graham steele
@grahamsteele.bsky.social
Focused on the law & politics of finance.
Currently Rock Center at Stanford Law School & Roosevelt Institute. Former Assistant Secretary, US Treasury Department & Democratic chief counsel, Senate Banking Committee.
https://law.stanford.edu/graham-steele/
Currently Rock Center at Stanford Law School & Roosevelt Institute. Former Assistant Secretary, US Treasury Department & Democratic chief counsel, Senate Banking Committee.
https://law.stanford.edu/graham-steele/
Pinned
graham steele
@grahamsteele.bsky.social
· Sep 23
With the US potentially coming to Argentina's financial rescue, I'm sharing my new paper on "Financial Statecraft."
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
It critiques the government's deployment of the banking system for geopolitical purposes and proposes reforms to rebalance public and private power.
papers.ssrn.com/sol3/papers....
Reposted by graham steele
Yesterday our Nick Devor wrote that the CFTC was down to its last enforcement attorney in its influential Chicago office.
That last attorney has now also resigned, Nick reports.
www.barrons.com/articles/pre...
That last attorney has now also resigned, Nick reports.
www.barrons.com/articles/pre...
February 10, 2026 at 3:51 PM
Yesterday our Nick Devor wrote that the CFTC was down to its last enforcement attorney in its influential Chicago office.
That last attorney has now also resigned, Nick reports.
www.barrons.com/articles/pre...
That last attorney has now also resigned, Nick reports.
www.barrons.com/articles/pre...
Bets upon bets upon bets.
Meanwhile, the CFTC--the agency that oversees these markets--has withdrawn a proposed rule that would have prohibited sports- and politics-related contract trading and is considering dropping some pending enforcement cases.
www.cftc.gov/PressRoom/Sp...
Meanwhile, the CFTC--the agency that oversees these markets--has withdrawn a proposed rule that would have prohibited sports- and politics-related contract trading and is considering dropping some pending enforcement cases.
www.cftc.gov/PressRoom/Sp...
February 10, 2026 at 9:39 PM
Bets upon bets upon bets.
Meanwhile, the CFTC--the agency that oversees these markets--has withdrawn a proposed rule that would have prohibited sports- and politics-related contract trading and is considering dropping some pending enforcement cases.
www.cftc.gov/PressRoom/Sp...
Meanwhile, the CFTC--the agency that oversees these markets--has withdrawn a proposed rule that would have prohibited sports- and politics-related contract trading and is considering dropping some pending enforcement cases.
www.cftc.gov/PressRoom/Sp...
Reposted by graham steele
Tremendous post by @tobyn.bsky.social looking at how exposed the $450bn BDC industry is to the software freakout, and diving into the particulars of the two biggest funds — managed by Blackstone and Blue Owl. www.ft.com/content/3f88...
February 10, 2026 at 4:19 PM
Tremendous post by @tobyn.bsky.social looking at how exposed the $450bn BDC industry is to the software freakout, and diving into the particulars of the two biggest funds — managed by Blackstone and Blue Owl. www.ft.com/content/3f88...
In piece of rare good news, Texas's anti-ESG law was struck down by a Trump-appointed judge yesterday (at the summary judgement stage, no less).
The judge ruled the law is overbroad, sweeping in protected speech, and unconstitutionally vague.
www.nytimes.com/2026/02/05/c...
The judge ruled the law is overbroad, sweeping in protected speech, and unconstitutionally vague.
www.nytimes.com/2026/02/05/c...
Federal Judge Blocks Texas Law Targeting Critics of Fossil Fuels
www.nytimes.com
February 7, 2026 at 12:34 AM
In piece of rare good news, Texas's anti-ESG law was struck down by a Trump-appointed judge yesterday (at the summary judgement stage, no less).
The judge ruled the law is overbroad, sweeping in protected speech, and unconstitutionally vague.
www.nytimes.com/2026/02/05/c...
The judge ruled the law is overbroad, sweeping in protected speech, and unconstitutionally vague.
www.nytimes.com/2026/02/05/c...
The bank's business model mixes concentration risk AND exposure to novel and volatile products, and yet regulators are requiring the bank to have *lower* capital than other recent de novos.
February 6, 2026 at 9:57 PM
The bank's business model mixes concentration risk AND exposure to novel and volatile products, and yet regulators are requiring the bank to have *lower* capital than other recent de novos.
This story repeatedly mentions insurance cost increases as a problem, yet there's no exploration whatsoever of that issue.
Instead, the mayor's pro-tenant policies, not insurance companies, are framed as the primary villain.
Instead, the mayor's pro-tenant policies, not insurance companies, are framed as the primary villain.
February 6, 2026 at 8:51 PM
This story repeatedly mentions insurance cost increases as a problem, yet there's no exploration whatsoever of that issue.
Instead, the mayor's pro-tenant policies, not insurance companies, are framed as the primary villain.
Instead, the mayor's pro-tenant policies, not insurance companies, are framed as the primary villain.
Reposted by graham steele
Gambling on gambling shows that the expectations of Bitcoin crashing to $50k are quickly rising.
February 5, 2026 at 6:44 PM
Gambling on gambling shows that the expectations of Bitcoin crashing to $50k are quickly rising.
Rough past 24 hours for the crypto market.
February 5, 2026 at 3:44 PM
Rough past 24 hours for the crypto market.
I was not expecting the Volcker Rule to be featured in the Epstein files. #finreg
www.ft.com/content/e50f...
www.ft.com/content/e50f...
Peter Mandelson lobbied against US bank reforms on behalf of Jeffrey Epstein and Jes Staley
Former UK business secretary used talking points in conversations with US official about financial crisis measures
www.ft.com
February 4, 2026 at 9:15 PM
I was not expecting the Volcker Rule to be featured in the Epstein files. #finreg
www.ft.com/content/e50f...
www.ft.com/content/e50f...
Reposted by graham steele
Trump: I think Warsh understands I want lower rates, he would not have gotten the job had he said he wanted to raise rates - NBC Interview.
February 4, 2026 at 7:07 PM
Trump: I think Warsh understands I want lower rates, he would not have gotten the job had he said he wanted to raise rates - NBC Interview.
Reposted by graham steele
🚨EPSTEIN'S SECRET FAMILY OFFICE REVEALED 🚨
Paul Barrett was Jeffrey Epstein's longtime private banker at JPMorgan
What has never been reported until now: he set up a family office to trade on Epstein's behalf in the last years of the sex offender's life as.ft.com/r/8101f34a-f...
Paul Barrett was Jeffrey Epstein's longtime private banker at JPMorgan
What has never been reported until now: he set up a family office to trade on Epstein's behalf in the last years of the sex offender's life as.ft.com/r/8101f34a-f...
‘We made a lot of money working together’: Jeffrey Epstein’s in-house trader revealed
[FREE TO READ] Private banker quietly became paedophile financier’s money manager in his final years
as.ft.com
February 4, 2026 at 4:21 PM
🚨EPSTEIN'S SECRET FAMILY OFFICE REVEALED 🚨
Paul Barrett was Jeffrey Epstein's longtime private banker at JPMorgan
What has never been reported until now: he set up a family office to trade on Epstein's behalf in the last years of the sex offender's life as.ft.com/r/8101f34a-f...
Paul Barrett was Jeffrey Epstein's longtime private banker at JPMorgan
What has never been reported until now: he set up a family office to trade on Epstein's behalf in the last years of the sex offender's life as.ft.com/r/8101f34a-f...
Reposted by graham steele
“.. We basically tapped every single project finance bank possible, but there are only so many banks,” said a banker familiar with Oracle’s fundraising. 👀
@financialtimes.com #$ORCL
www.ft.com/content/90aa...
@financialtimes.com #$ORCL
www.ft.com/content/90aa...
February 4, 2026 at 3:29 PM
“.. We basically tapped every single project finance bank possible, but there are only so many banks,” said a banker familiar with Oracle’s fundraising. 👀
@financialtimes.com #$ORCL
www.ft.com/content/90aa...
@financialtimes.com #$ORCL
www.ft.com/content/90aa...
Reposted by graham steele
Jill gets the scoop on Tether's scaled back fundraising ambitions www.ft.com/content/3f7f...
Tether retreats from $20bn funding ambitions after investor pushback
CEO Paolo Ardoino downplays the scale of $185bn stablecoin group’s capital raise
www.ft.com
February 4, 2026 at 2:48 PM
Jill gets the scoop on Tether's scaled back fundraising ambitions www.ft.com/content/3f7f...
Reposted by graham steele
Crazy story: A bank analyst published a report showing Kalshi users lose money even faster than sports gamblers, so Kalshi first tried to pressure the data provider to change their data and then accused them and the analyst of conspiring to extort them when that doesn’t work.
February 4, 2026 at 1:44 PM
Crazy story: A bank analyst published a report showing Kalshi users lose money even faster than sports gamblers, so Kalshi first tried to pressure the data provider to change their data and then accused them and the analyst of conspiring to extort them when that doesn’t work.
Unbelievable that Congress allowed this arrangement to happen in the first place, good news that it is finally coming to an end.
(Although it would probably be a better outcome if Miran just left the Fed when his term expired.)
(Although it would probably be a better outcome if Miran just left the Fed when his term expired.)
NEW: Stephen Miran, who joined the Fed in September, has resigned from his role as CEA chair per a letter seen by @nytimes.com
Miran initially took only a temporary leave of absence from his position as one of Trump's top economic advisers nytimes.com/2026/02/03/b... @tonyromm.bsky.social
Miran initially took only a temporary leave of absence from his position as one of Trump's top economic advisers nytimes.com/2026/02/03/b... @tonyromm.bsky.social
Stephen Miran Resigns From White House as Fed Term Stretches On
www.nytimes.com
February 3, 2026 at 11:57 PM
Unbelievable that Congress allowed this arrangement to happen in the first place, good news that it is finally coming to an end.
(Although it would probably be a better outcome if Miran just left the Fed when his term expired.)
(Although it would probably be a better outcome if Miran just left the Fed when his term expired.)
Reposted by graham steele
Pulte: ‘We don’t have to do’ Fannie and Freddie IPOs
Pulte: ‘We don’t have to do’ Fannie and Freddie IPOs
The federal housing director maintains it’s Trump’s decision.
dlvr.it
February 3, 2026 at 6:11 PM
Pulte: ‘We don’t have to do’ Fannie and Freddie IPOs
Reposted by graham steele
As Trump raged about Jay Powell at the end of 2018, Epstein emails Bannon: "getting rid of powell much more important than syria/mattis" (Mattis had resigned two days earlier)
Bannon responds: "Can u get rid of Powell or really get rid of mnuchin"
www.justice.gov/epstein/file...
Bannon responds: "Can u get rid of Powell or really get rid of mnuchin"
www.justice.gov/epstein/file...
February 2, 2026 at 4:57 PM
As Trump raged about Jay Powell at the end of 2018, Epstein emails Bannon: "getting rid of powell much more important than syria/mattis" (Mattis had resigned two days earlier)
Bannon responds: "Can u get rid of Powell or really get rid of mnuchin"
www.justice.gov/epstein/file...
Bannon responds: "Can u get rid of Powell or really get rid of mnuchin"
www.justice.gov/epstein/file...
Reposted by graham steele
In the days before the presidential inauguration, an Emirati sheikh paid $187 million to entities controlled by Donald Trump’s family to take a major stake in one of the president’s crypto companies, World Liberty Financial.
www.wsj.com/politics/pol...
www.wsj.com/politics/pol...
‘Spy Sheikh’ Bought Secret Stake in Trump Company
$500 million investment for 49% of World Liberty came months before U.A.E. won access to tightly guarded American AI chips.
www.wsj.com
February 1, 2026 at 3:31 PM
In the days before the presidential inauguration, an Emirati sheikh paid $187 million to entities controlled by Donald Trump’s family to take a major stake in one of the president’s crypto companies, World Liberty Financial.
www.wsj.com/politics/pol...
www.wsj.com/politics/pol...
Reposted by graham steele
New at @washingtonpost.com:
Trump wants to build a *250-ft-tall arch*, for America’s 250th anniversary
The structure would tower over nearby memorials — changing DC’s skyline and blocking views of the Lincoln Memorial
It’s also spooking experts who say it’s just too big
Trump wants to build a *250-ft-tall arch*, for America’s 250th anniversary
The structure would tower over nearby memorials — changing DC’s skyline and blocking views of the Lincoln Memorial
It’s also spooking experts who say it’s just too big
Trump wants to build a 250-foot-tall arch, dwarfing the Lincoln Memorial
The president is eying a plot of land near Memorial Bridge. The art critic who proposed the idea called for a smaller arch or for Trump to pick a new site.
www.washingtonpost.com
January 31, 2026 at 1:00 PM
New at @washingtonpost.com:
Trump wants to build a *250-ft-tall arch*, for America’s 250th anniversary
The structure would tower over nearby memorials — changing DC’s skyline and blocking views of the Lincoln Memorial
It’s also spooking experts who say it’s just too big
Trump wants to build a *250-ft-tall arch*, for America’s 250th anniversary
The structure would tower over nearby memorials — changing DC’s skyline and blocking views of the Lincoln Memorial
It’s also spooking experts who say it’s just too big
Reposted by graham steele
Someone is campaigning to be the next Fed Vice Chair.
Trump’s pick to lead the Fed could “bring fresh air into the institution,” says famed economist Mohamed El-Erian.
He argues Kevin Warsh would be quicker and more forward-looking than the current Fed chair — and won't be afraid to stand up to Trump.
He argues Kevin Warsh would be quicker and more forward-looking than the current Fed chair — and won't be afraid to stand up to Trump.
How a Famed Economist Views Kevin Warsh for Fed Chair
Mohamed El-Erian says Trump's pick could be faster to respond to market conditions.
www.politico.com
January 30, 2026 at 10:05 PM
Someone is campaigning to be the next Fed Vice Chair.
Reposted by graham steele
NEW: Howard Lutnick, the billionaire who serves as President Trump’s commerce secretary, planned a visit to Epstein’s island in 2012.
Lutnick previously claimed that he was so revolted by Epstein that he had cut ties with him years earlier.
1/6
www.nytimes.com/2026/01/30/u...
Lutnick previously claimed that he was so revolted by Epstein that he had cut ties with him years earlier.
1/6
www.nytimes.com/2026/01/30/u...
Commerce Secretary Howard Lutnick Planned Trip to Epstein’s Island
www.nytimes.com
January 30, 2026 at 8:26 PM
NEW: Howard Lutnick, the billionaire who serves as President Trump’s commerce secretary, planned a visit to Epstein’s island in 2012.
Lutnick previously claimed that he was so revolted by Epstein that he had cut ties with him years earlier.
1/6
www.nytimes.com/2026/01/30/u...
Lutnick previously claimed that he was so revolted by Epstein that he had cut ties with him years earlier.
1/6
www.nytimes.com/2026/01/30/u...
Reposted by graham steele
I’m calling on Governor Mike DeWine and Senators Jon Husted and Bernie Moreno to put Ohio communities first and join my call to extend TPS for the Haitian community.
January 30, 2026 at 3:25 PM
I’m calling on Governor Mike DeWine and Senators Jon Husted and Bernie Moreno to put Ohio communities first and join my call to extend TPS for the Haitian community.
Reposted by graham steele
