Ignoring years of silver price manipulation, Orwellian CFTC now goes after Reddit Apes
Ronan Manly, Bullion Star, 04 March 2021
On Monday 1 March, an article in Bloomberg Law by CFTC connected lawyers from law firm Clifford Chance revealed that the Commodity Futures Trading Commission (CFTC) is reportedly investigating retail silver trader activity in the silver price and that the US Department of Justice looks set to investigate as well.
Before looking at this shocker of an Orwellian development, it’s helpful to provide some context on the CFTC’s track behavior in this area and to show how hypocritical such a development would be. Continue reading “Article: Ignoring years of silver price manipulation, Orwellian CFTC now goes after Reddit Apes”
Young Koreans are echoing r/WallStreetBets in their war against short sellers
Max Kim, Rest of World, 03 March 2021
The Korean Stockholders’ Alliance is located in Yeouido, Seoul’s financial and political district, on the fifth floor of an officetel building mostly occupied by financial companies. Jung Eui-jung, the 62-year-old head of the Alliance and the sole resident of its office, points out the window to a large, bright-yellow bus parked outside on Eunhaengro (“bank street”), so named because it is home to South Korea’s two main state banks. The Alliance is an advocacy group that represents retail investors, with around 41,000 members. Its current mission statement is displayed in block letters on the side of the bus: “I hate short selling!”
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Keith Patrick Gill (born June 8, 1986) is an American financial analyst and investor known for his posts on the subreddit r/wallstreetbets
His analyses of GameStop stock (and his resulting investment gains) posted on Reddit as DeepFuckingValue (DFV) and on YouTube and Twitter as Roaring Kitty were cited by many as a driving factor in the GameStop short squeeze of January 2021, and as a spark for the subsequent trading frenzy in retail stocks. The rising stock value allowed him to turn a US$53,000 investment into an investment worth close to $50 million, as of January 28, 2021. Continue reading “Investor: Keith Gill”
The GameStop Mess Exposes the Naked Short Selling Scam
LUCY KOMISAR, 25 February 2021
At the House Financial Services Committee hearing last week on the GameStop debacle, there was an elephant in the room: naked short selling.
Short selling, effectively betting that a stock will go down, involves a trader selling shares he does not own, hoping to buy them back at a lower price to make money on the spread. The trader is supposed to locate (or have a “reasonable belief” he can locate) or borrow the shares in brokerage accounts, and then transfer them to the buyer within two days. This accounts for as much as 50 percent of daily trading. Continue reading “Article: The GameStop Mess Exposes the Naked Short Selling Scam”
Deja Vu All Over Again: Gamestop Soars Over 300% As ‘Gamma Squeeze’ Returns
Tyler Durden, Zero Hedge, 24 February 2021
Lots of charts, Melvin Capital is fucked. Great day.
How were more than 100% of GameStop’s shares shorted?
John McCrank, Reuters, 18 February 2021
But Vlad Tenev, broker Robinhood’s chief executive officer, recently pointed out that some of the stocks involved in the “meme stock” rally were more than 100% shorted, implying that more shares were shorted than were available to trade.
“I just think that’s pathological,” he said on the All-In Podcast late last Friday. “You end up with this situation that could destabilize the financial markets.”
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Trading hot stocks like GameStop seems fun until you look beneath the surface
Congress is asking questions about whether middlemen or “market makers” like Citadel that execute stock trades really give small investors the best prices.
Gretchen Morgenson, ABCNews, 18 February 2021
Market makers like Citadel make money by pocketing the difference between the price at which they buy shares — the bid — and the price they receive from selling them to Robinhood clients, the offer. Other firms in the business are Virtu Americas, G1X Execution Services and Two Sigma Securities.
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SEC Data Show $359 Million of GameStop Shares Failed to Deliver
Brandon Kochkodin, Bloomberg, 17 February 2017
GameStop surged more than 1,700% before curbs were implemented
More than 2 million shares failed to deliver at peak of mania
“Fails-to-deliver can occur for a number of reasons on both long and short sales,” reads a disclaimer on the SEC website. “Therefore, fails-to-deliver are not necessarily the result of short selling, and are not evidence of abusive short selling or ‘naked’ short selling.”
Comment: The SEC is full of shit and a RICO organization complicit in Class A felonies enabled by the Department of Justice and the Senate Banking Committee. For the slow learners, start with the Cartoons.
GameStop Frenzy Prompts SEC to Weigh More Short Sale Transparency
House lawmakers meeting Thursday plan to examine the GameStop trading and discuss the dearth of short-sale data
Dave Michaels and Dawn Lim, Wall Street Journal, 17 February 2021
The Securities and Exchange Commission was ordered 11 years ago to impose such rules but never did it. Now, dealing with the fallout from frenetic trading in GameStop Corp. shares, the agency under new leadership is considering using its authority to shine more light on the mechanics of the bearish trades.
Comment: Bearish trades my ass. Naked short selling is a Class A Felony. It is counterfeiting. It is fraud, It is cheating widows and orphans and wiping out inventors and entrepreneurs, turning gold into lead for profit. It is also on occasion collusion with foreign governments (the UK more often than China) and thus treason, sabotaging the US economy the US now being in a state of war.
SEC Data Show $359 Million of GameStop Shares Failed to Deliver – Thank you Bloomberg for finally reporting the news
Reddit, 17 February 2021
As usual, Bloomberg posting some truth embedded in a sea of lies and narrative.
“GameStop stock, for months among the most heavily shorted on the New York Stock Exchange, surged more than 1,700% from Jan. 1 through Jan. 27 as a legion of Reddit users piled on, forcing bearish traders to scramble for shares and brokers to take the highly unusual step of curbing trading.”
Read more at: https://www.bloombergquint.com/onweb/sec-data-show-359-million-of-gamestop-shares-failed-to-deliver
Apparently “unusual” is the new term for “illegal” 🤦🏻♂️
As Hearing Looms, Here Is How Gamma Was Weaponized Against GameStop
Tyler Durden, 17 February 2021
In late January 2021, GameStop experienced a once-in-a-decade squeeze that has captivated the world’s attention. It was a premeditated and programmatic exercise, orchestrated by coordinated stock and option buying across the retail and professional community, resulting in large institutional entities losing billions of dollars. Investment houses with significant short positions did not expect a stock with GameStop’s fundamental profile to increase +2,500% in price over less than three weeks; therefore, they did not have the controls in place to handle the incredible levels of stock and call option purchases. The frenzy drew comments from the White House, provoked a social media crackdown, caused brokerage units to restrict trading, and has led to a Congressional hearing on GameStop on Thursday, February 18th.
Continue reading “Article: As Hearing Looms, Here Is How Gamma Was Weaponized Against GameStop”