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Free speech has nothing to do with it. Nothing. Absolutely nothing. And working as a group does not need to be an explicit agreement like you think it does. Yo
by elliekelly 6y ago
Free speech has nothing to do with it. Nothing. Absolutely nothing.
And working as a group does not need to be an explicit agreement like you think it does. You’re certainly entitled to your opinion as I am mine. Having experience dealing with the SEC as a securities lawyer I’m of the opinion its anything but cut and dry.
- zeusk 6y agoI agree it's anything but cut and dry. How are ideation dinners legal, or obvious conflict of interest when a market maker has stakes in a hedge fund - are they transparent about their shady collusions be it implicit or explicit? Atleast wallstreetbets is readable by anyone and everyone.
- hn_throwaway_99 6y ago> Free speech has nothing to do with it. Nothing. Absolutely nothing. That doesn't make sense. Any restrictions on speech (e.g. prohibiting lying in commercials, prohibiting yelling fire in a crowded room, etc.) always need to go through the lens of whether there is a "legitimate government interest", because the courts have been very clear that any restrictions on speech much have a clear rationale. If the SEC wants to argue that posts on a public website forum are somehow collusion, they need to argue why those posts are not protected by the first amendment. Of course, it's easy to come up with a clear rationale for why one would limit speech in this case, and "commercial" speech is much more open to restrictions. However, I don't see how one could argue "I'm buying a shit ton of GME, and I think you should too, because I want to screw over the hedge fund guys" is any different, just because it's on a forum, from all the other types of investment advice and theories that goes out all the time.