Veteran trader Peter Brandt has warned that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler should not be trusted. He stressed that Gensler “has a long history of not looking out for the interests of investors.” Brandt further emphasized that the SEC chairman “was instrumental in the bankruptcy” of a major company and was also “the get-away driver in the bankruptcy” of another, “costing customers an estimated $100 million.”
Peter Brandt Warns Against Trusting SEC Chair Gary Gensler — Says He Has Long History of Not Protecting Investors
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Peter Brandt Says SEC Chair Gensler ‘Should Not Be Trusted’
Veteran trader Peter Brandt slammed U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler in a post on social media platform X on Thursday. He wrote:
Gensler has a long history of NOT looking out for the interests of investors.
The veteran trader explained that “Gensler was instrumental in the bankruptcy of MF Global by allowing his old Goldman Sachs buddy slimy Jon Corzine to co-mingle customer money with MF Global’s own money to meet its margin call on a bad European trade, violating the long-standing principle in futures trading of segregated funds.” MF Global, formerly known as Man Financial, was a major global derivatives brokerage firm that went bankrupt in 2011.
“As chair of the CFTC [Commodity Futures Trading Commission], Gensler was also the get-away driver in the bankruptcy of Peregrine Financial costing customers an estimated $100 million,” Brandt emphasized. Peregrine Financial Group Inc. was an Iowa-based financial firm that operated for over 20 years. It was shut down in July 2012 after it was put under investigation for a $200 million shortfall in customer funds.
Brandt’s comment was in response to Gensler’s recent CNBC interview, where the SEC chief reiterated his view that the crypto field is “rife with fraud and manipulation.” He also pointed out that there are many bankruptcies in the crypto space. “People talking about those various bankruptcies, and it’s not just one entity. It’s entity after entity after entity, and then investors are just lining up in the bankruptcy court,” Gensler said.
Brandt opined:
Gensler, in my opinion, is a slime ball from start to finish and should not be trusted as the chair of the SEC. Nothing this man, Gary Gensler, says should be considered as in the best interest of investors.
Do you agree with Peter Brandt that SEC Chair Gary Gensler should not be trusted? Do you think Gensler is trying to protect investors? Let us know in the comments section below.
