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Lou Dobbs reacts to Wall Street twists and turns amid GameStop mania

2021-01-28 | 🔗
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.
Or call 1 877 866 8555 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.