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Redditors gave Wall Street traders an absolute pasting

HellsBells said:
Can you explain why it’s illegal though?
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There must be another ethical universe where it's ok for a financier to identify a struggling company, borrow it's stock, sell it today, tell the world the company is a bad risk so when its time to settle up the share value has dropped yet it's deemed illegal for ordinary joe and his mates to say, "hey lets pay cash now and buy some of those cheap shares, if enough of us do it, the price should go up".
 

monkeytassle said:
I'm sorry you don't see the relevance? It's the same thing. Group of people artificially influence the price of a security. Fine when it's a rag tag bunch on reddit. Not fine when it's a group of 16 banks.

But some amc stock of you think it's a good buy.
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I can see the fine detail difference though. Redditor38628 didn’t buy the stock to artificially influence the price to a certain level with a view to making money from it.

Also how do you prosecute 2.8m people?
r@mside said:
There must be another ethical universe where it's ok for a financier to identify a struggling company, borrow it's stock, sell it today, tell the world the company is a bad risk so when its time to settle up the share value has dropped yet it's deemed illegal for ordinary joe and his mates to say, "hey lets pay cash now and buy some of those cheap shares, if enough of us do it, the price should go up".
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No doubt about it that shorting should be illegal.
 
monkeytassle said:
I have three letters. S e and c
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we got an email tues night with a big list of companies we were no longer allowed to go long, short or even buy calls and puts on. only allowed to liquidate existing positions in clients accounts. said it was internal restricted but wouldn't be surprised if the clearing firm had something to do with it. staying well clear anyway, after seeing the TLRY move in 2018 i'm not getting caught up in anything like this.

no surprise to see the usual DNC suspects wading in with their regurgitated "wall street is bad" shite.
 
This will be banned going forward. It will be deemed anti-competitive or anti-free market and the powers that be will act to stop this happening again.

Because time and time again there are different rules for what the rich can do vs the masses.
 
monkeytassle said:
I'm sorry you don't see the relevance? It's the same thing. Group of people artificially influence the price of a security. Fine when it's a rag tag bunch on reddit. Not fine when it's a group of 16 banks.

But some amc stock of you think it's a good buy.
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The libor guys - a handful of people - had the ability to set the libor rate. 3 million or so individuals on a website acting in response to a handful of people shorting a company haven’t set the share price.
I ask you again - what is illegal in my scenario?
 
nyron4england said:
we got an email tues night with a big list of companies we were no longer allowed to go long, short or even buy calls and puts on. only allowed to liquidate existing positions in clients accounts. said it was internal restricted but wouldn't be surprised if the clearing firm had something to do with it. staying well clear anyway, after seeing the TLRY move in 2018 i'm not getting caught up in anything like this.

no surprise to see the usual DNC suspects wading in with their regurgitated "wall street is bad" shite.
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Can't imagine how Wall Street and The City get such a bad reputation.
 
HellsBells said:
I can see the fine detail difference though. Redditor38628 didn’t buy the stock to artificially influence the price to a certain level with a view to making money from it.

Also how do you prosecute 2.8m people?

No doubt about it that shorting should be illegal.
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It's exactly what they did. Seems people don't much like rules. I can tell you one thing I wouldn't fuck with the sec.
Market Where? said:
The libor guys - a handful of people - had the ability to set the libor rate. 3 million or so individuals on a website acting in response to a handful of people shorting a company haven’t set the share price.
I ask you again - what is illegal in my scenario?
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A group of individuals, be it 16 or 2.8m are colluding to live the price of a security.
 
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Titus said:
Aye, it's sweet and all seeing hedge fund short sellers losing, but lets just wait and see how many of the revolutionary redditors get burnt and lose a fortune first
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Depending on the losses I'd be watching my letterbox, inbox, front door and what not - those rich folk will know people who know people I guess (and they'll be canny angry no doubt).
 
look out piano said:
Depending on the losses I'd be watching my letterbox, inbox, front door and what not - those rich folk will know people who know people I guess (and they'll be canny angry no doubt).
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High profile short sellers have lost fortunes before and will continue to lose fortunes due to the nature of the risk. I'm more bothered about your average bloke, quite a few of which who ended up getting involved might get trapped and spit out, losing money that is way more essential to them than the capital to a hedge fund
 
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