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Project Veritas has simply gone public on Friday with a leaked telephone name given to them by a whistleblower, during which a Merrill Lynch worker admits that the financial institution was on the “side of the institutional investors”. The Robinhood App put restrictions in place on the identical day.
“WALL STREET: Citizen Journalist/Retail Investor LEAKS RECORDING to Veritas of @MerrillLynch Employee Admitting Bank Had ‘Taken the Side of the Institutional Investors’ in the Same Day @RobinhoodApp Restricted Trading … ‘It Sounds Fishy’ … ‘It Sounds Strange'”
At the start of the video, one can hear the voice asking:
“Now, tell me the truth. You guys know that this stock is going to go up and you want me to sell my shares to put some liquidity into the market, don’t you?”
The Merrill Lynch worker replies:
“If I take the Merrill name badge off of my shirt right now, watching what’s been going on today, it’s very clear to me that it looks like they’ve taken the side of the institutional investors.”
All of this went down similtaneously the investor app Robinhood and others were restricting the ability to buy the stock in question in varied methods.
The inventory in query is BNGO, or BioNano Genomics. However, this entire controversy unique centered round a gaggle of shares, essentially the most outstanding of which was GameStop. An casual group of impartial merchants primarily based off of Reddit closely spend money on that inventory with the intention to counter a transfer by the hedge funds.
For instance, Merrill Lynch’s consultant within the case of this specific telephone name informed the client that the margin requirement was going up from 30% to 75% so as “to manage the risk in the account.” As said a bit later within the video, “that’s a big difference.”
When one thing like this occurs, an investor is compelled to both cough up the additional money (if the investor even has that a lot money readily available), or promote among the shares off to satisfy the brand new margin requirement.
It may very well be rightly stated that this was a strong-arm tactic on the a part of Merrill Lynch to make their very own prospects do their bidding. As it was put within the video, they’re telling prospects that “forced losses are for your own good.”
Responses to the tweet have been overwhelmingly appreciative:
“This s**t is nuts! James [O’Keefe, CEO of Project Veritas] you literally are the f**king best!!”
“Love it when you call out these d**che bags”