The FOX Business anchor joins 'Hannity' to weigh in on this week's wild stock market ride
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
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tonight we continue
to follow the ongoing David
versus Goliath, brawl that has
broken out on Wall Street
tonight as a group of
small time main street traders
taking on the big
headphones goliaths who got
caught in a massive. What
they do is they short stocks in
a short squeeze. They lost
billions after retail investors
banded together to buy stocks
like Gamestop and C
blackberry and others.
How is the establishment
responding to getting beaten by
the little guy?
Well, they have been freezing
trades on apps, like Robinhood
and even censoring online
message boards and get this. We
are now learning tonight,
Treasury secretary, JANET Yellen
right there. She was paid a
whopping eight hundred thousand dollars from the hedge
Fund Citadel, which is one of
the funds that the at the center
controversy
ask yourself hire a speaker for
an event you have. Let me see
who could I hire JANET Yellen
give her eight hundred thousand dollars.
We have to face a simple truth
here.
There is, there always has been
too many financial Wall Street
and political ties with
Wall Street and people in
government
im, not saying anything,
nefarious im, saying hmm, I
wonder if they hired her for
great knowledge and interesting
speaking, Style
Biden, White House, downplaying
the payments and the entire
Gamestop story, but it is
already now drawing bipartisan
calls for investigations on
Capitol Hill.
Somebody who knows a lot more
about this than me, the author
of the Trump century, the host
of the number one show on our
sister network, Lou Dobbs
tonight, the one and only
Lou Dobbs.
You know I think Jeanine and
your monologues scare me more
than my own monologues.
I dont know
good to see you Lou
great, to see you Sean
all right. Can we
break this down hedge funds?
Shorting stocks, its part of a
process? Little guys banding
together now looks like, and
then they stopped people cant
cash out. At this point, things
got ugly today
the word rigged. We heard a
lot under the previous
president didnt we,
this is a rigged event,
and that is Robinhood, which has
all sorts of rigged positive,
wonderful connotations. Its ceo
today deciding to disrupt the
market and particularly to the
disadvantage of those who were
buying stock in a company that
big money had said would only
decline,
but this is a complicated story,
more complicated than its being
presented, because there are a
lot of hedge funds on the
other side of these
trades standing with those folks
who started this acquisition
effort buying up the stock as
the shorts, primarily from the
hedge funds, moved in,
but theres also those hedge
funds on the long side of this
Sean. So it gets complicated.
The actions taken by Robinhood
on several other internet
brokerages today to change the
rules of Wall Street right in
the middle of this event,
probably means that Robinhood
will very likely have Ed
could in fact lose
current owners could lose contro
of that country.
The SEC has absolute spots,
ability to move in and stop this
nonsense,
and I want to say two class
action lawsuits have been filed
against Robinhood for
what they have done here over
the course of the past twelve hours
and its good to see
what is not good to see is a
presumably active Biden
administration. Here with the
likes you know all sorts of
market regulator inclined
advocates in the administration.
They have done nothing.
The SEC, hasnt stepped in
Finra, hasnt stepped in
all of the exchanges are mute.
This is an outrage and its an
outrage that has got to be
fixed, and this is not the stuff
for a commission of some sort.
This should be an outright. In
my opinion, criminal
investigation,
wow, very
informative,
Lou, Dobbs
dont forget Lou Dobbs
tonight number one show on.
Transcript generated on 2021-01-31.