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The GameStop frenzy is losing steam Wall Street still has issues

The GameStop frenzy is losing steam. Wall Street still has issues The stampede in the gaming retailerâs shares exposed weaknesses in the stock market that hurt investors. By Larry Edelman Globe Columnist,Updated February 2, 2021, 8:58 p.m. Email to a Friend It looks like GameStop wonât reach the moon. âTo the moon,â you may know, was the rallying cry of DIY traders as they pushed the stock of the video game retailer from below $20 at the start of the year to more than $480 on Thursday â and said it would climb even higher. But since hitting that zenith, GameStop has fallen in three of the past four trading sessions, closing at $90 on Tuesday. Thatâs still a remarkable gain, but will it last? Who knows.

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On The Money: Biden calls Democrats, urges big COVID-19 relief bill | Biden s SEC pick sidelined as GameStop drama unfolds | Bezos stepping down as Amazon CEO

Happy Tuesday and welcome back to On The Money, where we are soliciting offers to become billionaire

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The GameStop stock craze is about a populist uprising against Wall Street But it s more complicated than that

The GameStop stock craze is about a populist uprising against Wall Street. But it’s more complicated than that. David J. Lynch © Olivier Douliery/AFP/Getty Images (Photo by OLIVIER DOULIERY/AFP via Getty Images) The three-page letter arrived at GameStop’s Texas headquarters 18 months before the company unexpectedly emerged as the hottest stock on Wall Street and the latest symbol of a widening populist revolt against entrenched elites. Michael Burry, an investor known as the architect of “The Big Short,” a legendary bet against the subprime mortgage securities that triggered the 2008 financial crisis, wrote the company’s board of directors in July 2019, demanding they take immediate action to reverse an accelerating decline.

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Biden s SEC pick sidelined as GameStop drama unfolds

© GETTY IMAGES President Biden’s choice to be the top cop on Wall Street has been left sitting on the sidelines as the Securities and Exchange Commission (SEC) faces growing pressure to sort out the GameStop stock frenzy. A logjam in approving Biden’s Cabinet picks has delayed Gary Gensler Lawmakers in both parties are calling on the SEC to take action after Reddit-driven stock rallies roiled the financial sector and forced several major investing companies to restrict customers’ trades. While the SEC said last week it will investigate the fallout, Democrats and Republicans are set to dial up the political heat in two congressional hearings on the state of the stock market.

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Gensler Faces Big Challenge in Tackling GameStop s Wild Ride

There is broad agreement that the capital markets have been distorted but less consensus on what, if anything, the S.E.C. should do about it.

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