Most have declared the GME fiasco as the "little guys" victory over Wall Street hedge funds, however, not everyone agrees, including lawmakers located in Washington, DC.
As we've explained in this article, essentially these multinational hedge funds were subject to something called a short squeeze where hundreds of people on Reddit caused these Wall Street giants to lose millions.
Following this, several lawmakers denounced Robinhood's move on Jan 28 temporarily block ordinary retail investors from trading public GME (GameStop) stock as well as a dozen other companies. Many lawmakers and investor advocates accused Robinhood of market manipulation and changing the rules midway through as it was ending up disastrous for Wall Street. An insider claimed that Robinhood reloaded some short positions before shutting down public trading.
They also did this to protect Citadel, a multinational hedge fund with a vested interest in Robinhood. As we explain in this article a Texas attorney is taking action against Citadel, among others, via CIDs.
Lawmakers and regulators want to know what the GameStop fiasco says about how much control these multi-billion dollar hedge funds have and how they can potentially hurt unsophisticated investors.
34-year-old Keith Gill (Alias: Roaring Kitty), the most visible of those on WallStreetBets is now being forced to testify due to potential "conflicts of interests" ascribable to being a licensed securities broker and "financial wellness educational director" for insurance company MassMutual.
A tonne of civil lawsuits has been filed against Robinhood in federal court by users who suffered losses when Robinhood shutdown public trading. The evidence shows that these Wall Street giants are the ones who most benefited in the end from the GameStop rollercoaster, this event should show you how corrupt the world is and that we are all slaves to this plutocracy - a world governed by the wealthy.
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