zerohedge.com 11 Jun, 2021 11:00 am

Taibbi: Let the Apes Have Wall Street

Taibbi: Let the Apes Have Wall Street
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop.” The frolicsome community of retail investors and activists who call themselves “Apes” and hang out in online forums like r/Superstonk and r/wallstreetbets, and who’ve placed the battle over the prices of stocks like AMC and GameStop at the center of one of the more interesting American culture-war developments in decades, rejoiced as one.Ultimately, it doesn’t matter who’s behind the mercurial surges of stocks like GME.Here was a representative of CNBC, a frontline agent of the financial establishment, admitting that the hedge funds they’re fighting have been cheating!

The rally was reportedly caused by ordinary folk driven by a thirst for revenge against the financial system, who delighted in conquering billionaire hedge funds who’d put themselves in compromising positions by betting too heavily (and too publicly) against companies like GameStop.By Friday, June 4th, the day of Lee’s CNBC broadcast, GameStop closed at $248.

Read full story at zerohedge.com