MSRB readies rule change for bank dealers bondbuyer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bondbuyer.com Daily Mail and Mail on Sunday newspapers.
Vlad Tenev and other players in January’s GameStop saga appeared before the House financial services committee in the first public hearing in a wide-ranging investigation into trading in GameStop, AMC and other companies whose share values soared as small investors piled into the stocks.
“The buying surge that occurred during the last week of January in stocks like GameStop was unprecedented, and it highlighted a number of issues that are worthy of deep analysis and discussion,” Tenev said.
Shares in the Texas computer game retailer surged 1,600% in January as small investors worldwide – many coalescing on the Reddit forum WallStreetBets – piled into the troubled retailer’s shares betting against Wall Street hedge funds that had bet the share price would collapse – a practice known as short-selling. At one point, short-sellers had borrowed far more of GameStop’s shares (140%) to sell short than were available on the market.
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Presented by the Standing Rock Sioux Tribe and Earthjustice
With Daniel Lippman
Chip Unruh, the press secretary for Sen.
Jack Reed (D-R.I.), the top Democrat on the Armed Services Committee, blasted out a gentle reminder email to the Capitol Hill press: “Reed is NOT Chairman of SASC (yet).” Reed’s ascension to chair of the defense committee will come once Senate Majority Leader
Trump Administration Tightens Ban on Investment in Chinese Military Companies
WASHINGTON The Treasury Department on Dec. 28 released guidance for investors about the president’s new executive order that bans investment in companies with ties to the Chinese military. The guidelines clarify that the ban will include subsidiaries of all Chinese firms in the Pentagon’s blacklist, handing a clear win to national security advocates.
The notice came after a conflict reportedly broke out within the administration over how to implement the new order. The Pentagon and the State Department, according to media reports, had objected to Treasury Secretary Steven Mnuchin’s effort to soften the executive order by excluding subsidiaries from the ban list.