Daily Archives: March 17, 2023, 6:09 pm

Biden Seeks Tougher Penalties on Executives of Failed Banks – Bloomberg

President Joe Biden urged Congress to approve measures enacting tougher punishments on banking executives if mismanagement contributed to their institutions failing, following the recent collapse of three regional banks. Biden said laws on the books currently limit the administration’s ability to hold executives accountable. “When banks fail due to mismanagement and excessive risk taking, it should be easier for regulators…

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Outsider Trading – Bloomberg

One possibility here is that he was deeply informed about the auction, he had nonpublic information that made him think that Nationstar would win, and he bought Nationstar stock to bet on it going up. Another possibility is, look, there was an auction, somebody was going to win, and it would be good for him if his company won and…

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Now It’s Credit Suisse’s Turn: Swiss Bank Hit with Securities Suit | The D&O Diary

Earlier this week, securities class action lawsuits were filed against the recently failed U.S. banks, Silicon Valley Bank and Signature Bank. The turmoil that surrounded those banks’ failure sent ripples into the global banking industry; one of the institutions particularly affected by the ensuing turbulence was the European banking giant, Credit Suisse. After a series of events at the bank…

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Ex-Theranos exec finds way to delay start of prison sentence – The Washington Post

Just hours before Balwani was supposed to surrender to authorities, his lawyer filed documents notifying U.S. District Judge Edward Davila that he wouldn’t be doing so. The notice cited a last-minute appeal of a recent Davila ruling rejecting Balwani’s request to remain free while trying to overturn his conviction on 12 counts of fraud and conspiracy. The Wednesday appeal of…

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YouTube Influencers Slapped With $1 Billion Lawsuit for Promoting FTX

A group of investors who did business with defunct cryptocurrency exchange FTX brought a class action lawsuit against multiple internet influencers Wednesday, alleging the content creators pushed unregistered securities on their viewers and followers while promoting the collapsed exchange. The lawsuit seeks over $1 billion in damages and was brought against content creators that reached millions online, including BitBoy Crypto…

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Supreme Court Crypto Case Over Coinbase Is First of Many Expected – Bloomberg

The biggest issues stem from efforts by the Securities and Exchange Commission to classify cryptoassets as securities, putting them under the federal regulator’s purview. Although the SEC has won some early battles, it could get more skepticism once it reaches the Supreme Court, which has repeatedly curbed the power of federal regulatory agencies. “Eventually, one of them is going to…

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Ethereum co-founder praises Gary Gensler as ‘shining knight of decentralization’

Ethereum co-founder Joseph Lubin praised SEC Chair Gary Gensler as a “shining knight of decentralization.” Speaking at ETHDenver (which ended on March 5,) Lubin spoke candidly about recent regulatory enforcement actions, holding Gensler as a catalyst for driving decentralization – much to the audience’s jeers. Source: Ethereum co-founder praises Gary Gensler as ‘shining knight of decentralization’

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