Democratic Massachusetts Sen. Elizabeth Warren on Sunday called on the U.S. Securities and Exchange Commission …
Democratic Massachusetts Sen. Elizabeth Warren on Sunday called on the U.S. Securities and Exchange Commission (SEC) to “grow a backbone” in response to the GameStop trading hysteria. Individual retail investors purchased GameStop ($GME) stock in a frenzy last week after Reddit users discovered that large hedge funds had shorted significant amounts of the stock. The subsequent market hysteria caused the price to surge 600% and hedge funds lost approximately $5 billion as a result. “What’s happening with GameStop is just a reminder of what’s been going on Wall Street now for years and years and years,” Warren told CNN anchor Dana Bash during a Sunday morning “State of the Union” appearance. “It’s a rigged game. And it’s been a set of players who come in and manipulate the market.
