In this image from video provided by the House Financial Services Committee, Keith Gill, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18, 2021.
NEW YORK — Massachusetts regulators are fining MassMutual $4 million and ordering it to overhaul its social-media policies after accusing the company of failing to supervise an employee whose online cheerleading of GameStop’s stock helped launch the frenzy that shook Wall Street earlier this year. Gill’s job at MassMutual was to create educational materials for current and potential customers, but regulators say he was also posting more than 250 hours of videos on YouTube and sending at least 590 Tweets about investing and GameStop through accounts that were unaffiliated with the company.
Gill, and the red headband he wore in many of his videos, became such central characters in the GameStop phenomenon that he testified in a Congressional hearing about it. There he professed once again, “I like the stock,” a statement that became a rallying cry for GameStop investors in forums across the internet. GameStop shares started the year at around $19 and closed Thursday at $206.37.
Finally, an actual First Amendment case.
How does one accuse and then fine? Doesn't there have to be proof to fine? Therefore, if there is a fine, it isn't an accusation. It is a fact with proof.
The vampire Lestat just called and wanted to know if you were busy this evening?
Precisely what’s wrong with WallStreet capitalism. Bleed the people who try to level the playing field.
How dumb.
We. Like. The. Stock.
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