patrick.net

Makes me long for the good ole days when brokerage firms would simply make up charges and steal the money from accounts.

A fun summary:

https://spectator.us/topic/week-backing-gamestop-stonks-reddit-wallstreetbets/

Patrick says

A fun summary:

https://spectator.us/topic/week-backing-gamestop-stonks-reddit-wallstreetbets/

In 2019, for example, a clueless 19-year-old member called Analfarmer2 made $700,000 and then lost it all again within two weeks.

https://babylonbee.com/news/merriam-webster-changes-definition-of-white-supremacist-to-anyone-who-wins-at-the-stock-market-when-theyre-not-supposed-to

SPRINGFIELD, MA—WallStreetBets has been banned from Reddit and Discord after conspiring to make money on the stock market, even though they are unworthy of such riches. Shortly after they were banned for "hateful and discriminatory content," the online dictionary Merriam-Webster quickly changed the official definition of "white supremacist" to "anyone who makes a lot of money in the stock market when they’re not supposed to."

"What WallStreetBets did was a clear hate-crime against hedge fund managers on Wall Street," said Chad Fishstick of Melvin Capital. "Trolls on the internet have a dark history of discrimination against black and brown indigenous people, as well as important hedge fund managers like us, and it must stop."

Sources inside Merriam Webster reported that after a quick call from a few Wall Street big-wigs, they quickly rushed to change the definition of "white supremacist" to fall more in line with modern understanding of the horrible phrase.

"We are always learning and evolving," said the dictionary's CEO Karthik Krishnan. "White supremacy is an ever-changing enemy, better understood as 'anything we don't like.' We remain committed to stamping out all forms of white supremacy, and making sure icky internet trolls don't get rich without our approval ever again."

They should move to usenet - much harder to control.

MSNBC financial analyst stated that the parabolic rise in GameStop stock was probably because people were entering the wrong ticker symbol. Now that is absolutely ridiculous to say on TV, even for MSNBC. Of course it was caused by shorts covering their backsides.

zzyzzx says

MSNBC financial analyst stated that the parabolic rise in GameStop stock was probably because people were entering the wrong ticker symbol. Now that is absolutely ridiculous to say on TV, even for MSNBC. Of course it was caused by shorts covering their backsides.

MSNBC is so well-known as a bunch of cheap clowns they can now say anything on TV and not hurt their reputation a teensy bit.

Patrick says

conspiring to make money on the stock market, even though they are unworthy of such riches.

What Rush is talking about right now.

AMC down ~50% today right now!

If they're only allowing hold or sell, they will drop. I want to see what happens once they re-open buying.

https://www.reuters.com/article/us-retail-trading-shortbets-idUSKBN29X1SW

Losses on short positions in U.S. firms top $70 billion - Ortex data

LONDON (Reuters) - Short-sellers are sitting on estimated losses of $70.87 billion from their short positions in U.S. companies so far this year, data from financial data analytics firm Ortex showed on Thursday.

The hefty losses come as shares of highly-shorted GameStop jumped more than 1,000% in the past week without a clear business reason, forcing short-sellers to buy back into the stock to cover potential losses -- defined as a short-squeeze -- while retail investors then piled in to benefit from the surge.

Chasing shorted companies became a trend among retail traders, rippling across U.S. markets and Europe. Ortex data showed that as of Wednesday, there were loss-making short positions on more than 5,000 U.S. firms.

Its data also showed that estimated losses from shorting GameStop at $1.03 billion year-to-date, while those shorting Bed, Bath & Beyond were looking at a $600 million loss.

Ortex said the figures are based on the change in trading prices between the start of January to Wednesday’s close, and the number of short positions. The company sources short interest data from submissions by agent lenders, prime brokers, and broker-dealers.

NuttBoxer says

If they're only allowing hold or sell, they will drop. I want to see what happens once they re-open buying.

Not getting this one. How can you sell when buying is not allowed? To whom?

Eric Holder says

Not getting this one. How can you sell when buying is not allowed? To whom?

First off, it's only some retail brokerages doing this (RobinHood in particular). Plus no restrictions on hedge funds, of course.

Not allowed to review RobinHood app any more as well.

zzyzzx says

Eric Holder says

Not getting this one. How can you sell when buying is not allowed? To whom?

First off, it's only some retail brokerages doing this (RobinHood in particular). Plus no restrictions on hedge funds, of course.

Gotcha.

I have an acquaintance who works for a hedge fund. Busting his balls over this GME covfefe is going to be fun. =))

The mainstream media is lining up hit pieces on GME. The amount of bad press is going to be enormous.

https://finance.yahoo.com/news/why-game-stop-is-destined-to-become-another-blockbuster-video-221243155.html

Fuck RobinHood:

The person in the above letter should just be thankful that it was not for a negative share price.

More hit pieces:

https://finance.yahoo.com/news/gamestop-staff-making-11-hour-100000500.html

https://finance.yahoo.com/news/will-the-sec-sue-gamestop-traders-183845241.html

This is some crazy shit

zzyzzx says

If true wrt calls from WH that's a second Biden's impeachment right there.

Every move they make exposes their across-the-board corruption to more people.

Force Selling piddling amounts of stock? This doesn't happen in Argentina.

It's not piddling. GME is trading at about $255 per share now. Robinhood ain't gonna disclose what it received as it's take for "order flow". Let's see if they only took $20 per share that's $90k for Robinhood, not bad for allowing "Free Trades". Their Hedge fund buddy was probably ok with taking the trade too. This happened across thousands and thousands of accounts.

As for the Class Action lawsuit. It is meaningless. All Robinhood account holders signed an "Arbitration Agreement":. The court the lawsuit was filed in will simply state that the court has "NO STANDING" to hold a trial.

NoCoupForYou says

Force Selling piddling amounts of stock? This doesn't happen in Argentina.

@NoCoupForYou - are you in Argentina? My cousin is an expat in Buenos Aires. He saw the shit hitting the fan 10 years ago.

Eric Holder says

If true wrt calls from WH that's a second Biden's impeachment right there.

HAHAHA - Biden could murder a baby, drink its blood, and swear allegiance to Lucifer on live television and it wouldn't be grounds for impeachment with this "government".

Stop believing in our "judicial system" - it doesn't exist.

Biden was obviously selling access to his office by having his cokehead son on the BOD of Burisma. There is literally no other possible reason to hire Hunter Biden for that position. Trump was impeached for allegedly demanding that Ukraine investigate corruption within their government as a condition for receiving "aid" - you know, doing his job before handing over a billion dollars to see that the aid was aid and not just a bribe.

Our government is systemically corrupt. I've said it many times, but our government is a criminal syndicate. I say this because our government is obviously a criminal syndicate - nothing more. It's a mafia.

Biden already was caught taking BRIBES, before he was nominated by the DNC. What kind of fucking people do you think run our intelligence agencies, DOJ, "news" media, and leadership of our parties? Al Capone and Whitey Bulger do. There is literally nothing that Biden could do to get him impeached.

richwicks says

HAHAHA - Biden could murder a baby on live television and it wouldn't be grounds for impeachment with this "government".

We'll see in 2 years. If GOP re-captures the House it's gonna be impeachments galore. Biden is owed at least 3, reasons for the first 2 already known.

And, btw, who said anything about impeachment having anything to do with "judicial system"? These are two completely separate things. Impeachment is political and has always been.

Eric Holder says

Not getting this one. How can you sell when buying is not allowed? To whom?

Brokerages aren't being hampered, just citizens.

Robinhood is FORCEABLY CLOSING OUT POSITIONS!!!

Insider posted on the class actions sub saying Sequoia and Whitehouse put pressure on them to stop the trading.

AOC and Ted fucking Cruz agreeing on Twitter.

They close everyone out without consent, market confidence will be SHOT TO FUCK.

We may not need to buy anymore stock, globalists seem to be grabbing the shovels away and digging the graves themselves now.