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.

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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".

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