Biden to name Gary Gensler as U.S. SEC chair

REUTERS

Gary Gensler will be named chair of the U.S. Securities and Exchange Commission (SEC) by President-elect Joe Biden, said two sources familiar with the matter, an appointment likely to prompt concern among Wall Street firms of tougher regulation.

Gensler was chair of the Commodity Futures Trading Commission (CFTC) from 2009 to 2014, and since November has led Biden’s transition planning for financial industry oversight.

His appointment as the country’s top securities regulator is expected to put an end to the four years of rule-easing that Wall Street banks, brokers, funds and public companies have enjoyed under President Donald Trump’s SEC chair Jay Clayton.

At the CFTC, Gensler implemented dramatic new swaps trading rules mandated by Congress following the 2007-2009 financial crisis, developing a reputation as a hard-nosed operator willing to stand up to powerful Wall Street interests. read more »

Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes

NY TIMES

Bitcoin owners are getting rich because the cryptocurrency has soared. But what happens when you can’t access that wealth because you forgot the password to your digital wallet?

Of the existing 18.5 million Bitcoin, around 20 percent — currently worth around $140 billion — appear to be in lost or otherwise stranded wallets.

Bitcoin owners who are locked out of their wallets speak of endless days and nights of frustration as they have tried to access their fortunes. Many have owned the coins since Bitcoin’s early days a decade ago, when no one had confidence that the tokens would be worth anything. read more »

Michigan plans to charge ex-Gov. Snyder in Flint water probe

AP NEWS

Former Michigan Gov. Rick Snyder, his health director and other ex-officials have been told they’re being charged after a new investigation of the Flint water scandal, which devastated the majority Black city with lead-contaminated water and was blamed for a deadly outbreak of Legionnaires’ disease in 2014-15, The Associated Press has learned.

Two people with knowledge of the planned prosecution told the AP on Tuesday that the attorney general’s office has informed defense lawyers about indictments in Flint and told them to expect initial court appearances soon. They spoke to the AP on condition of anonymity because they were not authorized to speak publicly. read more »

Mining tycoon in Swiss trial over Guinea deal

BBC

A billionaire French-Israeli diamond magnate, Beny Steinmetz, has appeared in court in Switzerland to face trial over alleged corruption linked to a major mining deal in Guinea.

Swiss prosecutors say Steinmetz paid about $10m (£7.4m) in bribes, in part through Swiss bank accounts, to gain the rights to Guinea's iron ore deposits in the Simandou mountains.

According to the prosecutors, the bribes to Guinean public officials were paid with the help of Mamadie Toure, the widow of Guinea's former president Lansana Conte. They also allege that Steinmetz forged documents linked to the deal. read more »