Retail investors have gotten together and started a petition to fire SEC Chairman Gary Gensler for obstruction of justice.
The SEC Chairman is believed to be complicit to the market manipulation occurring in the day-to-day stock market.
Gary Gensler admitted in a Bloomberg exclusive that 90%-95% of retail orders do not go through the lit exchange, such as the New York Stock Exchange (NYSE), but rather through foreign exchanges, or dark pools.
Retail’s concerns have fallen on deaf ears as market maker and hedge fund Citadel remains in operation.
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Retail demands Citadel investigation
The market maker and hedge fund, who also has its own dark pool, is responsible for processing almost 50% of retail trades.
How do they receive this many orders?
Through a process called PFOF, or payment for order flow, where the institution pays brokers such as Robinhood a fee for retail orders.
Citadel then profits from retail as they exchange these orders through foreign exchanges where they can get a better deal, pocketing the small spread.
But that’s not all.
Citadel is short on AMC Entertainment stock, one of the most popular stocks amongst the retail community aiming to squeeze short sellers from their positions.
Investors have looked at Gary Gensler for solutions to the stock’s suppression, but the SEC has only made fun of the retail community; and now they want him out.
Retail investors are now demanding for change.
But retail aren’t the only ones to stand up to the SEC.
Tesla’s Elon Musk has been very public about the SEC’s incompetence and has even spoken out against short sellers and malpractices used to short his company in what he calls short and distort tactics.
These same tactics have been used to drive retail’s favorite stocks down despite big demand for the stock.
Retail investors are rising to market injustices and are demanding the SEC Chairman step down and Citadel receives a proper investigation.
You can sign the petition to fire Gary Gensler on Change.org here.
The petition has already received more than 14,000 signatures.
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