Dismal's Smacks

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SEC Alert! Gary Gensler: "in the last few years, many hedge funds are receiving repo financing in the non-centrally cleared bilateral market, where haircuts or initial margin requirements are not necessarily applied."

Chair Gary Gensler in speech: “The ‘90s: Rom-coms, the Spice Girls, & MFA:” Remarks Before the Managed Funds Association https://www.sec.gov/news/speech/gensler-remarks-managed-funds-association-050223 Private Funds * Advisers now report more than $25 trillion in private fund gross asset value amongst tens of thousands of funds. * The reported assets

Covered first on Superstonk, the SEC's 19th CLOSED door meeting this year via the Sunshine Act is 2:00 p.m. on Thursday, May 4, 2023. Resolution of litigation claims and Other matters relating to examinations and ENFORCEMENT proceedings to be considered.

Are the enforcement proceedings for Virtu?!? https://www.wsj.com/livecoverage/stock-market-today-dow-jones-05-01-2023/card/virtu-stock-falls-after-disclosure-of-potential-sec-enforcement-action-w8oxzdAvCUYsPpvvpSDn https://public-inspection.federalregister.gov/2023-09266.pdf CLOSED door meetings 2023: Meeting NumberDate195/4184/27174/20164/13154/6143/30133/23123/16113/9103/292/2382/1672/962/251/2641/1931/1221/911/5 Seems to be a weekly

Secretary of the Treasury Janet Yellen Sends Letter to Congressional Leadership on the Debt Limit:

"After reviewing recent federal tax receipts, our best estimate is that we will be unable to continue to satisfy all of the government's obligations by early June, and potentially as early as June 1." Reddit Post

DTC Alert! Suspension of DTC Services – First Republic Bank, San Francisco. In connection with the events surrounding First Republic Bank, San Francisco, the below CUSIPs have been Globally Locked.

FDIC Alert! FDIC Releases Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform: "Deposit insurance can result in moral hazard and can increase bank risk-taking."

FDIC Alert! FDIC Releases Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform: "Deposit insurance can result in moral hazard and can increase bank risk-taking."

https://www.fdic.gov/analysis/options-deposit-insurance-reforms/report/options-deposit-insurance-reform-full.pdf Full Report * Table of Contents * Section 1: Executive Summary Section 2: Introduction and Background * Introduction * Background Section 3: History of Deposit Insurance in the U.S. * The History of FDIC Insurance Coverage Limits * The Transaction Account Guarantee Program * Composition of Deposits

The FDIC and JP Morgan entered into a loss-share transaction on single family, residential and commercial loans it purchased of the former First Republic Bank.

The FDIC will share in the losses and potential recoveries on the loans covered by the loss–share agreement with JP Morgan. https://www.reddit.com/r/Superstonk/comments/134iami/fdic_alert_jpmorgan_chase_bank_national/ Loss-share transaction: Under an SLA, the FDIC absorbs a portion of the loss on

FDIC board member Jonathan McKernan: "We should avoid the temptation to pile on yet more prescriptive regulation or otherwise push responsible risk taking out of the banking system."

"Instead, we should acknowledge that bank failures are inevitable in a dynamic and innovative financial system." Source: https://www.fdic.gov/news/speeches/2023/spmay0123.html I am pleased we were able to deal with First Republic’s failure without using the FDIC’s emergency powers. It is