{"id":166692,"date":"2021-01-30T01:54:23","date_gmt":"2021-01-29T22:54:23","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/elizabeth-warren-enters-gamestop-discourse-with-letter-to-sec\/"},"modified":"2021-01-30T01:54:23","modified_gmt":"2021-01-29T22:54:23","slug":"elizabeth-warren-enters-gamestop-discourse-with-letter-to-sec","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/elizabeth-warren-enters-gamestop-discourse-with-letter-to-sec\/","title":{"rendered":"#Elizabeth Warren enters GameStop discourse with letter to SEC"},"content":{"rendered":"

“#Elizabeth Warren enters Game<\/a>Stop discourse with letter to SEC<\/strong>”
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Sen. Elizabeth Warren on Friday asked the Securities and Exchange Commission to investigate the recent boost in GameStop stock price that was driven by calls for ordinary people to punish hedge funds.<\/p>\n

The Massachusetts Democrat raised the possibility that the stock rally, described as a populist rebellion against Wall Street, actually could be driven by \u201cscam artists executing a \u2018pump-and-dump\u2019 stock scheme.\u201d<\/p>\n

\u201cI am deeply concerned that these casino-like swings in the value of GameStop and other company shares are yet another example of the gamesmanship that interferes with the \u2018fair, orderly, and efficient\u2019 function of the market,\u201d Warren wrote in a letter<\/a>\u00a0to acting SEC Chairwoman Allison Lee.<\/p>\n

\u201cI am writing to seek information on how the SEC intends to address these concerns and prevent these and future incidents of potential market manipulation.\u201d<\/p>\n

An SEC statement this week that the stock overseer was reviewing the market battle, along with stock-trading platform Robinhood\u2019s decision to restrict trades, infuriated people on all sides of the political spectrum from leftists to right-wing populists, who said the government should instead focus on the stock-shorting hedge fund profiteers.<\/p>\n

The unprecedented stock-market struggle was sparked by small-dollar investors who banded together on a Reddit<\/a> forum to buy\u00a0shares of the troubled video game retailer and reap financial windfalls from hedge funds that were \u201cshorting\u201d the stock, or using an investing strategy that rewards them if the value decreases. <\/p>\n

The hedge funds incurred significant losses by predicting declining value for\u00a0GameStop. Instead, the stock value of GameStop soared, forcing the hedge funds to pay the new investors the difference.<\/p>\n

Warren, a Senate Banking Committee member and 2020 Democratic presidential candidate, wrote that she was concerned about all aspects of the struggle, including Wall Street \u201cshorting\u201d of stock and the GameStop backlash.<\/p>\n

\u201cIn addition to GameStop, several other publicly traded companies, including AMC; BlackBerry; Bed, Bath, and Beyond; Nokia; and Tootsie Roll Industries, have seen huge shifts in their share price driven by similar internet trading schemes,\u201d Warren wrote.<\/p>\n

\u201cThese wild fluctuations are just the latest indication that many private equity firms, hedge funds, and other investors, big and small, are treating the stock market like a casino, giving little consideration to the companies, communities, workers, and consumers that may be affected by these risky bets. The recent chaos reveals a clear distortion in securities markets, with benefits accruing to investors that do not clearly benefit the company\u2019s workers, consumers, or the broader economy.\u201d<\/p>\n

Warren continued, quoting from a Washington Post article<\/a>, \u201cWith many of these traders \u2018cloaked in anonymity, there is no way of knowing whether messages touting GameStop come from average Joes \u2013 or scam artists executing a \u2018pump-and-dump\u2019 stock scheme.’\u201d<\/p>\n

Warren is considered a leader among progressive Democrats but is controversial among the left wing of the party for refusing to drop out of last year\u2019s Democratic presidential primary. <\/p>\n

She declined to endorse socialist Vermont Sen. Bernie Sanders, who won the popular vote in the first three primary contests, allowing President Biden to unify more moderate voters and win the nomination.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Elizabeth Warren enters GameStop discourse with letter to SEC” Sen. Elizabeth Warren on Friday asked the Securities and Exchange Commission to investigate the recent boost in GameStop stock price that was driven by calls for ordinary people to punish hedge funds. The Massachusetts Democrat raised the possibility that the stock rally, described as a populist…<\/p>\n","protected":false},"author":1,"featured_media":166693,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/01\/Elizabeth-warren-gamestop-split.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[91277,77105,72128,71070,5005,72976,72388,70359,10401],"class_list":["post-166692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-29-21","tag-elizabeth-warren","tag-gamestop","tag-hedge-funds","tag-reddit","tag-securities-and-exchange-commission","tag-stock-market","tag-stocks","tag-twitter"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/166692","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=166692"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/166692\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/166693"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=166692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=166692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=166692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}