Dozens of members of New York’s New Republic Young Club jumped on the anti-Wall Street cart on Sunday, gathering in Manhattan’s Zuccotti Park to exploit hedge fund managers heading to GameStop.
“Re-Occupy Wall Street” protesters tore investors’ money apart as “despicable” for arresting Reddit’s “little boy” last week in the video game marketer’s actions to bolster him after the money they were betting the men on him closing.
“There is blatant corruption in the buildings around us and in Greenwich, [Ct.], wherever they are from hell, “Gavin Wax, the group’s president, told about 50 protesters.
“There are two rules,” Wax said. “There are rules for you, not for me. You have these great types of hedge funds trying to introduce companies in the short term and then a group of anonymous traders on Reddit asked for their beacon.
“And then they have the balls to name these unsophisticated guys,” he said. “God bless the little one for earning an honest dollar and showing them how the market really works.”
Wax predicted that deep-pocket hedge funders will now cry and tear themselves away from crocodile on CNBC and tell us, “Oh, you know, you’re manipulating the market.”
“These guys have been manipulating the market in their favor for years. For years, ”he said about stock-rich investors.
Sunday’s protest, modeled after the left-leaning Occupy Wall Street demonstrations that began in the park in 2011, arose from a move by some Wall Street hedge funds to bet that the shares of GameStop would go down, which prompted a Reddit push to buy it into commercial apps such as Robinhood to keep it high.
Furious hedge funds that lost money successfully pressured Robinhood to temporarily halt stock trading to curb its losses.
The game store, which was a staple in American malls, was in serious decline before populists ran their actions.
Robinhood received a class action lawsuit in Manhattan last week to remove the store’s shares from its trading options.
According to young Republicans, Sunday’s protest was not about political affiliations; they christened it a non-partisan event.
“We have to take a stand today, tomorrow and every day they show up,” young Republican Vice President Vish Burra said at the rally. “[Wall Street is] corporatizing the American dream and mocking American freedom. “
The group remained in the park for about two hours before disbanding.
Among those speaking at the rally were the hopeful mayor and Guardian Angels founder Curtis Sliwa, who called it hypocritical for Wall Street bankers to take billions of dollars in tax-funded bailouts in 2008. , for now to call the foul.
“They screwed up the little people once,” Sliwa said. “We’re going to get these hedge fund monsters before they get us.”