Massachusetts Senator Elizabeth Warren spoke out against the decision by the RobinHood app to terminate access to GameStop shares, telling MSNBC’s Tiffany Cross that “this is not right”.
Senator Warren became a hot topic on social media for her comments on the chaos of Gamestop and during an extensive interview in the Saturday morning issue of The Cross Connection, spoke more about the wave of negotiations that shook the markets this week and led the Robinhood app to block the purchase of shares by its customers.
Ms. Cross asked Senator Warren to give an opinion on the issue and specifically pointed out lawmakers who did not address the Coronavirus pandemic “with the same urgency as these random day-traders impact the financial results of these wealthy hedge fund managers.”
“Well, you’re right. we’re talking about a manipulated system, ”said Warren. “And it is manipulated in several ways.:
It is manipulated repeatedly, Donald Trump stood up for a year and said “No, the coronavirus will magically disappear, nobody will die because of it”, that he recommended bleach, and what kind of responsibility was there? None. And as a result, the United States has lagged farther and farther away and more and more people have died.
And now, we are trying to move forward to recognize that more black and brown families have fallen ill and died, and now we are trying to put things right.
But I think what is happening with GameStop, shows the same type of dysfunction. What GameStop now shows is that the Wall Street game is rigged. And it has been manipulated for years. Hedge funds have taken advantage of this, gigantic corporations have taken advantage of this. And individual investors, repeatedly, take the wrong side of the stick.
What happened before, until now, nobody wanted to hear. They just kept covering their ears. Pump and throw it away, they didn’t care, big corporations manipulated their stocks by buying back their own stocks. Nobody wanted to hear.
And then, what happens is that small investors get involved and, suddenly, hedge funds discover, wait, there is a casino here and we are missing the end. And then the access of small investors is closed. This is not right. We need a market that is transparent and open not only for the big ones, but that is open to individual investors and that acts at the same level, instead of rules.
Elsewhere in the interview, Senator Warren discussed a number of other issues, including Trump’s impeachment and negotiations over Covid’s aid package.
See the full interview above via MSNBC.
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