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Discussion in 'Politics & Current Events' started by mbardu, Jan 27, 2021.
Comment of the year for sure.
Robinhood just shut out GameStop, AMC, Nokia, Naked, Blackberry, and more. Go on the app and it'll say "this stock is not supported". No more options to buy or sell. Seems like Wall St. folks are reading online on Reddit and such. Any stock that is mentioned is getting blocked and delisted.
It's funny how blatantly transparent Wall Street regulators and stock exchanges are being in supporting the elite fucks while hosing over the little dudes that were just playing the game the elites thought they had a lock on.
Sadly, the only legal ramifications I've heard is talk of blocking small players from ever being involved in shorted stocks "to protect them from losing their investments." Yeah, right. The legal system is meant to protect those at the top. It's about blocking small players from even entering the game. Pisses me off to no end, but it is what it is.
Wealth and power rallying to protect each other really isn't surprising, but I'll admit "the poors aren't allowed to trade these stocks anymore" is more of a bold move than I was expecting.
I guess now we can start the countdown, how long will it take between wealthy "elites" determining there is a "problem" and for legislation to be introduced which favors them.
Especially laughable considering that the small players here are doing the most basic operation there is (buy a stock and hold it...no complex strategy, no options...) and the argument is that this is "too sophisticated" for them, while the hedge funds illegally shorting 140% of float with other people's money are just dandy
Somehow that sounds illegal.
They could try to play the “accredited investor” card or see activity like this pushed to that requirement.
It may be, but you gotta understand that RobinHood is in bed with Citadel, which in turn is in bed with Melvin Capital (the fund most impacted by Gamestop losses) - so even if illegal, it's certainly not surprising .
That's the funny part for me because in this case "this activity" is just "buy a stock". How much more basic does it get.
No I completely agree. I just wonder if they’ll classify a “mass social media stock frenzy” as undue risk and sophistication, relegating that activity as an accredited investor only activity.
Not delisted per se, but it's no longer possible to buy shares, only close. This is absolutely disgusting and blatant insider manipulation.
Citadel bankrolling RH and they don't want to lose the 3 Billion they injected into Melvin...so instead everyone on RobinHood loses.
R I G G E D
Dude, fuck Robinhood. I was thinking about downloading it and creating an account so I could do stock stuff with my brother and our friends, and I wake up and see this shit.
Stay mad Wall Street I guess?
Oh yeah big big FU to robinhood.
As we speak, other brokers are joining in on the fun too, and restricting GME buying however they can (from altogether banning, to changing margin requirements, to just "glitching") - while (call me conspirational) reddit is so glitchy it might as well be under DDOS.
You can literally see that right now, nobody is able to buy the stock, while big players are selling to each other in huge lots to mechanically kill the price...and it's working.
This is disgusting.
According to WallStreetBets, they're preparing a class action lawsuit against Robinhood.
Obviously not going to happen because of reasons, but RobinHood/Citadel/Melvin would deserve to burn over this.
Looking around online, I see the hedge funds are losing $2-3 billion over this. Why do I have a feeling that the owner of Melvin Capital is going to run as a Republican for president in four years boasting financial success as a strength?
And good for redditers. They have every right to buy stock in whatever failing company they want the fact that professionals not only feel for this crap, but buried themselves so far into it, shows why "wealt management" professionals are just a scam to tax you on your saving. I hope the government takes actions on apps preventing people from buying stock, as that seems very much like insider trading to me.
I have read several news articles and finance sites to try to understand what was going on over the last week or two, and it still wasn't making sense. Your explanation is super clear and made it click. Just want to say this post is excellent and you conveyed the message really clear.
It is amazing the lengths that these people will go to screw over common people doing the same thing they on a daily basis and get away with it. I hope that any lawsuits brought against these companies participating in this goes forward but I know that they will get squashed. I bet our government will act quickly and put new laws in place to ensure Wall Street is protected from something like this in the future. This situation shows the wealthy really don't like the new kids playing in their sandbox and using their toys against them.
This is basically an axiom of human civilization throughout history. Very well said.