Stock exchange CEO Tucker Carlson makes way for a viral video during his speech

Terry Duffy publicly and rightfully criticized Bankmen-Fried and was brought on Tucker’s show to attack Gary Gensler, chairman of the US Securities and Exchange Commission (SEC). For Tucker and Fox News, attacking Gensler is like attacking Biden. Duffy’s job is basically to point to the abject incompetence displayed by the relatively powerless regulatory commission over the past few decades, saying that anyone with half a degree in finance knows the FTC is a hot mess of potential securities fraud. Daffy did his thing, then maybe let the cat out of the bag.

It didn’t go as planned.

Carlson, Duffy, who is always incredulous about where Gary Gensler, former chairman of the Commodity Futures Trading Commission (CTFC) and current chairman of the Securities and Exchange Commission (SEC), was in all this market manipulation. Enter the debate over how SEC regulators are trying to use the regulatory statute as an excuse to condone bad behavior. The point here is two-fold: Duffy pretends to be an expert by quoting the statute and making it sound complicated, while at the same time saying that smart people like Duffy and others know it’s all bullshit, and so do the supposed regulators.

Unfortunately for Duffy, he slips enough to begin with, pitching his point as a story of meeting “his” regulator. “I don’t know where Gary Gensler is, but my regulator at the CFTC I bribe. I asked them, why in the world are you referring to the Commodity Exchange Act?’

Sorry, you Yes?

Now it could just be a few things. Admittedly, CME Group paid a bribe to someone who had a duty to ensure that it complied with the law. If so, the cavalier method he mentions indicates that it was a cavalry practice. Of course, Duffy may have simply misspoke for a number of reasons that do not impeach CME Group of complicity in corruption. A CEO may believe that bribery is going on, and instead of saying so, slips the word into the wrong place in his story.

Maybe he just felt the regulators were being bribed and mistakenly pasted in his part of the story because he wanted to tell about Sam Bankman-Fried later in the story?

It’s hard to say. Pretty funny, whatever.

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