GameStop stock scandal
Are you confused about the Reddit hedge fund / GameStop scandal? Well here's the gist:
So you've got a bunch of hedge fund people selling stock that isn't theirs to sell (like borrowing a friend's bike and pawning it off) and then counting on their actions to make other people panic and drive the price way down so they can buy it again at the lower price and make a profit (before the friend can find out the bike is "borrowed" and call the cops). Yes, these assholes are selling stocks they don't own and buying them back again to profit off of them. They are committing a crime.
Then come redditors, on an app fittingly called Robinhood, recognizing the crime being committed and swooping in to buy those stocks and hold them for ransom so the hedge fund assholes HAVE to buy them back at the higher price when the due date arrives. If they don't, the people they stole those stocks from will be pissed and will get the law involved.
And then... and then, the criminal hedge fund morons had the unmitigated GALL to whine and bitch and moan TO THE MEDIA about how the filthy poors were disrupting their criminal activity.
So yeah, this is using the tools of capitalism to punish people who are stealing money from others. A real bottom-up revolution.
Oh, and these hedge fund assholes doing this crap have pissed off some really powerful people over the years, including Elon Musk, since - ya know - this bullshit fucks up their stock exchange stats. So I have a feeling the law is gonna come down HARD on these asshats. . . . This was cross-posted from https://fayanora.dreamwidth.org/1609287.html
You can comment either here or there.
So you've got a bunch of hedge fund people selling stock that isn't theirs to sell (like borrowing a friend's bike and pawning it off) and then counting on their actions to make other people panic and drive the price way down so they can buy it again at the lower price and make a profit (before the friend can find out the bike is "borrowed" and call the cops). Yes, these assholes are selling stocks they don't own and buying them back again to profit off of them. They are committing a crime.
Then come redditors, on an app fittingly called Robinhood, recognizing the crime being committed and swooping in to buy those stocks and hold them for ransom so the hedge fund assholes HAVE to buy them back at the higher price when the due date arrives. If they don't, the people they stole those stocks from will be pissed and will get the law involved.
And then... and then, the criminal hedge fund morons had the unmitigated GALL to whine and bitch and moan TO THE MEDIA about how the filthy poors were disrupting their criminal activity.
So yeah, this is using the tools of capitalism to punish people who are stealing money from others. A real bottom-up revolution.
Oh, and these hedge fund assholes doing this crap have pissed off some really powerful people over the years, including Elon Musk, since - ya know - this bullshit fucks up their stock exchange stats. So I have a feeling the law is gonna come down HARD on these asshats. . . . This was cross-posted from https://fayanora.dreamwidth.org/1609287.html
You can comment either here or there.