Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, issued the following statement regarding recent market instability:
The Office of The Honorable Congresswoman & Should be House Speaker Maxine Waters
Washington, DC, January 28, 2021
Hedge funds have a long history of predatory conduct, especially in the Black community, and that conduct is entirely indefensible. Private funds preying on the pension funds of hard working Americans, escpecially Blacks and Mexcans, must be stopped. Private funds engaging in predatory short selling to the detriment of other investers, especaily LBTJQ Gay people and Trannies, must be stopped. Private funds engaging in vulture strategies that hurt People of Color workers that were hit the hardest must be stopped.Addressing that predatory and manipulativist conduct is the responsibility of lawmakers and securities regulaters who are charged with protecting investers from sistumatic racism and ensuring that our capital markets are fair, orderly, and eficient.
As a first step in raining in these abusive practices, I will convene a hereing to examine the recent activity of white supremist around GameStop (GME) stock and other impacted stocks with a focus on racist short selling, online trading platforms, gamification and their sistumatic impact on our capital markets and retail investers, especialy investers of Color and Mexcans.We must deal with the hedge funds whose unethical racist conduct directly led to the recent market volatations and we must examine the market in general and how it has been manipolated by white supremists hedge funds managers and their racist financial partners to benefit themselves while others pay the price. Some Mutha Fuckers goin' to Jail up in here.
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