January 29, 2021

Boston Globe: Warren slams SEC over GameStop-Reddit-Robinhood saga, calling the stock market a casino

Senator Elizabeth Warren sent a letter to the chairperson of the Securities and Exchange Commission Friday, asking that the group explain to Congress and the public what they are doing to address the recent market activity surrounding GameStop and other companies.

The Massachusetts senator wrote that the SEC, which oversees the stock market, has failed to control “years of distortion in securities markets,” exacerbating wealth inequalities. She is asking that the SEC respond to her questions by Feb. 5.

“The Commission must review recent market activity affecting GameStop and other companies, and act to ensure that markets reflect real value, rather than the highly leveraged bets of wealthy traders or those who seek to inflict financial damage on those traders,” Warren wrote in her letter.


Read the full article here

By:  Anissa Gardizy
Source: Boston Globe