Today U.S. Senator Josh Hawley (R-Mo.) blasted big banks and hedge funds over their role in freezing out day traders and small investors from trading Robinhood stock. Senator Hawley said Wall Street has deemed itself too big to fail but is rigging the system against anyone else.
“What we’ve seen I think with this GameStop meltdown that Wall Street is having now, these folks at home, these day traders, retail investors, they’ve got more criticism, more scrutiny than the people who crashed the entire financial market in 2008 and they got bailed out, the government bailed out all of those people. I mean it shows you that the fix is in."Senator Josh Hawley
"Too big to fail, exactly right, and now the big hedge funds, they don’t want any competition. They’re fine if these day traders do as they’re told, you know, do what they’re supposed to do but when they get ideas of their own and they bet against Wall Street, well, my gosh, then they’re a threat, then they need to be shut down. I just think this shows you that just like we’ve got this concentration of power in so many industries, the tech companies, on Wall Street too the big banks, the big hedge funds. They don’t want the competition. They want to be in control."
The full clip can be seen here.