#FDIC Chair #MartinGruenberg will resign after an outside report found #evidence of a “misogynistic” & “patriarchal” culture at the #banking regulator. #Gruenberg… announced Mon he would resign once President #Biden appoints & the Senate confirms a successor….
An independent investigation led by an outside law firm found rampant instances of #abusive workplace conduct…, incl’g #SexualHarassment, #stalking & inappropriate supervisor-subordinate relationships….
“These incidents, & many others like them, did not occur in a vacuum. They arose w/in a workplace culture that is ‘misogynistic,’ ‘patriarchal,’ ‘insular,’ & ‘outdated’— a ‘good ol’ boys’ club where favoritism is common, wagons are circled around managers, & snr executives w/well-known reputations for pursuing romantic relations w/subordinates enjoy long careers w/o any apparent consequence,” stated the report, conducted by the #law firm Cleary Gottlieb Steen & Hamilton.
Lawmakers last week grilled #Gruenberg over the allegations. Back-to-back hearings in both the #House & #Senate, initially intended to address #oversight of #financial regulators, last week instead focused heavily on the culture at the #FDIC & Gruenberg’s behavior. Multiple members of #Congress…called for his resignation.
“Marty, you’ve heard me say this to you directly: You should resign,” Sen #TimScott (R-SC), the top #Republican on the #Senate#Banking Cmte, said. “Your employees do not have confidence in you. And this is not a single incident. This spans over a decade+ of your leadership at the #FDIC.”
Sen #SherrodBrown (D-OH), chair of the Banking Cmte, called on Mon for “new leadership” at the FDIC to “fix the agency’s toxic culture & put the women & men who work there —& their mission— first.”
Trump stands to gain billions… from the merger between TrumpMedia & Tech & the blank-check co [#SPAC] #DWAC, which took the parent company of #TruthSocial public.
The new details are drawn from docs incl’g: #PaxumBank recs showing #Postolnikov having access to the trust’s acct, papers that created the trust showing as its settlor a lawyer in St Petersburg, #Russia, & 3 yrs of its #financial transactions.
The concern surrounding the #loans to #Trump Media is that #ESFamilyTrust may have been used to complete a transaction that Paxum itself could not.
Paxum DOES NOT OFFER LOANS in the #US as it lacks a US #BANKING#LICENSE & is not regulated by the #FDIC.
The #ESFamilyTrust was funded for the first time on 2 Dec 2021.
#TrumpMedia then received the #loans:
$2m on 23 Dec 2021, & $6m on 17 Feb 2022.
The loans came in the form of convertible promissory notes, meaning ESFamilyTrust would gain a major stake in #Trump Media because it was offering the #money in exchange for TrumpMedia agreeing to convert the loan principal into “shares of Company Stock”.