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WallStreetBets vs WallStreet: It's not about the money anymore

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Re: WallStreetBets vs WallStreet: It's not about the money anymore

#51

Post by dcolkitt »

bidirectional wrote: post #19

Once again, this insistence on viewing 'Wall Street' as a monolothic entity. The largest asset management firm on Earth holds over 9 million Gamestop stock, none of the big banks that received bailouts in 08 are affected by this, 99.9% of hedge funds are not affected by this, high frequency traders are probably making a bundle. Institutional money was long Gamestop before this story entered the public consciousness.…

> high frequency traders are probably making a bundle.

I've heard from a former colleague at a major HFT firm, that they hit their entire revenue target for the year, just in the past week.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#52

Post by Spivak »

waylandsmithers wrote: post #4

I don't know- there must be institutional players on the long side by now right? Either way, _eventually_ someone will be left holding the bag when the stock comes back down to earth.

Yes, if WSB gets their way it will be the short sellers forced to buy a bunch of overpriced stock holding it after the crash. I would openly celebrate their loss.

If all the shit to stem the tide works: shutting down discord and personal trading platforms, halting trading, yada yada works then WSB will be holding the bag. I wouldn’t really mourn their loss either because it’s a meme stock bought by people who can afford to can afford to lose.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#53

Post by EForEndeavour »

tenaciousDaniel wrote: post #8

As someone who is not very educated in finance, I'm curious how to interpret today's events. Is nasdaq/robinhood/everyone else transparently manipulating the market on behalf of hedge funds? Or are these standard mechanisms in place for preventing the stock market from swinging wildly out of control? I don't know if it's standard to completely block trading on one or more stocks.

I'm also quite ignorant of investing and also contract law, but technically, Robinhood's recent disabling of buying new options or shares [1] falls under their terms of service [2]:

You agree that, without notice, _Robinhood may terminate these Terms and Conditions, or suspend your access to the Service or the Content, with or without cause at any time and effective immediately._ [...] Robinhood shall not be liable to you or any third party for the termination or suspension of the Service or the Content, or any claims related to such termination or suspension.

tl;dr: we can change what you can do on Robinhood at any time for any (or no) reason at all, and you can't do anything about it.

[1] https://old.reddit.com/r/wallstreetbets/comments/l6w4uo/robi...

[2] https://d2ue93q3u507c2.cloudfront.net/assets/robinhood/legal...

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#54

Post by leetcrew »

> With their heads in cloud nine, hedge funds tried to kill GameStop ($GME). They tried to squeeze it so much that it would suffocate and die. They didn't care about the people who will be out of jobs, unable to pay their bills, or even survive. Blinded by greed, all they care about was money.

this is a bit much. shorting != trying to kill a business. it can certainly depress the stock price, but so can closing a long position.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#55

Post by mancerayder »

They are blocking buying, and only allowing selling GME, BB and others.

How is this not evidence of a corrupted free market system? A CEO of one company can call up his connections in retail trading platform firms, CNBC, and Nasdaq and protect his profits? Why is Reddit the scandal and not that?

Reddit is full of rocket emojis and YOLO jokes. But what we see here, especially with the moralizing about gambling, is an elitism on full display.

The people are sick of it.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#56

Post by swiley »

willis936 wrote: post #33
Beefin wrote: post #9

People have had enough, it's not just WSB anymore. The community of retail investors in GME is far beyond WSB. It's people that are frustrated with the 1% getting bailed out time and time again and them not seeing a dime at their tax dollar expense.

Occupy Wall Street was just 10 years ago. It was the longest demonstration in a lifetime. Nothing changed. How did nothing change? What message does this send?

The reason nothing changed with OWS is because they couldn't voice a clear message. Everyone knows they're being defrauded but the fraud is complex and difficult to communicate so instead you have this disorganized protest that amounts to very little change.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#57

Post by dna_polymerase »

Beefin wrote: post #9

People have had enough, it's not just WSB anymore. The community of retail investors in GME is far beyond WSB. It's people that are frustrated with the 1% getting bailed out time and time again and them not seeing a dime at their tax dollar expense.

I too hold money at a stock brokerage just in case a revolution starts.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#58

Post by ghaff »

Beefin wrote: post #9

People have had enough, it's not just WSB anymore. The community of retail investors in GME is far beyond WSB. It's people that are frustrated with the 1% getting bailed out time and time again and them not seeing a dime at their tax dollar expense.

So they're going to show Wall Street who's boss by gambling away their grocery money? (Some will make out but I suspect the vast majority will lose big--money at least some can't really afford to lose.) I have trouble conjuring up a lot of sympathy but that's almost certainly uncharitable as I'm sure there will be stories of serious individual loss.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#59

Post by dsaavy »

jefflombardjr wrote: post #24
vthallam wrote: post #11

This is market manipulation 101. I hope they pay for it, but I doubt any lawmaker is interested in investigating them.

Care to explain how this is market manipulation?

Locking out a specific set of actions for a specific set of investors based on the data you collect on them while allowing one actions (sell) that inevitably drives asset price downward since that's literally the only action people can take.

Re: WallStreetBets vs WallStreet: It's not about the money anymore

#60

Post by Sholmesy »

jefflombardjr wrote: post #24
vthallam wrote: post #11

This is market manipulation 101. I hope they pay for it, but I doubt any lawmaker is interested in investigating them.

Care to explain how this is market manipulation?

Certain brokerages are not allowing buy orders for certain stocks, but are allowing sell orders for the same stock, or other unrelated stock.

Certain brokerages also have commercial relationships with the people who are in the short position.

Feels like a conflict/abuse of your power.

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