Not only has Gary Gensler been complicit to ongoing manipulation in the market, but he seems to be part of a scheme that starts at the Center for Audit Quality (CAQ).
The conflict of interest is unreal when you have a big hedge fund owner and regulator in the same funding board, and a chief who either doesn’t get it or is part of this scheme.
Joe Ucuzoglu of the CAQ and Citadel’s Ken Griffin are part of the same funding organization, The Kennedy Center Corporate Fund Board.
The Corporate Fund Board is a nationwide partnership of distinguished business leaders (i.e., Ken Griffin) from prominent corporations (i.e., Citadel), helping mobilize corporate partners and secure critical funding.
Joe Ucuzoglu is the Chief Executive Officer at Deloitte US, leading the largest professional services organization in the United States.
According to the Center for Audit Quality (CAQ), Joe Ucuzoglu frequently speaks on a broad range of current issues facing the business community including the regulatory landscape.
You see the conflict of interest here?
What a mess.
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What is The Center for Audit Quality (CAQ)?
The CAQ is dedicated to enhancing investor confidence and public trust in the global capital markets by fostering high-quality performance by public company auditors.
The CAQ also convenes and collaborates with other stakeholders to advance the discussion of critical issues requiring action and intervention, and advocates policies and standards that promote public company auditors’ objectivity, effectiveness, and responsiveness to dynamic market conditions.
In simple terms, the CAQ works for the big guys to discuss critical issues they are undergoing and solve the problem(s) to fit their required market conditions.
The problem here is it leaves the retail investor out and caters to financial investors instead.
SEC Chairman Gary Gensler is in charge of protecting retail investors but seems to be enamored by his title rather than the actual work it takes to tackle market injustices in a number of conflicts of interest.
CAQ CEO background
As CEO, Lindsay is responsible for carrying out the mission and vision of the CAQ’s Governing Board, which is comprised of CEOs from eight leading public company auditing firms, including Joe Ucuzoglu’s Delloitte US.
Julie Bell Lindsay served as a Managing Director and the Deputy Head of Global Regulatory Affairs at Citigroup, a bank who’s been fined several times for fraud in the past decade.
Julie joined Citi in February 2009 as General Counsel – Capital Markets and Corporate Reporting, where she was the lead lawyer responsible for Citi’s public disclosures and global capital markets activities.
Prior to Citi, Julie served as Counsel to Commissioner Cynthia Glassman at the US Securities and Exchange Commission, where she counseled the Commissioner on all matters relating to public company disclosure obligations, corporate governance standards, the Sarbanes-Oxley Act of 2002, the Public Company Accounting Oversight Board and Financial Accounting Standards Board, enforcement matters, and issues affecting registered foreign companies.
The Center for Audit Quality sounds more so like a lobbyist group than anything else.
But I’m curious to hear your thoughts.
Leave a comment down below.
Shoutout to @EduardBrichuk for the puzzle pieces on the matter.
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