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The way this is supposed to work, is that the manager of Sophisticated Hedge Fund, Inc. shorts GME, then goes on CNBC to tell the world how bad the company is. Panicking retail investors dump their GME shares, the price spirals down, and Sophisticated Hedge Fund, Inc. makes bank.
The way this is not supposed to work, is that Dave Portnoy and WSB organize tens of thousands of retail traders to squeeze Sophisticated Hedge Fund, Inc., making profits of several hundred percent over a few days while panicking institutional investors pull their money out of Sophisticated Hedge Fund, Inc., whose assets under management dip precipitously, embarrassing its manager at the next charitable dinner in the Hamptons.
Scenario A is fair and just. Money flows uphill, just as it is meant to do.
Scenario B is market manipulation and pure evil. Money flows downhill, which shakes the very foundations of our economic universe.In comments section.
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@antipodean Fair, although it doesn't really change the issue of an apparent conflict of interest.
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This story came out Jan 1.
As it turns out.
Biden's confirmed Treasury Secretary received more than $800,000 speaking to Citadel, one of the main hedge funds shorting GameStop.
https://www.politico.com/news/2021/01/01/yellen-made-millions-in-wall-street-speeches-453223
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This is the originator of the Gamestop short squeeze.
The main and first person on Reddit who got it all started and he has been talking about Gamestop for a few years.As of today, he is up over 4000% on stock and options investments in the company, with his GME position plus cash worth nearly $48 million. After restricted trading in GME on Thursday, he posted that he had lost $14.8 million that day alone, but was still up $33 million overall.
This video is b4 the short squeeze really got started.
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@mariner4life said in r/wallstreetbets, GameStop, and institutional investors:
@Godder you know, i seem to keep getting fed tidbits that all add up to the glaring idea that our entire financial system is a scam set up to make rich fluffybunnies even more rich. Almost exclusively at the expense of everybody else.
And this is why I don't bother trying to "pick" stocks and invest in individual stocks - too much manipulation, too much price totally divorced from fundamental value and too many derivatives all influencing that totally artificial price.
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@Frank seems any huge spike in bad reviews triggers a pause on things. To protect from people brigading (rightly or wrongly) on a business. But the advice has been for people to wait a few days then re-post their review, or that their review will get reinstated. The shadow banning of reviews is legit feral though, that shit needs to be stopped 100%.
I sure hope that whoever was applying pressure on Robin Hood to limit trading is willing to prop them up - they will be a long time, if ever, recovering from this piece of history.
r/wallstreetbets, GameStop, and institutional investors