New York Young Republican Club President Gavin Wax railed against “schmucks in Wall Street” for begging President Joe Biden and Treasury Secretary Janet Yellen to interfere to stop the ongoing short squeeze.
Gavin Wax and his New York Young Republican Club had hosted a rally aiming to “re-occupy Wall Street” in protest of hedge-funds colluding with day trading platform Robinhood to stop trading in key shares such as GameStop, AMC and Blackberry.
“They want us to bail them out, they want Janet Yellen to make phone calls for them, they want to shut down trading, are you kidding me?” Wax exclaimed. “If you did anything like that in your day job you’d be fired and on the street, but these schmucks in Wall Street or Greenwich, whoever they are, can do whatever the hell they want to do with no repercussions?”
Wax went on to slam the Biden administration for failing to deliver on its promised $2,000 pandemic relief checks.
“Where’s our $2,000 checks? Where’s our money? They give us $600, these guys take billions from us! We bailed them out in 2010, they’re screwing us again today!” he continued.
He then described the mentality of the Wall Street elites.
“They want their own little club, where they make money, where they make the trades,” he said.
“They’ll take your cash – don’t get me wrong – you can go on RobinHood, you can buy your blue chips, you can buy your Apple, you can buy your Tesla, but don’t you dare think you’re going to play fair with them – don’t you dare think you can beat them at their own game with the short squeeze.”
He hailed the short squeeze as a victory for working Americans.
“The short squeeze has done more to put a finger up to the establishment than anyone ever has before,” he said. “So God bless the short squeezers, God bless Wall Street Bets, because they took a sledgehammer to the establishment this past week.”
As part of the short squeeze, users on investment reddit board r/WallStreetBets bought stocks that major hedge funds, such as Melvin Capital, were betting against, like GameStop, Nokia and AMC. This resulted in a surge in the value of these stocks, losing these hedge funds billions of dollars.
Another hedge fund, Citadel LLC, both had major investments in both Melvin Capital and brought 40% of the revenue to RobinHood. Many have speculated that collusion took place behind the scenes between these companies to stop the short squeezers.