Interactive Brokers Group Chairman Thomas Peterffy discusses the SEC report on GameStop, empowering young investors and his company's earnings beat.
A Securities and Exchange Commission staff report failed to find a scandal in the trading this year in GameStop and other “meme” stocks.
SEC describes GameStop frenzy, suggests no policy changes
The U.S. stock market certainly shook when hundreds of thousands of regular people suddenly piled into GameStop early this year, driving its price to heights that shocked professional investors — but it didn't break.
So, market manipulation by federal reserve pumping $ into failing banks & corporations is okay. But Reddit users rallying GameStop is wrong and must be regulated? The entire stock market is disconnected from reality. Funny how quickly the financial press cries for hedge funds.
More than half of all Robinhood users own at least some GameStop stock. They are now unable to freely trade it; the app is only allowing users to close out their positions.
Note: Robinhood absolutely should not be stopping trading of GameStop. Market mechanisms include the reality that some people will attempt to game the market mechanisms -- and some will pay the price. Restricting who can buy and sell is using a hammer on free markets.
Hedge funds are complaining about losing billions on GameStop, which means it’s a good time to invest in whatever company makes the world’s tiniest violins.