Never before have US Politicians shown their true character more than they have in the months of November through Janurary, as we have dealt with historic shifts in our national political landscape.
This week we had a populist uprising in the financial markets, with markets being pushed out of reach for some Americans, while unfettered for other Americans.
Conservative-Populist from Texas Attorney General Ken Paxton released a statement calling for an investigation into the Markets and those who manipulated control of access, while far-left radical Marxist Senator from Massachusetts, Elizabeth Warren released a statement called for an investigation into the American people who were trying to purchase the stock.
“Today I’m launching an investigation into @RobinhoodApp, @discord and hedge funds who rigged our free mkt for the benefit of Wall St elites. The US econ should be transparent, open. This week’s coordinated corruption by a cabal of oligarchs shows it isn’t. I’ll help fix that,” Paxton wrote.
According to his office:
“AG Paxton Issues CIDs to Robinhood, Discord, Citadel, and Others That Suspended Stock Trading and Investing
Attorney General Ken Paxton today issued 13 Civil Investigative Demands (CIDs) to Discord, Robinhood Financial, Robinhood Markets, Robinhood Securities, Interactive Brokers, TD Ameritrade, TD Bank, E-Trade, WeBull Financial, Public Holdings, M1 Holdings, Citadel Financial, and Apex Clearing Corporation, regarding the prohibition of certain stock purchases, requiring higher margin reserves for trading certain companies, and suspending chat platform activity. In addition to public statements and internal documents, the CIDs request copies of all terms of service, policies related to content control and moderation, and communications between platforms and moderators of chat servers, including decisions to limit, control, or prevent access to the Discord r/WallStreetBets server.
“Wall Street corporations cannot limit public access to the free market, nor should they censor discussion surrounding it, particularly for their own benefit. This apparent coordination between hedge funds, trading platforms, and web servers to shut down threats to their market dominance is shockingly unprecedented and wrong. It stinks of corruption,” said Attorney General Paxton. “I’m hopeful that these companies will step up and cooperate with these CIDs in order to clear any confusion over why stock purchases were forcibly closed and why even conversation around these stocks was silenced.”
Following the GameStop stock surge, the companies receiving CIDs took extraordinary and unusual steps to limit access to the market, including forcibly closing off access to American citizens attempting to make trades and investments.”
COMPARE AND CONTRAST:
Elizabeth Warren attempted to run as a Populist candidate claiming she would look out for the little guy, and Americans were right to not trust her, because as soon as she could she ran to pushing the little guy and protect Wall Street.
Recall when Warren released a super creepy video, trying to connect with people,by simply drinking a beer and it was so cringe.
And now, according to her Twitter timeline Warren wants to investigate the people who were chatting on message boards about the GameStop Stocks and had the nerve to purchase stocks based on what they read.
People recall that Warren lied to admission boards and got benefits based on being a Cherokee, when in fact she is not a Cherokee.
And now she has the nerve to accuse independent, American investors as using the Stock markets as a “Casino”. No one could make that up.
According to her letter, Warren wants the people investigated:
“While recent market volatility shows rapidly fluctuating prices for GameStop not tied to
“any fundamental changes in the company’s finances or prospects,” these speculative practices
are not new.20 In fact, “[f]or almost a year now, investors have been bidding up shares in
companies like Tesla, Shopify, and Snap to prices that bear little relation to the actual earnings
prospects of the underlying companies”21 and the “frenzy also stirs memories of the 1990s dotcom boom, when a surge in day trading contributed to the inflation of an epic market bubble.”22
It is long beyond time for the SEC to act.
In order to better understand how the Commission plans to address the dramatic price
fluctuations of certain shares in recent days and to ensure the integrity of our capital markets, I
ask that you respond to the following questions by Friday, February 5, 2021.
1. What were the causes of the recent dramatic shifts in GameStop share prices? Did
these shifts represent a “fair, orderly, and efficient” market function?
a. Did the sharp rise in GameStop’s share reflect changes in the company’s
fundamental value? If not, what drove these changes of GameStop share
i. To what extent did large investors, such as hedge funds like Melvin
Capital Management, and their short positions impact the fluctuation
of GameStop’s share prices? Did any of these practices violate existing
ii. To what extent did online message boards, such those on Reddit, or
broader social media amplification impact the fluctuation of
GameStop’s prices? Did any of these practices violate existing
So now you know what Elizabeth Warren is all about.