energy they consume. These are known as “Scope 1” and “Scope 2” emissions, respectively.
“Scope 3” emissions have proved to be more controversial. They are emissions generated by a company’s suppliers and customers. Many companies and trade groups, including the U.S. Chamber of Commerce, have opposed mandated reporting of Scope 3 emissions saying it would be too burdensome and complicated to estimate emissions across a company’s operations.
Investors and the SEC itself would be able to challenge a company’s assessment of what counts as material information. Smaller companies would be exempted from reporting their Scope 3 emissions.
So we have this fellow Gensler who has a storied past. He cut his teeth in the Obama administration. A good friend of Jon Corzine. That Jon Corzine MF Global infamy. How did Gensler get approved for this position? Don’t ask.
When Gensler had the chance to step-up in the past he, instead, stepped down.
When MF Global failed on his watch as chairman of the CFTC, Gensler recused himself from leading the investigation of the failure and heading up the effort to find the $1.6 billion in customer funds that went missing. He opted out against the advice of the CFTC’s General Counsel and its ethics official, according the CFTC’s own internal investigation. Gensler filed a “non-participation” letter because he and MF Global’s last CEO, Jon Corzine, had enjoyed a long personal relationship after working together at Goldman Sachs.
Basically, Gensler bailed. The captain left the ship before the passengers were all safe. Maybe it was a “damned if he did, damned if he didn’t” situation. But it would have been arguably a lot better for the MF Global customers if he stayed, but then he would have had to avoid taking a call from Corzine about delaying the rules for how MF Global could use customer segregated funds the summer before.
Speaking about financial reforms with The Billings Gazette editorial board, Tester said Gary Gensler, chairman of the Commodity Futures Trading Commission, should be fired for the government’s role in the collapse of MF Global, a trading house accused of raiding customer accounts to cover bad investments in European sovereign debt. Legally, the customer accounts were “segregated” meaning they should have been off-limits.
MF Global failed despite the cash grab and last October filed a $42 billion bankruptcy, the eighth largest bankruptcy in U.S. history.
“CFTC was asleep at the switch. They were in the building when all that stuff went on, too. Maybe Gary Gensler needs to go,” Tester said…
Gensler has been accused of being asleep at the switch while accounts that should have been regulated were drained by MF Global. The CFTC chairman has also been accused of cronyism. Both Gensler and MF Global CEO Jon Corzine worked for Goldman Sachs. Corzine, a former Democratic senator and New Jersey governor, is alleged to have lobbied Gensler to delay financial reform rules affecting MF Global’s handling of customer accounts.
Gensler has failed up from MF Global, in my opinion, to a big comeback as SEC Chairman. Another example of failing up to a comeback? MF Global’s former CEO, Jon Corzine.
Corzine’s star faded quickly after the MF Global debacle. On Dec. 24, 2011, President Obama’s re-election campaign returned $70,000 of Corzine’s personal campaign contributions. Corzine was one of 41 donors who bundled more than $500,000 to help re-elect President Obama in 2012.
Corzine has since attempted a comeback. Despite a CFTC civil enforcement action against him in 2013 that prohibits him from serving on any registered firm’s advisory or compliance boards, or having authority over its compliance officers—an action that severely limits the type of assets in which his firm can invest—Corzine went ahead with a plan to start a hedge fund that would accept outside money.
That hedge fund, JDC-JSC, won the approval to register from former SEC Chairman Jay Clayton’s SEC in the fall of 2019. That’s right. Corzine was rewarded with an approval to start a hedge fund by the very agency that failed to follow-up after MF Global’s failure, and failed to find all the money Corzine had lost.
Of course this is done over the holidays with an abbreviated comment period. We gave Russia our Uranium why not give China access to manipulating our financial markets. The unthinkable is thinkable these days. The Obama regime remains without comment. Here tis:
Lawmakers are demanding a longer review of a Chinese firm’s deal to purchase the Chicago Stock Exchange, voicing concerns over the sale’s impact on U.S. national security and the financial security of the American marketplace.
“As the Securities and Exchange Commission (SEC) conducts its process to review this transaction, we similarly urge you to consider the negative impacts Chinese state-affiliated ownership of the Chicago Exchange will have on national security and the financial security of the American marketplace,” the lawmakers wrote.
Earlier this month, the Chicago Stock Exchange announced that CFIUS found “no unresolved national security concerns” regarding the deal. The sale now only faces approval by the SEC. The Treasury Department has declined to comment on the development.
The lawmakers argued Thursday that the deal would offer the firm the ability to “manipulate” the $22 trillion U.S. equity marketplace.
“The integrity of, and confidence in America’s financial markets is a bedrock component of our nation’s security,” they wrote. “This transaction raises serious questions that go well beyond the limited scope of review that has already taken place. Allowing an entity such as CCEG to acquire one of our nation’s exchanges—with the access, information, and opportunities that exist to undermine U.S. interests—is a very serious matter.”
“Given these concerns, we urge you to consider rejecting this transaction,” the lawmakers wrote.
Frankenstein Government has a great post. Here is the back story. Did he figure no one would find out about this. Is there no moral compass in the Obama administration? I bet they start dropping like flies before any hearings.
The trustee trying to recover money for victims of Bernard L. Madoff’s infamous Ponzi scheme is trying to recoup more than $1.5 million of Madoff payouts from the family of David M. Becker, the general counsel of the Securities and Exchange Commission.Washington Post
Now Frankenstein’s thoughts on the matter:
I want you to stop and think about this for a moment. The fucking SEC General Counsel was invested in Madoff’s Fund??? And Madoff went uninvestigated for 10 years???
Please tell me what IF ANYTHING, qualifies as a conflict of interest?? This guy stands to lose 1.5 million profit he got from Madoff?? Turns out that this piece of shit, served as General Counsel to the SEC from 2000-2002. He was rehired in 2009 shortly after Madoff was arrested. He would have had all of this time to publicly disclose that he inherited profits from Madoff and certainly before beginning his second tour of duty at the SEC. Even the idiots at the SEC might have run a little scared. But hell, who knows? Here is the story of the poor sap who spent 10 years trying to expose Madoff without success. Go figure.
On February 1st, a seemingly routine news report that David Becker, the SEC’s general counsel, is somewhat abruptly leaving his position to return to unspecified “private sector” employment.
Today, the Brits break the news story on the reason: Becker’s parents and probably him apparently made $1.5 million investing with Bernie Madoff, a small time ponzi architect (small time compared with the US government, that is), and the bankruptcy trustee is suing Becker to get it back. Madoff was one of the SEC’s most spectacular failures. He operated for years without the SEC doing anything about him, even after repeated and detailed reports to the agency. more: Strike Lawyer
Aliens prepare to take over Stock Markets! Something like that… we report, you decide.
Following the May 6 “flash crash” in which the market plunged 1,000 points in just a few minutes, a data firm started looking at the trades being made by the high-frequency computerized trading bots that have come to loom over over the stock market. By zooming into the trades being placed by the millisecond the firm spotted several strange algorithmic patterns. Plotted on a chart, they look like the freakin’ the stock market equivalent of crop circles.
It’s not certain why these trades, most of which never have a hope of getting made, are getting requested. A way of injecting noise into the system? Somehow take advantage of just a few milliseconds, which can mean the difference between millions in this highly competitive industry where even having your computers physically closer to the exchange is an advantage? Someone just testing out their system? Quote-stuffing market manipulation?
Oh this will help the business climate. Another nail in the coffin for sending American companies overseas. Driving down stock prices helps everone’s pension plan.
A new ruling by the Securities and Exchange Commission (SEC) would require corporations to inform their shareholders of the business risks and potential impacts of climate change legislation, environmental regulation, and international climate treaties. The ruling marks the first time the SEC has required companies to make such information available to shareholders.
“Ultimately what this points to is, hopefully, companies looking at their own portfolios of internal investments and internal stranded capital and assets and rearranging so that they are less addicted to oil and less involved in dirty technology and more involved in clean technology,” Davies said.
“That’s the goal here, full disclosure of those vulnerabilities and or advantages for other companies,” Davies continued. “Maybe this helps to level that, at least in investors’ minds and then we get to a more sane economy that makes the right choices.”
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Lawmakers are demanding a longer review of a Chinese firm’s deal to purchase the Chicago Stock Exchange, voicing concerns over the sale’s impact on U.S. national security and the financial security of the American marketplace.
BUNKERVILLE | God, Guns and Guts Comrades! 