It is ‘nearly unavoidable’ that AI will cause a financial crash within a decade, SEC head says::undefined

  • alienanimals@lemmy.world
    link
    fedilink
    English
    arrow-up
    37
    arrow-down
    3
    ·
    1 year ago

    Fuck Gary Gensler. Dude tries to influence the market just to line his own pockets.

    He should not be the head of the SEC.

    • Bleeping Lobster@lemmy.world
      link
      fedilink
      English
      arrow-up
      4
      arrow-down
      5
      ·
      1 year ago

      Would you mind furnishing that statement with some links, articles, or some info to back it up? Iirc he’s ex-Goldman Sachs but he seems to be making moves that hedge funds / market makers do NOT like. Vs the previous guy who just let them do whatever they wanted.

      If you want to see the actual baddies, look at the ‘self regulating’ agency which has gone to great lengths to hide swap data, and the company which enforced ‘position close only’ on a large number of stocks (kicking off the infamous GME saga). Hint: it wasn’t Robinhood. Robinhood was just one of many brokers who were instructed to set multiple stocks (not just GME) to ‘position close only’ aka no buying, only selling.

    • Death_Equity@lemmy.world
      link
      fedilink
      English
      arrow-up
      2
      arrow-down
      6
      ·
      1 year ago

      That is the job description of any regulator.

      “Line your pockets with money from the people and entities you are supposed to reign in to protect the rest of the people who are subject to their actions so that your benefactors can prey on them.”