Well I will buy another share or two..Game Stop stock is down to $102 per share.
in for a penny
Well I will buy another share or two..Game Stop stock is down to $102 per share.
Treasury Secretary Janet Yellen has summoned U.S. financial regulators to discuss recent volatility in financial markets, in her first public effort to address the tumult involving GameStop Corp. shares and broker-dealer Robinhood Markets Inc.
Yellen called a meeting with the Securities and Exchange Commission, the Federal Reserve Board, the Federal Reserve Bank of New York and the Commodity Futures Trading Commission, the Treasury said in a statement late Tuesday. The Biden administration and regulators have faced pressure in recent days to respond to the market frenzy.
"Secretary Yellen believes the integrity of markets is important and has asked for a discussion of recent volatility in financial markets and whether recent activities are consistent with investor protection and fair and efficient markets,” the department said.
Yellen’s predecessors, including Steven Mnuchin, also organized meetings of financial agencies during times of tumult. They aren’t necessarily a signal that any policy moves are imminent. The SEC already said Friday it’s seeking to identify potential misconduct and will scrutinize brokerages’ decisions to halt buying that triggered a retail-investor revolt.
"You are the Secretary of the Treasury, the duties of which require you to be involved in a broad array of matters focused on these sectors," Sonfield wrote.
Meanwhile, on Monday, the House Financial Services Committee announced plans to hold its hearing on Feb. 18. The House hearing has been entitled, "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide," and although no witnesses were listed, we can think of a few CEOs to whom the Democrats are eager to deliver a public spanking. After all, Robinhood and TDAmeritrade and E-Trade and the others, for a brief moment, exposed the fact that all of this plumbing that runs Wall Street now is new and complicated and almost nobody understands how it works.The assault on GameStop short-sellers took it to a new level as small traders appeared to act in concert as they organized buying over Reddit. Posts encouraging silver buying also boosted prices on Monday, although that proved short lived.
"The power of the retail investor exists,” said Chris Brankin, CEO at TD Ameritrade in Singapore.
"We could see other similar events more regularly, but be sure the regulators will look to curb any market (volatility) or manipulation," he said.
Even though all the regulators - including members of the Federal Reserve Board, the New York Fed, The SEC and the CFTC - who will be present at Thursday's meeting
Moonlighting under the name Roaring Kitty, Keith Gill became something of an online folk hero for his dedication to GameStop, the struggling video-game retailer at the center of a trading frenzy that sent its share price into the stratosphere.
But now a regulator in Massachusetts wants to know more about Mr. Gill, a registered securities broker, and his former day job as a financial wellness education director at an insurance company based in Boston.
Inspired in part by Mr. Gill’s cheerleading, thousands of small investors pushed stock in GameStop to as high as $483 a share and made Mr. Gill fabulously rich on paper. A picture he posted last week on the Reddit WallStreetBets forum showed his GameStop investment was worth $48 million, though his actual returns could not be independently verified.
But Mr. Gill’s former employer, MassMutual, has told securities regulators in Massachusetts that it was unaware that Mr. Gill had spent more than a year posting about GameStop on social media, online message boards and YouTube. The insurer also told regulators that had it known about Mr. Gill’s outside activities, it would have asked him to stop or possibly fired him.
An outside lawyer quoted by the NYT said that while it's too soon to say whether Gill may have violated securities laws, but it's certainly possible that he might have violated rules set by his former employer if he was posting without their knowledge, which it looks like he was.On Friday, Mr. Galvin’s office sent a letter to MassMutual’s general counsel seeking information about Mr. Gill’s employment status and whether the company was aware of his outside activities promoting GameStop.
The letter also sought details about the firm’s “process for identifying undisclosed business activities” and for monitoring an employee’s use of social media.
Debra O’Malley, a spokeswoman for Mr. Galvin’s office, said much of MassMutual’s response was confidential because the inquiry is open. But she confirmed the date of Mr. Gill’s departure and reiterated the company’s contention that it was unaware of his activities.
Ms. O’Malley said MassMutual had told securities regulators that it previously denied a request by Mr. Gill to perform side work managing an investment portfolio for a family friend after he joined the company in April 2019.
Paula Tremblay, a MassMutual spokeswoman, said in an emailed statement that Mr. Gill was no longer employed by the company and that the matter was under review. She declined to comment further.
Andrew Calamari, a lawyer with Finn Dixon & Herling and a former director of the Securities and Exchange Commission’s New York office, said it was too soon to determine whether Mr. Gill had violated any securities regulations. But Mr. Gill could have violated company rules if he did not receive permission for his posts on Reddit and YouTube.
“Firms don’t allow employees to go out and make predictions on stock,” he said of employees who aren’t analysts. Many financial firms also require employees to disclose if they have brokerage accounts with other firms to monitor their trading activities, he added.
As for the Redditor's "stick it to the man" narrative, and its consequences for financial stability, Waters said she's not taking sides. The Democrats are simply trying to bring all the parties to the table, and listen to what they have to say (albeit with a few aggressive "gotcha" questions, grist for reelection in just under 2 years)."I understand that they are working on turning it around and there is a real possibility that they could be successful at this, so I want them here, too. I want to know a little more about GameStop, I want Robinhood, I want Reddit and I want the big boys here."
From GOAT To Scapegoat: Redditor Who Made Millions During Gamestop Chaos Already Being Set Up To Take The Fall
Elsewhere, Jefferies analyst Stephanie Wissink wrote that the move follows the natural progression of RC Ventures’ activist agenda. That agenda pushes for a faster timeline, with many strategies to boost the company already underway.Reddit-fueled traders cheered each other on to buy more shares into the market close after news of Bell’s planned departure
The stock had been focus of a House hearing on retail trading
Now, now don't get toooooooo excited here. don't you believe the Fed when they babble at you?Bring on the 'it's happening to silver!!' next week threads!
Throughout the day Wednesday WallStreetBets members discussed the upcoming exit of GameStop's CFO Jim Bell. The company announced that Bell will be stepping down in March.
Tyler Durden is a pseudonym. Zero Hedge has a way of reporting things in an over-the -top style.That Durden guy almost sounds as though he is making the Redditors out to be the villains here. Um, no, sorry, as I understand it, there were more shares of GME shorted than were ever distributed. If it's anyone who's a villain here, it's not the WSB (Reddit Wallstreetbets) gang. Gill saw a good value in the stock a couple of years ago, and he took a lot of ridicule from WSB before they saw that he was right, and jumped on that train.
(Yes, I am holding a few shares of GME. I will sell when I have made my profit target.)
It be a month off or so, just because of how futures work, but you can see the pressure building every day. Today we have them bringing Gold down $28, and Silver is down like 20 cents? How much in paper did that cost them? I bet a lot. Watch, Silver will be up by the end of the day!!!!!Bring on the 'it's happening to silver!!' next week threads!
I've had a few in my life.10 baggers are where it's at.
I saw a consensus price target figure GameStop should be somewhere around $11 a share.no way this company is worth $240'ish dollars; nothing more than millennials with stimulus checks playing the short-squeeze game.
no way this company is worth $240'ish dollars; nothing more than millennials with stimulus checks playing the short-squeeze game.