Roaring Kitty to testify on GameStop alongside hedge fund managers
It's interesting watching /r/wallstreetbets oscillate between "We did nothing wrong!" to "Well okay, some people were doing some things that were wrong, but hopefully no one will notice."<p><a href="https://www.reddit.com/r/wallstreetbets/comments/lj8djx/day_1_of_gamestop_hearing_house_committee_on/gnbatfl/?context=2" rel="nofollow">https://www.reddit.com/r/wallstreetbets/comments/lj8djx/day_...</a><p>(I don't personally believe that anyone did anything that should be prosecuted here, but what I believe is irrelevant to courts.)<p>There is one thing that (in my un-humble, ignorant opinion) should be prosecuted: according to <a href="https://www.youtube.com/watch?v=4RS4JIEVyXM&ab_channel=Benzinga" rel="nofollow">https://www.youtube.com/watch?v=4RS4JIEVyXM&ab_channel=Benzi...</a> the reason that trades were suspended is that the clearinghouse changed their requirements from 3% to 100% for GameStop specifically. And that clearinghouse settles 95% of all trades on Wall Street, so they effectively have a monopoly. Therefore that's why all the exchanges <i>had</i> to suspend GME training; no one had 100% collateral to cover GME for 3 days.<p>Everything else -- Gill getting rich, WSB posts, Citadel's bailout of Melvin, etc -- is just a distraction. I hope one day they bring that clearinghouse to heel, since it was seriously uncool for them to change the rules of the game with the justification of "we said so."