Most of these billionaire owners are not innocent. It's hard to get to be a billionaire without cutting some corners. I'm sure Portnoy isn't a saint either.
OT: Game Stop
- Thread starter weedsportwarriors
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That isn’t the point.
If you don’t know what happened today you should read up before you make this post.
People should go to jail for what happened today.
What did Cohen do today that was so wrong?
Shrmdougluvr
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Can you "squeeze a short" without pumping up the stock? (obviously I am extremely lay on all of this)
I mean, Melvin took a short position of GameStop because it's a dog with fleas (take that Gekko). GameStop is in a crap position. While it's gross that a hedge fund can prey on a company like that, completely using leverage, what they did was not illegal, and the Redditor(s) took it upon themselves to get back at the hedge fund (the squeeze). So they sent out a call to arms in an attempt to "pump" up the price of a stock that otherwise is not worth it. Some people jump on to stick it to the man (sure they did
), with Melvin having to cover all the shorts they purchased, and others jump on to ride the wave of the squeeze or simply to get in low and sell when the stock price is super high due to the redditors touting.What did I get wrong here? (legit asking)
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Niastri
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Can you "squeeze a short" without pumping up the stock? (obviously I am extremely lay on all of this)
I mean, Melvin took a short position of GameStop because it's a dog with fleas (take that Gekko). GameStop is in a crap position. While it's gross that a hedge fund can pray on a company like that, completely using leverage, what they did was not illegal, and the Redditor(s) took it upon themselves to get back at the hedge fund (the squeeze). So they sent out a call to arms in an attempt to "pump" up the price of a stock that otherwise is not worth it. Some people jump on to stick it to the man (sure they did
What did I get wrong here? (legit asking)
Everything you said was right, imo. However, the broker then took sides, protected themselves and their Daddy, the hedge fund. They prevented the prices from continuing to rise by only allowing the institutional investors (re. Hedge funds) to buy... Everybody else could only sell. Since nobody else was buying, the rising wave crashed and a lot of individuals got hurt. Meanwhile, the hedge funds could close their short positions under some reasonable price situation. The retail investors who inflated the stock were going to get pummeled when reality set in, but the brokers made it happen in an afternoon instead of a week, and apparently with an ulterior motive.
To make matters worse, Robinhood started closing (selling clients stock without an order!) positions for their clients against their will! Probably those shares were then being used to close short positions for hedge funds. I would lose my licenses and get severely fined, possibly go to jail if I did that to my clients. Especially if I have an ulterior motive like supporting a third party in avoiding losses.
I don't think loss of license, huge fines and even criminal liability should be out of the question.
EDIT: Also, as mentioned up thread, this isn't a pump scenario... What the WSB crowd was doing was exceedingly risky (I would argue stupid even) but not a pump. The short squeeze is a great way to get high movement if a catalyst comes into play. AMC is a more traditional short squeeze that occurred when it became apparent they aren't going out of business any time soon. Massive price inflation as the shorts scrambled to cover... The difference is that nobody thought a thing like WSB could make it happen, or that it would get so insanely overheated as a result.
The only mitigating factor that probably reduces the "crime" is how stupid and reckless the price wave was, and how all those people who were hurt were probably going to suffer anyway, like a compulsive gambler who can't walk away after a win streak.
Long after GameStop goes under, people will be talking about this. Insane couple of days.
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Fat tire 13
But I really prefer IPAs
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Yeah, everything you said is correct.Can you "squeeze a short" without pumping up the stock? (obviously I am extremely lay on all of this)
I mean, Melvin took a short position of GameStop because it's a dog with fleas (take that Gekko). GameStop is in a crap position. While it's gross that a hedge fund can prey on a company like that, completely using leverage, what they did was not illegal, and the Redditor(s) took it upon themselves to get back at the hedge fund (the squeeze). So they sent out a call to arms in an attempt to "pump" up the price of a stock that otherwise is not worth it. Some people jump on to stick it to the man (sure they did
What did I get wrong here? (legit asking)
Shorts get squeezed all the time because buying naturally pushes up the price. Anyone can see a stock that is heavily shorted and start to buy it. Or it goes low enough people want to buy. Shorting isn't easy. You have to pay to borrow a stock, among other things. You are "swimming against the tide" in many ways.
The difference here is the Reddit people were very public/vocal about buying solely for the purpose of squeezing the shorts. When people say there is manipulation, that is what they are talking about.
My opinion is the legal aspect of this is much more of a grey area, and the Reddit people have many valid reasons to defend themselves
I typed and deleted a response to this like 5 times.
I don’t think you really care about a reason because to you it’s about the Mets.
So this will be my response.
Cohen is a scumbag.
FloridaFan
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Buy doge while you can before it hits a dollar
*not a financial expert and this isn’t advice*
*not a financial expert and this isn’t advice*
B
Brooky03
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If you can find a place to buy doge. Can’t on Coinbase.
FloridaFan
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Voyager, so long as you arent in NY, if you are then Kraken
I don't care about stocks and the financial world, Im sure Cohen isn't innocent, find me an owner who is. I really don't care if a millionaire loses some money on a couple stocks because a billionaire did something. My father was a financial analyst, he watches cncbc 24/7 and loves this stuff, he doesn't think Cohen is that bad a guy.
Cusefan0307
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Brian only cares about the Mets and doesn’t care about the little guy!
Define little guy? Stocks are a risky proposition.
B
Brooky03
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kraken feels like it’s run by a Gateway on Windows Vista.
If don’t care about stocks then politely your comments here show you don’t get it and show you only care about the Mets.
What happened yesterday was criminal. If you don’t care then either get the point and disagree with facts or don’t post on it.
Cohen is scumbag. His history shows it.
He lost a billion dollars in the stock market these last few days and what happened yesterday was to screw average joes and protect him and his buddies. That isn’t free market.
You don’t get it. My god. This comment is so maddening. Everyone gets this.
I wish Steve Cohen understood this.
I am admitting it, I don't care about the stock game, name me one billionaire who isn't a little shady.
Shrmdougluvr
Give it all to me fool!
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I don't think that's what he said. He basically remarked that all these owners had to take some souls along the way to get to where they are. He just wants some acknowledgment of that, and for you to leave his scumbag owner alone.
Candidly, as Mets fan, I'm with Briancuse on this. Our last owners casually looked away while Madoff ripped everyone off. Alsacs guy Bob Kraft got jacked off by a sex slave. I'm not condoning what they do or have done, but I as comfortable as one can be with the notion that these uber rich people are super sh!tty, so I'm gonna ride with my super sh!tty guy (so long as his shItty-ness doesn't grossly exceed the others).
I'm just not into the whole stock thing, I'm sorry if some millionaires got ripped off yesterday. My cousin lost some money, he drives a jag and has two houses, one down the shore, he will be fine. This isn't the Bernie Madoff crime of the century.I don't think that's what he said. He basically remarked that all these owners had to take some souls along the way to get to where they are. He just wants some acknowledgment of that, and for you to leave his scumbag owner alone.
Candidly, as Mets fan, I'm with Briancuse on this. Our last owners casually looked away while Madoff ripped everyone off. Alsacs guy Bob Kraft got jacked off by a s e x slave. I'm not condoning what they do or have done, but I as comfortable as one can be with the notion that these uber rich people are super sh!tty, so I'm gonna ride with my super sh!tty guy (so long as his shItty-ness doesn't grossly exceed the others).
I don't think that's what he said. He basically remarked that all these owners had to take some souls along the way to get to where they are. He just wants some acknowledgment of that, and for you to leave his scumbag owner alone.
Candidly, as Mets fan, I'm with Briancuse on this. Our last owners casually looked away while Madoff ripped everyone off. Alsacs guy Bob Kraft got jacked off by a s e x slave. I'm not condoning what they do or have done, but I as comfortable as one can be with the notion that these uber rich people are super sh!tty, so I'm gonna ride with my super sh!tty guy (so long as his shItty-ness doesn't grossly exceed the others).
Both of these posts have me so angry I am telling you I am not responding to be nice.
Sorry if you lost some money.
Cusefan0307
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Like I said, I'm just not a stock guy, used to have some when I was younger, but its not my thing.Nope. This board won big mostly. Sorry you missed out
I swear to god this is the last post I am making to you in this thread.
I made enough money the last week to send a kid to Syracuse for 4 years my wealth has nothing to do with my posts on the subject.
You don’t get it. Yesterday exposed the fact Wall Street is rigged and their is no true free market.
The common folks got screwed so billionaires could keep their yachts, mansions. It was class war fare.
I am not responding to you on this anymore. You don’t get the points being made.
NineOneSeven
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Ride that high into the Jimmy B show next weekend with the nepotism question
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