The regulators are coming, the regulators are coming. When stock prices spike like they did in the great WallStreetBets GameStop Buy-A-Thon of 2021, you can bet that lawmakers and government agencies will be very interested to look things over.
Now the Department of Justice, House of Representatives, Securities and Exchange Commission, and (many) more are directing their considerable legislative and judicial powers on some you might expect...and perhaps some you may not.
Let's dive in.
The DOJ, SEC, House and more mount up...in Virtual Legality.
#GameStop #StockMarket #Robinhood
Discussed in this episode:
"Chairwoman [Rep. Maxine Waters] Announces..."
Tweet - February 12, 2021 - U.S. House Committee on Financial Services
"Waters Announces Robinhood, Citadel, Melvin Capital, Reddit CEOs and Keith Gill to Testify at Committee Hearing"
U.S. House Committee on Financial Services Press Release - February 12, 2021
"Following Recent Market Instability, Waters Announces Hearing on Short Selling, Online Trading Platforms"
U.S. House Committee on Financial Services Press Release - January 28, 2021
"Why are pension funds investing in hedge funds?"
Business Insider - Updated October 3, 2020
"Robinhood and Reddit CEOs to testify at GameStop hearing"
Engadget - February 13, 2021
"Massachusetts regulator subpoenas GameStop bull 'Roaring Kitty'"
Reuters - February 10, 2021
"GameStop Won't Stop: Robinhood Lawsuit, Margin Calls, and Citadels (VL403)"
YouTube Video - January 29, 2021 - Hoeg Law
"GameStop Mania Is Focus of Federal Probes Into Possible Manipulation"
Wall Street Journal - February 11, 2021
"I was addicted to Robinhood and Wall Street Bets. I spiraled out of control, wiped out my $70,000 savings, and contemplated suicide. Here's my message to Robinhood and new investors."
Business Insider - February 11, 2021
"Alex Kearns died thinking he owed hundreds of thousands for stock market losses on Robinhood. His parents have sued over his suicide."
CBS News Website - February 8, 2021
"Robinhood Restricts Trading in GameStop (and more) - Can They Do That? (VL402)"
YouTube Video - January 28, 2021 - Hoeg Law
"Protecting the Retail Investor"
SEC Speech - March 21, 2014
"Wall Street Insider Turned Tough Market Cop: Biden's Pick To Head SEC"
NPR - January 27, 2021
"If my experience is anything to go by, retail investors may not like it when the SEC comes in to "help"."
Tweet - January 29, 2021 - Hoeg Law
"Virtual Legality" is a continuing series discussing the law, video games, software, and everything digital, hosted by Richard Hoeg, of the Hoeg Law Business Law Firm (Hoeg Law).
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DISCUSSION IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT TO BE CONSTRUED AS LEGAL ADVICE. INDIVIDUALS INTERESTED IN THE LEGAL TOPICS DISCUSSED IN THIS VIDEO SHOULD CONSULT WITH THEIR OWN COUNSEL.
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