I'm pretty anti-piracy, yes, and that's all Wall Street is. You support thievery, dannno?
It's not widely known to most people that believe they have a "retirement account" full of "stocks", no. Is it known to those of us who take the time to pop the hood to understand how this giant scam works? Yep. I'm not convinced that creating fake shares is legal, seeing how naked shorting is illegal, which is the creation of fake shares to sell. Do you have a link to share describing how the creation of fake shares is legal? Someone asked earlier in the thread if I'm a law and order type. I am, if different standards are applied to each counterparty in a contract! The SEC will throw the little guy under the prison for breaking securities law. Wall Street gets bonuses, promotions and bail-outs. It is the worst of imbalances possible.I thought most of the stuff about "dark pools" and "fake securities" was fairly widely known, not by the general population, but by people who understand finance somewhat. I don't know if it's right, but it is currently legal.
I know they work similarly and that is one reason I know the crypto market is just another banker creation of smoke and mirrors and a money laundering operation. It runs the exact same playbook as the stock markets. Wash trading by a few whales, fake "shares" to raise prices (tether), futures markets, etc. This thread isn't about cryptos though.Crypto exchanges work similarly, which is why people with a decent amount of crypto tend to keep most of it in cold storage until they actually want to exchange it.
Robinhood is somewhat of a sacrificial lamb, yes, though the narrative around Robinhood's mission has obviously been exposed as a complete load of horse$#@!. My own account with a different broker was locked for 2 FULL DAYS from doing ANYTHING (my other tiny positions were locked out not just the one little GME share in the account), at the direction of APEX Clearing, who followed the order from the Fed's subsidiary DTCC. They didn't just turn off ability to buy any more GME. Entire account was locked. This is what people can expect when this whole thing crashes. Locked out while the insiders liquidate and wipe their books clean of years of fraud. Robinhood is just the sacrificial lamb since it was the most public of brokers that rigged the system against retail to save Wall Street's piracy operation.I'm ok with the feds targeting everybody else and questioning all that stuff, I guess, although the feds are on their side so I'm not sure what they will actually do. But not a fan of them targeting Robinhood.
One brokerage head, Thomas Peterffy of Interactive Brokers, admitted on CNBC that buying was restricted to protect the brokerages and the clearinghouse. "We restricted to protect ourselves....uh to protect customers but most of all to protect the marketplace, to protect the clearinghouse." It's on video here:
https://twitter.com/ohmytvconefive/s...85351496683522
What he's saying is that they shut down buying because if it continued, the dominoes would have started falling as the hedge fund collapses, then the brokerage collapses, then their clearinghouse collapses, etc. There simply were too many claims on shares on the books than what actually exists. The rampant fraud would have been exposed. THE BROKERAGES, CLEARINGHOUSES, DTCC, FED ALL KNOW THIS.
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