Tag: Financial Industry Regulatory Authority

After Crypto Money Piled into Campaign Coffers of Senators Lummis and Gillibrand, They Introduced a Sweetheart Legislative Bill for Crypto

Tina Marie (Ms. Cat)

By Pam Martens and Russ Martens: June 20 , 2022 ~

On June 7, Senator Kirsten Gillibrand, a Democrat from New York who sits on the Senate Agriculture Committee which oversees commodities, and Senator Cynthia Lummis, a Republican from Wyoming who sits on the Senate Banking Committee which oversees Wall Street and trading, introduced a bill as an early Christmas present to the crypto industry. It carries the Alice in Wonderland title of the Responsible Financial Innovation Act.

After Crypto Money Piled into Campaign Coffers of Senators Lummis and Gillibrand, They Introduced a Sweetheart Legislative Bill for Crypto

GameStop Promoter Keith Gill Was No “Amateur” Trader; He Held Sophisticated Trading Licenses and Worked in the Finance Industry

Tina Marie (Ms. Cat)

GameStop Promoter Keith Gill Was No “Amateur” Trader; He Held Sophisticated Trading Licenses and Worked in the Finance Industry

While some hedge funds like Melvin Capital have reportedly lost billions in the short squeeze, other major players on Wall Street have made windfalls. Reuters is reporting that the giant asset manager, BlackRock, “owned about 9.2 million shares, or a roughly 13% stake, in GameStop as of Dec. 31, 2020,” and could have made upwards of $2.4 billion on the rise in the stock since the end of December. Gill also frequently mentioned on his YouTube videos Michael Burry’s long position in the stock as well as Ryan Cohen, whose RC Ventures held a 13 percent stake in GameStop.

Related:

‘Big Short’ investor Michael Burry made a 1,500% gain on GameStop during its Reddit-fueled rally

Along with Chewy cofounder Ryan Cohen, Burry has been agitating for changes at GameStop for a while. The Scion boss penned a letter to the company’s directors in August 2019, arguing the low stock price and massive short interest suggested a lack of faith in management, and calling for a massive share buy-back.