Roaring Kitty to testify on GameStop alongside hedge fund managers
1–10 of 216 posts
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#2RoaringKitty is also known as DeepFuckingValue. This name is probably more well known to the general public, but Reuters does not mention it.
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#3Have reminder set, will be making popcorn
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#4that sucks
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#5Buying calls on GME for the hearing, expecting a pump up for the fiasco.
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#6I realize this is just grandstanding by congress, but it feels like there are more important things to be working on right now.
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#7What did Gill do that was illegal?
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#8Why is the central offender - Depository Trust & Clearing Corporation - not going to be there?
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#9Is this investigating Robinhood's halting of trade? That's mentioned towards the end of the very short article, but nowhere does it explicitly specify what is being investigated and why.
The article says this: "The House Financial Services Committee is examining how an apparent flood of retail trading drove GameStop and other shares to extreme highs, squeezing hedge funds like Melvin Capital that had bet against it."
Which is a sentence that answers it's own question.
The political ripples of this will be very interesting to watch.
Re: Roaring Kitty to testify on GameStop alongside hedge fund managers
#10It's interesting watching /r/wallstreetbets oscillate between "We did nothing wrong!" to "Well okay, some people were doing some things that were wrong, but hopefully no one will notice."
https://www.reddit.com/r/wallstreetbets/comments/lj8djx/day_...
(I don't personally believe that anyone did anything that should be prosecuted here, but what I believe is irrelevant to courts.)
There is one thing that (in my un-humble, ignorant opinion) should be prosecuted: according to https://www.youtube.com/watch?v=4RS4JIEVyXM&ab_channel=Benzi... the reason that trades were suspended is that the clearinghouse changed their requirements from 3% to 100% for GameStop specifically. And that clearinghouse settles 95% of all trades on Wall Street, so they effectively have a monopoly. Therefore that's why all the exchanges had to suspend GME training; no one had 100% collateral to cover GME for 3 days.
Everything else -- Gill getting rich, WSB posts, Citadel's bailout of Melvin, etc -- is just a distraction. I hope one day they bring that clearinghouse to heel, since it was seriously uncool for them to change the rules of the game with the justification of "we said so."