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Redditors cost hedgefunds billions
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This is truly beautiful as an example of the little guy punching up and really sticking it to the shitbags on Wallstreet.
Alas, this stunning story comes with a nasty little caveat in that it seems many of the trading apps (RobinHood et al.) are being portrayed as in cahoots with these hedgefunds, which have north of $70bn in liabilities now, as they've not only banned trading on stocks like Gamestation, BB etc. but are actively forcing users to sell their stocks (an interesting move if theyve equally banned people from buying) as far as market manipulation goes.. say what you want about the 'tards' on Reddit who pumped the stocks through the roof but when the firms like Robinhood then try to crash the market, to benefit the shortsellers, you can see why people think its a two tiered system cant you with one rule for the rich and another for those little plebs
Either way, make up your own mind on the rights and wrongs of either side in this but it really is a spectacular little show if nothing else
https://www.reuters.com/article/us-r...-idUSKBN29X12T
Alas, this stunning story comes with a nasty little caveat in that it seems many of the trading apps (RobinHood et al.) are being portrayed as in cahoots with these hedgefunds, which have north of $70bn in liabilities now, as they've not only banned trading on stocks like Gamestation, BB etc. but are actively forcing users to sell their stocks (an interesting move if theyve equally banned people from buying) as far as market manipulation goes.. say what you want about the 'tards' on Reddit who pumped the stocks through the roof but when the firms like Robinhood then try to crash the market, to benefit the shortsellers, you can see why people think its a two tiered system cant you with one rule for the rich and another for those little plebs
Either way, make up your own mind on the rights and wrongs of either side in this but it really is a spectacular little show if nothing else
https://www.reuters.com/article/us-r...-idUSKBN29X12T
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#2
It is about time that so called "free market" capitalism is put in the limelight, turns out the market is not free at all. It has been a while since Wall Street has been so firmly thrust into public view and the Government is taking a very close look at the dodgy trading used to keep the rich, well rich.
This could be a particularly spicy hearing in light of the 2 lawsuits already filed againstRobinhood The Sherriff of Nottingham.
This could be a particularly spicy hearing in light of the 2 lawsuits already filed against
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(Original post by DiddyDec)
It is about time that so called "free market" capitalism is put in the limelight, turns out the market is not free at all. It has been a while since Wall Street has been so firmly thrust into public view and the Government is taking a very close look at the dodgy trading used to keep the rich, well rich.
This could be a particularly spicy hearing in light of the 2 lawsuits already filed againstRobinhood The Sherriff of Nottingham.
It is about time that so called "free market" capitalism is put in the limelight, turns out the market is not free at all. It has been a while since Wall Street has been so firmly thrust into public view and the Government is taking a very close look at the dodgy trading used to keep the rich, well rich.
This could be a particularly spicy hearing in light of the 2 lawsuits already filed against
Have you seen any of the anonymous posts going around claiming to be from workers there claiming to have heard some very interesting conversations between the firm, sequoia capital and the WH (granted take them with a heavy dose of salt) but if true, oh deary deary me, they are in deep ****.. and rightly so.
There was a good video uploaded onto Insta by someone called Stoolprisdente that summed up this blatant attempt at daylight robbery. It's just impressive that theyre not even trying to make a secret of their machinations but doing it, bold as brass, under everybody's noses
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#4
(Original post by Napp)
As far as damage control goes Robinhood seem to have not so much tried to put the fire out as throw a bucket of petrol on it
Have you seen any of the anonymous posts going around claiming to be from workers there claiming to have heard some very interesting conversations between the firm, sequoia capital and the WH (granted take them with a heavy dose of salt) but if true, oh deary deary me, they are in deep ****.. and rightly so.
There was a good video uploaded onto Insta by someone called Stoolprisdente that summed up this blatant attempt at daylight robbery. It's just impressive that theyre not even trying to make a secret of their machinations but doing it, bold as brass, under everybody's noses
As far as damage control goes Robinhood seem to have not so much tried to put the fire out as throw a bucket of petrol on it
Have you seen any of the anonymous posts going around claiming to be from workers there claiming to have heard some very interesting conversations between the firm, sequoia capital and the WH (granted take them with a heavy dose of salt) but if true, oh deary deary me, they are in deep ****.. and rightly so.
There was a good video uploaded onto Insta by someone called Stoolprisdente that summed up this blatant attempt at daylight robbery. It's just impressive that theyre not even trying to make a secret of their machinations but doing it, bold as brass, under everybody's noses
I will be interested to see what comes of this whole fiasco because something will have to change with both pressure from the Wall Street bunch and day traders each wanting better regulation albeit in different ways. It is essentially market manipulation for all intents and purpose but I wouldn't even begin to say I have knowledge in the matter. I could be very wrong and this is all perfectly legal which wouldn't surprise me in the US.
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(Original post by DiddyDec)
I'm not putting any credence in anonymous posts from supposed employees, people loving stirring up the conspiracy pot.
I will be interested to see what comes of this whole fiasco because something will have to change with both pressure from the Wall Street bunch and day traders each wanting better regulation albeit in different ways. It is essentially market manipulation for all intents and purpose but I wouldn't even begin to say I have knowledge in the matter. I could be very wrong and this is all perfectly legal which wouldn't surprise me in the US.
I'm not putting any credence in anonymous posts from supposed employees, people loving stirring up the conspiracy pot.
I will be interested to see what comes of this whole fiasco because something will have to change with both pressure from the Wall Street bunch and day traders each wanting better regulation albeit in different ways. It is essentially market manipulation for all intents and purpose but I wouldn't even begin to say I have knowledge in the matter. I could be very wrong and this is all perfectly legal which wouldn't surprise me in the US.
. There was a rather eyepopping interview on MSNBC with some convicted fraudster hedgefund manager whining about those evil poors 'picking on the rich'.. i wouldnt have believed someone could be quite so blind to the optics of saying that if i hadnt seen it myself.To ones knowledge its technically all legal under the 1st amendment, although apparently there are already mumblings of regulating the crap out it (although how they intend to regulate people chatting should be interesting). I'll be watching the lawsuits with some interest to see what **** and bull cases are advanced for throttling the day traders though.
If nothing else comes out of this though, the memes have been, and i cannot put quite enough emphasis on this, spectacular. On the other hand, all of my us holdings are down thanks to the various funds liquidating everything so swings and roundabouts
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#6
Ah well, I'm sure the hedgefunds got the same wee 'The value of your investments may go down as well as up' blurb as everyone else does.
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#7
I've been watching this bubble away on reddit for a few days now. The traction yesterday made it clear a stop would likely be put to it today.
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#8
Course no hedgefund would ever manipulate a stock price
https://phys.org/news/2012-12-hedge-...ck-prices.html
And that's why it's not hypocritical of them to burst into tears when someone else does it
https://phys.org/news/2012-12-hedge-...ck-prices.html
And that's why it's not hypocritical of them to burst into tears when someone else does it
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#9
(Original post by Napp)
This is truly beautiful as an example of the little guy punching up and really sticking it to the shitbags on Wallstreet.
Alas, this stunning story comes with a nasty little caveat in that it seems many of the trading apps (RobinHood et al.) are being portrayed as in cahoots with these hedgefunds, which have north of $70bn in liabilities now, as they've not only banned trading on stocks like Gamestation, BB etc. but are actively forcing users to sell their stocks (an interesting move if theyve equally banned people from buying) as far as market manipulation goes.. say what you want about the 'tards' on Reddit who pumped the stocks through the roof but when the firms like Robinhood then try to crash the market, to benefit the shortsellers, you can see why people think its a two tiered system cant you with one rule for the rich and another for those little plebs
Either way, make up your own mind on the rights and wrongs of either side in this but it really is a spectacular little show if nothing else
https://www.reuters.com/article/us-r...-idUSKBN29X12T
This is truly beautiful as an example of the little guy punching up and really sticking it to the shitbags on Wallstreet.
Alas, this stunning story comes with a nasty little caveat in that it seems many of the trading apps (RobinHood et al.) are being portrayed as in cahoots with these hedgefunds, which have north of $70bn in liabilities now, as they've not only banned trading on stocks like Gamestation, BB etc. but are actively forcing users to sell their stocks (an interesting move if theyve equally banned people from buying) as far as market manipulation goes.. say what you want about the 'tards' on Reddit who pumped the stocks through the roof but when the firms like Robinhood then try to crash the market, to benefit the shortsellers, you can see why people think its a two tiered system cant you with one rule for the rich and another for those little plebs
Either way, make up your own mind on the rights and wrongs of either side in this but it really is a spectacular little show if nothing else
https://www.reuters.com/article/us-r...-idUSKBN29X12T
epic le redditor moment wholesome 100
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(Original post by SHallowvale)
Things like stocks usually don't interest me, but I do love how this has come from Reddit of all places.
epic le redditor moment wholesome 100
Things like stocks usually don't interest me, but I do love how this has come from Reddit of all places.
epic le redditor moment wholesome 100
The sheer shock this has given the supposed 'masters of the universe' that a group of reddit dwellers could sucker punch them is stunning
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This wee gem from the SEC
They are aware that this is the basis on which most funds operate? Not to mention banks.. with Salomon being a particular example (before it was absorbed) when it went about trying to crash the Kiwi
In the US, the US Securities and Exchange Commission (SEC) warned against illegal "manipulative trading activity".
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#13
I guess it just makes it clearer for all to see that many of these regulators are there to protect establishment interests, and less so about rule of law or consistency.
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#15
(Original post by TCA2b)
I guess it just makes it clearer for all to see that many of these regulators are there to protect establishment interests, and less so about rule of law or consistency.
I guess it just makes it clearer for all to see that many of these regulators are there to protect establishment interests, and less so about rule of law or consistency.
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#16
The amateurs played wallstreet at their own game, they got scared, now big tech is helping them sort it all out
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#17
(Original post by Joinedup)
Regulation is coming - but I bet they dress it up as protecting retail day traders from being hyped into buying overpriced stock on the internet rather than protecting hedge fund billionaires from crowdsourced 'black swans'
Regulation is coming - but I bet they dress it up as protecting retail day traders from being hyped into buying overpriced stock on the internet rather than protecting hedge fund billionaires from crowdsourced 'black swans'
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#18
(Original post by Wōden)
I don't doubt they will try something, though I don't know how they can really prevent this sort of thing happening again without radically altering the way the stock market is traded. And when all is said and done, how exactly do you legislate against individuals simply buying and holding a stock (even if the sole intention is to **** with hedge funds)? I can imagine they might attempt to get a ban on zero comission and fractional share trading, but not only would that upset and harm businesses, it would quite rightly be viewed as a cynical move to exlude poorer people from the market. I don't think they would get away with it. Anything they do will only expose the hypocrisy of the financial elite further, which is the real beauty of this whole event.
I don't doubt they will try something, though I don't know how they can really prevent this sort of thing happening again without radically altering the way the stock market is traded. And when all is said and done, how exactly do you legislate against individuals simply buying and holding a stock (even if the sole intention is to **** with hedge funds)? I can imagine they might attempt to get a ban on zero comission and fractional share trading, but not only would that upset and harm businesses, it would quite rightly be viewed as a cynical move to exlude poorer people from the market. I don't think they would get away with it. Anything they do will only expose the hypocrisy of the financial elite further, which is the real beauty of this whole event.
as I understand it the hedge funds didn't mind robinhood daytraders (until now) cos the daytraders produced noise trades that the hedge funds were able to frontrun with high speed trading algorithms... so they might be quite keen to keep the trading apps open.
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#20
(Original post by TCA2b)
I guess it just makes it clearer for all to see that many of these regulators are there to protect establishment interests, and less so about rule of law or consistency.
I guess it just makes it clearer for all to see that many of these regulators are there to protect establishment interests, and less so about rule of law or consistency.
Watch Team Biden quiver as they frantically try and white wash Treasury Sec Yellen
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