Economy

Yellen Consulted Ethics Lawyers Over GameStop Meeting

Yellen Consulted Ethics Lawyers Over GameStop Meeting”

U.S. Treasury Secretary Janet Yellen is calling a meeting of top financial regulators this week to discuss market volatility driven by retail trading in shares of GameStop Corp, silver and other stocks favored on social media.

The gathering will include the heads of the Federal Reserve - formerly led by Yellen - as well as the Securities and Exchange Commission, Commodity Futures Trading Commission and Federal Reserve Bank of NY, which serves as the central bank's main monitor of Wall Street.

GameStop shares went from US$19.95 to a peak of US$347.51 on Jan 27 in just 10 trading days, and with no meaningful change in the company's profit outlook.

They erased early declines to rise 11% in pre-market trading on Wednesday, while shares of AMC gained 7.8%. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. It has since swung wildly and fell 60% to close at US$90 on Tuesday, suggesting the frenzy may be easing. Some investors openly called on others to bid up the shares of certain names in order to trigger losses for hedge funds that had bet their prices would fall. Numerous president's cabinet choices and picks for other crucial jobs await Senate confirmation - including Gary Gensler, his nominee as SEC chairman.

Lipton will focus on the USA role within the Group of Seven advanced economies and the larger Group of 20 economies in a temporary role, several sources said on condition of anonymity, as they struggle to manage the coronavirus pandemic and ensure a nascent global recovery stays on course.

More news: Instagram working on TikTok-like vertical Stories feed

It is not known if this will translate into action, but experts expect that the focus will also be on the increasingly important role played by non-bank companies such as hedge funds in financial markets. and small traders are preparing for a showdown. She received more than $700,000 in speaking fees from Citadel, the financial empire run by billionaire Ken Griffin.

Melvin Capital is the hedge fund that was at the receiving end of the recent short squeeze of GME, as they had bought a significant amount of short position against Gamestop. She may need to seek further authorization to deal with specific firms she listed.

Yellen has requested an ethics waiver to hold the meeting, a Treasury spokeswoman said, confirming a Reuters report.

"Issues relating to these sectors could arise at any time without the opportunity for consultation with the ethics office", and "argue in favor of prior authorization".



Like this

loading...
loading...

Latest


04 February 2021
Cyberpunk 2077 developers warns players not to install mods on PC’s
The issue is the latest in a notoriously long line of problems that have plagued Cyberpunk 2077 . Despite all this, Cyberpunk 2077 reportedly had the biggest digital game launch of all time.

04 February 2021
'Chelsea is Chelsea' - Mourinho comments on Lampard sacking and Tuchel appointment
Villas-Boas added he was also informed very late of the departure on loan to Hertha Berlin of Serbian winger Nemanja Radonjić. Andre Villas-Boas has been suspended by Marseille pending disciplinary proceedings after he offered to resign as head coach.

04 February 2021
Lingard talks up 'connection' with West Ham team-mates after two-goal debut
Despite a 3-1 loss to Liverpool, West Ham have been in excellent form and they continued that push for Europe against Villa. The home side had an off day and Dean Smith will be demanding a strong reaction from his players next time out.

04 February 2021
Article image 'Great concern' as United Kingdom coronavirus variant has mutated again
Pfizer and BioNTech have also said that their COVID-19 vaccine works against human-made lab variants containing the E484K mutation .

04 February 2021
Oil price rises above $57, highest in 12 months
Oil pared gains after USA crude inventories fell less than expected, clouding the outlook for shrinking global supplies. The benchmark hit a one-year high of A$55.26 on Tuesday.

04 February 2021
Australian Open tuneup matches on Thursday cancelled due to COVID-19
The six preparatory tournaments are now being held at Melbourne Park to get players match fit after their fortnight in quarantine. The latest coronavirus restrictions could test the resolve of players who've already been through two weeks of quarantine.

04 February 2021
Republicans stand by Marjorie Taylor Greene, keep Cheney as No. 3 leader
But it was unclear Wednesday whether that vote among GOP lawmakers would occur or if McCarthy would somehow delay that showdown. Senate Minority Leader Mitch McConnell, R-Ky., and others have boosted pressure this week on McCarthy and the House GOP to act.

04 February 2021
Canadian government officially lists Proud Boys a terrorist entity
Furthermore, persons seeking entry into Canada may be inadmissible if they are found to be associated with a listed entity. The listing is then published if the cabinet agrees with the recommendation.

04 February 2021
South African strain of Covid found in Birmingham
Just like other viruses, the novel coronavirus has been mutating with some variants putting the world on alert. Postcodes affected are London, West Midlands, East of England , South East, North West of England.

04 February 2021
Osaka, Barty and Kyrgios make winning start in Oz Open tune-ups
At the All-England Club in 2018 she was dismissed 6-3 6-3 by Angelique Kerber and a year later humbled 6-2 6-2 by Simona Halep . Though Boulter would battle back to 3-4, Osaka closed forced a decider with her third break of the set.