[ April 24, 2024 ]
Ted Cruz – We shouldn’t have one rule for rich hedge funds in Manhattan and a different set of rules for every other American.
January 31. 2021. Noon. A small crowd braved the bitter cold in Zuccotti Park, scene of the once infamous Occupy Wall Street encampment of 2011 (2011 Flickr Link).
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Today the NYC Young Republican Club was out to RE-Occupy Zuccotti, demanding that The People be allowed to trade.
The group is co-opting the Occupy name to push populist policies in light of the GameStop short selling fiasco.
“Wall Street hedge fund hypocrites, “corporate oligarchs” are “screwing the little people”. One more assault on our economy as the world according to Biden and the CCP communists continues to spiral.” [NY Post]
This whole mess with #WallStreet is about to make people on BOTH the Left and Right realize we have found the new class of “robber barons”—hedge fund managers.
The main speaker of the event was Curtis Sliwa, leader of the Guardian Angels and candidate for Mayor of New York.
Sliwa challenged the crowd with, “They screwed the little people once, let’s get these hedge-fund monsters before they get us.”
He also called-out the hypocritical Wall Street bankers who took billions of dollars in tax-funded bailouts in 2008, only to now cry foul.
Slide Show
Just before the presser began, this fellow started shouting at the crowd – particularly about the CCP. (very short video)
According to the Young Republicans, Sunday’s protest wasn’t about political affiliations — they dubbed it a non-partisan event.
“There’s two standards, Wax said in a speech to protesters, “There’s rules for thee, not for me. You got these big hedge-fund guys who are trying to short companies into the ground, and then they got called on their bluff by a bunch of anonymous day traders on Reddit.”
Gavin Wax video –
“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? These schmucks in Wall Street or Greenwich can do whatever the hell they want to do with no repercussions.” Jan 31 Gavin Wax at @NYYRC rally
He then introduced, Viswanag B. Burra – Vice President New York Young Republican Club [ video ]
A published statement, from their President, Gavin Wax (@GavinWax)
“Fellow patriots,
We look forward to seeing you tomorrow, Sunday, January 31, at 12:00 pm as we gather in Zuccotti Park to RE-OCCUPY WALL STREET.
Over the past few days, we have seen how corporate oligarchs who work in connection with key members of the Biden administration have corrupted the integrity of our financial markets in a blatant manner by directing retail brokerages to freeze trading for small investors while institutional investors operate unimpeded.
As rumors percolate that the SEC may attempt to unwind trades in certain companies conducted over the past few days, our protest to LET THE PEOPLE TRADE becomes ever more critical.
And remember: unlike the original “Occupiers,” we will assemble peaceably and in accordance with civilized standards of decorum. No shitting in the streets.”
Gavin Wax, President
New York Young Republican Club [https://nyyrc.com/]
Reports from NY Post and Breitbart:
“Members of the New York Young Republicans staged a “Re-Occupy Wall Street” demonstration Sunday over the financial sector’s manipulation of GameStop stock after a Reddit group launched a buying surge.
GameStop, a mall retailer of video games and electronic accessories, saw shares soar more than 1,700 percent this week when amateur day traders bought massive amounts of the stock to protest Wall Street short-sellers who were banking on GameStop’s failure.
It was co-ordinated. There needs to be repercussions,” Wax said of the institutions’ efforts to shut down amateur trading.
The Reddit page WallStreetBets initially organized the mass buy.
As the stock skyrocketed and hedge funds lost billions of dollars, trading apps tried to block additional sales of the stock. One of the apps, RobinHood, faces a class-action lawsuit.”
“Dozens of members of the New York Young Republicans Club jumped on the anti-Wall Street bandwagon Sunday, gathering in Manhattan’s Zuccotti Park to blast the hedge-fund managers targeting GameStop.
The “Re-Occupy Wall Street” protesters ripped the big-money investors as “despicable” for moving to stop last week’s “little guy” Reddit-fueled run on the video-game-seller’s stock to shore it up after the money men bet on it tanking.
“There’s some blatant corruption going on in the buildings around us and in Greenwich, [Ct.], wherever hell they are,” Gavin Wax, the group’s president, told about 50 protesters.”
[Where indicated, pictures and photos property of Pamela Hall-VSB]
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5 Comments
3 years ago
The “Re-Occupy Wall Street” protesters ripped the big-money investors as “despicable” for moving to stop last week’s “little guy” Reddit-fueled run on the video-game-seller’s stock to shore it up after the money men bet on it tanking.
Despite the soul-satisfying image of the little guy sticking it to Mr Moneybags, I think there is a lot of misleading information about this issue. Per my understanding, Robinhood and other retail trading platforms were at risk because until a trade clears, they are on the hook for ensuring the clearinghouse was paid for the trade. Particularly when the buyer bought with a margin account, if that account failed to meet margin requirements, then RH assumed the risk. Moreover, if RH couldn’t meet the call, then the clearinghouse goes to all their brokerage customers for the money, introducing systemic risk into the process.
I don’t know if hedge funds operate with identical trading rules as Irene and Igor Investor, but you may recall Melvin Capital had to go to its “friends” like Steve Cohen for a cool couple of billion to avoid a margin default (nice to have friends like that, eh?). RH didn’t have the liquidity to assume that risk (and why should they float your risk?), so they quite reasonably restricted trading in some of the extraordinarily volatile stocks.
So I’d be careful about ascribing malice to trading platforms like RH. If there is a “bad guy” here, it might be the Fed, for its prolonged near-zero interest rate policy, which I think has contributed to such risky trades as we’ve seen in recent days in companies like GME.
3 years ago
3 years ago
And so it begins…beware, Communists, this is only the start
3 years ago
Reply to
Clearly101
No doubt about it.
Next comes GUN CONFISCATION!
There is already a bill for that. They are not wasting any time.
3 years ago
Speak up while you can….
