Connect with us

Economy

Fmr. SEC commissioner compares GameStop short squeeze to Capitol riot

Published

on

Screen Shot 2021 01 29 at 1.44.26 PM scaled

On Thursday a former commissioner at the U.S. Securities and Exchange Commission (SEC), while discussing the ongoing short squeeze involving GameStop, compared the situation to the deadly January 6 Capitol riot.

Former SEC Commissioner Laura Unger made the comparison while talking to CNBC on Thursday afternoon about the market volatility and short squeeze sparked by users on the Reddit community r/WallStreetBets. To briefly explain the complex situation, some users on the subreddit had encouraged other retail investors in the forum to purchase stock in GameStop—a failing video game retailer—through entities and calls, which caused its stock price to skyrocket and fluctuate dramatically within the span of more than a week.

MORE ON GAMESTOP, ROBINHOOD: Class-action suit filed against Robinhood app for blocking trading of GameStop, other stocks

“Everybody is scratching their heads about this: ‘What should happen? What is the right thing to do to control this or stop this?'” Unger said

She then said that the ongoing GameStop debacle is “[n]ot unlike what we saw on January 6 at the Capitol.”

“If you don’t have the police in there at the right time, things go a little crazy,” Unger continued.

Watch the full CNBC interview here.

“And that kind of feels like what’s happening with this,” she added but quickly walked back from her comparison, saying the Capitol riot was “much different, much lesser degree; it’s financial harm, not personal bodily harm.”

Though, Unger called the short squeeze of GameStop “the same kind of platform-created frenzy that people are operating under, and these are very trying times.”

Here, the former SEC commissioner is most likely referencing the litany of reports detailing how rioters utilized platforms such as Parler and Telegram to plan the violent storming of the U.S. Capitol.

Unger, a Republican, was appointed to the SEC as a commissioner by then-President Bill Clinton in 1997 and served until 2002, once briefly serving as the acting chair. Currently, Unger sits on the board of CIT Group, which she joined in 2010, according to her biography on CIT’s website.

MORE ON GAMESTOP, ROBINHOOD: ‘You almost had me murdered’: AOC doesn’t want Cruz to join bipartisan push to investigate Robinhood

You can follow Douglas Braff on Twitter @Douglas_P_Braff.

You may like

Continue Reading

Economy

Biden’s 60 Minutes Interview Horrifies White House: ‘Does NOT Reflect the OFFICIAL Position’

Published

on

Screen Shot 2022 09 19 at 2.41.05 PM

Uh oh. Someone let President Joe Biden speak by himself again and damage control immediately ensued. President Joe Biden’s “60 Minutes” interview which aired on CBS Sunday was 60 minutes of pure torture for viewers and 60 minutes of pure angst for the White House; everyone but the president himself.

60 Minutes’ official Twitter account publicly called out the President’s answers with an embarrassing statement that his own administration was in disagreement with him:

“President Biden tells 60 Minutes that U.S. men and women would defend Taiwan in the vent of a Chinese invasion. However, after our interview, a White House official told us that U.S. policy on Taiwan has not changed.”

CBS’ Scott Pelley also discussed inflation; an issue drastically affecting the welfare and wellbeing of families. Biden deflected with zero sympathy:

As for President Biden’s son Joe, he is sticking with the narrative that Hunter is the “smartest” person he knows and that “there’s not a single thing that I’ve observed at all that would affect me or the United States relative to my son Hunter.”

Biden also said that while the “proof of the pudding is in the eating” in response to being asked if he is fit to be President, Biden did not commit to saying whether or not he will run for re-election. His “intention” is to run again, “but that’s just intention” he said. “Is it a firm decision that I run again? That remains to be seen.”

 

You may like

Continue Reading
Advertisement

Trending Now

Advertisement

Trending

Proudly Made In America | © 2022 M3 Media Management, LLC