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GameStop Prompts Firms in Robinhood’s Orbit to Turn to K Street

Bloomberg Government • By Megan R. Wilson • February 4, 2021

The GameStop Corp. stock price frenzy that’s roiled Robinhood Markets Inc. and pulled other industry players into the mix is spurring the need to improve their images with Congress…

Ozzie Palomo, a managing director at Chartwell Strategy Group, has received calls and texts from members of Congress and staff asking whether his clients are involved and who the key players are, illustrating the scramble among offices to understand the issue.

“It’s almost like post-financial crisis all over again,” said Palomo, whose financial clients include mutual funds and asset managers that exist outside the GameStop stock rally…

However, lawmakers could use this moment “as the nose under the tent” to push for policies that include a wealth tax, a tax on high-frequency trading, or a tax on capital gains, a tax on carried interest, or other financial measures...

“They were looking for an opening, and — up until now — there hasn’t been really anything that they could go after,” Palomo said.

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