Project Veritas has just gone public on Friday with a leaked phone call given to them by a whistleblower, in which a Merrill Lynch employee admits that the bank was on the "side of the institutional investors". The Robinhood App put restrictions in place on the same 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’ pic.twitter.com/lrrbgCRvFW
— James O'Keefe (@JamesOKeefeIII) March 5, 2021
"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 beginning 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 employee 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 at the same time as the investor app Robinhood and others were restricting the ability to buy the stock in question in various ways.
The stock in question is BNGO, or BioNano Genomics. However, this whole controversy original centered around a group of stocks, the most prominent of which was GameStop. An informal group of independent traders based off of Reddit heavily invest in that stock in order to counter a move by the hedge funds.
For example, Merrill Lynch's representative in the case of this particular phone call told the customer that the margin requirement was going up from 30% to 75% in order "to manage the risk in the account." As stated a bit later in the video, "that's a big difference."
When something like this happens, an investor is forced to either cough up the extra cash (if the investor even has that much cash on hand), or sell some of the shares off to meet the new margin requirement.
It could be rightly said that this was a strong-arm tactic on the part of Merrill Lynch to make their own customers do their bidding. As it was put in the video, they are telling customers that "forced losses are for your own good."
Responses to the tweet were overwhelmingly appreciative:
This shit is nuts! James you literally are the fucking best!!
— culturalexotic (@culturalexotic) March 5, 2021
"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 douche bags
— LIFEBeautiful ? ? (@TeslaConSabor) March 5, 2021
"Love it when you call out these d**che bags"
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