0:00.0	All right, everybody, welcome to the All In interview program.
0:03.4	Today, we are delighted to have two of the most important individuals shaping capital
0:09.5	markets over the next couple of years.
0:11.8	SEC Chair Paul Atkins is with us as well as CFTC Chair Michael Seelig.
0:17.7	Welcome to the All In interview show, gentlemen.
0:21.4	Glad to be here. Very much. Great to be here. Also with me, my bestie, Shemoth Pollyhappitia,
0:25.9	who is known to participate in capital markets. I think there's a great structure here for us to talk.
0:32.7	Many opportunities and then guardrails and things that we should be concerned about in such a dynamic
0:39.7	time. Chairman Atkins, this is your third tour of duty since the 90s. Things have changed
0:45.3	dramatically. So maybe just to start us off here, and I know Chumot's got a lot of great questions
0:49.5	ready to go. I'm just curious, in your time, let's say the last 40 years or so, what have you noted here about capital markets and how they've changed and what's important for us looking forward?
1:03.8	Well, thanks. It's great to be here and see both of you all today. Well, so I started out as a young lawyer in New York City doing corporation finance work,
1:13.9	you know, new offerings and that sort of thing in the mid-80s. And it's, and there, you know,
1:20.3	to be a startup company and to build your products and do R&D and all that, you had to go public in order to, so Apple and
1:30.0	Microsoft advanced micro devices, all of those companies started off as, you know, IPOs.
1:38.6	And so, and Reese and Horowitz has a really, I think, a really good bar chart where they compare the companies of the early
1:47.7	and mid to late 80s to today, where, I mean, it just basically demonstrates through the
1:55.2	ROI that insiders versus the buyers of the public stock, you know, enjoyed from those early companies,
2:04.9	the insiders, meaning, you know, there's not much private equity or venture capital back
2:09.7	then, but the insiders, meaning the officers, directors, whatnot, they had a relatively
2:15.1	thin slice of the entire pie. I mean, everyone made out well,
2:18.6	obviously. But the public purchasers in the IPO, you know, made out very well over the years and
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from All-In Podcast, LLC, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of All-In Podcast, LLC and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.