Capitalist Vigilantes

Narj · 28 Jan 2021 at 20:22

Anyone else followed this with interest?

https://www.reuters.com/article/us-gamestop-melvin-idUSKBN29X0EN
https://www.bloomberg.com/news/vide...-some-hedge-funds-to-bankruptcy-gartman-video

I note the calls for investigation - it's fine when these billionaire groups and their mates do it, but as soon as Joe Public stiffs them, it's market manipulation.

Are we finally seeing the worm turning and could this become a regular thing? I must admit I've never been a fan of short selling at all and if the little guy can flip these guys over I'm all for it.

In such grim times, this is the best sort of schadenfreude. I'm not about to sink my money into any of these shares but wow is it entertaining!

Narj · 28 Jan 2021 at 20:28

dLockers said:
Stock market thread in GD following this closely.

First Reuters article mentions Citadel bailing out Melvin; Citadel own Robinhood who have been closing peoples positions on their behalf. Nuts.

Ah sorry, I don't read that thread. My job means I can't trade the stock market without extreme ball-ache so I never read it really.

Narj · 28 Jan 2021 at 21:25

Pawnless Endgame said:
I saw this today on the Beeb. Nasty piece of work from the higher up guys, and the hedge fund managers only seem to care when they're losing. They know they're butt-hurt because they have been out-smarted by uni students. Imo, let the students have that £1000. A bag per student will go a longer way and be far more useful to them than to the top dogs who already own millions in £££'s and assets.

I can see an Occupy Wall Street 2.0 potentially brewing...!

Yeah sly shutting down of trading is leaving a very nasty taste in the mouth for many. I hope the hedgies get rekt and that this is a renewed drive for a spotlight on the 1% and those who make money from the misery of others.

Sorry for the overlap with the stock market thread, mods please delete/merge if appropriate.

Narj · 28 Jan 2021 at 21:36

This article seems to sum it up: https://www.bloomberg.com/opinion/a...squeeze-is-rage-against-the-financial-machine

Righteous anger - I love it

Something is really stinking and I am ordering in gallons of popcorn!

PS: props for Louis Rossman vid

Narj · 28 Jan 2021 at 21:52

FortuitousFluke said:
It's fascinating, but what I will say is that regardless of how this ends it's clearly a symptom of huge disenfranchisement and a lack of belief in the system. I read an article a few days ago about the American dream being a broken contract, the ideology is still there but now the promise is effectively unattainable. Interesting times ahead.

People have always seen them as being at the wrong end of the ethical balance IMO. It just seems to have bubbled over now.

Narj · 28 Jan 2021 at 22:49

stockhausen said:
Free market Capitalism; the best system for society as a whole - yeah, right

Well the issue here when you look at trade freezing for retail is that it's not a free market, it's quite clearly rigged.

Narj · 29 Jan 2021 at 08:46

Louis Rossman is bang on the money again.

I remember watching a video of Mark Blyth's some time ago and was struck by one comment in particular. This seems almost prophetic now:

Narj · 29 Jan 2021 at 09:13

randomshenans said:
? I hope they get totally screwed over and the whole markets come crashing down.

I'd rather the markets didn't come crashing down as that's all of our pensions potentially stuffed.

The markets just need to work for everyone. At the moment it's alright when me or you lose our shirts, but some of these firms whose clients have millions/billions to invest are obviously playing by different rules and get bailed out and a slap on the wrist when it goes wrong.

I really hope this triggers a reset and some people actually go to jail. I don't know if the political will is there in the US at least, I'm off to research many hedge fund donors there were for both campaigns...