Securities and Exchange Commission: Enforce Clear Rules to End Market Manipulation
When the GameStop stock controversy made headlines, a surreptitious practice came to light: market manipulation—and it’s not about trading. A cottage industry of very wealthy billionaires regularly and without any repercussions swoop in, artificially drive markets up or down, make a profit on it, and leave others holding the bag.
This practice prevents individual people from buying shares that are being offered, only allowing businesses to sell, resulting in an opportunity for big companies to manipulate the price of socks.
It is supposed to be an open market but this practice prevents it from being open to everyone. For decades we have been told how important the stock market is, and how it supports the global economy. Doesn’t it warrant some oversight to ensure that trade on Wall Street remains free and fair?
Free trade is the cornerstone of capitalism and it’s being undermined by gamification of the market.
The whole point of having a stock market is to allow people all across this great country and all around the world to invest in businesses and help create that capital accumulation so businesses have the money they need to grow and to prosper.
This capitalistic ideal is being crushed by absurdly wealthy bad actors who are using the stock market as their personal casino.
We need action now to make sure our free markets stay free markets. We are calling on the Securities and Exchange Commission (SEC) to protect our fair and free market by enforcing rules to end this shady, anti-capitalist practice. Will you join us?
SEC:
Over the last few years, we have witnessed some of the most blatant market manipulation seen on Wall Street in recent history, yet there’s been no progress toward protecting the stock market’s credibility and its users.
On the contrary, investigative efforts have only been directed at individual retailers while completely ignoring those at fault.
Clear rules must be put in place and strictly enforced in order to ensure that the stock market is available to all and fair to all. Manipulation designed to protect and reward the wealthiest while shutting everyone else out is unethical, anti-capitalist, and threatens the integrity of our free and fair market.
Not only should we impose much-needed rules to prevent this practice, but we should also be investigating companies like Robinhood Markets and Citadel LLC for blatant manipulation against individual retailers.
Please step up and help put an end to market manipulation. We need your leadership to protect our stock market.