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No one from JPM or even big hedge funds was involved -- this is the one single thing that compliance and legal departments would be all over, so any well-regula
by MagnumOpus 6y ago
No one from JPM or even big hedge funds was involved -- this is the one single thing that compliance and legal departments would be all over, so any well-regulated outfit with a compliance department would have staid well away from pump&dump. (The JPMs and Citadels made money from market making on stocks and options - there they made a year's worth of profits in a week.)
You are likely right that finance bros were (and still are) behind the polished 24/7 rocket memes, but they were likely small single-PM funds and non-regulated private players, posting behind 7 proxies to provide anonymity and plausible deniability against the SEC.
- Pyramus 6y agoFrom what I've heard and read Wall St was heavily involved - I'm not sure why you think this would be a compliance issue?
- UncleMeat 6y agoA bank going on reddit to try to influence public behavior and therefore the price of a stock so they can make money is definitely illegal. A competent legal department would reject an organized attempt to do this. This is why many people believe that it is "finance bros" doing this on their own in their spare time rather than somebody at JPM leading a team to do it.