Keith Gill, the former MassMutual wellness education director who advocated for shares of GameStop in his free time, is prepared to tell a House committee on Thursday that he never provided investment advice for a fee and did not “solicit anyone to buy or sell the stock for my own profit.”
Interactive Brokers chairman Thomas Peterffy told CNBC Wednesday that the U.S. financial system faced greater stress during the GameStop trading frenzy than is generally recognized.
“We have come dangerously close to the collapse of the entire system and the public seems to be completely unaware of that, including Congress and the regulators,” Peterffy said in an interview on “Closing Bell.”
Peterffy’s remarks came one day before the House Financial Services Committee was set to hold a hearing examining the epic short squeeze in GameStop that transpired in late January. Among those set to testify are chief executives of stock-trading app
Frenzied trading in the shares of GameStop and other companies will be the subject of what is expected to be a fiery hearing in Congress on Thursday, when US politicians get their first chance to quiz executives from the trading app Robinhood, Reddit and other players in the saga.
The House financial services committee will hold a hearing at noon in a first step to untangling the furore surrounding trading in GameStop, AMC cinemas and other companies whose share values soared to astronomical levels as small investors piled into the stocks.
The hearing, titled Game Stopped? Who Wins and Loses
“Fintech is basically if Wall Street and Silicon Valley had a kid,” said Jeff Hauser, director of the Revolving Door Project, a progressive advocacy group. “Over time if they get too strong in these unregulated areas, they will take advantage of people with less access to lawyers and less understanding of the fine print.”
Those suspicions about fintech will be on full display this week when the House Financial Services Committee, led by Rep. Maxine Waters (D-Calif.), summons Robinhood co-founder Vlad Tenev, other executives and hedge fund managers linked to the brokerage for a potentially explosive hearing. Among the witnesses
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