Kaelik wrote:On the other hand I do expect some investigation of Wall Street Bets, because while what they did is market manipulation and illegal, and is exactly the kind of illegal market manipulation Chiron (the Hedge Fund) does and did when it shorted a bunch of Gamestop stock and told everyone else to short it too, it's also the case that our government understands the difference between the people who are "in the club" and are allowed to commit crimes, and the people who aren't.
EDIT: And to be clear I really do mean club shit. The WSB's people are not a bunch of poor people who just came up with a great idea, they are younger financial investment people who come from money and have bloomberg terminal access and shit.
But hedge funds are privately owned companies with staff and investors and shit and WSB is a public forum anyone has access to. Even if some young trust fund assholes get blasted on coke and drive up Gamestop stock and post about it on reddit, can't anyone see that? If I get a sign and painted "BUY GAMESTONKS NAO DIAMOND HANDS BBY" and drive around my neighborhood with it plastered to my car, is that different because it happened in real life?
Basically, who do you prosecute here? The first guy who posted saying to buy GME? The entire Reddit website? Just that particular subreddit but not any of the people in it? Some third party who didn't shitpost on the internet? Elon Musk?
Foxwarrior wrote:Robinhood is reminiscent of a 1928-style bank, they love to lend people money to gamble on stocks with. So when they're selling "your" stocks for you, really they owned those stocks about as much as you did.
That... doesn't sound financially tenable?