Article: Catching Rides on Meme-Mafia Trades May Boil Down to Models

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Catching Rides on Meme-Mafia Trades May Boil Down to Models

Lu Wang, 13 June 2021

Staring at a meme stock craze that shows few signs of abating, Wall Street is still wrestling with how to trade it.

Many traders scroll through Reddit blogs that cheer on day traders to suss out the next big thing. Others obsessively track Stocktwits citations. There are even firms hiring WallStreetBets veterans to get inside the heads of the people who call themselves apes with diamond hands. Continue reading “Article: Catching Rides on Meme-Mafia Trades May Boil Down to Models”

Article: Wall Street Warned by U.S. Regulators to Speed Up Libor Exit

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Wall Street Warned by U.S. Regulators to Speed Up Libor Exit

Jesse Hamilton, Alex Harris, and Christopher Condon, 11 June 2021

Wall Street banks must speed up their efforts to stop using Libor, regulators said Friday, issuing one of their sternest warnings yet about abandoning the scandal-plagued benchmark.

From Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell, watchdogs made clear during a meeting of the Financial Stability Oversight Council that time is running out. The admonishment — coming from the heads of all of the U.S.’s most powerful financial agencies — marked a remarkably high-profile push to light a fire under banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. Continue reading “Article: Wall Street Warned by U.S. Regulators to Speed Up Libor Exit”

Matt Taibbi: Let the Apes Have Wall Street

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Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results

On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.

“Naked shorts, yeah,” said Lee.

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