While not quite on par with the GME thing, I mentioned last week that I sold some investment grade cards and cleared just under $9K. One card that sold for $342 had the buyer flake, so it was put up for auction again. It just sold for $539.
https://reddit.com/r/wallstreetbets...d_to_work_merrill_heres_what_likely_happened/ Interesting read.
RobinHood CEO on Cuomo https://reddit.com/r/wallstreetbets/comments/l7hh6h/watch_cuomo_crucify_robinhood_ceo_vlad/
I was trying to figure out why he keeps doing these interviews that range from “just ok” to “disaster,” and I couldn’t understand it. But I’m starting to think he’s being setup (probably by his Board and/or investors) as a sacrificial lamb.
Yeah. Also, word is they hit up a ton of their bank credit so his liquidity statements sound like bullshit.
Yeah, they haven’t made any sense whatsoever. I have no idea what liquidity he’s talking about. The link you posted from WSB explains part of it, but it’s a really weird claim that they can’t keep up with trade volume. He’s either full of shit or RH is run with zero competence. It almost sounds like he’s talking about a reverse margin call.
How far does this have to go for the NYSE to halt trading entirely? I mean, that's the nuclear option, right? It'd be kicking the can down the road, but that's entirely possible, right? How would that impact the short-sellers? I know it's crazy unlikely, but DAMN I'd like to see some billionaires and finance cunts get thrown into a wood chipper.
Saw something similar from Asian traders coming in as well to get in on the fun. I can imagine the international sales being shut down. Who knew there was this much "fuck you" money around? Or perhaps, there's a lot of "fuck you" to be had for a $500 investment....
this is chump change to those people. Our brains can’t comprehend how much money a billion dollars actually is. Investing/gambling a million dollars or the like for shits and giggles sounds like a fun time to them.
I’m looking forward to the upcoming news articles and screen clips from redditors who will lose their ass in this. People who didn’t realize that it’s real money they are potentially lighting on fire for the lulz.
I don’t see how this doesn’t end with further regulations going both ways. Shorting that much and cutting of retail buyers one way. Rabid speculations and pump and dump style tactics one the day traders end. Argue which side causes more volatility is a discussion to be had but I imagine the government will put the breaks on a lot.
I think the fundamental problem is they shorted more stocks than actually existed. I can see how that is something regulation could theoretically solve, but...hasn't it already? Like, isn't that technically illegal? Was no one watching?
Doesn't a lot of this come down to the federal budget? The SEC isn't funded well enough to regulate wallstreet properly? I know that's an issue with the IRS. There funding has been reduced and they no longer have the capabilities to really pursue large tax fraud cases.
We bought Ford back in '08 when it was a buck or so a share. We held on to it to about $18. Then we needed a new roof and I wanted a new small barn, so Ford paid for both. We still have some shares, I'm not sure how many. Not nearly as many as I'd have liked, but my wife was more cautious than I wanted to be.
Not to derail into politics, but the issue isn't funding as much as a few other enforcement issues. For example, a firm can commit some serious crimes, and make more money than the settlement/litigation. I think we're about to see some of that fuckery: it's cheaper to commit the crime and pay a fine than lose the opportunity to make the money. Or the regulators are commonly asked to regulate their former employers, and the finance firms hire from the government regulators on the regular....Imagine being asked to investigate your former/next boss. Not to mention the speed of change and complexity at these firms is pretty imposing on investigators, much less the people designing laws. Lastly, there's no one being crucified to make an example of. They can draw these cases out for years, and the likelihood of setting for a slap on the wrist is so high, it has to be something dumb or egregious to even worry about getting fired. This pisses off Joe Public, myself included, but I don't expect this to change. The regulators are so tepid, it's infuriating.