The Wall Street attorney chosen by President Donald Trump to head the Securities and Exchange Commission has worked on many of the kinds of deals the agency regulates and represented some of the biggest financial firms. A financial disclosure report Jay Clayton filed with the government reveals clients that pose potential conflicts of interest for the SEC job.
Category: Corporate / Securities Law
Trump SEC Pick Made Millions Representing Banks, Hedge Funds
President Donald Trump’s pick to lead the Securities and Exchange Commission has earned $7.62 million since 2015 representing some of Wall Street’s biggest firms, including Goldman Sachs Group Inc. and Bill Ackman’s Pershing Square Capital Management, according to a federal disclosure form. Jay Clayton, the Sullivan & Cromwell partner tapped by Trump, outlined his clients — and his potential conflicts — in a filing to the U.S. Office of Government Ethics that he signed in January.
SEC nominee Clayton vows separation from his Wall Street law firm
Wall Street attorney Jay Clayton, President Donald Trump’s pick to head the U.S. Securities and Exchange Commission, has vowed to recuse himself from agency matters involving his law firm and former clients, according to an ethics agreement made public on Wednesday. Under the agreement, the Sullivan & Cromwell attorney will not participate in SEC matters involving the firm for one year.
Federal judge tosses SEC suit against Texas attorney general
In this July 29, 2015 file photo, Texas Attorney General Ken Paxton speaks during a hearing in Austin, Texas. A federal judge on Thursday, March 2, 2017, dismissed the U.S. government’s securities fraud lawsuit against Paxton, though the Republican still faces criminal charges of duping wealthy investors.
Chevron is first oil major to warn investors of risks from climate change lawsuits
Big Oil’s lies about the existential risk posed by its product are now catching up with the industry and threatening profits. For the first time, one of the major publicly owned fossil fuel companies admitted publicly to investors that climate change lawsuits poses a risk to risk to its profits.
Insider Q&A: Duke University expert James Cox on SEC future
This photo provided by James D. Cox shows Cox, a professor at Duke University School of Law. Cox is an expert on securities law and is a close SEC-watcher.
Trump, GOP move to quash tighter financial rules
Just three weeks into his administration, President Donald Trump and his allies are moving quickly to dismantle the web of regulations the government passed after the 2008 financial crisis to tighten oversight of banks and protect consumers and taxpayers. Trump has branded the 2010 Dodd-Frank law – which imposed many of the rules – a “disaster.”
Exclusive: White House eyeing executive order targeting ‘conflict minerals’ rule – sources
President Donald Trump is planning to issue an executive order targeting a controversial Dodd-Frank rule that requires companies to disclose whether their products contain “conflict minerals” from a war-torn part of Africa, according to sources familiar with the administration’s thinking. Reuters could not learn the precise timing of when the order will be issued, or exactly what it will say.
U.S. brings charges over Ponzi scheme, ‘Hamilton’ tickets fraud
U.S. authorities on Friday unveiled criminal charges against two men accused of helping operate a hedge fund as a Ponzi scheme and of swindling investors in a ticket-reselling business for popular events, including the smash Broadway musical “Hamilton.” Joseph Meli, who ran the ticket business, and Steven Simmons, the head of an alternative investments at Sideris Capital Partners, were arrested on Friday on securities fraud and wire fraud charges brought by Manhattan federal prosecutors.
SEC’s Power to Recoup Illegal Profits Draws High Court Scrutiny
The U.S. Supreme Court agreed to rule on the scope of a favorite tool used by securities regulators to recoup money from people found to have violated federal laws. The court said it will decide whether the Securities and Exchange Commission is bound by a five-year statute of limitations when it seeks “disgorgement,” or the return of illegal profits.
Bill on tallying up regulation costs wins U.S. financial industry backing
Financial lobbyists on Tuesday applauded a bill in the U.S. House of Representatives that would require the Securities and Exchange Commission to review the costs of rules before putting them into force, which is part of a broader push from Republicans to reform regulation. The legislation, introduced by Missouri Republican Ann Wagner, the newly minted chair of the financial services oversight subcommittee, is expected to go to the floor of the House on Thursday for a vote.
After Ripping Wall Street, Trump Taps Insider to Police Industry
Donald Trump ridiculed Wall Street on the campaign trail, and frequently criticized his political opponents for their ties to Goldman Sachs Group Inc. Now, Trump is relying on a lawyer who has spent his career representing financial firms, and has his own close ties to Goldman, to lead Wall Street’s top regulator. Trump will pick Sullivan & Cromwell partner Jay Clayton to run the Securities and Exchange Commission, the president-elect’s transition team said in a statement Wednesday.
Trump names Wall Street lawyer Clayton as SEC chairman
” President-elect Donald Trump on Wednesday chose a Wall Street attorney with experience in corporate mergers and public stock launches as his nominee to head the Securities and Exchange Commission. Trump announced his nomination of Jay Clayton, a partner in the law firm Sullivan and Cromwell, as chairman of the independent agency that oversees Wall Street and the financial markets.
Lawsuit for Investors in Shares of Ally Financial Inc (NYSE:ALLY)…
An investor in shares of Ally Financial Inc filed a lawsuit in Michigan over alleged Securities Laws violations by Ally Financial Inc in connection the company’s April 11, 2014 initial public offering. Investors who purchased shares of Ally Financial Inc have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.