Robinhood blatantly manipulates the market for the elites

Submitted by Battle of Blair... on Thu, 01/28/2021 - 11:52am

Robinhood, the app used by most reddit users on Wallstreetbets (ASB) has blocked all shareholders of GME (Gamestop) from buying new shares. They are only allowed to sell the shares they currently own, not buy new ones.

This is blatant market manipulation and Robinhood will be getting sued.

Our progressive representatives need to make it clear that this type of one sided manipulation is completely unacceptable.

Meanwhile, reddit is striking back at Robinhood. They've lawyered up and are threatening a class action lawsuit.

And the Canadians come to the rescue. They have no such restrictions in Canada, land of the free. They are holding and buying. Europeans are also holding and buying up more GME.

This has become a global revolution against the elites. Robinhood won't exist for very much longer. 56% of their users hold GME stock and many of them are leaving. Add in the class action lawsuit and Wall Street is about to learn not to fuck with us anymore.

EDIT: absoulutely amazing! Since Robinhood blocked purchases of GME, the rest of the world has gobbled up so many shares that GME has doubled from $200 to $400. The hedge funds losses have now gone from 3.7 billion to likely double IN A SINGLE DAY.

Welcome to the Revolution.

Tags:

#wallstreetbets

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Comments

Submitted by Battle of Blair... on Thu, 01/28/2021 - 12:17pm

Here's a valuable link

https://www.reddit.com/r/wallstreetbets/comments/l6wbbj/can_you_say_clas...

The SEC lists blocking trade activity as market manipulation. Wall Street knows they will lose a class action lawsuit, but that will cost them less than allowing this to continue.

Use the above link to file a complain of market manipulation with the SEC. Send those fuckers to jail where they belong.

Submitted by Lookout on Thu, 01/28/2021 - 12:19pm

Rising had a couple of good pieces this AM...

Krystal Ball: GameStop And The Ecstasy Of Making Elites Pay
https://www.youtube.com/watch?v=zTT4it_f7Jc (12 min)

Saagar Enjeti: Wall Street Elites REGULATE, DEPLATFORM Redditors Who BEAT THEM On GameStop
https://www.youtube.com/watch?v=t95Hxz6xioQ 13 min

When the serfs game the elites IT WILL NOT BE TOLERATED!

—

“Until justice rolls down like water and righteousness like a mighty stream.”

Submitted by Battle of Blair... on Thu, 01/28/2021 - 12:25pm

Let the elites eat cake

@Lookout

The Revolution IS being televised after all.

Submitted by CS in AZ on Thu, 01/28/2021 - 1:34pm

Saagar has been on fire about this! Thanks for posting that link

@Lookout

I just watched his segment earlier this morning and thought it was excellent. His energy is contagious and the way he explains the situation is pitch perfect IMO. He is angry but still entirely coherent and on target.

I haven't seen the other Rising segment yet but will watch as soon as I get a chance. This is an exciting event; for once, something is happening that is real, and it doesn't depend on looking to politicians for power. (Maybe there is a message there?!?)

I am surprised and disappointed that a platform called Robinhood, that was supposed to exist to give regular people access to the same financial investing options and power as the big guns, immediately rolled over and shut them down. I assume they came under enormous threats and pressure to comply, but still, disappointing to say the least. It is good news that people are not taking it laying down.

I feel like Saagar, this is the most energizing thing that has happened in the "news" for a long time.

(And may I say here also, big Thanks to gjohnsit and BoBM for bringing this story here to keep the discussion going.)

Submitted by Lookout on Thu, 01/28/2021 - 5:55pm

the game is rigged...

@CS in AZ

against the little person...and this story makes it plain to see. Evidently some platforms have allowed for continued purchasing and the price went higher today.
Edit to add: ended down 65%

There was another similar case with silver and JP Morgan.
Want JP Morgan to crash? Buy silver
Max Keiser
The campaign to buy silver and force JP Morgan into bankruptcy could work, because of the liabilities accrued by its short-selling
https://www.theguardian.com/commentisfree/2010/dec/02/jp-morgan-silver-s...

They eventually were fined dollars for millions in gain.
https://nypost.com/2020/09/23/jpmorgan-set-to-pay-1-billion-fine-for-met...

As the biggest short seller in COMEX gold and silver futures contracts, Bear Stearns’ failure would be expected to cause prices to explode in an orgy of short covering by the biggest short suddenly gone bad. Actually, silver and gold prices had been running to new highs back then as Bear Stearns lurched toward bankruptcy in mid-March 2008. From the start of that year, silver had jumped by $6 to $21, a new 28 year price high and gold hit its then all-time high of over $1000, up $150 since year end, with both price highs occurring on the very day that Bear Stearns was taken over, March 17, 2008 (St. Patrick’s Day).

That was the day, of course, when JPMorgan took over the short reins from Bear Stearns, with full prodding, cooperation and participation from the US Treasury and the Fed. Almost from that day, silver and gold prices began falling and didn’t stop until October of 2008, when silver traded below $9, nearly 60% lower than when JPMorgan took over – not just Bear Stearns, but the market itself. Gold fell from its then all-time high of $1020 to under $700 by that October. And on these massive price declines in 2008, JPMorgan bought back much of its massive COMEX short position with profits of many hundreds of millions of dollars. This was the very first of the many coming successful manipulation campaigns conducted by JPMorgan upon its ascension to the very top of the silver market.

https://www.silverdoctors.com/silver/silver-news/theres-a-govtjp-morgan-...

Now come supply shortages in the rigged metals markets and a reason to end short selling by a big bank. Hemke contends, “The abuse of the markets was so extreme that in the first 15 days of March of this year, they did 290 thousand gold contracts (at 100 ounces per contract). That’s 900 metric tonnes this way in just the first 15 days of March. Then, boom, everything collapses. Here comes the Fed with QE (money printing) to infinity. The mints are closed. The refineries are closed. There is no gold anywhere. The spread explodes to $100. There are articles written that say HSBC lost $200 million in a day . . . and massive losses because they got caught with no physical gold. . . . Everybody is showing up now and demanding delivery from COMEX. They are having to fly in metal from everywhere to try to make it look like it’s working. . . . So, now, these banks, like JP Morgan, which were able to control the market by issuing these shorts and calling it a hedge, are now being called to deliver.
https://usawatchdog.com/jp-morgan-will-stop-shorting-silver-craig-hemke/

When Clinton did away with Glass-Stegall the banks became casinos.

I'm no market person, but love to see little people poking the elite in the pocketbook!

—

“Until justice rolls down like water and righteousness like a mighty stream.”

Submitted by ggersh on Thu, 01/28/2021 - 4:16pm

The markit is nothing but a fraud

@Lookout

#2.2 against the little person...and this story makes it plain to see. Evidently some platforms have allowed for continued purchasing and the price went higher today. Edit to add: ended down 65% There was another similar case with silver and JP Morgan. Want JP Morgan to crash? Buy silver Max Keiser The campaign to buy silver and force JP Morgan into bankruptcy could work, because of the liabilities accrued by its short-selling https://www.theguardian.com/commentisfree/2010/dec/02/jp-morgan-silver-s... They eventually were fined dollars for millions in gain. https://nypost.com/2020/09/23/jpmorgan-set-to-pay-1-billion-fine-for-met... As the biggest short seller in COMEX gold and silver futures contracts, Bear Stearns’ failure would be expected to cause prices to explode in an orgy of short covering by the biggest short suddenly gone bad. Actually, silver and gold prices had been running to new highs back then as Bear Stearns lurched toward bankruptcy in mid-March 2008. From the start of that year, silver had jumped by $6 to $21, a new 28 year price high and gold hit its then all-time high of over $1000, up $150 since year end, with both price highs occurring on the very day that Bear Stearns was taken over, March 17, 2008 (St. Patrick’s Day). That was the day, of course, when JPMorgan took over the short reins from Bear Stearns, with full prodding, cooperation and participation from the US Treasury and the Fed. Almost from that day, silver and gold prices began falling and didn’t stop until October of 2008, when silver traded below $9, nearly 60% lower than when JPMorgan took over – not just Bear Stearns, but the market itself. Gold fell from its then all-time high of $1020 to under $700 by that October. And on these massive price declines in 2008, JPMorgan bought back much of its massive COMEX short position with profits of many hundreds of millions of dollars. This was the very first of the many coming successful manipulation campaigns conducted by JPMorgan upon its ascension to the very top of the silver market. https://www.silverdoctors.com/silver/silver-news/theres-a-govtjp-morgan-... Now come supply shortages in the rigged metals markets and a reason to end short selling by a big bank. Hemke contends, “The abuse of the markets was so extreme that in the first 15 days of March of this year, they did 290 thousand gold contracts (at 100 ounces per contract). That’s 900 metric tonnes this way in just the first 15 days of March. Then, boom, everything collapses. Here comes the Fed with QE (money printing) to infinity. The mints are closed. The refineries are closed. There is no gold anywhere. The spread explodes to $100. There are articles written that say HSBC lost $200 million in a day . . . and massive losses because they got caught with no physical gold. . . . Everybody is showing up now and demanding delivery from COMEX. They are having to fly in metal from everywhere to try to make it look like it’s working. . . . So, now, these banks, like JP Morgan, which were able to control the market by issuing these shorts and calling it a hedge, are now being called to deliver. https://usawatchdog.com/jp-morgan-will-stop-shorting-silver-craig-hemke/ When Clinton did away with Glass-Stegall the banks became casinos. I'm no market person, but love to see little people poking the elite in the pocketbook!

—

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

Submitted by ggersh on Thu, 01/28/2021 - 12:33pm

Melvin shorted Gamestop to the tune of 140%

That appears to be illegal, if not impossible, oh wait he owns a Hedge Fund

https://www.quora.com/Can-a-stock-have-100-of-its-shares-shorted?share=1

The short answer (no pun intended) is no.

The way short selling works is that you borrow the stock from a lender who owns the stock (for a fee) and buy it back at a later time in the market to return the shares to the person you borrowed it from.

If the price that you buy the stock back in the market is LOWER than the price you borrowed it at then you make money. This is how you profit off the assumption that a stock price will drop due to a broad based sell off in a declining market or more specifically due to a company’s weak fundamentals or fraudulent activity (think Carson Block at Muddy Waters

).

In order to borrow a stock from someone, that person (or institution) must own it. Hence it is impossible that 100% of a company’s stock can be shorted.

Publicly listed companies will only float (or issue) a certain percentage of their overall stock to the public to be available for trading, keeping a large amount of shares for internally for themselves.

It is rare that the short interest of a company will exceed 50% and part of the reason this is the case is due to investor psychology. Shorting a stock comes with additional risks and emotional burden due to the cost of borrowing the stock and a general long bias that is present in market dynamics. Any sudden change in sentiment or market dynamics will cause short sellers to quickly buy back the stock in the market to “cover” their short position which causes a rally in the stock price known as a short squeeze.

At the end of the day it is generally very challenging to predict the price movement of a stock in the future and all the more challenging to hold a short position unless you have built a strong conviction, or there is a catalyst such as an upcoming data point (earnings miss), or a report of fraudulent activity that will trigger a sell off in the name.

—

I never knew that the term "Never Again" only pertained to
those born Jewish

"Antisemite used to be someone who didn't like Jews
now it's someone who Jews don't like"

Heard from Margaret Kimberley

Submitted by snoopydawg on Thu, 01/28/2021 - 12:56pm

But it is a free market.....?

Did Discord manipulate the market when it cut off Redditt's WSB? I think that yes it qualifies for market manipulation as well as all the other things Wall Street wants done to them. Hey if it's legal for one guy to short a stock and tell his friends to do the same to drive the price down, then how was it illegal for others to buy the stock no matter what the drive behind it meant? It is the same action, but rich people think that only they should be able to do that. Now that is hubris.

I haven't watched much of this, but posted in case others want to watch it.

[video:https://www.youtube.com/watch?v=4xx-dkswc0w]

“The free market is only free until rich people lose money,” one tweeted.

Can someone post this for me? Old computer won't open Twit anymore. Gotta get the other one out of the box and up/running.

Today in the “Free” Market $AMC $GME $NOK all have been restricted from trading because Billionaires can’t handle the game being rigged against them for the first time in history. Hold. The. Line. #RobinHood

From same link:

The team at @RobinhoodApp showing us all that capitalism and free markets only really exist for hedge fund managers in 2021. App deleted.

HA ha...

We are witnessing the French Revolution in finance.”

Last I saw GS was at $440. Ouch. This is gonna cost someone a lot of money aye?

—

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

Submitted by doh1304 on Thu, 01/28/2021 - 2:40pm

Yes it will

@snoopydawg
but won't that be the last person holding GS stock? Someone who paid $500 a share, but now Gamestop is nothing but a bunch of boarded up empty storefronts in an abandoned strip mall?

—

On to Biden since 1973

Submitted by usefewersyllables on Fri, 01/29/2021 - 8:10pm

What is happening here

@doh1304

is not "investing". The entire concept of ROI has long been reserved for those individuals who can command 7 figure moves. Everyone is now fully aware that moves in the market of less than 7 figures isn't "investing", and hasn't been in decades.

What you are seeing now is a new form of anarchist consumerism, very much akin to buying hundreds of dollars of fireworks for the 4th of July when you barely can make rent or put food on the table. The people who are doing this quite rightly no longer expect ROI. They know that that money will be gone tomorrow. Instead, they are essentially buying bags of sand to pour into the gears of the financial system, because they think that the noises, flashes of light, and clouds of smoke that will result from the corrupt machinery destroying itself will be reward enough.

I can't disagree with them. More power to them, frankly.

—

Twice bitten, permanently shy.

Submitted by lotlizard on Sun, 01/31/2021 - 12:59am

Incidentally, that was also why many people backed Donald Trump

@usefewersyllables
or other outsiders and long shots. And why many people here in former E. Germany whose families lost it all after reunification vote for the populists.

they are essentially ~~buying~~ voting for bags of sand to pour into the gears of the ~~financial~~ political system, because they think that the noises, flashes of light, and clouds of smoke that will result from the corrupt machinery destroying itself will be reward enough

Submitted by vtcc73 on Thu, 01/28/2021 - 1:44pm

It's all fun and games

until the marks disembowel a hedge fund. Then it ain't so damned funny. Unless you're the mark.

I'm thinking this might loosen the bowels of more than a few of the asswipes who for decades have shorted their way, and used other system quirks designed for fraud, to billions. The bastards crashed the world's financial system and got away scot free. Thanks Obama. Bubble making and fraud might not feel like so much fun or look so profitable to the rulers of the universe when the game might not risk free. Man, I can think of a few others I'd like to get their dangly bits squeezed like this.

This Guardian article is a bit condescending. Maybe somewhat accurate to but how must it feel getting wrecked by a bunch of disfunctional nobody kiddies?

—

"Ah, but I was so much older then, I'm younger than that now..."

Submitted by yellopig on Thu, 01/28/2021 - 8:13pm

I am so giddy…

…watching all this go down!

YAY!

It's so gratifying to see those hedge fund jerks get served some "Backatcha!" cake!

I'm hearing the Congressional hearings will be asking more questions about why hedge funds even exist at all—finally!—than about how and why it all went so wrong. I surely do hope that's the case!

—

“We may not be able to change the system, but we can make the system irrelevant in our lives and in the lives of those around us.”—John Beckett

Submitted by snoopydawg on Thu, 01/28/2021 - 8:48pm

I wonder how much of this falls back on Obama’s

@yellopig

not prosecuting Wall Street after they crashed the global economy? This stuff was happening before then sure, but on the level where some stock is borrowed over 100%? Maybe if he had brought the hammer down on them they wouldn’t be so brazen. Bush 1 put some people in jail for the savings and loan debacle. Obama? Hell he didn’t even charge guys that poisoned thousands of people and left kids with health issues. Ugh!

—

Which AIPAC/MIC/pharma/bank bought politician are you going to vote for? Don’t be surprised when nothing changes.

Submitted by yellopig on Thu, 01/28/2021 - 8:58pm

Nah, I think…

…the Democratic president who should bear the blame is Clinton, @snoopydawg .

Once the markets were deregulated, the borrowing level was on the way up with no restraints, because this is 'Murika, and everything always has to go UP.

Obama didn't help things, but he wasn't the basic cause.

—

“We may not be able to change the system, but we can make the system irrelevant in our lives and in the lives of those around us.”—John Beckett

Submitted by lotlizard on Sun, 01/31/2021 - 1:16am

In any case the Biden-Harris franchise puts all three ex-POTUSes

@yellopig
together now in a comics-character image in the mold of The Avengers, with a narrative about how a signally virtuous, morally immaculate Clinton, Bush, and Obama super-heroically joined forces to help save the soul of America from the Orange Menace, etc.

Their sins as presidents have all been expunged from history. They’ve been washed in the blood of the Lambo* some rich donor bought with the tax cuts the three shepherded through.

* ^Lamborghini