Texas attorney general Ken Paxton, who is investigating Google in a multi-state antitrust case and recently launched an investigation into the trading app RobinHood, joined Breitbart News editor-in-chief Alex Marlow on Breitbart News Daily on SiriusXM Monday morning.
In the interview, Paxton explained what he is doing to address consumer concerns about RobinHood, the app for retail traders that is embroiled in controversy following its decision to limit trading of shares in GameStop, AMC, and other companies targeted by Reddit community WallStreetBets, a move that benefited hedge funds at the expense of retail investors.
“So we’ve sent out these investigative demands, which is really, like interrogatories… to figure out if what looks like happened actually happened,” said the Texas attorney general.
“And certainly, I think the world thinks there was collusion between these large companies to potentially protect some of these larger investors against smaller investors banding together. So, we just want to know what the truth is — hopefully we’ll find out something different, but it certainly does not look good.”
“A lot of people, even people who are supposed to be allies of the everyman, are concerned for Wall Street, and concerned for the hedge funds,” said Alex Marlow.
“And these are people that are seen as largely, if not entirely responsible for the 2008 financial crisis, not one of whom went to jail, very few people held accountable at all. Is this an apt comparison?”
“I think you’ve got it,” said Paxton. “It’s interesting that these big guys seem to be protected by government, seem to be protected by the legal system, and it seems if one of the little guys veers even slightly, they’re in trouble, versus the big guys, who seem to always be able to do what they need to do to make a lot of money, potentially off the backs of these small investors.”