Quote (thesnipa @ Feb 18 2021 11:51am)
and all claim it was about sticking it to the man, when in reality they fomo'd thinking it would hit 1k.
If the system wasn't rigged against them they would have lol
Information out about how basically every brokerage that allowed shorting of shares might have just straight up gone out of business if the hedge funds that borrowed were allowed to collapse. Hedge funds go out, then the brokers have to cover, brokers go out, whole system is crashed. Imagine every broker having to cover 10 million shares of GME at the same time, total amounting to twice as many shares existing. Every broker that allowed shorting would have gone out of business as the price climbed past 1k. Then the banks that have loaned out all the money for these brokerages immediately lose all of it because the entire value of the brokerage is going to cover its clients, not loans. Every bank that touched any broker takes billions of dollars in losses in a single day. It would be 2008 all over again, but all the mortgage defaults happen in one day.
Too bad nobody will take anything from this because most people just aren't following it that closely.