Keystone Today

Sen. Patrick Toomey (R-Pa.) released a statement on Jan. 28 in which he warned against regulatory overreaction, and commented that GameStop’s stock value “has the entire traits of a bubble.” His son had bought GameStop stocks the day before, and sold them the following day.

“I find it disturbing when retail investors who are simply seeking to buy a stock are frozen out of the market," Toomey said. "The rapid ascent of a few stocks has all of the characteristics of a bubble, and like all investment bubbles in history, this will end poorly for the people buying stock late—just as it did for the hedge funds that shorted the stock early. But retail investors should be free to purchase even highly-speculative stocks, just as hedge funds should be free to short them. And all investors should accept the consequences—whether they gain or lose—from their decision."

The Republican senator's son, Patrick Toomey III, offered GameStop stocks for between $1,001 and $15,000, per monetary disclosures on the same day his father released the statement.

Whether Toomey’s son profited or not, is not known. GameStop stocks were traded between $249 and $380 per share on Jan. 27, when Toomey III purchased as much as $15,000 worth of stocks. The shares traded from $112.25 to $483 on Jan. 28, the day he sold them.

The close-to $371 peak-to-trough value swing on Jan. 28 apparently is the most volatile stretch within the inventory’s historical past, News Mag 365 reported.