In case you just awoke from your coma, there’s currently a war being waged against Wall Street and the weapon of choice is Gamestop stock. Obviously you’re sick of hearing about it and have already made up your mind about how you feel about it, but here’s a video of Interactive Brokers chairman and founder Thomas Peterffy admitting on live TV that they halted the purchasing of Gamestop stock yesterday to protect themselves and the people who would lose money, aka the hedge funds who have shorted Gamestop.
In layman’s terms, he’s saying they allowed bad people to make bad trades, and now he’s worried those bad trades are going to lose money for the bad people as well as himself so they stopped people’s ability to make the trades that would hurt them. The anchors even gave him a chance to correct himself and he doubled down on his statement because he’s an out of touch billionaire who doesn’t even realize what he’s saying makes him sound bad. It’s like if Hannibal Lecter walked into a room and started telling everybody how much he loves eating people and then is surprised when people start looking at him weird.
Keep going for the full video.