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U.S. SEC chief Clayton to exit agency after Dec. 23


By Reuters Staff
1 Min Read
FILE PHOTO: U.S. Securities and Exchange Commission Chairman Jay Clayton, testifies before a House Committee on Financial Services hearing entitled Capital Markets and Emergency Lending in the COVID-19 Era in the Rayburn House Office Building on Capitol Hill in Washington, U.S., June 25, 2020. Rod Lamkey/Pool via REUTERS
WASHINGTON (Reuters) - U.S. Securities and Exchange Commission Chairman Jay Clayton will leave the agency on Dec. 23, he said in a statement.
Clayton announced his exit Wednesday, and recently sent a letter to President Donald Trump informing him of his planned exit date. Clayton had previously said he would step down from the agency at the end of the year, and the letter did not say who would lead the agency in his absence. ....

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SEC charges Robinhood for 'misleading' investors, $65M settlement reached


Allianz chief economic adviser Mohamed El-Erian argues apps like Robinhood are reducing the barriers to retail entry. He also provides insight into the coronavirus pandemic, initial jobless claims, earnings and how to allocate capital in the current market environment.
The SEC has charged Robinhood with misleading investors on how it made money and also for failing to get the best price for customer orders.
The popular online trading firm has agreed to pay $65 million, while neither admitting nor denying wrongdoing.
Robinhood provided misleading information to customers about the true costs of choosing to trade with the firm,” said Stephanie Avakian, director of the SEC’s Enforcement Division.  “Brokerage firms cannot mislead customers about order execution quality. ....

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AG William Barr to depart Justice Department on Dec. 23


By Kyle Brasseur2020-12-15T15:59:00+00:00
Attorney General William Barr will leave his post leading the Department of Justice on Dec. 23, President Donald Trump revealed in a tweet Monday evening.
Barr’s departure had been rumored in recent weeks in the wake of his announcing the DOJ has found no evidence of the widespread voter fraud Trump has alleged took place during the November presidential election. Despite this rebuff, Trump praised his relationship with Barr in his announcement Monday as “a very good one.”
Barr similarly had kind words for Trump in a letter the President tweeted.
“I am greatly honored that you called on me to serve your Administration and the American people once again as Attorney General,” Barr said. ....

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