Wall Street’s Felon Banks to Go Live with their Own Stock Exchange this Month
Criminal histories are, apparently, no barrier to running a stock exchange in the United States to the deeply conflicted way of thinking of the Securities and Exchange Commission (SEC), which issued its approval to operate the exchange on May 5.
It’s called “Going Direct.” That’s the financial bailout plan designed and authored by former central bankers now on the payroll at BlackRock, an investment manager of $7 trillion in stock and bond funds. The plan was rolled out in August 2019 at the G7 summit of central bankers in Jackson Hole, Wyoming – months before the public was aware of any financial crisis. One month later, on September 17, 2019, the U.S. Federal Reserve would begin an emergency repo loan bailout program, making hundreds of billions of dollars a week in loans by “going direct” to the trading houses on Wall Street.
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The rally has been concentrated in growth-focused tech names, and the market cap of the FAAMG (Facebook, Amazon, Apple, Microsoft, Google) stocks now exceeds that of the entire euro zone equity market.
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Related:
China, Alibaba, and You: What a Delisting Would Mean
In the event that the Trump administration forces Alibaba and others to delist, shareholders will still hold their shares. However, in the absence of an efficient stock exchange acting as a secondary market, monetizing those shares may become difficult for shareholders. There may not be a counterparty to buy the shares. If the delisting happens with a warning, investors may flock to sell their shares in these companies before the formal delisting, driving stock prices down. Having already raised the capital, the companies won’t be affected much unless they have plans to raise more in the near term.
Investors can return to obsessing over relations between US and China
The extraordinary episode was the order, more or less, from the US administration that a $600bn US federal pension fund should drop a long-planned investment in Chinese shares. Strictly speaking, the intended investment by the Thrift Savings Plan was merely a re-allocation of a portion of its portfolio into a global share index that includes China. But it was enough to enrage the White House.
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