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Rebecca Walser, CEO of Walser Wealth Management, Charlie Gasparino and Connell McShane of FOX Business discuss how Wall Street responded to the GameStop stock price spike and Robinhood’s limited trading.
They’re young, they’re Republicans – and they’re crazy as hell on Wall Street.
Members of the New York Young Republicans plan to storm Zuccotti Park in lower Manhattan on Sunday for a “Re-Occupy Wall Street” protest to protest actions by hedge funds and other financial institutions to undermine buying GameStop populists powered by Reddit this week.
“What we have seen in the last few days was absolutely despicable. It’s pissed off for a lot of people, ”Group Chairman Gavin Wax told The Post. “We have the elites and the substrata of everyone else who can’t sit at the big boys table and make money for the big guys.”
GameStop, a dusty video game and electronics mall, saw its shares jump more than 1,700% when amateur day traders poured money into the stock to protest against Wall Street short sellers seeking out to profit from the failure of the business. The movement was originally organized by the Reddit page WallStreetBets.
Opponents meet at ROBINHOOD, SEC, NYSE headquarters
As the stock skyrocketed and hedge funds faced billions in losses, several trading apps moved to prevent further sales of the stock. One – aptly named RobinHood – has been hit with a class action lawsuit.
“I think they need to be prosecuted. A lot of these guys have to go to jail. Text messages and e-mails must be entered. It was coordinated. There must be repercussions, ”Wax said of the institutional effort to shut down amateur traders.
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Wax’s GOP rally ironically seeks to recapture some of the energy of the 2011 Occupy Wall Street protests – which saw mostly left-handers transform the park into a near-homeless encampment that rocked the city for months.
A hastily issued Eventbrite invitation calls YR members and fellow travelers to converge on the park at noon. “Bring signs and dress warmly,” the invitation read.
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But Wax said it wouldn’t become a night like it used to be.
“We have jobs on Monday,” he said. “It will be beautiful and orderly. We will bathe.
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