Citadel’s Griffin Likely To Be The Biggest Target Of Thursday’s Congressional Hearings
Tyler Durden, 17 February 2021
Despite the fact that it was reported on Wednesday that Reddit ringleader Deepf*ckingvalue was being sued for securities fraud in the GameStop fiasco, Ken Griffin’s Citadel is likely going to be the biggest target during Thursday’s congressional hearings.
At the core of the runup in GameStop stock was Griffin’s Citadel, executing trades on behalf of Robinhood, who it pays for order flow. Griffin was also at the center of the controversy due to one of his other businesses offering up a $2 billion bailout to Melvin Capital, who was hit hard by the runup in shares.
And so, Griffin will likely become the target for all types of grandstanding and faux outrage at Thursday’s hearing, where a clueless House Financial Services Committee will do their best to fake any understanding of capital markets while attempting to put on a political show. Citadel could be the scapegoat for all types of new financial regulation, Bloomberg wrote on Wednesday.
