Name: Sen. Elizabeth Warren on Wall Street: ‘It’s a rigged game’
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Sen. Elizabeth Warren on Wall Street: ‘It’s a rigged game’

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TRENDING:AdvertisementFollow UsAdvertisementAdvertisementAdvertisementAdvertisementQuestion of the DayAdvertisementSen. said Sunday there is too much manipulation in the stock market and not enough regulation, pointing to the debate about trades as the latest sign of rot on Wall Street.“It’s a rigged game,” the Massachusetts Democrat told CNN’s “State of the Union.” “It’s a set of players who come in and manipulate the market.”Last week, a crush of users on the no-fee investment app Robinhood pumped up stocks such as following calls on social media sites such as Reddit to buy the stocks.Robinhood subsequently restricted its users from buying certain stocks, including , and BlackBerry, among others, but the platform allowed its users to sell those same stocks.The episode generated big headlines, with some arguing that average Joe investors gave crafty billionaire investors a taste of their own medicine.Ms. wrote to Securities and Exchange Commission Acting Chair Allison Herren Lee to request that she review the fluctuation of ’s stock price and explain what the SEC does to address market manipulation. Ms. noted that the video game retailer’s stock was up 1,700% this month and wanted to know what the SEC will do to prevent similar stock-market swings in the future.Ms. said that wealthy hedge funds and others for years have turned the market into a “casino” instead of a place to raise capital and grow companies.The senator said regulators need to investigate how all players manipulate the market, pass new rules and have the backbone to enforce them. She also has targeted arbitration deals that make it hard for regular investors to contest moves by their brokers.“It’s time for the SEC to get off their duffs and do their jobs,” Ms. said. “ is just the latest ringing of the bell we have a real problem on Wall Street and it’s time to fix it.”• Ryan Lovelace contributed to this report. Disclaimer: Mr. Lovelace is a Robinhood user.• Tom Howell Jr. can be reached at .Copyright © 2022 The Washington Times, LLC..Click to Read More and View CommentsClick to HideAdvertisement

TRENDING:AdvertisementFollow UsAdvertisementAdvertisementAdvertisementAdvertisementQuestion of the DayAdvertisementSen. said Sunday there is too much manipulation in the stock market and not enough regulation, pointing to the debate about trades as the latest sign of rot on Wall Street.“It’s a rigged game,” the Massachusetts Democrat told CNN’s “State of the Union.” “It’s a set of players who come in and manipulate the market.”Last week, a crush of users on the no-fee investment app Robinhood pumped up stocks such as following calls on social media sites such as Reddit to buy the...

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Tom Howell Jr.

Reliable reporting, hard-hitting analysis & breaking news, plus RTs from our writers and reporters. Also at @WashTimesOpEd, @WashTimesLocal, @WashTimesSports

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Sen. Elizabeth Warren on Wall Street: ‘It’s a rigged game’

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