Re:Discord bans r/WallStreetBets server, subreddit went priv...
by jessaustin on Thursday January 28, 2021 @02:28PM
(#25947595)
Regulators and prosecutors do as industry tells them. In this case it's not clear that industry wants anything changed. The smarter hedge reptiles made some money riding the momentum of this thing, and will make more riding it back down when it collapses. Being reptiles, they won't cry because one or two of their number didn't make it out alive. Smart money is never going to outlaw dumb money.
Re:Discord bans r/WallStreetBets server, subreddit went priv...
by deathlight on Sunday January 31, 2021 @02:02AM
(#25976749)
>Regulators and prosecutors do as industry tells them
Then why would any company ever get sued?
This is a sideshow. Feds or regulatory body will crack down, we'll just accept another banned community that is "a threat to our democracy" and we'll move on. I don't think what is essentially financial de-regulation is a movement that's going to pick up steam some time soon. There's vagueness in securities laws and this will continue. Meanwhile banks will periodically be sued for tens of billions that will fill the coffers of attorney generals, justice departments and various state regulators [0]
> Isn't that the whole point WSB is making?
Yes, partly. I think much of it is about having some fun and having a sense of community.
[0] https://www.wsj.com/articles/big-banks-paid-110-billionin-mo...