GME / AMC please watch

Wall Street fights back more...forces Robinhood to restrict trading on certain stocks.
https://twitter.com/timcast/status/1354785979358441473?s=21
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Robinhood's parent company, Citadel, is apparently heavily in on the shorting of Gamestop. People on WSB are filing SEC complaints in droves and are organizing class action lawsuits. It'll be interesting to see how this all plays out.
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Citadel = Modern day Dean Witter. Master at front running trades.
 
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Robinhood/Citadel should be fucked because they locked out half the trade...ie they allowed you to sell but didn’t allow you to buy. If that isn’t market manipulation don’t know what is. If they had just frozen trading on the stock they might have had more legal cover.

But we live in a banana republic and they bought off the treasury secretary so they will get a slap on the wrist sometime in the distant future and meanwhile Citadel’s short positions along with a bunch of other Wall Street firm’s short positions have gotten bailed out bigly on the back of the average joes.
 
https://twitter.com/DonaldJTrumpJr/status/1354793103090212865?s=20
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No one cheered on the fraudulent and unethical pumping of the markets over the last 4 years more than this fucking dork.

Also, RH is dumb af for doing this because you have to know your user base. But it’s not the first time and not the last time it’s happened. I’ve been caught holding the bag on a couple similar Gme-types in the past that got delisted or restricted. It’s a known and assumed risk. Don’t be the one left holding the bag.

It’s only a big deal today because it’s happening to thousands of newb traders all at once. Same as people freaking out when wsb went offline last night, thinking it was something nefarious. Wsb goes offline every fucking month. The mods are a bunch of drama queens who do it for the clout when they reopen it so they can post stupid fuckin Jordan Belfort “I ain’t leavin!” Memes.
 
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https://twitter.com/natemcdermott/status/1354833963097927683

i cannot wrap my head around this, but, here we are.
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This is nothing new. Large quantities of naked shorts were the catalyst for the 2008 collapse. To me, it's a little late getting all pissed off about retaliatory actions. Where was the anger that the stock was allowed to be shorted to a greater extent than it was even valued in the first place? The time for regulation was a long time ago, to prevent the problem in the first place.

The long interview posted above was great, and I finally have an understanding of what this story is about (wasn't following it at all), but I have to admit that, although whoever the guy is that was being interviewed owned that anchor completely, the anchor did land one point: The stock is ridiculously overvalued now, and it's going to be all of these Joe Blow retail investors who are going to take it in the shorts when it comes back to Earth. The rich guys who fomented the stock buy and bailed before it crashed are going to make out like bandits. There's a reason the guy is claiming he's going to give the profit from the trade to charity: He, too, knows it's going to get ugly, and he was quite the contortionist in dodging that question multiple times. Two wrongs don't make a right, and the only reason hedge funds manipulating stocks directly is worse than billionaires manipulating stocks in the opposite direction by riling up useful idiots is that the latter is way funnier.

I don't like that there is an investor class with different rules and rights than the average schmuck. I'm enjoying that this institutional investor class got fucked in the ass (a little payback for 2008). But the anchor was right (for the wrong reason): Gamestop's fundamentals aren't there. It's a company that hasn't had a reason to exist for at least three or four years, no plan that I'm aware of to change that, etc.

TL;DR: The answer to retail investors colluding to "break" the market right out in the open in the same way institutional investors collude in private to break the market and destroy companies for profit isn't to widen the investor class gap even further by imposing yet more restriction on retail investors, it's to impose stricter regulation on ALL investors that makes market manipulation illegal in the first place.

Make short sellers ACTUALLY locate the stock they're selling. Done. After that, if idiots on Reddit want to pump up a stock, it's their dumb asses when it crashes. Am I taking crazy pills here?
 
@allpurpleallgold and I were right even though he got wobbly

Trump + AOC = The revolution
 
When do people get to their breaking point?
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Only thing that will break the system is a massive, prolonged recession/depression that upends the Federal Reserve.

Rigged elections, rigged banking system ruffled some feathers but in the grand scheme of things didn't even nudge the needle. I'm sure we will have some showman speeches in Congress 3 months from now to distract the masses but that will mainly be for cover on 5 other things they are doing behind people's backs to screw folks some more. And may even get a few fines for Citadel and others that are about 1/50th of the amount those folks saved on their short positions.

I've just accepted it...just try and figure out the rigged trades and invest in those.

 
Robinhood/Citadel should be fucked because they locked out half the trade...ie they allowed you to sell but didn’t allow you to buy. If that isn’t market manipulation don’t know what is. If they had just frozen trading on the stock they might have had more legal cover.

But we live in a banana republic and they bought off the treasury secretary so they will get a slap on the wrist sometime in the distant future and meanwhile Citadel’s short positions along with a bunch of other Wall Street firm’s short positions have gotten bailed out bigly on the back of the average joes.
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giphy.gif


Thread needs more Wags.
 
This is nothing new. Large quantities of naked shorts were the catalyst for the 2008 collapse. To me, it's a little late getting all pissed off about retaliatory actions. Where was the anger that the stock was allowed to be shorted to a greater extent than it was even valued in the first place? The time for regulation was a long time ago, to prevent the problem in the first place.

The long interview posted above was great, and I finally have an understanding of what this story is about (wasn't following it at all), but I have to admit that, although whoever the guy is that was being interviewed owned that anchor completely, the anchor did land one point: The stock is ridiculously overvalued now, and it's going to be all of these Joe Blow retail investors who are going to take it in the shorts when it comes back to Earth. The rich guys who fomented the stock buy and bailed before it crashed are going to make out like bandits. There's a reason the guy is claiming he's going to give the profit from the trade to charity: He, too, knows it's going to get ugly, and he was quite the contortionist in dodging that question multiple times. Two wrongs don't make a right, and the only reason hedge funds manipulating stocks directly is worse than billionaires manipulating stocks in the opposite direction by riling up useful idiots is that the latter is way funnier.

I don't like that there is an investor class with different rules and rights than the average schmuck. I'm enjoying that this institutional investor class got fucked in the ass (a little payback for 2008). But the anchor was right (for the wrong reason): Gamestop's fundamentals aren't there. It's a company that hasn't had a reason to exist for at least three or four years, no plan that I'm aware of to change that, etc.

TL;DR: The answer to retail investors colluding to "break" the market right out in the open in the same way institutional investors collude in private to break the market and destroy companies for profit isn't to widen the investor class gap even further by imposing yet more restriction on retail investors, it's to impose stricter regulation on ALL investors that makes market manipulation illegal in the first place.

Make short sellers ACTUALLY locate the stock they're selling. Done. After that, if idiots on Reddit want to pump up a stock, it's their dumb asses when it crashes. Am I taking crazy pills here?
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Agree and disagree...Chamath got rich being a dick at early Facebook, and advertising the short squeeze followed by quietly exiting out and donating it to charity is chickenshit.

Gamestop as a business isn't worth the stock price, but you can say that about a lot of companies right now. The short guys sold 40% more stock than in existence on a bet that the price will drop and they can buy it back cheaper...in effect they have been depressing the price of the stock for a long while now by flooding the market with non-existent shares forcing the price down. They changed the game to make it a market for those shares (and not the business itself), and if people want to own the shares to hold over their head and force them to buy it back at 10x that is their right...eventually the market will find a price where enough people give in and sell that they can start covering and the inherit value of the shares goes back to the value of the company itself. But as of yesterday GME was still shorted something like 135%.

It is completely unfair that Citadel and others stepped in and forced that price lower by preventing people from buying and only allowed selling, much less prevented people from participating.

 
https://twitter.com/AOC/status/1354830697459032066?s=20

lets all wish RH luck in their upcoming IPO.

edit: holy shit, 2020 is fucking nuts:
https://twitter.com/tedcruz/status/1354833603943931905
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I only came here, thus breaking my no Tug rule, to point out AOC is completely correct on this one. Not something I ever thought I would type, but when you are right you are right. Kick those entitled Wal Street fags in the junk you sexy tits barmaid. I'm leaving again, see you next year when @AOC says something I agree with again.
 
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