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Massachusetts Senator Elizabeth warren spoke out against the RobinHood app’s decision to shut down access to GameStop actions, telling MSNBC Tiffany Cross that “it’s not fair.”
Senator Warren has become a hot topic on social media for her comments on the chaos of Gamestop and in a lengthy interview in the Saturday morning edition of Cross connection, spoke in more detail about the trading wave that rocked the markets this week and prompted the Robinhood app to prevent its clients from buying the shares.
Ms Cross asked Senator Warren for his comment on the matter, and specifically pointed to lawmakers who have not treated the coronavirus pandemic “with the same urgency as those random day-traders impacting the bottom line of these wealthy people. hedge fund managers.
“Well, you’re right. we’re talking about a rigged system, ”Warren said. “And it is rigged in several ways:
He’s been rigged time and time again, Donald Trump stood up for a year and said, ‘No, the coronavirus will magically disappear, no one will die from it’, that he recommended bleach and what kind of responsibility was there? No. And as a result, the United States has fallen further and further behind, and more and more people have died.
And now we’re trying to move forward to recognize that more black and brown families got sick and died, and now we’re trying to put things back in order.
But I think what’s going on with GameStop shows the same kind of malfunction. What GameStop is showing right now is that the Wall Street game is rigged. And it’s been rigged for years now. Hedge funds have benefited, large companies have benefited. And individual investors, again and again, catch the short end of the stick.
What has happened before, until now, is that no one wanted to hear it. They just continued to cover their ears. Pumping and dumping, they didn’t care, giant corporations manipulate their shares by buying back their own shares. No one wanted to hear it.
And then what happens is the small investors get involved, and all of a sudden the hedge funds find out that the wait, there’s a casino here and we’re on the losing side. And then the access of small investors is closed. This is not correct. We need a transparent market and a market that is open not only to the big guys, but also a market that is open to individual investors and playing on a level rather than rules.
Elsewhere in the interview, Senator Warren touched on a range of other issues, including the impeachment of Trump and negotiations over the Covid relief plan.
Watch the full interview above via MSNBC.
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