Joe Biden’s Administration Is ‘In The Pocket Of The Suits’ Amid GameStop Controversy, Commentator Says

Conservative commentator Jack Posobiec believes that Joe Biden’s administration is siding with Wall Street amid the Reddit-driven surge in GameStop stocks and subsequent limiting of trading.

“Biden admin caught totally flat-footed,” he tweeted of the recent White House press conference. “[Jen] Psaki just asked about GameStop Rebellion and had no real answer. Punted to SEC statement. They are in the pocket of the suits. [Janet] Yellen took the money.”

As The Inquisitr reported, the GameStop stock surge led to the defeat of two hedge funds and caused panic among prominent billionaires. Elsewhere, stock platforms and wealthy brokers are putting a halt to buying GameStop stocks. Notably, Robinhood is also allegedly selling Redditors’ shares without their permission.

Biden’s administration — which has long been criticized for its ties to Wall Street — is now facing pressure to address the situation. According to writer Judd Legum — via Twitter — Biden’s administration must be pressured for transparency in regards to its potential role in inhibiting the swapping of GameStop and other shares being targetted by Reddit, including AMC.

“Here is the question I would ask: Did anyone in the Biden administration contact Robinhood or other retail trading platforms about limiting trading in GameStop and other stocks?”

Posobiec suggested that Yellen, Biden’s newly appointed Treasury secretary, likely played a role and noted that Psaki defended her for taking $810,000 in speaking fees from Citadel.

Per CNBC, the hedge fund company — along with Point72 — infused billions into Melvin Capital, one of the hedge funds that conceded defeat to the Redditors.

According to internet entrepreneur Justin Kan, Citadel might have coordinated with a prominent trading platform.

“Just got a tip that Citadel reloaded their shorts before they told Robinhood to stop trading $GME [Gamestop],” he tweeted.

As previously reported by CNBC, over 30 executives with Wall Street ties have raised significant amounts of money for Biden’s presidential campaign. Notably, Marc Lasry, CEO of Avenue Capital Group and co-owner of the Milwaukee Bucks, raised over $3 million for the successful bid.

Bill Derrough, the DNC treasurer and managing director at the investment bank Moelis, argued that the support Biden enjoys from wealthy financiers is because he “represents a sense of normalcy and decency.”

“If you think about the finance world in general, they don’t want any surprises.”

Despite the backlash against the GameStop surge from the wealthy, The Hill’s Rising co-host Saager Enjeti argued that the tactics used by the Redditors are not at all different from the strategies that have been employed by hedge fund short-sellers for years to make billions of dollars.

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