GameStop Is Rage Against the Financial Machine

Re:GameStop Is Rage Against the Financial Machine by hehehaha on Wednesday January 27, 2021 @05:48PM (#25935227)

I am tired of this misguided narrative that pits retail and r/wsb vs big bad wolf Wall Street hedge funds. This is not David and Goliath. There are hedge funds with deep pockets on both sides. Retail traders do not run sophisticated algos to jam the price 15 minutes from the open because they want to neuter circuit breakers. C’mon guys...

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by mancerayder on Wednesday January 27, 2021 @06:11PM (#25935455)

> Retail traders do not run sophisticated algos to jam the price 15 minutes from the open because they want to neuter circuit breakers.

How is that legal?

> C’mon guys...

In this particular instance, even if it is rare, it does certainly feel like a David and Goliath story?

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by aphextron on Wednesday January 27, 2021 @06:18PM (#25935529)

>How is that legal?

It doesn't particularly matter. The SEC is not some omniscient all powerful entity. The rate of prosecution for financial crimes is shockingly low.

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by hehehaha on Wednesday January 27, 2021 @06:17PM (#25935519)

It’s legal and to be completely honest was a pretty damn smart thing to do.

I don’t think it’s David and Goliath. I feel like it’s Goliath using millions of Davids to do his bidding. Retail is getting used.

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by jrochkind1 on Wednesday January 27, 2021 @05:51PM (#25935262)

I would like to hear more about this. Has anyone found details in this particular case?

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by marketneutral on Wednesday January 27, 2021 @06:27PM (#25935627)

this is a good thread: https://twitter.com/matthewstoller/status/135450879463882342...

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by dash2 on Wednesday January 27, 2021 @07:13PM (#25936163)

I don't see anything there about algos being used to neuter circuit breakers. Just a claim about some large trades being made (which is interesting too, but different).

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by whimsicalism on Wednesday January 27, 2021 @05:50PM (#25935249)

Agreed. It seems like everyone is learning the wrong lesson from this.

[ Parent | on HN ]