2/1/2021
By Charles Payne CEO & Principal Analyst

So, I guess by now you’ve heard about it or have seen my rant heard around the world. Maybe you’ve seen a few of them, as - I was on a roll. I admit I was pissed off this past week, as a volcano has been brewing inside me for a couple of decades. 

• I have been a stockbroker.
• I have been CEO of a publicly traded company.
• I have provided consultations to publicly traded companies.

I have seen companies taken to the woodshed, not because they were doing anything wrong, but because they were small-cap stocks with little to no sponsorship or brokerage cover, making them easy prey.

The powers that be have looked the other way this entire time. Perhaps hoping to appease those powerful hedge funds and other Wall Street giants that feast on these easy short targets.

I’m not sure how much longer they can look the other way. There is so much cowardice among elected lawmakers that it’s doubtful many will chime in and none from leadership.

Curiously, Senator Warren did chime in to complain that the volatility of GameStop (GME) doesn’t help the company, its employees, or its customers. But a higher share price means maybe raising money that would help retain employees and provide better products and services for customers.

Her comment was a punt and extremely disappointing for anyone that says Wall Street has too much power. All this time, I was hopeful that her focus was on giving some of that power to the people. Perhaps the ultimate goal was sharing that power between Wall Street and Washington. Hint: that has already been the case.

To read the full report, contact your account representative or email Research@wstreet.com

Charles Payne
Wall Street Strategies

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