STREET BARONS QUAKE

Corps. in Joe’s sights

President Biden’s planned crackdown on big business could be bad news for Wall Street titans such as Ken Griffin, assuming the effort ever gets off the ground.

On Tuesday, it was reported that Biden is working on an executive order intended to take on big business and create more competition.

The order, which Biden (inset) could sign as soon as next week, would seek to bypass traditional antitrust enforcement by directing regulators to rethink their rules for how their respec- tive industries, from airlines to Internet providers, operate, according to the Wall Street Journal.

For the financial-services industry, a person with knowledge of Biden’s agenda told The Post, this could mean additional scrutiny from the Securities and Exchange Commission.

Griffin’s Citadel Securities would likely be a target in market making, while BlackRock, the world’s largest asset manager, Vanguard and State Street may get a hard look in asset management, the source added.

Citadel has already been under fire from SEC chair Gary Gensler, who has been critical of its influence on $45 trillion US stock market. In May, Gensler told Congress that “Citadel Securities, has publicly stated that it executes about 47 percent of all retail volume [in security wholesaling].”

In the asset management space, BlackRock, Vanguard and State Street control around $15 trillion, or roughly three-quarters the size of the US economy.

Of course, efforts to crack down on Wall Street titans will be met with fierce opposition by freemarket advocates and opponents of big government, including business groups and Republican lawmakers.

And some critics are already predicting the effort will be knocked down by the courts.

“It’s a very bad idea,” said an antitrust lawyer who worked at the Federal Trade Commission. “Antitrust is being used by ideologues as the cure-all for everything wrong in society, and it doesn’t work that way. Some companies are screwing people, but you need to correct this on a case-bycase basis.”

White House spokeswoman Emilie Simons told The Post: “The President . . . is committed to increasing competition in the American economy, including by banning noncompete agreements for workers and protecting farmers from abusive practices, but there is no final decision on any actions at this time.”