Ken Griffin donation recipient Senator Pat Toomey introduces a bill to protect PFOF from an SEC ban which would ensure the cosy relationship between Citadel and Robinhood (as well as other brokerages) continues unabated. This has all happened right before the ex-Wall Street banker, and one of the architects of products which were responsible of the 07/08 financial crisis, retires from government. There is absolutely NO suggestion from us whatsoever that the revolving door of government and big business is a factor. Nope. None at all.
Both Ken and his wife Anne have previously donated to the senator directly back in 2009, and it's interesting that as the lying toe-rag has been funding both sides of the political divide in the US for years (and recently mostly GOP senators) to the tune of hundreds of millions of dollars, the obvious question arises why on earth would Toomey do such a thing.
Toomey has already announced that he will not run for re-election in 2022, and the former Wall Street banker (what a massive surprise) may well be fluffing up his pillows to jump into bed with Ken and co when his tenure as Pennsylvania Senator ends next year. And what better way to do that than by doing something that makes Ken and his lapdog Vlad smile prior to leaving. Not that we would possibly suggest such a move could be possible. Nope. Not a thing. Nothing to see here folks.
Toomey introduces bill to protect PFOF - Because it's good for retail apparently
But of course, in the clown-world we live in, PFOF is actually GOOD for retail investors according to Toomey, and Payment for Order Flow has "helped knock down barriers to entry in the stock market for retail investors". Which must be why so many retail investors are up in arms about it, wanting to see the end of the practice because, well let's face it, it's effectively stealing money from us to give to Ken.
It's not like there's only a couple of nerdy retail investors interested too. Apes have been following the case of Citadel versus the SEC very closely recently, and a recent petition to ban PFOF obtained a ridiculous number of signatures in just a few days.
Toomey the not-remotely self-serving Wall Street Banker
This Ken Griffin donation recipient Senator Pat Toomey was once a Wall Street banker who helped pioneer the use of some of the same financial products that have caused fiscal chaos for American towns, cities, and states, as well as crash the economy in 2007/08. Nice job Pat!
He spent years as a derivatives trader for Chemical Bank and at Morgan Grenfell, a British financial firm. While at Morgan Grenfell, Toomey focused on things like interest rate swaps—complicated debt instruments that poisoned many a municipality’s portfolio. Shortly after he was elected to Congress in 1998, a trade magazine rejoiced that “now the derivatives industry can claim representation by one of its own.”
Toomey parlayed his trading experience into a spot on the House banking committee, where he crusaded against regulation of financial markets—especially derivatives. [source: Mother Jones]
Let's all just wait and see what Toomey's next job is as he steps down from Government. We bet you 100 green crayons that it's a nice executive role at one of the Citadel group of companies. But I suspect few Apes will be taking that bet.
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