4 ms·
No, there is not a massive scheme to create counterfeit shares of GameStop which is being covered up by all the major players in the financial markets because t
by mcherm 6y ago
No, there is not a massive scheme to create counterfeit shares of GameStop which is being covered up by all the major players in the financial markets because they are all in on the conspiracy. There are no grand conspiracies, participants in the financial markets are perfectly happy to backstab each other, and very few of them cared one way or the other about GameStop before this hit the news.
In fact, none of them particularly care if one specific hedge fund goes out of business. The REAL reason that major players on Wall Street are a bit spooked by this situation is because it has received so much attention that Congress might decide to quickly pass ill-considered[1] legislation, and who KNOWS what THAT might do to things.
[1] "ill-considered legislation": a term referring to legislation that was not crafted in collaboration with financial industry lobbyists.
- mam2 6y agoCounterfied shares have already existed. And underreporting in that case cost less money as a fine than what they are losing if the price stays at that price right now. Why do you think i go out all the time during the lockdown ? Because theres no control and the fine is only 135 euros. If it was 1000 euros and more controls id be respecting.
- me_me_me 6y agoOne obvious thing is that they might not 'work together' but despite knowing about those shorts none of the big guys took advantage of it. There was a huge potential to 'backstab' there but no one did it. I will not buy BS that nobody noticed. Its not like they don't know anything just randomly bet. They are on the same team with unwritten rule of not fucking with each others' exploits. And it took an outsider big enough to actually displace those whale bets and to wreck some havoc amongst big players. This will not likely happen again anytime soon as the Wallstreet boys will have to be more careful now.