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2021-03-18
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A Return to Wall Street’s Low-Rent District<blockquote>重返华尔街廉租区</blockquote>
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Critics are worried.\n\nPenny stocks are back\nOf all the trading manias in rece","content":"<p> <b>Penny stocks are back. Critics are worried.</b> Penny stocks are back</p><p><blockquote><b>细价股又回来了。批评家们很担心。</b>细价股又回来了</blockquote></p><p> Of all the trading manias in recent months — Bitcoin, SPACs, meme stocks, nonfungible tokens — the latest has a long history of fraud and scandal. That’s right,penny stocksare booming, according to The Times’s Matt Phillips, who visited the “low-rent district of Wall Street.”</p><p><blockquote>在最近几个月的所有交易热潮中——比特币、SPAC、模因股票、不可替代代币——最新的交易有着悠久的欺诈和丑闻历史。没错,《泰晤士报》的马特·菲利普斯(Matt Phillips)访问了“华尔街廉租区”,他表示,细价股正在蓬勃发展。</blockquote></p><p> <b>There were 1.9 trillion transactions last month on the over-the-counter markets,</b>where such stocks trade, according to the industry regulator Finra. That’s up more than 2,000 percent from a year earlier, driven in large part by the surge in retail trading — enabled by commission-free trading from online brokerages — that has also stoked the frenzy for shares in GameStop and other speculative assets.</p><p><blockquote><b>上个月场外交易市场的交易量为1.9万亿美元,</b>根据行业监管机构Finra的说法,此类股票的交易地点。这一数字比一年前增长了2000%以上,这在很大程度上是由在线经纪公司的免佣金交易推动的零售交易激增推动的,这也引发了对游戏驿站和其他投机性资产股票的狂热。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/aa58f6e2e2054d5abe4bdd404453bc3a\" tg-width=\"1240\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><b>Penny stocks have always lent themselves to quick fortunes,</b>given that small inflows to these low-priced, thinly traded shares can make prices go berserk. That also makes them prone to fraud like pump and dumps, updated for the modern age with schemes hatched on social media. “It’s all just a pool filled with sharks,” said Urska Velikonja, a law professor at Georgetown. “It’s where the unwary go to get eaten.”</p><p><blockquote><b>细价股总是能快速致富,</b>鉴于这些低价、交易清淡的股票的少量资金流入可能会导致价格疯狂。这也使他们容易受到欺诈,如泵和转储,更新为现代社会在社交媒体上孵化的计划。“这只是一个充满鲨鱼的游泳池,”乔治敦大学法学教授乌尔斯卡·维利孔贾(Urska Velikonja)说。“这是粗心的人被吃掉的地方。”</blockquote></p><p> <b>Penny-stock frenzies are common in raging bull markets.</b>The current fervor among retail traders presents unnerving echoes from the past, according to Tyler Gellasch of the nonprofit Healthy Markets Association. Based on the scale of the recent mania, “the only relevant historical precedent seems to increasingly be the days before the Great Depression,” he said.</p><p><blockquote><b>细价股狂热在熊市中很常见。</b>非营利性健康市场协会的泰勒·盖拉施表示,目前散户交易者的热情与过去令人不安。根据最近狂热的规模,“唯一相关的历史先例似乎越来越多地是大萧条之前的日子,”他说。</blockquote></p><p> <b>Take it from Jordan Belfort, of “The Wolf of Wall Street.”</b>“Everyone wants to get rich,” Mr. Belfort, a former “boiler-room” operator who pleaded guilty to market manipulation, told Matt, “and they want to get rich quick.” He added that an element of naïveté underpinned such trading: “We all want to believe in Santa Claus, the Tooth Fairy and Bernie Madoff.”</p><p><blockquote><b>借用《华尔街之狼》的乔丹·贝尔福特的话。</b>“每个人都想致富,”承认操纵市场的前“锅炉房”操作员贝尔福特先生告诉马特,“而且他们想快速致富。”他补充说,这种交易背后有一种天真的成分:“我们都想相信圣诞老人、牙仙和伯尼·麦道夫。”</blockquote></p><p> <b>HERE’S WHAT’S HAPPENING</b></p><p><blockquote><b>事情是这样的</b></blockquote></p><p> <b>The Fed keeps its policies steady.</b>As expected, the central bankleft interest rates at rock-bottom levels, despite improving economic growth forecasts. But the Upshot’s Neil Irwin notes that it may become harder for Jay Powell, the Fed chair, towave away criticismof those who think monetary policy is too loose.</p><p><blockquote><b>美联储保持政策稳定。</b>正如预期的那样,尽管经济增长预测有所改善,但央行仍将利率维持在最低水平。但Upshot的尼尔·欧文指出,美联储主席杰伊·鲍威尔可能更难驳斥那些认为货币政策过于宽松的人的批评。</blockquote></p><p> <b>The I.R.S. delays the tax filing deadline.</b>Americanshave until May 17 to filetheir federal income taxes, a delay meant to help people cope with the pandemic’s economic upheaval and account for changes from the rescue plan.</p><p><blockquote><b>国税局。推迟报税截止日期。</b>美国人必须在5月17日之前缴纳联邦所得税,这一延迟旨在帮助人们应对疫情带来的经济动荡并解释救援计划的变化。</blockquote></p><p> <b>Credit Suisse overhauls its business after the Greensill scandal.</b>The Swiss bank willseparate its asset-management division, replace its chief and suspend bonuses over the unit’s role in financing Greensill Capital, the supply-chain financing lender that collapsed this month.</p><p><blockquote><b>格林希尔丑闻后,瑞士信贷对其业务进行了彻底改革。</b>这家瑞士银行将拆分其资产管理部门,更换其负责人,并因该部门在为本月倒闭的供应链融资贷款机构Greensill Capital融资中所扮演的角色而暂停发放奖金。</blockquote></p><p> <b>Gasoline may have hit its peak.</b>Global demandmay never return to pre-pandemic levels, the International Energy Agency said, as more electric vehicles hit the roads and transportation habits change. Use may rise for a bit in places like China and India, but overall consumption in industrialized economies will fall by 2023.</p><p><blockquote><b>汽油可能已经达到顶峰。</b>国际能源署表示,随着更多电动汽车上路和交通习惯的改变,全球需求可能永远不会恢复到大流行前的水平。中国和印度等地的使用量可能会略有上升,但到2023年,工业化经济体的总体消费量将会下降。</blockquote></p><p> <b>Senate confirms President Biden’s top trade official.</b>Katherine Tai willbecome the U.S. trade representative. She is a prominent critic of China’s trade practices, signaling that the White House won’t completely walk back the Trump administration’s tough stance. Top U.S. officials are to meet their Chinese counterparts for the first time today,at a summit meeting in Alaska.</p><p><blockquote><b>参议院确认拜登总统的最高贸易官员。</b>凯瑟琳·戴将成为美国贸易代表。她是中国贸易行为的著名批评者,这表明白宫不会完全扭转特朗普政府的强硬立场。美国高级官员将于今天在阿拉斯加举行的峰会上首次会见中国同行。</blockquote></p><p> <b>Google is doubling down on office space</b></p><p><blockquote><b>谷歌正在加倍投资办公空间</b></blockquote></p><p> Google said today that it planned toinvest $7 billion in offices and data centersin 19 U.S. states, making it the latest tech giantto expand its footprintwhile other companies retrench in a commercial real estate market roiled by the pandemic. Google’s C.E.O., Sundar Pichai, shared the plans in a blog post, saying that the move would create 10,000 jobs at the company this year. (Alphabet, Google’s parent company, employed around 135,000 people at the end of 2020.)</p><p><blockquote>谷歌今天表示,计划投资70亿美元在美国19个州建设办公室和数据中心,使其成为最新一家扩大业务规模的科技巨头,而其他公司则在因疫情而动荡的商业房地产市场上紧缩开支。谷歌首席执行官桑达尔·皮帅在一篇博客文章中分享了这些计划,称此举将在今年为公司创造1万个就业岗位。(截至2020年底,谷歌母公司Alphabet拥有约135,000名员工。)</blockquote></p><p> <b>Google is expanding across the country.</b>The plan includes investments in data centers in places like Nebraska, South Carolina and Texas. The company recently opened its first office in Minnesota and an operations center in Mississippi. It will open its first office in Houston this year.</p><p><blockquote><b>谷歌正在全国范围内扩张。</b>该计划包括对内布拉斯加州、南卡罗来纳州和德克萨斯州等地的数据中心进行投资。该公司最近在明尼苏达州开设了第一个办事处,并在密西西比州开设了运营中心。它将于今年在休斯顿开设第一个办事处。</blockquote></p><p> <b>“Coming together in person to collaborate and build community is core to Google’s culture,”</b>Mr. Pichai wrote. Google was one of the first companies to tell employees to work from home, and it expects workers to begin returning to offices in September. When that happens, it will test a “flexible workweek,” with employees spending at least three days a week in the office.</p><p><blockquote><b>“亲自聚集在一起进行协作和建立社区是谷歌文化的核心,”</b>皮查伊先生写道。谷歌是最早告诉员工在家工作的公司之一,预计员工将于9月份开始返回办公室。当这种情况发生时,它将测试“弹性工作周”,员工每周至少在办公室呆三天。</blockquote></p><p></p><p> <b>“Many have framed the GameStop mania as a David versus Goliath struggle. I believe it is more likely that, when we have full information about this episode, the story will more closely resemble Goliath vs. Goliath.”</b> <i>— Alexis Goldstein, a senior policy analyst for Americans for Financial Reform, at aCongressional hearingwhich focused on the relationship between brokers like Robinhood and market makers like Citadel Securities.</i> <b>Charting the blank-check boom</b></p><p><blockquote><b>“许多人将游戏驿站狂热框定为大卫与歌利亚的斗争。我相信,当我们获得有关这一集的完整信息时,故事更有可能更类似于歌利亚与歌利亚的斗争。”</b><i>——美国金融改革组织高级政策分析师亚历克西斯·戈尔茨坦(Alexis Goldstein)在国会听证会上,该听证会重点讨论了Robinhood等经纪商与Citadel Securities等做市商之间的关系。</i><b>绘制空白支票繁荣图</b></blockquote></p><p> <b>SPACs have already raised more money this year than in all of 2020</b>, setting a record for blank-check deal volume. More than $84 billion has been raised by 264 SPACs to date, according to Dealogic, compared with $83 billion raised by 256 acquisition vehicles last year.</p><p><blockquote><b>SPAC今年筹集的资金已超过2020年全年</b>,创下空白支票交易量纪录。根据Dealogic的数据,迄今为止,264家SPAC已经筹集了超过840亿美元,而去年256家收购工具筹集了830亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba3fa2a85adf8dd5c4b5da6857556353\" tg-width=\"1240\" tg-height=\"840\"></p><p><blockquote></blockquote></p><p> <b>SPACs sitting on some $135 billion are currently seeking takeover targets</b>, according to SPAC Research. Since they typically buy companies five times their size, that implies buying power of well over $600 billion, setting up a scramble for deals within the two-year window written into the rules of most SPACs.</p><p><blockquote><b>坐拥约1350亿美元的SPAC目前正在寻求收购目标</b>,根据SPAC研究。由于他们通常收购规模是其五倍的公司,这意味着购买力远超6000亿美元,这在大多数SPAC规则中写入的两年窗口内引发了交易争夺战。</blockquote></p><p> <ul> <li>Lordstown Motors, an electric vehicle company that went public via SPAC last year, said yesterday that it wascooperating with an S.E.C. inquiry, after a short seller accused it of misleading investors about its business prospects.</li> </ul> <b>The S.E.C.’s crypto commissioner</b></p><p><blockquote><ul><li>去年通过SPAC上市的电动汽车公司洛兹敦汽车公司(Lordstown Motors)昨天表示,正在与证券交易委员会合作。在一名卖空者指责该公司在其业务前景方面误导投资者后进行了调查。</li></ul><b>美国证券交易委员会加密货币专员</b></blockquote></p><p> Hester Peirce is one of the few financial regulators with an online fan base and a nickname. Known to some as “Crypto Mom,” she’s been raising the profile of cryptocurrencies and blockchain technology since being appointed an S.E.C. commissioner in 2018. On “Blockchain Policy Matters,” an online show by the Blockchain Association, a trade group, Ms. Peirce described her hopes for innovation and regulation of the crypto world. DealBook got a preview of the show,which posts today.</p><p><blockquote>赫斯特·皮尔斯(Hester Peirce)是少数拥有在线粉丝群和昵称的金融监管者之一。她被一些人称为“加密妈妈”,自从被任命为证券交易委员会成员以来,她一直在提高加密货币和区块链技术的知名度。2018年专员。在贸易组织区块链协会的在线节目“区块链政策问题”中,皮尔斯女士描述了她对加密世界创新和监管的希望。DealBook获得了该节目的预览,并于今天发布。</blockquote></p><p> <b>“Everyone is getting smarter on this stuff,”</b>Ms. Peirce said of regulators considering crypto issues. Engaging more with the private sector “can help us regulators sharpen our thinking,” she said, which could be “more nuanced.”</p><p><blockquote><b>“大家在这方面越来越聪明了。”</b>皮尔斯女士谈到监管机构正在考虑加密货币问题。她说,更多地与私营部门接触“可以帮助我们监管者提高思维”,这可能“更加微妙”。</blockquote></p><p> <b>“We’ve dug ourselves into a little bit of a hole,”</b>Ms. Pierce said of the S.E.C.’s refusal thus far to approve a Bitcoin exchange traded fund. “A lot of people are looking for a way to access the asset class.” In the past month, threebitcoin E.T.F.shave begun trading in Canada.</p><p><blockquote><b>“我们给自己挖了个小坑。”</b>皮尔斯谈到了美国证券交易委员会迄今拒绝批准比特币交易所交易基金的情况。“很多人都在寻找进入该资产类别的方法。”在过去的一个月里,threebitcoin E.T.F.shave开始在加拿大交易。</blockquote></p><p> <b>She welcomes Gary Gensler, the blockchain professor, as the agency’s next chief.</b>President Biden’s pick to lead the S.E.C. has lectured on cryptocurrency and blockchain at M.I.T. since 2018. Ms. Peirce said she was “hopeful” that he will help the agency think “in a more sophisticated way.” She added that Mr. Gensler has “more inclination to regulate” than she does, but that she believes he’ can provide the regulatory clarity on crypto she has sought.</p><p><blockquote><b>她欢迎区块链教授加里·詹斯勒(Gary Gensler)担任该机构的下一任负责人。</b>拜登总统选择领导证券交易委员会。曾在麻省理工学院讲授加密货币和区块链。从2018年开始。皮尔斯女士说,她“希望”他能帮助该机构“以更复杂的方式”思考。她补充说,詹斯勒先生比她“更倾向于监管”,但她相信他“可以提供她所寻求的对加密货币的监管清晰度”。</blockquote></p><p> <b>Blockchain technology could address the issues raised by meme-stock mania.</b>That includes “concerns around settlement times, tracking where shares are, and who owns what shares when,” Ms. Pierce said. Distributed ledger technology like blockchain could eliminate common failure points in the financial system, rather than centralizing them, Ms. Peirce said, adding: “I hope that a lot of that innovation happens in the private sector as opposed to us taking it over as a securities regulator.”</p><p><blockquote><b>区块链技术可以解决模因股票狂热带来的问题。</b>皮尔斯女士说,这包括“对结算时间、跟踪股票位置以及谁在何时拥有什么股票的担忧”。皮尔斯女士表示,区块链等分布式账本技术可以消除金融系统中常见的故障点,而不是集中它们,并补充道:“我希望很多创新发生在私营部门,而不是我们将其作为证券监管机构。”</blockquote></p><p></p>","source":"lsy1605590967916","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A Return to Wall Street’s Low-Rent District<blockquote>重返华尔街廉租区</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Return to Wall Street’s Low-Rent District<blockquote>重返华尔街廉租区</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">NewYork Times</strong><span class=\"h-time small\">2021-03-18 19:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p> <b>Penny stocks are back. Critics are worried.</b> Penny stocks are back</p><p><blockquote><b>细价股又回来了。批评家们很担心。</b>细价股又回来了</blockquote></p><p> Of all the trading manias in recent months — Bitcoin, SPACs, meme stocks, nonfungible tokens — the latest has a long history of fraud and scandal. That’s right,penny stocksare booming, according to The Times’s Matt Phillips, who visited the “low-rent district of Wall Street.”</p><p><blockquote>在最近几个月的所有交易热潮中——比特币、SPAC、模因股票、不可替代代币——最新的交易有着悠久的欺诈和丑闻历史。没错,《泰晤士报》的马特·菲利普斯(Matt Phillips)访问了“华尔街廉租区”,他表示,细价股正在蓬勃发展。</blockquote></p><p> <b>There were 1.9 trillion transactions last month on the over-the-counter markets,</b>where such stocks trade, according to the industry regulator Finra. That’s up more than 2,000 percent from a year earlier, driven in large part by the surge in retail trading — enabled by commission-free trading from online brokerages — that has also stoked the frenzy for shares in GameStop and other speculative assets.</p><p><blockquote><b>上个月场外交易市场的交易量为1.9万亿美元,</b>根据行业监管机构Finra的说法,此类股票的交易地点。这一数字比一年前增长了2000%以上,这在很大程度上是由在线经纪公司的免佣金交易推动的零售交易激增推动的,这也引发了对游戏驿站和其他投机性资产股票的狂热。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/aa58f6e2e2054d5abe4bdd404453bc3a\" tg-width=\"1240\" tg-height=\"840\" referrerpolicy=\"no-referrer\"><b>Penny stocks have always lent themselves to quick fortunes,</b>given that small inflows to these low-priced, thinly traded shares can make prices go berserk. That also makes them prone to fraud like pump and dumps, updated for the modern age with schemes hatched on social media. “It’s all just a pool filled with sharks,” said Urska Velikonja, a law professor at Georgetown. “It’s where the unwary go to get eaten.”</p><p><blockquote><b>细价股总是能快速致富,</b>鉴于这些低价、交易清淡的股票的少量资金流入可能会导致价格疯狂。这也使他们容易受到欺诈,如泵和转储,更新为现代社会在社交媒体上孵化的计划。“这只是一个充满鲨鱼的游泳池,”乔治敦大学法学教授乌尔斯卡·维利孔贾(Urska Velikonja)说。“这是粗心的人被吃掉的地方。”</blockquote></p><p> <b>Penny-stock frenzies are common in raging bull markets.</b>The current fervor among retail traders presents unnerving echoes from the past, according to Tyler Gellasch of the nonprofit Healthy Markets Association. Based on the scale of the recent mania, “the only relevant historical precedent seems to increasingly be the days before the Great Depression,” he said.</p><p><blockquote><b>细价股狂热在熊市中很常见。</b>非营利性健康市场协会的泰勒·盖拉施表示,目前散户交易者的热情与过去令人不安。根据最近狂热的规模,“唯一相关的历史先例似乎越来越多地是大萧条之前的日子,”他说。</blockquote></p><p> <b>Take it from Jordan Belfort, of “The Wolf of Wall Street.”</b>“Everyone wants to get rich,” Mr. Belfort, a former “boiler-room” operator who pleaded guilty to market manipulation, told Matt, “and they want to get rich quick.” He added that an element of naïveté underpinned such trading: “We all want to believe in Santa Claus, the Tooth Fairy and Bernie Madoff.”</p><p><blockquote><b>借用《华尔街之狼》的乔丹·贝尔福特的话。</b>“每个人都想致富,”承认操纵市场的前“锅炉房”操作员贝尔福特先生告诉马特,“而且他们想快速致富。”他补充说,这种交易背后有一种天真的成分:“我们都想相信圣诞老人、牙仙和伯尼·麦道夫。”</blockquote></p><p> <b>HERE’S WHAT’S HAPPENING</b></p><p><blockquote><b>事情是这样的</b></blockquote></p><p> <b>The Fed keeps its policies steady.</b>As expected, the central bankleft interest rates at rock-bottom levels, despite improving economic growth forecasts. But the Upshot’s Neil Irwin notes that it may become harder for Jay Powell, the Fed chair, towave away criticismof those who think monetary policy is too loose.</p><p><blockquote><b>美联储保持政策稳定。</b>正如预期的那样,尽管经济增长预测有所改善,但央行仍将利率维持在最低水平。但Upshot的尼尔·欧文指出,美联储主席杰伊·鲍威尔可能更难驳斥那些认为货币政策过于宽松的人的批评。</blockquote></p><p> <b>The I.R.S. delays the tax filing deadline.</b>Americanshave until May 17 to filetheir federal income taxes, a delay meant to help people cope with the pandemic’s economic upheaval and account for changes from the rescue plan.</p><p><blockquote><b>国税局。推迟报税截止日期。</b>美国人必须在5月17日之前缴纳联邦所得税,这一延迟旨在帮助人们应对疫情带来的经济动荡并解释救援计划的变化。</blockquote></p><p> <b>Credit Suisse overhauls its business after the Greensill scandal.</b>The Swiss bank willseparate its asset-management division, replace its chief and suspend bonuses over the unit’s role in financing Greensill Capital, the supply-chain financing lender that collapsed this month.</p><p><blockquote><b>格林希尔丑闻后,瑞士信贷对其业务进行了彻底改革。</b>这家瑞士银行将拆分其资产管理部门,更换其负责人,并因该部门在为本月倒闭的供应链融资贷款机构Greensill Capital融资中所扮演的角色而暂停发放奖金。</blockquote></p><p> <b>Gasoline may have hit its peak.</b>Global demandmay never return to pre-pandemic levels, the International Energy Agency said, as more electric vehicles hit the roads and transportation habits change. Use may rise for a bit in places like China and India, but overall consumption in industrialized economies will fall by 2023.</p><p><blockquote><b>汽油可能已经达到顶峰。</b>国际能源署表示,随着更多电动汽车上路和交通习惯的改变,全球需求可能永远不会恢复到大流行前的水平。中国和印度等地的使用量可能会略有上升,但到2023年,工业化经济体的总体消费量将会下降。</blockquote></p><p> <b>Senate confirms President Biden’s top trade official.</b>Katherine Tai willbecome the U.S. trade representative. She is a prominent critic of China’s trade practices, signaling that the White House won’t completely walk back the Trump administration’s tough stance. Top U.S. officials are to meet their Chinese counterparts for the first time today,at a summit meeting in Alaska.</p><p><blockquote><b>参议院确认拜登总统的最高贸易官员。</b>凯瑟琳·戴将成为美国贸易代表。她是中国贸易行为的著名批评者,这表明白宫不会完全扭转特朗普政府的强硬立场。美国高级官员将于今天在阿拉斯加举行的峰会上首次会见中国同行。</blockquote></p><p> <b>Google is doubling down on office space</b></p><p><blockquote><b>谷歌正在加倍投资办公空间</b></blockquote></p><p> Google said today that it planned toinvest $7 billion in offices and data centersin 19 U.S. states, making it the latest tech giantto expand its footprintwhile other companies retrench in a commercial real estate market roiled by the pandemic. Google’s C.E.O., Sundar Pichai, shared the plans in a blog post, saying that the move would create 10,000 jobs at the company this year. (Alphabet, Google’s parent company, employed around 135,000 people at the end of 2020.)</p><p><blockquote>谷歌今天表示,计划投资70亿美元在美国19个州建设办公室和数据中心,使其成为最新一家扩大业务规模的科技巨头,而其他公司则在因疫情而动荡的商业房地产市场上紧缩开支。谷歌首席执行官桑达尔·皮帅在一篇博客文章中分享了这些计划,称此举将在今年为公司创造1万个就业岗位。(截至2020年底,谷歌母公司Alphabet拥有约135,000名员工。)</blockquote></p><p> <b>Google is expanding across the country.</b>The plan includes investments in data centers in places like Nebraska, South Carolina and Texas. The company recently opened its first office in Minnesota and an operations center in Mississippi. It will open its first office in Houston this year.</p><p><blockquote><b>谷歌正在全国范围内扩张。</b>该计划包括对内布拉斯加州、南卡罗来纳州和德克萨斯州等地的数据中心进行投资。该公司最近在明尼苏达州开设了第一个办事处,并在密西西比州开设了运营中心。它将于今年在休斯顿开设第一个办事处。</blockquote></p><p> <b>“Coming together in person to collaborate and build community is core to Google’s culture,”</b>Mr. Pichai wrote. Google was one of the first companies to tell employees to work from home, and it expects workers to begin returning to offices in September. When that happens, it will test a “flexible workweek,” with employees spending at least three days a week in the office.</p><p><blockquote><b>“亲自聚集在一起进行协作和建立社区是谷歌文化的核心,”</b>皮查伊先生写道。谷歌是最早告诉员工在家工作的公司之一,预计员工将于9月份开始返回办公室。当这种情况发生时,它将测试“弹性工作周”,员工每周至少在办公室呆三天。</blockquote></p><p></p><p> <b>“Many have framed the GameStop mania as a David versus Goliath struggle. I believe it is more likely that, when we have full information about this episode, the story will more closely resemble Goliath vs. Goliath.”</b> <i>— Alexis Goldstein, a senior policy analyst for Americans for Financial Reform, at aCongressional hearingwhich focused on the relationship between brokers like Robinhood and market makers like Citadel Securities.</i> <b>Charting the blank-check boom</b></p><p><blockquote><b>“许多人将游戏驿站狂热框定为大卫与歌利亚的斗争。我相信,当我们获得有关这一集的完整信息时,故事更有可能更类似于歌利亚与歌利亚的斗争。”</b><i>——美国金融改革组织高级政策分析师亚历克西斯·戈尔茨坦(Alexis Goldstein)在国会听证会上,该听证会重点讨论了Robinhood等经纪商与Citadel Securities等做市商之间的关系。</i><b>绘制空白支票繁荣图</b></blockquote></p><p> <b>SPACs have already raised more money this year than in all of 2020</b>, setting a record for blank-check deal volume. More than $84 billion has been raised by 264 SPACs to date, according to Dealogic, compared with $83 billion raised by 256 acquisition vehicles last year.</p><p><blockquote><b>SPAC今年筹集的资金已超过2020年全年</b>,创下空白支票交易量纪录。根据Dealogic的数据,迄今为止,264家SPAC已经筹集了超过840亿美元,而去年256家收购工具筹集了830亿美元。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/ba3fa2a85adf8dd5c4b5da6857556353\" tg-width=\"1240\" tg-height=\"840\"></p><p><blockquote></blockquote></p><p> <b>SPACs sitting on some $135 billion are currently seeking takeover targets</b>, according to SPAC Research. Since they typically buy companies five times their size, that implies buying power of well over $600 billion, setting up a scramble for deals within the two-year window written into the rules of most SPACs.</p><p><blockquote><b>坐拥约1350亿美元的SPAC目前正在寻求收购目标</b>,根据SPAC研究。由于他们通常收购规模是其五倍的公司,这意味着购买力远超6000亿美元,这在大多数SPAC规则中写入的两年窗口内引发了交易争夺战。</blockquote></p><p> <ul> <li>Lordstown Motors, an electric vehicle company that went public via SPAC last year, said yesterday that it wascooperating with an S.E.C. inquiry, after a short seller accused it of misleading investors about its business prospects.</li> </ul> <b>The S.E.C.’s crypto commissioner</b></p><p><blockquote><ul><li>去年通过SPAC上市的电动汽车公司洛兹敦汽车公司(Lordstown Motors)昨天表示,正在与证券交易委员会合作。在一名卖空者指责该公司在其业务前景方面误导投资者后进行了调查。</li></ul><b>美国证券交易委员会加密货币专员</b></blockquote></p><p> Hester Peirce is one of the few financial regulators with an online fan base and a nickname. Known to some as “Crypto Mom,” she’s been raising the profile of cryptocurrencies and blockchain technology since being appointed an S.E.C. commissioner in 2018. On “Blockchain Policy Matters,” an online show by the Blockchain Association, a trade group, Ms. Peirce described her hopes for innovation and regulation of the crypto world. DealBook got a preview of the show,which posts today.</p><p><blockquote>赫斯特·皮尔斯(Hester Peirce)是少数拥有在线粉丝群和昵称的金融监管者之一。她被一些人称为“加密妈妈”,自从被任命为证券交易委员会成员以来,她一直在提高加密货币和区块链技术的知名度。2018年专员。在贸易组织区块链协会的在线节目“区块链政策问题”中,皮尔斯女士描述了她对加密世界创新和监管的希望。DealBook获得了该节目的预览,并于今天发布。</blockquote></p><p> <b>“Everyone is getting smarter on this stuff,”</b>Ms. Peirce said of regulators considering crypto issues. Engaging more with the private sector “can help us regulators sharpen our thinking,” she said, which could be “more nuanced.”</p><p><blockquote><b>“大家在这方面越来越聪明了。”</b>皮尔斯女士谈到监管机构正在考虑加密货币问题。她说,更多地与私营部门接触“可以帮助我们监管者提高思维”,这可能“更加微妙”。</blockquote></p><p> <b>“We’ve dug ourselves into a little bit of a hole,”</b>Ms. Pierce said of the S.E.C.’s refusal thus far to approve a Bitcoin exchange traded fund. “A lot of people are looking for a way to access the asset class.” In the past month, threebitcoin E.T.F.shave begun trading in Canada.</p><p><blockquote><b>“我们给自己挖了个小坑。”</b>皮尔斯谈到了美国证券交易委员会迄今拒绝批准比特币交易所交易基金的情况。“很多人都在寻找进入该资产类别的方法。”在过去的一个月里,threebitcoin E.T.F.shave开始在加拿大交易。</blockquote></p><p> <b>She welcomes Gary Gensler, the blockchain professor, as the agency’s next chief.</b>President Biden’s pick to lead the S.E.C. has lectured on cryptocurrency and blockchain at M.I.T. since 2018. Ms. Peirce said she was “hopeful” that he will help the agency think “in a more sophisticated way.” She added that Mr. Gensler has “more inclination to regulate” than she does, but that she believes he’ can provide the regulatory clarity on crypto she has sought.</p><p><blockquote><b>她欢迎区块链教授加里·詹斯勒(Gary Gensler)担任该机构的下一任负责人。</b>拜登总统选择领导证券交易委员会。曾在麻省理工学院讲授加密货币和区块链。从2018年开始。皮尔斯女士说,她“希望”他能帮助该机构“以更复杂的方式”思考。她补充说,詹斯勒先生比她“更倾向于监管”,但她相信他“可以提供她所寻求的对加密货币的监管清晰度”。</blockquote></p><p> <b>Blockchain technology could address the issues raised by meme-stock mania.</b>That includes “concerns around settlement times, tracking where shares are, and who owns what shares when,” Ms. Pierce said. Distributed ledger technology like blockchain could eliminate common failure points in the financial system, rather than centralizing them, Ms. Peirce said, adding: “I hope that a lot of that innovation happens in the private sector as opposed to us taking it over as a securities regulator.”</p><p><blockquote><b>区块链技术可以解决模因股票狂热带来的问题。</b>皮尔斯女士说,这包括“对结算时间、跟踪股票位置以及谁在何时拥有什么股票的担忧”。皮尔斯女士表示,区块链等分布式账本技术可以消除金融系统中常见的故障点,而不是集中它们,并补充道:“我希望很多创新发生在私营部门,而不是我们将其作为证券监管机构。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源:<a href=\"https://www.nytimes.com/2021/03/18/business/dealbook/penny-stocks-mania.html\">NewYork Times</a></p>\n<p>为提升您的阅读体验,我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.nytimes.com/2021/03/18/business/dealbook/penny-stocks-mania.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169669203","content_text":"Penny stocks are back. Critics are worried.\n\nPenny stocks are back\nOf all the trading manias in recent months — Bitcoin, SPACs, meme stocks, nonfungible tokens — the latest has a long history of fraud and scandal. That’s right,penny stocksare booming, according to The Times’s Matt Phillips, who visited the “low-rent district of Wall Street.”\nThere were 1.9 trillion transactions last month on the over-the-counter markets,where such stocks trade, according to the industry regulator Finra. That’s up more than 2,000 percent from a year earlier, driven in large part by the surge in retail trading — enabled by commission-free trading from online brokerages — that has also stoked the frenzy for shares in GameStop and other speculative assets.\nPenny stocks have always lent themselves to quick fortunes,given that small inflows to these low-priced, thinly traded shares can make prices go berserk. That also makes them prone to fraud like pump and dumps, updated for the modern age with schemes hatched on social media. “It’s all just a pool filled with sharks,” said Urska Velikonja, a law professor at Georgetown. “It’s where the unwary go to get eaten.”\nPenny-stock frenzies are common in raging bull markets.The current fervor among retail traders presents unnerving echoes from the past, according to Tyler Gellasch of the nonprofit Healthy Markets Association. Based on the scale of the recent mania, “the only relevant historical precedent seems to increasingly be the days before the Great Depression,” he said.\nTake it from Jordan Belfort, of “The Wolf of Wall Street.”“Everyone wants to get rich,” Mr. Belfort, a former “boiler-room” operator who pleaded guilty to market manipulation, told Matt, “and they want to get rich quick.” He added that an element of naïveté underpinned such trading: “We all want to believe in Santa Claus, the Tooth Fairy and Bernie Madoff.”\nHERE’S WHAT’S HAPPENING\nThe Fed keeps its policies steady.As expected, the central bankleft interest rates at rock-bottom levels, despite improving economic growth forecasts. But the Upshot’s Neil Irwin notes that it may become harder for Jay Powell, the Fed chair, towave away criticismof those who think monetary policy is too loose.\nThe I.R.S. delays the tax filing deadline.Americanshave until May 17 to filetheir federal income taxes, a delay meant to help people cope with the pandemic’s economic upheaval and account for changes from the rescue plan.\nCredit Suisse overhauls its business after the Greensill scandal.The Swiss bank willseparate its asset-management division, replace its chief and suspend bonuses over the unit’s role in financing Greensill Capital, the supply-chain financing lender that collapsed this month.\nGasoline may have hit its peak.Global demandmay never return to pre-pandemic levels, the International Energy Agency said, as more electric vehicles hit the roads and transportation habits change. Use may rise for a bit in places like China and India, but overall consumption in industrialized economies will fall by 2023.\nSenate confirms President Biden’s top trade official.Katherine Tai willbecome the U.S. trade representative. She is a prominent critic of China’s trade practices, signaling that the White House won’t completely walk back the Trump administration’s tough stance. Top U.S. officials are to meet their Chinese counterparts for the first time today,at a summit meeting in Alaska.\nGoogle is doubling down on office space\nGoogle said today that it planned toinvest $7 billion in offices and data centersin 19 U.S. states, making it the latest tech giantto expand its footprintwhile other companies retrench in a commercial real estate market roiled by the pandemic. Google’s C.E.O., Sundar Pichai, shared the plans in a blog post, saying that the move would create 10,000 jobs at the company this year. (Alphabet, Google’s parent company, employed around 135,000 people at the end of 2020.)\nGoogle is expanding across the country.The plan includes investments in data centers in places like Nebraska, South Carolina and Texas. The company recently opened its first office in Minnesota and an operations center in Mississippi. It will open its first office in Houston this year.\n“Coming together in person to collaborate and build community is core to Google’s culture,”Mr. Pichai wrote. Google was one of the first companies to tell employees to work from home, and it expects workers to begin returning to offices in September. When that happens, it will test a “flexible workweek,” with employees spending at least three days a week in the office.\n\n“Many have framed the GameStop mania as a David versus Goliath struggle. I believe it is more likely that, when we have full information about this episode, the story will more closely resemble Goliath vs. Goliath.”\n— Alexis Goldstein, a senior policy analyst for Americans for Financial Reform, at aCongressional hearingwhich focused on the relationship between brokers like Robinhood and market makers like Citadel Securities.\n\nCharting the blank-check boom\nSPACs have already raised more money this year than in all of 2020, setting a record for blank-check deal volume. More than $84 billion has been raised by 264 SPACs to date, according to Dealogic, compared with $83 billion raised by 256 acquisition vehicles last year.\n\nSPACs sitting on some $135 billion are currently seeking takeover targets, according to SPAC Research. Since they typically buy companies five times their size, that implies buying power of well over $600 billion, setting up a scramble for deals within the two-year window written into the rules of most SPACs.\n\nLordstown Motors, an electric vehicle company that went public via SPAC last year, said yesterday that it wascooperating with an S.E.C. inquiry, after a short seller accused it of misleading investors about its business prospects.\n\nThe S.E.C.’s crypto commissioner\nHester Peirce is one of the few financial regulators with an online fan base and a nickname. Known to some as “Crypto Mom,” she’s been raising the profile of cryptocurrencies and blockchain technology since being appointed an S.E.C. commissioner in 2018. On “Blockchain Policy Matters,” an online show by the Blockchain Association, a trade group, Ms. Peirce described her hopes for innovation and regulation of the crypto world. DealBook got a preview of the show,which posts today.\n“Everyone is getting smarter on this stuff,”Ms. Peirce said of regulators considering crypto issues. Engaging more with the private sector “can help us regulators sharpen our thinking,” she said, which could be “more nuanced.”\n“We’ve dug ourselves into a little bit of a hole,”Ms. Pierce said of the S.E.C.’s refusal thus far to approve a Bitcoin exchange traded fund. “A lot of people are looking for a way to access the asset class.” In the past month, threebitcoin E.T.F.shave begun trading in Canada.\nShe welcomes Gary Gensler, the blockchain professor, as the agency’s next chief.President Biden’s pick to lead the S.E.C. has lectured on cryptocurrency and blockchain at M.I.T. since 2018. Ms. Peirce said she was “hopeful” that he will help the agency think “in a more sophisticated way.” She added that Mr. Gensler has “more inclination to regulate” than she does, but that she believes he’ can provide the regulatory clarity on crypto she has sought.\nBlockchain technology could address the issues raised by meme-stock mania.That includes “concerns around settlement times, tracking where shares are, and who owns what shares when,” Ms. Pierce said. Distributed ledger technology like blockchain could eliminate common failure points in the financial system, rather than centralizing them, Ms. Peirce said, adding: “I hope that a lot of that innovation happens in the private sector as opposed to us taking it over as a securities regulator.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":781,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":12,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/327189286"}
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