{"id":167225,"date":"2021-01-29T19:17:33","date_gmt":"2021-01-29T16:17:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/biden-psaki-dodge-gamestop-trading-scandal-for-second-day\/"},"modified":"2021-01-29T19:17:33","modified_gmt":"2021-01-29T16:17:33","slug":"biden-psaki-dodge-gamestop-trading-scandal-for-second-day","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/biden-psaki-dodge-gamestop-trading-scandal-for-second-day\/","title":{"rendered":"#Biden, Psaki dodge GameStop trading scandal for second day"},"content":{"rendered":"

“#Biden, Psaki dodge Game<\/a>Stop trading scandal for second day<\/strong>”<\/p>\n

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President Joe Biden\u00a0refused to weigh in\u00a0on the\u00a0Reddit<\/a>-fueled GameStop market frenzy\u00a0on Friday as White House press secretary Jen Psaki\u00a0for a second day also remained mum\u00a0on the\u00a0pressing issue.<\/p>\n

Biden ignored shouted questions from reporters in the Oval Office after the Securities and Exchange Commission earlier Friday said it will scrutinize brokerages\u2019 moves to block investors from trading certain stocks and Congress announced it would hold hearings into the fiasco.<\/p>\n

Psaki,\u00a0as she had a day earlier,\u00a0deferred to the SEC when asked about the market volatility, saying the Biden administration\u00a0will\u00a0\u201crespect\u00a0the role of regulatory agencies.\u201d<\/p>\n

\u201cThey are closely monitoring the situation and it\u2019s under their purview at this point in time,\u201d Psaki told reporters at a Friday morning briefing. \u201cI guess part of our education can be conveying to people that the SEC is the regulatory body that would oversee this and can speak to it further.\u201d<\/p>\n

In its most detailed statement on the matter to date, the SEC said it\u2019s working with other regulators and US stock exchanges \u201cto identify and pursue potential wrongdoing\u201d related to the extreme swings in several companies\u2019 share prices.<\/p>\n

\"Joe
Biden ignored questions from reporters in the Oval Office after the Securities and Exchange Commission said it will review trading limits amid the Reddit-fueled stock frenzy.<\/figcaption>
Reuters<\/span><\/figcaption><\/figure>\n

The agency also indicated it will scrutinize the restrictions that brokerages such as Robinhood placed on trades of GameStop, AMC Entertainment and other stocks pumped up by rookie investors on Reddit\u2019s \u201cWallStreetBets\u201d forum.<\/p>\n

\u201cThe Commission will closely review actions taken by regulated entities that may disadvantage investors or otherwise unduly inhibit their ability to trade certain securities,\u201d acting SEC chair Allison Herren Lee said in a joint statement<\/a> with the agency\u2019s three other commissioners.<\/p>\n

\u201cIn addition, we will act to protect retail investors when the facts demonstrate abusive or manipulative trading activity that is prohibited by the federal securities laws,\u201d they added.<\/p>\n

While the SEC said the nation\u2019s market infrastructure has held up under this week\u2019s massive trading volumes, regulators warned traders that playing with volatile stocks remains a risky business.<\/p>\n

\u201cExtreme stock price volatility has the potential to expose investors to rapid and severe losses and undermine market confidence,\u201d the commission said in its statement.<\/p>\n

The comments came after Robinhood blocked investors from buying GameStop shares on Thursday as the video-game chain\u2019s stock price soared to mind-boggling heights, sending the company\u2019s market cap from around $1 billion to more than $23 billion in a matter of weeks.<\/p>\n

Robinhood said it didn\u2019t have the capital to cover the trades if they went sour and eased the restrictions Friday after raising more money.<\/p>\n

Still, the move provoked outrage among retail traders and lawmakers including Rep. Alexandria Ocasio-Cortez (D-NY) and Sen. Ted Cruz (R-Texas), who fueled populist rage by complaining that Wall Street and Main Street play by different rules.<\/p>\n

Robinhood \u2014 which offers no-fee trading, compounding its capital woes \u2014 is now allowing investors to buy runaway stocks like GameStop but capp<\/a>ing the number of shares and options contracts users can buy.\n <\/p><\/div>\n

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

“#Biden, Psaki dodge GameStop trading scandal for second day” President Joe Biden\u00a0refused to weigh in\u00a0on the\u00a0Reddit-fueled GameStop market frenzy\u00a0on Friday as White House press secretary Jen Psaki\u00a0for a second day also remained mum\u00a0on the\u00a0pressing issue. Biden ignored shouted questions from reporters in the Oval Office after the Securities and Exchange Commission earlier Friday said it…<\/p>\n","protected":false},"author":1,"featured_media":167226,"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\/biden-gamestop.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[91277,72128,73785,72976,72388,70359],"class_list":["post-167225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-29-21","tag-gamestop","tag-markets","tag-securities-and-exchange-commission","tag-stock-market","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/167225","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=167225"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/167225\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/167226"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=167225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=167225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=167225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}