01-28-2021, 11:22 PM
vision63 wrote:
[quote=pdq]
[quote=Lemon Drop]
Did the reddit people violate any laws?
I think it’s illegal to intentionally manipulate markets. But when Wall Street (or rich assholes like the Hunt Brothers) do it, it’s hardly ever prosecuted. In fact, in the case of the Hunts trying to corner the silver market for gain (and screwing it up) a bunch of banks had to ride in to rescue them. Too big to fail sort of stuff.
They really should have gone to jail, but only got convicted on civil charges and paid fines.
No, it's the Dukes trying to corner the Frozen Concentrated Orange Juice Market.
Funny, and sort of true.
Keep in mind, the only reason the 'mob' is even able to try to 'corner' the market is because short sellers started first. At some point, 25% of GameStop stock was shorted.
The hedge funds got greedy. If they had stayed under 5% of available stock, the 'mob' counter action would not have worked nearly as well.