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Dozens of members of the New York Young Republicans Club jumped on the anti-Wall Street bandwagon on Sunday, gathering in Manhattan’s Zuccotti Park to detonate hedge fund managers targeting GameStop.
“Re-Occupy Wall Street” protesters called big investors “despicable” for deciding to arrest last week’s Reddit-fueled “little guy” on the video game seller’s stock to shore it up after the money men bet on tanking her.
“There is blatant corruption in the buildings around us and in Greenwich, [Ct.], wherever they are, ”Gavin Wax, the group’s chairman, told about 50 protesters.
“There are two standards,” Wax said. “There are rules for you, not for me. You have these big hedge fund guys trying to short sell companies and then they got called out on their bluff by a bunch of anonymous day traders on Reddit.
“And then they have the balls to call these unsophisticated guys,” he says. “God bless the little guy for honestly making money and showing them how the market really works.”
Wax predicted that deep-pocketed hedge funds “are now going to cry and have their crocodile tears on CNBC and tell us, ‘Oh, you know, you’re manipulating the market.’
“These guys have been manipulating the market to their advantage for years. For years, ”he said of wealthy equity investors.
Sunday’s protest – shaped after the left-wing Occupy Wall Street protests that began in the park in 2011 – stemmed from a decision by some Wall Street hedge funds to bet on GameStop’s stock decline, prompting Reddit buy it on trading apps such as like Robinhood to keep it high.
The furious hedge funds losing money then pressured Robinhood to stop trading in stocks in order to stem their losses. Robinhood has temporarily shut down the business.
The game store, once a staple of American malls, was in serious decline before populists ran on its stock.
Robinhood was slapped in a Manhattan class action lawsuit last week for removing the store’s stock from its trading options.
According to Young Republicans, Sunday’s protest was not about political affiliations – they dubbed it a non-partisan event.
“We have to take a stand today, tomorrow and every day that comes,” Young Republicans vice-president Vish Burra said at the rally. “[Wall Street is] corporatizing the American dream and making fun of American freedom.
The group stayed in the park for about two hours before disbanding.
Among those who spoke at the rally was Hope Mayor and Guardian Angels founder Curtis Sliwa, who called it hypocritical that Wall Street bankers took billions of dollars in funded bailouts. by taxes in 2008, now to cry scandal.
“They fucked the little people once,” Sliwa said. “Let’s catch these hedge fund monsters before they catch us.”
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