How hedge funds and brokers have manipulated the market by Lucy Komisar Part 3 - Meet the Investigators There are conflicting arguments about whether GME was a battle of long and short hedge funds, whether retail investors through Robinhood and other trading apps played a significant role, or maybe both. Robert Shapiro, chairman of the economic advisory firm Sonecon and undersecretary of commerce for economic affairs under Bill Clinton, believes the war between hedge funds theory, with a healthy dose of “pump and dump” market manipulation and naked short selling. Shapiro has testified before the SEC and criticized it for failing to take effective measures against naked shorting. Writing in Washington Monthly , Shapiro explained, “ The nearly five-fold jump in GameStop’s average trading volume from July to December signaled that large institutional investors were buying [and selling] the stock … The wild swings in those share prices reflect hundreds of millions of shares being tra