The fascinating story about when some redditors took on Wall Street
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7:26 pm, January 29th, 2021 - 22 comments
Categories: capitalism, Financial markets, internet, the praiseworthy and the pitiful, uncategorized -
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The world has been watching, mostly with amusement, as some redditors have brought a Wall Street merchant bank to its knees, by buying stocks in a company, GameStop who has seen better days and whose business model is antiquated.
Members of the r/WallStreetBets subreddit saw that a hedge fund had taken a really aggressive short position on GameStop shares and have been buying shares to drive the price up. This has hurt hedge fund Melvin Capital and others who had entered into contracts to purchase shares in the company in the future at a price lower than the then current share price, betting that the share value would reduce. When the share price spiked these contracts became really expensive and the underlying presumption proved to be expensively wrong.
This anonymous commentator explains things clearly:
The Guardian has this further description:
The battle has become a war of attrition between a new generation of investors and established, more diversified players.
Investors on the WallStreetBets subreddit forum have been promoting GameStop aggressively, with many pitching it as a battle of regular people versus hedge funds and big Wall Street firms.
“This is quite the experience for my first month in the stock market. Holding till infinity,” posted one user on the thread. Another user said: “We’re literally more powerful than the big firms right now.”
In some cases, they’ve been right, with larger investors like Citron Research taking a sharp lesson in what can happen when “herd investors” squeeze a stock higher.
Citron’s founder, Andrew Left, called GameStop a “failing mall-based retailer” in a report earlier this month and then predicted that the stock would plunge to $20 in a video he posted to Twitter on Thursday.
According to CNN, Left has now given up on shorting the stock, citing harassment by the stock’s backers.
Derivative trading can really hurt. Just ask Auckland Council if you want an example.
And for a description of the general mode of behaviour displayed by Wall Street over the past couple of decades this video about different investment techniques practised by Wall Street this clip from the Big Short is very informative as well as entertaining. And it shows how dangerous derivatives and derivatives of derivatives can be, as Melvin Capital is finding out.
And money is being made. Volatility in stock prices opens up all sorts of opportunities. To cover its position Melvin Capital has had to buy shares at horrendously inflated prices. Canny investors have done very well, aided and abetted by the internet collective.
Wall Street is not taking it well.
Listen to this incredible crybaby pic.twitter.com/KmJvZpBQ59
— Timothy Burke (@bubbaprog) January 28, 2021
For a contrary view:
Wall Street has made billions on the back of the worst recession since the Great Depression, and fought to deregulate finance to pre-2008 levels. And the moment regular folks beat them at their own rigged game, it's "SHUT IT DOWN."
How about this: financial transaction tax. Now.
— Ilhan Omar (@IlhanMN) January 28, 2021
The powers that be are trying to change the way that retail stock buying apps made and there are attempts to silence the subreddit. Which is weird because capitalists always claims that free market capitalism is best.
For instance Robinhood, whose website proudly states that “[a]t Robinhood, we believe the financial system should be built to work for everyone” and how they are on a mission to democratize finance is not quite living up to their goal of allowing the little person an unfettered ability to trade in shares, just like the big guys.
Robinhood and others have put a hold on trading of the stocks. The move just goes to confirm that Wall Street is for the elite only, not for everyone.
This example really shows the power of the internet and group action. And the fallacy that the capitalist system constitutes a free unfettered market.
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- Greens will waste no time with Minister for Zero WasteThe error Labour Ministers made by stopping work on a beverage container return scheme will be reversed by the Greens at the earliest opportunity as part of the next Government. ...2 weeks ago
- Greens secure win for clean transportThe Green Party has made it easier for commuters to access e-bikes thanks to an amendment to tax rules. ...2 weeks ago
- Greens will always prioritise action on climate and inequality“Cabinet needs to do better - and today has shown exactly why we need Green Ministers in cabinet, so we can prioritise action to cut climate pollution and support people to make ends meet,” says Green Party co-leader Marama Davidson. ...3 weeks ago
- Bold action needed to help people eatBiggest increase in food prices for over three decades shows the need for an excess profit tax on corporations to help people put food on the table. ...3 weeks ago
- Dates announced for 2023 Pacific language weeks
Minister for Pacific Peoples Barbara Edmonds has announced the 2023 Pacific Language week series, highlighting the need to revitalise and sustain languages for future generations. “Pacific languages are a cornerstone of our health, wellbeing and identity as Pacific peoples. When our languages are spoken, heard and celebrated, our communities thrive,” ...2 hours ago - Over a quarter of New Zealanders to get cost of living relief from tomorrow880,000 pensioners to get a boost to Super, including 5000 veterans 52,000 students to see a bump in allowance or loan living costs Approximately 223,000 workers to receive a wage rise as a result of the minimum wage increasing to $22.70 8,000 community nurses to receive pay increase of up ...3 hours ago
- Thousands of community nurses getting April pay boostOver 8000 community nurses will start receiving well-deserved pay rises of up to 15 percent over the next month as a Government initiative worth $200 million a year kicks in, says Minister of Health Dr Ayesha Verrall. “The Government is committed to ensuring nurses are paid fairly and will receive ...3 hours ago
- Speech to Taranaki Chamber of Commerce and TOI Foundation breakfastTākiri mai ana te ata Ki runga o ngākau mārohirohi Kōrihi ana te manu kaupapa Ka ao, ka ao, ka awatea Tihei mauri ora Let the dawn break On the hearts and minds of those who stand resolute As the bird of action sings, it welcomes the dawn of a ...5 hours ago
- Government takes next step to lift artists’ incomesThe Government is introducing a scheme which will lift incomes for artists, support them beyond the current spike in cost of living and ensure they are properly recognised for their contribution to New Zealand’s economy and culture. “In line with New Zealand’s Free Trade Agreement with the UK, last ...21 hours ago
- NZ stands with Vanuatu on climate at UNNew Zealand is welcoming a decision by the United Nations General Assembly to ask the International Court of Justice to consider countries’ international legal obligations on climate change. The United Nations has voted unanimously to adopt a resolution led by Vanuatu to ask the ICJ for an advisory opinion on ...22 hours ago
- More Police deployed to the frontlineMore Police officers are being deployed to the frontline with the graduation of 59 new constables from the Royal New Zealand Police College today. “The graduation for recruit wing 364 was my first since becoming Police Minister last week,” Ginny Andersen said. “It was a real honour. I want to ...23 hours ago
- Aotearoa New Zealand committed to an enduring partnership with VanuatuForeign Minister Nanaia Mahuta met with Vanuatu Foreign Minister Jotham Napat in Port Vila, today, signing a new Statement of Partnership — Aotearoa New Zealand’s first with Vanuatu. “The Mauri Statement of Partnership is a joint expression of the values, priorities and principles that will guide the Aotearoa New Zealand–Vanuatu relationship into ...24 hours ago
- Government delivers levy change to support Fire and EmergencyThe Government has passed new legislation amending the Fire and Emergency New Zealand (FENZ) levy regime, ensuring the best balance between a fair and cost effective funding model. The Fire and Emergency New Zealand (Levy) Amendment Bill makes changes to the existing law to: charge the levy on contracts of ...1 day ago
- Next steps for New Zealand’s organic regulationsThe Government has passed the Organic Products and Production Bill through its third reading today in Parliament helping New Zealand’s organic sector to grow and lift export revenue. “The Organic Products and Production Bill will introduce robust and practical regulation to give businesses the certainty they need to continue to ...1 day ago
- Govt helps to protect New Zealanders digital identitiesThe Digital Identity Services Trust Framework Bill, which will make it easier for New Zealanders to safely prove who they are digitally has passed its third and final reading today. “We know New Zealanders want control over their identity information and how it’s used by the companies and services they ...1 day ago
- Cyclone Taskforce focused on locally-led recoveryThe full Cyclone Gabrielle Recovery Taskforce has met formally for the first time as work continues to help the regions recover and rebuild from Cyclone Gabrielle. The Taskforce, which includes representatives from business, local government, iwi and unions, covers all regions affected by the January and February floods and cyclone. ...1 day ago
- Law changed to protect subcontractorsChanges have been made to legislation to give subcontractors the confidence they will be paid the retention money they are owed should the head contractor’s business fail, Minister for Building and Construction Megan Woods announced today. “These changes passed in the Construction Contracts (Retention Money) Amendment Act safeguard subcontractors who ...1 day ago
- New congestion busting harbour crossing options unveiledTransport Minister Michael Wood has unveiled five scenarios for one of the most significant city-shaping projects for Tāmaki Makaurau in coming decades, the additional Waitematā Harbour crossing. “Aucklanders and businesses have made it clear that the biggest barriers to the success of Auckland is persistent congestion and after years of ...1 day ago
- New law enhances safety and security in the aviation sectorThe Government has passed new legislation that ensures New Zealand’s civil aviation rules are fit for purpose in the 21st century, Associate Transport Minister Kiri Allan says. The Civil Aviation Bill repeals and replaces the Civil Aviation Act 1990 and the Airport Authorities Act 1966 with a single modern law ...1 day ago
- Coroners Amendment Bill passes third readingA Bill aimed at helping to reduce delays in the coronial jurisdiction passed its third reading today. The Coroners Amendment Bill, amongst other things, will establish new coronial positions, known as Associate Coroners, who will be able to perform most of the functions, powers, and duties of Coroners. The new ...2 days ago
- Review into Stuart Nash’s communications with donorsThe Prime Minister has asked the Cabinet Secretary to conduct a review into communications between Stuart Nash and his donors. The review will take place over the next two months. The review will look at whether there have been any other breaches of cabinet collective responsibility or confidentiality, or whether ...2 days ago
- 600 more workers to support recoveryThe new Recovery Visa to help bring in additional migrant workers to support cyclone and flooding recovery has attracted over 600 successful applicants within its first month. “The Government is moving quickly to support businesses bring in the workers needed to recover from Cyclone Gabrielle and the Auckland floods,” Michael ...2 days ago
- Bills to vet school boards, contractors pass first readingBills to ensure non-teaching employees and contractors at schools, and unlicensed childcare services like mall crèches are vetted by police, and provide safeguards for school board appointments have passed their first reading today. The Education and Training Amendment Bill (No. 3) and the Regulatory Systems (Education) Amendment Bill have now ...2 days ago
- Bill recognises unique role and contribution of Wānanga and Kura Kaupapa MāoriWānanga will gain increased flexibility and autonomy that recognises the unique role they fill in the tertiary education sector, Associate Minister of Education Kelvin Davis has announced. The Education and Training Amendment Bill (No.3), that had its first reading today, proposes a new Wānanga enabling framework for the three current ...2 days ago
- Foreign Affairs Minister talks to the Vanuatu Government on Pacific issuesForeign Affairs Minister Nanaia Mahuta will travel to Vanuatu today, announcing that Aotearoa New Zealand will provide further relief and recovery assistance there, following the recent destruction caused by Cyclones Judy and Kevin. While in Vanuatu, Minister Mahuta will meet with Vanuatu Acting Prime Minister Sato Kilman, Foreign Minister Jotham ...2 days ago
- Major investment to support the safety of frontline Police and communitiesThe Government is backing Police and making communities safer with the roll-out of state-of-the-art tools and training to frontline staff, Police Minister Ginny Andersen said today. “Frontline staff face high-risk situations daily as they increasingly respond to sophisticated organised crime, gang-violence and the availability of illegal firearms,” Ginny Andersen said. ...2 days ago
- Further laws passed to keep communities safe from gang offendingThe Government has provided Police with more tools to crack down on gang offending with the passing of new legislation today which will further improve public safety, Justice Minister Kiri Allan says. The Criminal Activity Intervention Legislation Bill amends existing law to: create new targeted warrant and additional search powers ...2 days ago
- Standard kerbside recycling part of new era for waste systemThe Government today announced far-reaching changes to the way we make, use, recycle and dispose of waste, ushering in a new era for New Zealand’s waste system. The changes will ensure that where waste is recycled, for instance by households at the kerbside, it is less likely to be contaminated ...2 days ago
- New laws will crack down on gang profits and criminal assetsNew legislation passed by the Government today will make it harder for gangs and their leaders to benefit financially from crime that causes considerable harm in our communities, Minister of Justice Kiri Allan says. Since the Criminal Proceeds (Recovery) Act 2009 came into effect police have been highly successful in ...3 days ago
- Stuart Nash dismissed from CabinetThis evening I have advised the Governor-General to dismiss Stuart Nash from all his ministerial portfolios. Late this afternoon I was made aware by a news outlet of an email Stuart Nash sent in March 2020 to two contacts regarding a commercial rent relief package that Cabinet had considered. In ...3 days ago
- Tax incentive to boost housing passes third readingLegislation to enable more build-to-rent developments has passed its third reading in Parliament, so this type of rental will be able to claim interest deductibility in perpetuity where it meets the requirements. Housing Minister Dr Megan Woods, says the changes will help unlock the potential of the build-to-rent sector and ...3 days ago
- Law levels playing field for low-emissions commutingA law passed by Parliament today exempts employers from paying fringe benefit tax on certain low emission commuting options they provide or subsidise for their staff. “Many employers already subsidise the commuting costs of their staff, for instance by providing car parks,” Environment Minister David Parker said. “This move supports ...3 days ago
- 40 years of Closer Economic Relations with AustraliaToday marks the 40th anniversary of Closer Economic Relations (CER), our gold standard free trade agreement between New Zealand and Australia. “CER was a world-leading agreement in 1983, is still world-renowned today and is emblematic of both our countries’ commitment to free trade. The WTO has called it the world’s ...3 days ago
- Amendments to mass arrivals legislationThe Government is making procedural changes to the Immigration Act to ensure that 2013 amendments operate as Parliament intended. The Government is also introducing a new community management approach for asylum seekers. “While it’s unlikely we’ll experience a mass arrival due to our remote positioning, there is no doubt New ...3 days ago
- Progress on public service pay adjustmentThe Government welcomes progress on public sector pay adjustment (PSPA) agreements, and the release of the updated public service pay guidance by the Public Service Commission today, Minister for the Public Service Andrew Little says. “More than a dozen collective agreements are now settled in the public service, Crown Agents, ...3 days ago
- Further legislation introduced to support cyclone recoveryThe Government has introduced the Severe Weather Emergency Recovery Legislation Bill to further support the recovery and rebuild from the recent severe weather events in the North Island. “We know from our experiences following the Canterbury and Kaikōura earthquakes that it will take some time before we completely understand the ...4 days ago
- Duty relief for cyclone-affected businessesFurther assistance is now available to businesses impacted by Cyclone Gabrielle, with Customs able to offer payment plans and to remit late-payments, Customs Minister Meka Whaitiri has announced. “This is part of the Government’s ongoing commitment to assist economic recovery in the regions,” Meka Whaitiri said. “Cabinet has approved the ...4 days ago
- Thousands of sole parents to be better off after child support changesMore than 41,000 sole parent families will be better off with a median gain of $20 a week Law change estimated to help lift up to 14,000 children out of poverty Child support payments will be passed on directly to people receiving a sole parent rate of main benefit, making ...4 days ago
- Green investment fund delivers on climate actionA major investment by Government-owned New Zealand Green Investment Finance towards electrifying the public bus fleet is being welcomed by Climate Change Minister James Shaw. “Today’s announcement that NZGIF has signed a $50 million financing deal with Kinetic, the biggest bus operator in Australasia, to further decarbonise public transport is ...4 days ago
- Tax credit boosts cash flow for Kiwi innovatorsA world-leading payments system is expected to provide a significant cash flow boost for Kiwi innovators, Minister of Research, Science, and Innovation Ayesha Verrall says. Announcing that applications for ‘in-year’ payments of the Research and Development Tax Incentive (RDTI) were open, Ayesha Verrall said it represented a win for businesses ...4 days ago
- Te Awa shared path completedMinister of Transport Michael Wood joined crowds of keen cyclists and walkers this morning to celebrate the completion of the Te Awa shared path in Hamilton. “The Government is upgrading New Zealand’s transport system to make it safer, greener, and more efficient for now and future generations to come,” Michael ...5 days ago
- Crown apology to Ngāti Kahungunu ki Wairarapa Tāmaki nui-a-RuaTreaty of Waitangi Negotiations Minister Andrew Little has delivered the Crown apology to Ngāti Kahungunu ki Wairarapa Tāmaki nui-a-Rua for its historic breaches of Te Tiriti of Waitangi today. The ceremony was held at Queen Elizabeth Park in Masterton, hosted by Ngāti Kahungunu ki Wairarapa Tāmaki nui-a-Rua, with several hundred ...6 days ago
- Minister of Foreign Affairs meets with Chinese counterpartMinister of Foreign Affairs Nanaia Mahuta has concluded her visit to China, the first by a New Zealand Foreign Minister since 2018. The Minister met her counterpart, newly appointed State Councilor and Minister of Foreign Affairs, Qin Gang, who also hosted a working dinner. This was the first engagement between the two ...6 days ago
- Government delivering world-class satellite positioning servicesWorld-class satellite positioning services that will support much safer search and rescue, boost precision farming, and help safety on construction sites through greater accuracy are a significant step closer today, says Land Information Minister Damien O’Connor. Damien O’Connor marked the start of construction on New Zealand’s first uplink centre for ...7 days ago
- Vanuatu hails ‘historic resolution’ in climate battle on the world stage
By Barbara Dreaver in Port Vila Vanuatu is in celebration mode after winning a significant battle on the world stage over climate change. In a United Nations resolution spearheaded by Vanuatu, the world’s top court will now advise on countries’ legal obligations to fight climate change. It also means the ...5 mins ago - FLNKS message to French PM about Kanak ‘humiliation’ over referendumBy Jan Kohout, RNZ Pacific journalist New Caledonia’s Kanak and Socialist National Liberation Front (FLNKS) say they will tell the French Prime Minister of the Kanak people’s “sense of humiliation” over the last independence referendum. The pro-independence alliance is set to talk to the French state from April 7-15. The ...5 mins ago
- Watch: PM Chris Hipkins talks to media on eve of benefit increases
Prime Minister Chris Hipkins is visiting the Manurewa RSA meeting veterans who are among hundreds of thousands to receive higher payments from tomorrow. ...22 mins ago - As the US pushes to make daylight saving permanent, should Australia move in the same direction?Source: The Conversation (Au and NZ) – By Guzyal Hill, Senior Lecturer, Charles Darwin University Shutterstock Sunday will mark the end of the Daylight Saving Time (DST) in eastern Australia, but there are many who would like to see it last longer or permanently. Twice a year, New ...50 mins ago
- Kiwis May Not Be As Fraud Savvy As They Think: Visa Study
As the move to digital commerce continues, fraudsters are counting on consumers to let their guard down and to supply personal information. And according to new research released today by global payments technology company Visa (NYSE: V), which ...1 hour ago - EPA Seeks Feedback On Tapping Into Global InformationThe Environmental Protection Authority (EPA) is asking for views on which overseas regulators it will draw on for some hazardous substance assessments and reassessments. The recognised international regulators must regulate hazardous substances in a similar ...2 hours ago
- What does Trump’s indictment mean for his political future – and the strength of US democracy?Source: The Conversation (Au and NZ) – By Emma Shortis, Lecturer, RMIT University Alex Brandon/AP Events often seem inevitable in hindsight. The indictment of former US President Donald Trump on criminal charges has been a possibility since the start of his presidency – arguably, since close to the ...2 hours ago
- Te Pūkenga Leadership Have FailedTe Hautū Kahurangi | Tertiary Education Union is ready to fight for every job at Te Pūkenga, as members digest a series of shocking statements from their Chief Executive on RNZ’s Nine To Noon programme today. Peter Winder stated, amongst other things, ...2 hours ago
- Clout-lighting: pranking your partner for likes is a surefire way to get dumped this April Fools’ ...Source: The Conversation (Au and NZ) – By Gary Mortimer, Professor of Marketing and Consumer Behaviour, Queensland University of Technology Media Whale Stock/Shutterstock What would you do to get more likes or shares on your favourite social media platform this April Fool’s Day? Would you blast an airhorn ...2 hours ago
- Newsletter: March 31 2023 – Items of interest and importance todayNew Zealand Politics Daily is a collation of the most prominent issues being discussed in New Zealand. It is edited by Dr Bryce Edwards of The Democracy Project. Today’s content STUART NASH, OIA Thomas Coughlan (Herald): Stuart Nash scandal boils down to cock-up vs ‘conspiracy’ (paywalled) Marc Daalder (Newsroom): The opaque transparency of the ...2 hours ago
- Indigenous knowledge offers solutions, but its use must be based on meaningful collaboration with In...Source: The Conversation (Au and NZ) – By Tara McAllister, Research Fellow, Te Herenga Waka — Victoria University of Wellington Shutterstock/Guy Hasler As global environmental challenges grow, people and societies are increasingly looking to Indigenous knowledge for solutions. Indigenous knowledge is particularly appealing for addressing climate change because ...2 hours ago
- Law change allows Māori to more easily switch electoral rolls
Tommy de Silva explains an interesting new legal shift: Māori can now switch between the Māori and general electoral rolls more easily thanks to a law change. These new rules allow anyone of Māori descent to switch between the rolls whenever they please until three months before an election. That ...2 hours ago - Rule Change For Overseas VotingThe rules for overseas voting are changing from today for this year’s General Election to recognise the effect the pandemic has had on international travel. ‘This is a temporary change made by Parliament for New Zealanders living overseas who have ...2 hours ago
- Luxon takes aim at red tape in ambitious plan to boost renewable energy productionThe National Party says its new renewable energy policy will double the amount of electricity produced from solar, wind and geothermal plants. ...2 hours ago
- Trump to be arrested over porn star hush moneyIt’s a headline I never quite expected to write but in recent days have been wondering if I would have to. Former US president Donald Trump will be arrested after a New York grand jury voted to indict him over alleged hush money paid to former adult film star Stormy ...3 hours ago
- Lawsuits, NFTs and super-mad Swifties: Ticketmaster’s problems, explainedEverything you need to know about the ticketing agency’s ongoing debacles. So Ticketmaster’s back in the news. Why is the company that should be spitting out concert tickets calmly and quietly sparking so many headlines? Where do you want to start? The lawsuits, the NFTs or the super-mad Swifties? It’s ...3 hours ago
- Auckland Council Admits It Doesn’t Know The Impact Of Its Own Budget CutsAuckland Council has proposed significant budget cuts without assessing the potential impacts on the region’s environment and climate change efforts, an official response reveals. No assessment was made as Auckland Mayor Wayne Brown never asked for one, ...3 hours ago
- Greenpeace Welcomes National’s Renewable Energy Policy, But Fossil Fuel Exploration And Agricultur...Greenpeace is welcoming the National Party’s new renewable energy policy - ‘Electrify NZ’ - with its focus on increasing renewable electricity generation to replace coal, gas and petrol-fuelled transport. But the organisation is calling on National ...3 hours ago
- National promises to double renewable energy supplyThe National Party has pledged to “cut red tape” in the electricity sector through a new policy that it claims will double New Zealand’s supply of renewable energy. Dubbed “Electrify NZ”, the policy was unveiled this morning by party leader Christopher Luxon. “National wants a future where buses and trains ...3 hours ago
- The Opportunities Party Launches A Petition To Establish An Anti-Corruption Commission...3 hours ago
- New Zealand High School Teachers Hold Second One-day StrikeBy Tom Peters, Socialist Equality Group 30 March 2023 Original url: https://www.wsws.org/en/articles/2023/03/30/jspf-m30.html About 20,000 secondary teachers at public schools in New Zealand held a nationwide strike on March 29. It followed a much larger one-day strike on March 16 involving ...4 hours ago
- Dunne's Weekly: The Week The PM Lost Control Of The AgendaIn his first two months as Prime Minister Chris Hipkins impressed for his directness, clarity and determination, and the assured way in which he transitioned into his new role. His everyman style, from the hoodie to the more than occasional meat pie, ...4 hours ago
- Maritime NZ: Skippers Need To Be Alert And Pay Attention At All TimesRecreational craft users are being reminded of their skipper responsibilities following the sentencing of a boatie in Invercargill this week. A skipper was this week sentenced in the Invercargill District Court in relation to a grounding of their vessel on ...4 hours ago
- Political editors panel: Nash's email calamity, and cis white menMorning Report - RNZ and the NZ Herald's political editors discuss potential law-breaking by a now-sacked minister, and Marama Davidson's comments. ...4 hours ago
- Attention plant killers: new research shows your plants could be silently screaming at youSource: The Conversation (Au and NZ) – By Alice Hayward, Molecular Biologist, The University of Queensland Shutterstock If you’re like me, you’ve managed to kill even the hardiest of indoor plants (yes, despite a doctorate in plant biology). But imagine a world where your plants actually told you ...4 hours ago
- Telehealth has much to offer First Nations people. But technical glitches and a lack of rapport can ...Source: The Conversation (Au and NZ) – By Centaine Snoswell, Senior Research Fellow Health Economics, The University of Queensland Di Vincenzo/Shutterstock Telehealth has been a game changer for many First Nations people globally, including in Australia. It has allowed First Nations people to access health care close to ...4 hours ago
- The Millionaires’ Factory lays bare the good and bad about Australia’s millionaire manufacturer ...Source: The Conversation (Au and NZ) – By Kevin Davis, Emeritus Professor of Finance, The University of Melbourne Allen & Unwin The Millionaires’ Factory, subtitled “the inside story of how Macquarie Bank became a global giant” by financial journalists Joyce Moullakis and Chris Wright is an impressive, informative ...4 hours ago
- A horse died on the set of The Rings of Power: more needs to be done to ensure the welfare of horses...Source: The Conversation (Au and NZ) – By Karen Luke, PhD candidate, CQUniversity Australia Amazon The recent death of a horse on the set of Amazon’s The Lord of the Rings: The Rings of Power is the latest incident raising questions about how humans use horses for entertainment ...4 hours ago
- More Pacific rugby league stars are opting to play for their homelands over Australia or NZ – that...Source: The Conversation (Au and NZ) – By Sierra Keung, Lecturer in Sport and Recreation, Auckland University of Technology With this year’s National Rugby League (NRL) season now up and running, the prevalence of Pacific players in the tournament is again obvious to see. All NRL teams now feature stars ...4 hours ago
- Listen: Will climate change wipe out your insurance?Since the devastation of Cyclone Gabrielle, insurers have begun rapidly repricing the land beneath homes for flood risk, creating a Wild West for home owners impatient to find out if their land is going to continue to be insurable. In the new episode of When the Facts Change, Bernard Hickey talks ...4 hours ago
- Meet the 2023 Kiwibank New Zealander of the YearDr Rangi Mātāmua has been announced as the 2023 Kiwibank New Zealander of the Year for his work in communicating the importance of mātauranga Māori. Aotearoa boasts an exceptionally rich cultural heritage, with our indigenous Māori population contributing significantly to our unique identity. It hasn’t always been a celebrated part ...4 hours ago
- The Bulletin: Questions raised over Nash’s ‘out of scope’ emailThe 2020 email to donors that prompted Nash’s firing had not been turned over following an OIA request for correspondence between Nash and his donors, Newsroom reports. The email had been deemed “out of scope” by the prime minister’s office (PMO) because it was not written in Nash’s ministerial responsibility. Writes Toby Manhire ...5 hours ago
- Could ousted Today FM staff take legal action?Today FM isn’t on air today after it’s sudden closure at about 9.30am yesterday morning. A document leaked to media has confirmed Mediaworks’ plans to shut the station down, leaving key on-air staff like Tova O’Brien without a job. Interestingly, the document also confirmed the swift timeframe put in place ...5 hours ago
- The big changes coming on April 1A pinch and a punch for the first of the month – and for higher minimum wages, increased benefits, new Covid boosters and more, writes Catherine McGregor in this excerpt from The Bulletin, The Spinoff’s morning news round-up. To receive The Bulletin in full each weekday, sign up here. ...6 hours ago
- The raw of the crowd
Welcome to Newsroom's new weekly video and podcast, Raw Politics. ...7 hours ago - Bivalent Covid boosters are here – and if you’re 30+, you can probably get oneAs of tomorrow, everyone in Aotearoa aged in their 30s or 40s is eligible for a second booster shot – and it’s a new variety. A good deal of the population will struggle to remember when they had their first Covid-19 booster (hint: if you were quick off the mark, ...8 hours ago
- The five Auckland harbour crossing proposals, explainedAucklanders, would you like a tunnel, two tunnels or a tunnel and a bridge? My nana was one of the first people ever to cross Te Waitematā on foot. In 1959, as a schoolgirl, she walked across the newly constructed Auckland Harbour Bridge before it opened to traffic. Back ...8 hours ago
- This week's bestselling books
The latest Nielsen BookScan New Zealand bestseller list, described by Steve Braunias (plus giveaway of a $75 masterpiece) FICTION 1 Birnam Wood by Eleanor Catton (Te Herenga Waka University Press, $38) Number one for the seventh consecutive week; but, I think, maybe for the last time, or at least ...8 hours ago - Ideology trumps evidence at the Ministry of Education
The Govt’s new teaching model should have signalled to primary schools the importance of an evidence-based approach to reading and writing ...8 hours ago - Standing up for people standing up to power
The Posie Parker campaign, and a surprise bill this week dramatically extending possible asylum seeker detentions, show it's critical to keep fighting for human rights ...8 hours ago - Finally, water’s health is being put first
Two water-first decisions, 1000km apart, suggest the country is turning a corner ...8 hours ago - NZ's uneasy stability with China
New Zealanders, especially NZ businesses, should temper their expectations of a strong relationship with China Opinion: Last week, Foreign Minister Nanaia Mahuta made the first ministerial visit since 2019 to the People’s Republic of China for high-level meetings. With few concrete deliverables announced, the key achievement was stabilising bilateral relations ...8 hours ago - The opaque transparency of the OIA system
The latest revelations in the Stuart Nash saga extend Chris Hipkins' political headache but also spotlight the lack of transparency on freedom of information decisions, Marc Daalder writes Analysis: For Chris Hipkins, Stuart Nash's many and varied indiscretions are the headache that just won't stop. We're now more than two weeks ...8 hours ago - Māori-led solutions tackle housing inequities
A conference on Māori housing held in Rotorua was attended by over 900 people who are on the front line of dealing with homelessness and providing solutions. By Aaron Smale. Speakers at a conference on Māori housing highlighted how major events like Covid-19 and Cyclone Gabrielle have exposed serious housing ...8 hours ago - Yesterday, radio was such an easy game to play
The sudden closure of Today FM is recognition by MediaWorks that it doesn’t have the resources to stay in the fight with Newstalk ZB. The on-air disaster that saw an emotional Tova O’Brien lower the curtain on Today FM can be traced back to its owners – fund managers and ...8 hours ago - Daylight saving gives us jet lag for a few days – get over it
Because many of us find it hard to adjust, the idea of abandoning daylight saving gets attention every year, but it's shift workers and teenagers we should be concerned about, who live with this type of jet lag all the time Opinion: Much of the population is likely to feel a ...8 hours ago - The new food baddie on the block
Evidence is piling up that the prevalence of our packaged food offerings is not just damaging our health, but shortening our lives. Almost 70 percent of the packaged foods in our supermarkets are classed as ultra-processed - and in some food categories, nearly all products are. They're high in ...8 hours ago - Defence Minister: 'Independence is not isolationism'
Defence Minister on turning around high attrition and rethinking the risks around us. ...8 hours ago - Winning streak overtakes Olympian's tough year
After injury put her on the back foot last year, Olympic triathlete Nicole van der Kaay is on a stirring winning streak to start her journey to the 2024 Paris Olympics. Suzanne McFadden writes. In the days since Nicole van der Kaay won the first World Cup gold medal of her ...8 hours ago - Newsroom daily quiz, Friday 31 March
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...9 hours ago - Up to 50 Today FM staff in line to lose jobs, leaked document revealsIn addition to 30 roles being disestablished, another 20 Today FM staff are under review following the abrupt closure of the Mediaworks talk station. A confidential internal Mediaworks document leaked to media has confirmed that Today FM’s production and leadership host teams, which includes high-profile broadcasters such as Tova O’Brien ...15 hours ago
- Grattan on Friday: We need more tax revenue, but don’t ask the major parties how we’ll get itSource: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Teal candidates again fell short in the NSW election. Only one who was so labelled was successful, and she rejects the terminology. This followed the Victorian state election in which no teal won. Inevitably, ...15 hours ago
- Indonesia ‘makes humanitarianism illegal’ for West Papuans – 20 arrestsAsia Pacific Report Twenty West Papuans who were fundraising for the victims of tropical cyclones in Vanuatu were today arrested by Indonesian police in Jayapura, the Papuan provincial capital, reports a West Papuan advocacy group. “This was a peaceful, compassionate action, with Papuans taking to the streets to raise money ...15 hours ago
- Today FM hosts abruptly taken off air and told ‘play music’ in radio shockRNZ News The Mediaworks’ radio station Today FM abandoned scheduling today when presenters broke from programming to question the future of their employer. Broadcasters told their audience they were going off air and had been instructed to play music. Today FM hosts Duncan Garner and Tova O’Brien told listeners before ...15 hours ago
- Māori free to switch voting rolls from Friday after law changeFrom Friday Māori are free to switch their enrolment choice at any time except in the three months before an election. ...16 hours ago
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Great story…and I see elements of your beloved cancel culture is already being touted as the answer to stop this ever happening again…
Wall Street Elites REGULATE, DEPLATFORM Redditors Who BEAT THEM On GameStop
You neglect to note (or perhaps dont realise) that that a proportion of those retail investors are likely to end up holding shares they paid well over the odds for….fun sticking it to the man, if you can afford it
Yeah, this is a really important point. There are a lot of small investors who have purchased GameStop stock 'for teh lolz' at prices far exceeding any reasonable valuation. They're all going to take an absolute bath in the coming weeks.
There are almost certainly a few large investment firms quietly taking on those short positions vacated by Melvin Capital and settling in for a quick windfall.
Yeh! Now this is a putdown:
https://www.pinknews.co.uk/2021/01/28/ted-cruz-alexandria-ocasio-cortez-gamestop-twitter-capitol-riots/
Good ol' AOC, a real twitter warrior if ever their was one.
"Around 10% of all trades (by value) made via Sharesies over the past two weeks involve GameStop shares."
https://www.interest.co.nz/personal-finance/108826/thousands-nzers-partake-gamestop-movement-sharesies-users-alone-make-20
In the normal course of business Robinhood sells data to Citidel, among others which is how they make bank.
Citidel will bail out Melvin Capital.
Then, Robinhood allows selling, but not buying which effectively drives the price downwards and saving Citidel a ton of money.
already have
"New owner Steve Cohen’s hedge fund, Point72 Asset Management, invested $750 million alongside a $2 billion investment from Citadel into Melvin Capital – which held a short position on the GameStop stock and suffered huge losses before closing out of the stock by Wednesday morning."
https://clutchpoints.com/mets-owner-steve-cohen-bails-out-melvin-capital-amid-gamestop-reddit-stock-fiasco/
That's not what I meant.
Robinhood doesn't place the trades, they onsell them to Citidel etc (market makers). So this means that Citidel and other market makers could see what was happening. For all we know they may have even opted to hasten the demise of Melvin so they could profit from what is a highly successful hedge fund. Citidel ensured they became part owners in Melvin as part of the bail out conditions.
Anyway, Citidel could see those trades being placed on Robinhood and decided rather than losing more money they would prevent those using the Robinhood platform from profiting by preventing trades.
TIPS
– if you must use Robinhood, for goodness sake place limit orders rather than buy orders so you aren't immediately front run
– find other platforms. International Brokers, AmeriTrade, eTrade…there are plenty of options and a fee is minor considering what you lose in privacy.
This is great fun to watch the smaller traders make the big boys squirm. Short squeezes have usually been funded by a large investor buying up stock to hurt another trader they know that has shorted a stock, but which may also end up costing them too.
This cost will be shared among traders (some who may have made good money already getting in & out quickly) & most will likely lose most of the money they put in, but will have enjoyed it all for the entertainment (& provided they didn't trade too much dollar value)
It is a bit like the unionisation of smaller investors & just like unions acting on behalf of individual workers who have no power on their own, together they wield huge power & large hedge funds shorting shares has probably changed forever because of this.
Despite the mayhem, I believe this is a good thing & there will be much hand wringing to try & stop this sort of behaviour. Don't forget in the past when the big boys made massive losses the government stepped in to bail them out, but they kept the profits of hugely risky bets. The power dynamic has now changed.
"This cost will be shared among traders (some who may have made good money already getting in & out quickly) & most will likely lose most of the money they put in, but will have enjoyed it all for the entertainment (& provided they didn't trade too much dollar value)"
Shared?…I think not. I wonder how many realised what the risks were, how much was euphoria and how much was pure manipulation of the crowd for personal profit….there will be losers but it wont be shared.
I been tempted to throw in a few hundred dollars knowing it could all be lost. But the entertainment value! This is better than "Wall Street" the movie.
It's a bit like going to the races – take your $20 lose it and see that as the price of a good day out. If you are lucky you may win but not a given. Funny how much pontificating is going on aimed at a crowd of small investors. The big boys seem to miss the lecture but they are facing a "ride or die" crowd.
Oh No, now we have to rerig the system !!
You may like to consider most of our super funds use these traders so if they lose their shirts so does our retirement funds. So whilst it is fun watching Merrell Lynch take a bath we lose both ways as they are "too big to fail" and our super is ravaged
So its time to lobby those managing your super funds and insist that they stop using these traders for obvious reasons.
Literally everything in your post is a misunderstanding of markets, flat out wrong, misspelled, or some combination of all three.
The real fun happens if the brokering firms default which looks likely. That's when the lawsuits happen.
Personally I think it's a bit much to blame retirement savings losses on WSBts as this ignores the ridiculous P/E ratios, companies that lose millions a year being treated as blue chips, and lets not forget the toxic derivative nightmare lurking in the background. The markets were always rigged in favor of the big players, and to paraphrase Eric Sprott the rest of us are the plankton of the financial world.
– apocryphal
Yeah! WSB's, un-doer of wall street fat cats…and thousands of desperate, ordinary folk who've done their dough….
Tulips, anyone?
/
A YouTube streamer who helped drive a surge in the shares of GameStop is a 34-year-old financial advisor from Massachusetts and until recently worked for insurance giant MassMutual, public records and social media posts show.
Keith Patrick Gill is the person behind the Roaring Kitty YouTube streams which, along with a string of posts by Reddit user DeepF***ingValue, helped attract a flood of retail cash into GameStop, burning hedge funds who had bet against the company and roiling the broader market.
In his social media messages and videos, Gill repeatedly made the bull case for the beleaguered bricks-and-mortar retailer and shared images of his trading account profit on the stock, sparking a following of like-minded GameStop enthusiasts.
[…]
After online brokerages restricted trading in GME on Thursday, Gill posted that he had lost $14.8 million that day alone, but was still up $33 million overall.
That post was met with thousands of replies, with many simply repeating: “IF HE’S STILL IN, I’M STILL IN.”
https://www.cnbc.com/2021/01/29/famed-gamestop-bull-roaring-kitty-is-a-massachusetts-financial-advisor.html
From 2017
Commission-free trading startup Robinhood has raised $110 million in a round led by Russian billionaire Yuri Milner’s investment group DST Global, valuing the company at $1.3 billion.
Greenoaks Capital and Thrive Capital, the venture capital firm founded by Josh Kushner, also invested, the company said on Wednesday. Kushner is the brother of Jared Kushner, a senior adviser and son-in-law to U.S. President Donald Trump.
Existing investors Index Ventures, NEA and Ribbit Capital participated in the round, which brings the total raised by the startup to $176 million.
https://www.reuters.com/article/us-robinhood-investment-idUSKBN17S1WV
More on the Robinhood app.
It's not David vs Goliath. It's Goliath vs. Goliath, with David as a fig leaf
https://marketsweekly.ghost.io/what-happened-with-gamestop/
Didn't John Key make his money in derivatives trading?
Enough said!
he made his money shorting the NZ dollar!