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The big bads on Wall Street, as well as places like Wells Fargo, are looking to push back on stuff like GameStop and AMC stock going through the roof.
After several days of people on Reddit forcing the hands of some, Wells Fargo decided to ban advisers from recommending AMC and GameStop stock. That being said, if a client calls and desperately wants to hurl some cash at those two companies, no one will stand in their way (well, outside of Wall Street and others attempting to pause control on the action).
“As of today, Wells Fargo Advisors is not allowing solicitation of those two securities,” a spokesperson for the bank said.
On Wednesday, we covered the absolutely mind blowing story that was Blockbuster, a bankrupt video rental store company turned penny stock, seeing a rise in value of over 770 percent. This was, obviously, another move by those on Reddit to exploit what is an extremely flawed system on Wall Street.
All of this tomfoolery has opened up a discussion about how people on Wall Street have done shenanigans just like this for years, but now that it's a bunch of folk on Reddit, those same mud-dancers are demanding for reform and regulation to keep those from the outside from getting in.
Hooray, gatekeepers?
Nonetheless, expect many to join Wells Fargo in attempts to halt GameStop and AMC (and others) from being viable exchanges. Well, at least until they and those on Wall Street can figure out how to profit off all of it themselves.
