Wall Street Insider Turned Tough Market Cop: Biden's Pick to Head SEC

NPR

Consumer watchdog groups are applauding President Biden's pick of Gary Gensler to run the Securities and Exchange Commission. They say that there is much to do to protect everyday Americans who invest their retirement or other savings in the market and that Gensler has proved he can get that done. read more »

How Reddit users sent GameStop stock soaring, upending the market

ABC

An army of amateur traders loosely organizing on Reddit have shaken up all preconceived notions about the stock market as they fueled the meteoric rise of GameStop stock.

Shares for GameStop, the electronics retailer that has largely struggled in recent years, have skyrocketed by nearly 2,000% since the beginning of the year. Shares were trading at around $350 on Wednesday, compared to less than $18 a share earlier this month -- essentially creating billions of dollars in value for shareholders.

The subreddit r/wallstreetbets, where amateur investors convene to share investing ideas and thoughts, has now grown into a community of nearly 3 million. Coupled with the rise in popularity of trading apps such as Robin Hood, these so-called retail investors, who are doing it solo without the help of hedge funds or money managers, have shown immense, unprecedented power over financial markets. read more »

Ex-utility employee gets prison for California fraud scheme

AP

A former Pacific Gas & Electric employee was sentenced Monday to nearly two years in prison for his role in a kickback scheme to secure PG&E contracts for his cousin’s business, federal prosecutors said.

Ronald S. Schoenfeld, 65, was also ordered to pay nearly $1.5 million in restitution, the U.S. Attorney's Office said in a statement. Schoenfeld was convicted of charges including conspiracy to commit wire fraud. read more »