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☆ Gary Gensler says he was 'proud to serve' as SEC chair, defends his approach to crypto regulation
▼ + stars: | 2024-11-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

U.S. Securities and Exchange Commission Chair Gary Gensler testifies before a House Financial Services Committee oversight hearing on Capitol Hill in Washington, D.C., on Sept. 27, 2023. Securities and Exchange Commission Chairman Gary Gensler spoke this morning at the Practising Law Institute's 56th annual conference on securities regulation. "It's a remarkable agency," Gensler said of the SEC, which he has led since April 2021. Gensler made only passing reference to his most controversial disclosure rule, on climate change, which has been challenged in court. Defense of crypto stanceGensler offered a full-throated defense of his approach to crypto.

Persons: Gary Gensler, Gensler, It's, bitcoin, clearinghouses, I've Organizations: . Securities, Exchange, Financial, Capitol, Washington , D.C, Securities, SEC Locations: Washington ,

☆ Officials brace for a flood of disinformation and legal claims as Election Day finally arrives
▼ + stars: | 2024-11-05 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Brandy-Zadrozny-Circle-Byline-Template.Jpg | Brandy Zadrozny | ) www.nbcnews.com time to read: +9 min

As Election Day finally arrives, election officials, legal experts and researchers are bracing for a flood of disinformation and legal claims as vote counting begins. The final week of the campaign featured three dynamics that could lead to a protracted legal dispute if the results are close, legal experts said. Election experts say that if a clear winner emerges quickly and voting proceeds without major disruptions, large numbers of Americans may have faith in the results. A misleading advertisement from the Election Integrity Network says “The Glitch Is In” alongside a carousel of news coverage of such procedural Election Day issues. The Election Integrity Network’s founder, Cleta Mitchell, promotes her thousand-strong group as a kind of “national neighborhood watch.”Researchers also point to a new kind of infrastructure around documenting and sharing such rumors on Election Day.

Persons: Donald Trump, “ They’ve, ” Trump, Danielle Tomson, ”, ” Tomson, “, Jennifer Liewer, Chandan Khanna, Trump, noncitizens ’, Cleta Mitchell, Elon Musk, James O’Keefe, Mike Lindell, Ben Berwick, Berwick, ” Berwick, Olivier Touron, Kamala Harris, — Harris, — Organizations: University of Washington’s Center, Convention Center, Getty, Seattle, Center, Conservative, Trump, America PAC, Heritage Foundation, Protect Democracy, “, FBI, National Intelligence Director’s, Infrastructure Security Agency, Service, Naval, Convention, National Guard Locations: Allentown , Pennsylvania, Arizona, Liewer, Maricopa, Beach, West Palm Beach, Fla, Maricopa County, Ariz, Philadelphia, Phoenix, AFP, U.S, Russia, Beach County , Florida

☆ Wall Street is about to see its biggest trading change in years
▼ + stars: | 2024-05-24 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.

Persons: “, That’s, ” Gary Gensler, ”, Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI

☆ UnitedHealth Group has paid more than $2 billion to providers following cyberattack
▼ + stars: | 2024-03-18 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +3 min

UnitedHealth Group said Monday that it's paid out more than $2 billion to help health-care providers who have been affected by the cyberattack on subsidiary Change Healthcare. "We continue to make significant progress in restoring the services impacted by this cyberattack," UnitedHealth CEO Andrew Witty said in a press release. "We know this has been an enormous challenge for health care providers and we encourage any in need to contact us." It also introduced a temporary funding assistance program to help health-care providers experiencing cash flow trouble because of the attack. A survey published by the American Hospital Association on Friday found that 94% of hospitals have experienced financial disruptions from the Change Healthcare attack.

Persons: it's, Andrew, UnitedHealth, Rick Pollack, Biden, UnitedHealth hasn't, Scott Gottlieb Organizations: UnitedHealth, Change Healthcare, Healthcare, Medicare, Medicaid Services, American Hospital Association, Administration, U.S . Department of Health, Human Services, Office, Civil Rights, Palo Alto Networks, Google Locations: Palo

☆ Biden administration investigating Change Healthcare cyberattack as disruptions continue
▼ + stars: | 2024-03-13 | by ( Ashley Capoot | In | ) www.cnbc.com time to read: +2 min

The OCR enforces the Health Insurance Portability and Accountability Act's security, privacy and breach notification rules, which most health plans, providers and clearinghouses such as Change Healthcare are required to follow to protect health information. "OCR's investigation of Change Healthcare and UHG will focus on whether a breach of protected health information occurred and Change Healthcare's and UHG's compliance with the HIPAA Rules," the department said. Change Healthcare offers electronic prescription software and tools for payment and revenue cycle management. Parent company UnitedHealth discovered that a cyber threat actor breached part of the unit's information technology network on Feb. 21, according to a filing with the U.S. Securities and Exchange Commission. In late February, Change Healthcare said that ransomware group Blackcat was behind the attack.

Persons: UnitedHealth, Blackcat Organizations: U.S . Department of Health, Human Services, UnitedHealth Group, Healthcare, U.S, HHS, Civil Rights, Change Healthcare, U.S . Securities, Exchange Commission, CNBC, SEC, Department of Justice

☆ Music Licensing Giant BMI Sells to Private Equity Firm
▼ + stars: | 2023-11-21 | by ( Ben Sisario | More About Ben Sisario | ) www.nytimes.com time to read: +1 min

BMI, the giant music licensing agency that represents hundreds of thousands of songwriters, including Taylor Swift, Dolly Parton, Kendrick Lamar and Lady Gaga, has agreed to sell itself to New Mountain Capital, a private equity firm, the organization announced on Tuesday. BMI, along with its archrival ASCAP, is one of the major performing rights organizations in the United States. Terms of the deal between BMI and New Mountain were not disclosed. In its announcement, BMI, whose full name is Broadcast Music Inc., said that the sale is subject to approval by its shareholders and “customary” regulatory review, and that it expects the deal to close in the first quarter of 2024. According to the announcement, CapitalG, a fund affiliated with Alphabet, the parent company of Google, is also acquiring a minority stake in BMI.

Persons: Taylor Swift, Dolly Parton, Kendrick Lamar, Lady Gaga Organizations: BMI, archrival ASCAP, Inc, Google Locations: United States

☆ Staff at Pure Barre and other boutique gyms say a major franchisee stiffed them on pay, sent bizarre emails, and talked about drinking his own urine
▼ + stars: | 2023-11-21 | by ( Jake Swearingen | Jack Newsham | ) www.businessinsider.com time to read: +15 min

Staff at some Pure Barre, CycleBar, Row House, and other high-end fitness studios aren't being paid. Outposts of CycleBar, Row House, and other pricey fitness studios have also shut their doors, suddenly and sometimes without explanation. In one call reviewed by Business Insider, Brown spoke about drinking his own urine. In his November 8 email to all studio staff, Brown wrote that he "failed all of you." And unlike the fitness studio employees, they didn't find the message or tone of Brown's November 8 email surprising.

Persons: Mitch Brown, —, Brown, Amy, Xponential, Jaime Miettinen, Miettinen, Mitch, Jason Whitman, Stride, hollowing, we're, Pamela Chatman, CycleBar, Subreddits, Chatman Organizations: Service, Staff, Business, Midwest, Professional Holdings, Employees, Xponential, Research, Holdings, Fitness, Pure Locations: Barre, CycleBar, Pure Barre, Detroit, California, New York, Ohio, Michigan, Brown

☆ Janet Yellen says she supports using proceeds from frozen Russian assets to fund more aid for Ukraine
▼ + stars: | 2023-10-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen backed a European proposal to access profits from frozen Russian funds. Yellen said she supported "harnessing windfall proceeds from Russian sovereign assets" for Ukraine. European countries froze more than $212 billion in Russian assets after Moscow invaded Ukraine. AdvertisementAdvertisementJanet Yellen backed European plans to tap proceeds stemming from frozen Russian assets to support Ukraine, the Financial Times reported. AdvertisementAdvertisementFor its part, Euroclear announced on Wednesday it would put the profits made from the frozen assets into a fund for Ukraine.

Persons: Janet Yellen, Yellen, —, Euroclear, Alexander De Croo Organizations: Service, Financial Times, Treasury, Euroclear, European Central Bank, Ukraine, Belgian Locations: Ukraine, Moscow, Morocco, Belgium, Russia

☆ Securities traders are gathering in Washington, trying to figure out what the SEC is doing
▼ + stars: | 2023-10-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. The big topic: trying to figure out what the Securities and Exchange Commission is doing. These wholesalers may send the orders to exchanges, but often match the orders against their own internal order flow. Gallagher will also likely weigh in on payment for order flow as well. "I'm doing everything backwards, I'm leaving a trade group and going into politics, but sometimes you gotta step up."

Persons: There's, Gary Gensler, Gensler, Schwab, ETrade, Hester Peirce, Jonathan Kellner, Peirce, Hope Jarkowski, Rostin Behnam, Dan Gallagher, Matt Andresen, Gallagher, Jim, George Santos, Santos Organizations: U.S . Securities, Exchange, SEC, Securities, Securities and Exchange, Security Traders Association, Security Traders Association of New, Marriott Marquis, Intelligence, Citadel, Republican, MEMX, Democratic, NYSE, CFTC, Corporate, Headlands Technology, Congress Locations: Washington, Security Traders Association of New York, U.S, Long

☆ George Santos says he's lost 97 pounds on Ozempic and a cage match versus Mitt Romney wouldn't be 'fair' because he studied jiu-jitsu
▼ + stars: | 2023-08-24 | by ( Jake Swearingen | ) www.businessinsider.com time to read: +3 min

George Santos told party guests he's lost 97 pounds on Ozempic, Page Six reported. He also said fighting Mitt Romney in cage match wouldn't "fair" because he knows jiu-jitsu. According to Page Six sources, the embattled New York representative boasted about losing nearly 100 pounds thanks to the diabetes medication Ozempic and that a cage fight between himself and Mitt Romney wouldn't be fair. A Santos spokesperson confirmed to Page Six that Santos studied jiu-jitsu. Story updated to reflect response from Santos spokesperson.

Persons: George Santos, he's, Mitt Romney, Santos — who's, —, he'll, Ozempic, Santos, Bice, Page, Elon Musk, Mark Zuckerberg, I'd, Santos hadn't, haven't Organizations: Service, New, Elon, Prosecutors, GOP, House Small Business Committee, House Science, Technology Committee Locations: Wall, Silicon, New York, Manhattan, Utah

In an aerial view, burned cars and homes are seen a neighborhood that was destroyed by a wildfire on August 17, 2023 in Lahaina, Hawaii. A young boy walks through wildfire wreckage Thursday, Aug. 10, 2023, in Lahaina, Hawaii. Search and recovery team members check charred buildings and cars in the aftermath of the Maui Fires in Lahaina, West Maui, Hawaii, August 17, 2023. Lahaina, Maui, Wednesday, August 16, 2023 - Homes and businesses lay in ruins after last week's devastating wildfire swept through town. A woman walks through wildfire wreckage Friday, Aug. 11, 2023, in Lahaina, Hawaii.

Persons: Patrick T, Fallon, Fred Abad, Louise Abihai, Ellie Erickson —, Richard Zubaty, Richard Bissen, Harold, Justin Sullivan, Lynn Ouano, Faias, Jay Ouano, Rick Bowmer, Kuulei Barut, Losano, Leona Castillo, Castillo, Yuki Iwamura, haven't, Erickson, Robert Gauthier, Julie French Organizations: Kahului, AFP, Getty, NBC, Maui, Facebook, Los Angeles Times Locations: Maui, Kahului, Hawaii, Maui County, Instagram, Palm Springs, Texas, Lahaina , Hawaii, Washington, U.S, Pennsylvania, Lahaina, Lahaina , West Maui, Kihei, Australia

☆ Fintechs need to focus on the future to develop tomorrow's solutions today
▼ + stars: | 2023-06-12 | by ( Sponsor Post | Created Unlimit With Insider Studios | ) www.businessinsider.com time to read: +6 min

The future is DeFiDecentralized finance (DeFi) has gained significant traction in recent years, offering a new paradigm for financial services that are open, transparent, and community-driven. DeFi adoption will significantly enhance the concept of "embedded finance," and we will see more integration of financial services with traditionally non-financial services or products. Foresee market structure trends and shape them proactivelyWhile fintech's growth in developed markets is undeniable, even more significant potential for growth lies in developing economies. This will empower customers to make payments swiftly and conveniently, ultimately driving higher adoption and usage of fintech solutions. With the fintech industry projected to reach $492.81 billion by 2028, the time to start looking into tomorrow is now.

Persons: Irene Skrynova, Statista Organizations: Intelligence, Central Bank, Allied Market Research, Finance, World Bank, Insider Studios Locations: China, India, Eastern Europe, Africa

☆ Goldman Sachs: Cash in on the $7 trillion AI explosion by making these 15 trades now
▼ + stars: | 2023-06-01 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Artificial intelligence is rapidly gaining momentum this year as it gets more advanced. Here are 15 buy-rated stocks from Goldman Sachs that investors can get exposure to now. Once a niche technology, artificial intelligence (AI) has moved firmly into the mainstream in 2023 and become too big to ignore, according to Goldman Sachs. Goldman Sachs15 AI stocks to add exposure to nowInvestors who are interested in profiting from the AI wave should consider the 15 stocks that were highlighted in Phani's note that have a buy rating from Goldman Sachs and are either directly advancing AI or are indirectly enabling it. Below are the 15 stocks tied to AI that Goldman Sachs is bullish on right now.

Persons: Goldman Sachs, Phani Organizations: Nvidia, Microsoft, Google, Companies, Investors

If a bank failure were to leave one of them without access to cash, widespread market instability would follow. “Why take that risk?” Summer Mersinger, a member of the Commodity Futures Trading Commission, told DealBook. Clearinghouses exist to mitigate risk, taking collateral and settling transactions between buyers and sellers in all kinds of financial markets. This means a bank’s failure could easily lead to losses for a clearinghouse that “could potentially reverberate across the financial system,” the Chicago Fed concluded in a 2020 report. Even without a complete failure at a commercial bank, delays in access to cash could trigger liquidity issues across markets.

SEC Chairman Gary Gensler has a message for Coinbase and other crypto exchanges: The rules are clear, and they must be obeyed. In a video posted on Twitter on Thursday, Gensler said that crypto exchanges must treat cryptocurrencies like securities and stop acting as if the regulations are ambiguous. "If you're a securities exchange, clearinghouse, broker, or dealer, you must come into compliance, register with us, and deal with conflicts of interest and disclose important information. Since January, the SEC has taken action against crypto exchanges Bittrex & Gemini, crypto lender Genesis, and a number of individual actors accused of manipulating crypto assets, including crypto entrepreneur Justin Sun and disgraced Terraform Labs founder Do Kwon. "Intermediaries for investment contracts, whether they're exchanges, brokers, dealers, clearinghouses, they need to comply with the securities laws and register with the Securities and Exchange Commission."

☆ Foreign Investors Are Leery of China Bets, Despite Rebound Expectations
▼ + stars: | 2023-01-09 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

Market strategists say the stars are aligned in 2023 for Chinese assets to stage a comeback—but a return of foreign capital may take longer. Foreign investors have pulled more than $100 billion out of China’s bond market since February, according to two major Chinese clearinghouses. They have also dramatically slowed their investments in the country’s stock market. Foreign institutions bought a net $13 billion worth of yuan-denominated shares last year via a Hong Kong stock-trading link, down sharply from $63 billion in 2021.

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