Online Broker Robin Hood Protects the Rich

This article will be very brief:

Shortly before the New York Stock Exchange opened today, online broker Robin Hood, decided to save hedge funds from being forced to buy higher priced stock, losing money, by suddenly stopping trading of stocks such as Gamestop (GME), American Multi Cinema (AMC), Blackberry (BB), and Bed Bath and Beyond (BBBY). minutes before the market opened, new trades could not be made and pending trades were cancelled.

The move follows a day of massive rise in Gamestop stock, forcing the firm Melvin Capital, a hedge fund which was betting big on Gamestop stock to plummet, to lose billions of dollars.

What this does show is that the market is fully capable of regulating itself – so long as that is against working class people. It had not taken action to stop the hedge funds that created the 2008 market crash even more than a decade after the fact. It has no problem when your average American loses money, but the moment that the bourgeoisie begins losing money – and for doing the much more destructive act of betting against stocks – the market will step in to protect its preferred customers. This is perhaps the single best example, to date, of how rigged capitalism is against the working class and for its corporate masters.

Sorry for the brevity. My focus is on a much more lengthy and academic paper at the moment.

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