If you have been paying attention to the GameStop uprising, the news has been coming out at a rapid pace.
The Fake News is doing its part to make it appear that anyone who supports Joe Biden, works for Joe Biden, or voted for Joe Biden are not the evil ones in this story, rather the small investors who got together and said enough is enough with the rich hedge fund guys who keep taking stocks they own so that they can make a profit on selling short while it harms the little investor’s portfolio, those are the bad guys.
There are some details that most of the news is leaving out, because obviously, and I wanted to make sure you knew what’s going on behind the scenes with the various relationships and why some folks are reacting the way they are and give you the links to Janet Yellen and the Biden team.
The hedge fund that got its butt kicked by the small guys is called Melvin Capital. It all happened when the little guys banded together and decided to buy up shares of GameStop to drive the price up because Melvin Capital was taking a short position on the company.
GameStop is the game store that people go to the buy games that come in DVD’s or other kinds of disks, and some are in cartridges and all the other things you can use to play games. Well, the company is having a difficult time because most people today don’t go out to a store to buy games when they can just download them right on their PC at home. You can buy games from Microsoft for Xbox consoles or from Steam and other sources for games online.
What goes on with a lot of hedge fund guys is they do this selling stocks short stuff and then they have their friends or even their own stock programs who will do online videos where even live video feeds where they start talking down and trashing the company so that people start to get rid of the stock. We put people in prison for trading with insider information, and I would love to know how selling short is really any much different? When you are able to convince hordes of people, the way the stock shows can, to sell a company’s stock because they think the company is going to tank, you could actually be causing the good company to tank. And then to make money off of that when you’re not even buying the stocks, that seems unfair and unamerican if you ask me.
The rich folks at Melvin Capital thought they would target GameStop to make a killing in their stock, but by selling it short.
Melvin Capital was propped up by Citadel and 72Point with a $2.75 billion infusion after it lost 30% of the capital.
It turns out that Citadel pays Robinhood, the trading app company, for the trade data. So, when Robinhood began blocking the small investors from making trades, some people started accusing Citadel of causing the blocking of trades just to help out the investors at Melvin Capital.
Something interesting happened today when the wildly incompetent White House press secretary Jen Psaki made a comment that the Biden team and Janet Yellen, who is Biden’s secretary of the US Treasury, were monitoring the situation. I understand how Democrat presidents think that they should be involved in every single little thing that gets attention on the mainstream news, but you have to ask yourself why are the Biden team and the secretary of the US Treasury monitoring free market trade like this? Could it be another Democrat cover-up? Well, what else would it be?
Here’s how Secretary Yellen is involved in all of this. Yellen was paid $810,000 to speak at three events for Citadel in a single year between October 2019 and October 2020, according to the Daily Caller. She was given $292,500 to give a speech on October 17, 2019, $180,000 for another speech less than two months later on December 3, 2019, and $337,500 to give talks at a series of webinars that were held from October 9 through the 27th, 2020. We’re told that all of this was above board, but does anyone think that a government official is going to come down on anyone who gave them that kind of cash to speaking engagements? Should we not be concerned about the kind of influence companies like Citadel have purchased from government officials if for no other reason now than because the White House press secretary openly said that Yellen is monitoring the situation when she has no reason to be.
What kind of monitoring is Yellen doing? Are we supposed to buy the bullschtein story that Citadel paid her that kind of bank because she’s really that interesting to listen to when she gives a speech? This smacks of the time Bill Clinton went to Russia to speak with the banking executives who were involved in the purchase of Uranium One and they paid him a $500,000 speaking fee to give a one-hour speech to a bunch of Russians who had no idea what he was saying.
I am only concerned because Democrats are corrupt, especially this corrupt regime that over 74 million American voters believe stole the 2020 election. So the big question is, has Yellin thrown her weight around to help Melvin Capital or Citadel in this situation? Is that why Robinhood started blocking smaller investors, essentially screwing them out of their earnings in the market in order to help the rich hedge fund guys who lost money on an even playing field? Somehow I don’t see CNN asking that question.
Rich is syndicated opinion columnist for David Harris Jr. and owner of Maga-Chat.com. He writes about politics, culture, liberty and faith.
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