They might want to check what market maker does the most volume on lit exchanges. There is plenty to critique with PFOF, but when orders are coming from a mobile app and not a sophisticated trading platform I don't think you are worried about frontrunning the SIP nbbo by milliseconds. The alternative before PFOF was getting robbed by floor specialists. For some reason people were more comfortable being robbed by humans than the idea that the algos are programmed to make money.
Meme Stock Mania Propels the IRS to Record Tax Haul Last year’s meme stock frenzy may have turned a handful of Reddit-addicted retail traders into millionaires — and squeezed a handful of short-selling hedge funds into double-digit losses — but the big winner was a bearded old man in a top hat. We’re talking, of course, about Uncle Sam. The Internal Revenue Service reported a record amount of tax revenues for the first eight months of the fiscal year, propelled by a rash of earnings from retail stock traders. From Meme to C.R.E.A.M. Since the federal fiscal year kicked off in October, tax collections are up 42% over the same period as in pre-pandemic 2019, the Treasury says. In other words, Uncle Sam’s next suit should be a patriotically pinstriped Armani. The $2.7 trillion in levies the IRS has collected as of May 5 is also the most in history, more than last year’s $2.1 trillion — in fact, this fiscal year’s tax revenue topped $2 billion in the first six months for the first time ever. According to the Congressional Budget Office, much of the haul comes from corporations, whose tax bills from October to March were up 22% from a year earlier, and are on pace for a new annual record of $454 billion. Yet a shocking amount of tax revenue is coming from capital gains made by regular Americans, after meme stock communities and apps like Robinhood briefly turned securities trading into a pastime as commonplace as baseball: • According to Treasury data, the amount of individual taxes collected this fiscal year — which includes income from small business proceeds and the sale of stocks, but does not include income or employment taxes — is $452 billion, almost triple the $152 billion at the same point in 2019. • “A big chunk of it has come from short-term capital gains,” Lou Crandall, Wrightson ICAP’s chief economist, told Bloomberg. “Meme stocks were very, very good to the IRS.”
Didnt bank of america short them and non of the things they published came to fruition so think they’re covering their positions now.
I love how BBBY having a good quarter and AMC issuing APE shares (that only have any value if they are voted on by AMC holders to dilute their shares), means GME goes up 12%
Of course GME should be up 10% on a day Walmart is gaining market share on groceries and private label sales are strong due to inflation. They are just buying generics and cheap groceries to save discretionary spending on video games.
Likely so, but DOJ’s criminal burden of “beyond a reasonable doubt” may prevent an indictment from ever being filed if the DOJ doesn’t think they can prove that. SEC’s civil burden of proof may be enough for the gov’t to refrain from involving the DOJ on the same issues. No real clue though, so we shall see
Lol I forgot about that guy but damn, that is really satisfying. I had a fun 2020-2021 following him and some others and dabbling in some day trading. I sucked at it and quickly confirmed every old investing cliche out there. Somewhere along the last year or so, ZM and the others started openly and frequently commenting on politics and other crap. No surprise, every one of them is a giant MAGA turd and I unfollowed.
Yeah it's easier and more profitable to just be elected to Congress and inside trade based on that information.
Those guys are the reason that I own shares of FUBO. I stopped following when they were all sharing their memorial Trump coins
“All defendants are charged with one count of conspiracy to commit securities fraud. Additionally, Constantin is charged with three counts of securities fraud and one count of engaging in monetary transactions in property derived from specified unlawful activity; Matlock and Deel are both charged with five counts of securities fraud; Rybarczyk is charged with four counts of securities fraud; and Hrvatin, Cooperman, and Hennessey are each charged with two counts of securities fraud. The defendants made their initial court appearances yesterday. If convicted, each defendant faces a maximum penalty of 25 years in prison for conspiracy to commit securities fraud and each charged count of securities fraud. Constantin also faces a maximum penalty of 10 years in prison if convicted of engaging in unlawful monetary transactions. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.”
The dipdeity guy was going in small and cashing out $1 profits on half his investment. Game was rigged and he was still trading like a rookie. I guess the podcast paid well and I’m sure the others were funding him to be their idiot fall guy.