Massachusetts Senator Elizabeth Warren MSNBC said against RobinHood app decision to block access to GameStop shares Tiffany Cross that ‘it’s not right’.
Sen. Warren became a very important topic on social media for her comments on the Gamestop chaos, and during an extensive interview Saturday morning’s issue of The cross connection, further talked about the trade swap that rocked markets this week and asked the Robinhood app not to buy its stock.
Mrs. Cross asked Senator Warren to consider the issue and singled out lawmakers who did not address the Coronavirus pandemic “with the same urgency as these random day traders affecting the core of these wealthy hedge fund managers.”
“Well, you were right. we’re talking about a rigid system, ‘Warren said. ‘And it was fastened in several ways:
Donald Trump stood up for it for a year and said, “No, the coronavirus will magically disappear, no one is going to die from it,” that he recommended bleach, and what kind of liability was there? No. And as a result, the United States fell further and further behind, and more and more people died.
And now we are trying to move forward to recognize that more black and colored families have become ill and died, and now we are trying to put things back together.
But I think what happens with GameStop, it shows the same kind of dysfunction. What GameStop is showing at the moment is that the Wall Street game has been fixed. And it has been hampered for years now. Hedge funds utilize it, giant corporations utilize it. And individual investors catch on over and over the short point.
What has happened before is that no one wanted to hear it. They just kept their ears shut. Pump and dump, they did not care, giant companies manipulate their shares by buying back their own shares. Nobody wanted to hear it.
And then, what happens is that small investors get engaged, and suddenly discover the hedge funds are waiting, here is a casino and we are losing. And then the small investors’ access is blocked. It is not right. We need a transparent market and a market that is not only open to the big boys, but also a market that is open to individual investors and plays at a level instead of rules.
Elsewhere in the interview, Senator Warren discussed a range of other issues, including the accusation of Trump and the negotiations on the Covid relief package.
Watch the full interview above via MSNBC.
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