Last Updated on January 29, 2021
Sen. Elizabeth Warren (D-MA) authored a letter to the Securities and Exchange Commission Friday in which she begged the regulatory agency to “act” against and “address” the trades made by small-time investors who aggravated Wall Street by performing a “short squeeze” on Gamestop stocks that were supposed to net a massive profit for billionaire hedge fund managers.
Elizabeth Warren, who failed to convince voters that she was an opponent of Big Business after her numerous big money donors were revealed during the 2020 Democratic presidential primary, seemed to strike a tone of desperation in Friday’s letter, which demanded an explanation for why the SEC had not cracked down sufficiently on supposed “market manipulation” by small-time investors.
“Casino-like swings in stock prices of GameStop reflect wild levels of speculation that don’t help GameStop’s workers or customers and could lead to market instability,” Warren wrote. “Today I told the SEC to explain what exactly it’s doing to prevent market manipulation.”
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“I am deeply concerned that these casino-like swings in the value of GameStop and other company shares are yet another example of the gamesmanship that interferes with the ‘fair, orderly, and efficient’ function of the market,” Warren stated in the letter.
Casino-like swings in stock prices of GameStop reflect wild levels of speculation that don’t help GameStop’s workers or customers and could lead to market instability. Today I told the SEC to explain what exactly it's doing to prevent market manipulation. https://t.co/NWaZe1jFVb pic.twitter.com/MAbjHcq47i
— Elizabeth Warren (@SenWarren) January 29, 2021
“There is a troubling lack of clarity regarding who the major market participants are in this case and the degree to which their activities may be coordinated” Warren wrote in regard to Reddit traders that she described as “cloaked in anonymity.”
Warren went on to beg the SEC to review the Gamestop situation and expand its enforcement capabilities, lamenting “those who seek to inflict financial damage on [wealthy] traders.”
The letter closed with a series of questions regarding an SEC crackdown on “market manipulation,” to which Warren demands an answer by February 5.