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Keeping them honest: $IBKR #Robinhood [Thread]
$GME, $AMC, $BB, $EXPR, $KOSS
This will be that last that I post about this topic -- the bread 'n butter is biotech, I know -- but this is something that I feel strongly about.
Interactive Brokers ( $IBKR ) CEO Peterffy...
$GME, $AMC, $BB, $EXPR, $KOSS
This will be that last that I post about this topic -- the bread 'n butter is biotech, I know -- but this is something that I feel strongly about.
Interactive Brokers ( $IBKR ) CEO Peterffy...
$IBKR
CEO Peterffy @thomaspeterffy1 authorized his company to take the extraordinary, and perhaps illegal, action to Unilaterally Liquidate duly opened positions that its account holders held in $GME, et. al.
Not only did $IBKR force liquidate Options, it liquidated...
CEO Peterffy @thomaspeterffy1 authorized his company to take the extraordinary, and perhaps illegal, action to Unilaterally Liquidate duly opened positions that its account holders held in $GME, et. al.
Not only did $IBKR force liquidate Options, it liquidated...
$IBKR
IBKR liquidated pure long stock positions -- think about this -- IBKR took a customers $GME shares, without asking, and hit the sell button...
Let alone the legality of such a draconian measure, think about tax implications -- a forced realization of gains...
IBKR liquidated pure long stock positions -- think about this -- IBKR took a customers $GME shares, without asking, and hit the sell button...
Let alone the legality of such a draconian measure, think about tax implications -- a forced realization of gains...
$IBKR
forcing customers to incur short term capital gains taxes -- the potential liability for $IBKR's actions is almost beyond belief.
But, that's not all -- not only did $IBKR take these actions, then the CEO had the gall to take to @bloomberg airwaves & defend these actions
forcing customers to incur short term capital gains taxes -- the potential liability for $IBKR's actions is almost beyond belief.
But, that's not all -- not only did $IBKR take these actions, then the CEO had the gall to take to @bloomberg airwaves & defend these actions
$IBKR
I invite you to listen to Peterffy's @Bloomberg interview -- it had me yelling into the car radio as I listened:
Interviewer didn't let him dodge the question:
Did $IBKR force sell customers' $GME shares?
After Peterffy pretended to be distracted by something...
I invite you to listen to Peterffy's @Bloomberg interview -- it had me yelling into the car radio as I listened:
Interviewer didn't let him dodge the question:
Did $IBKR force sell customers' $GME shares?
After Peterffy pretended to be distracted by something...
$IBKR
Host was still waiting for an answer...
Peterffy, of $IBKR, replied yes, yes we did force sell customer's long stock positions in $GME.
And, in justification, Peterffy proceeded to call short squeezes "illegal".
Yes, you read that right, folks -- the CEO of $IBKR...
Host was still waiting for an answer...
Peterffy, of $IBKR, replied yes, yes we did force sell customer's long stock positions in $GME.
And, in justification, Peterffy proceeded to call short squeezes "illegal".
Yes, you read that right, folks -- the CEO of $IBKR...
$IBKR
...called short squeeze activity ILLEGAL...
Mind is.. Blown by this.
First -- what does it even mean for a short squeeze to be illegal? It's illegal to purchase shares of a company? Because that's what we're talking about, here.
But, there's a deeper point, here..
...called short squeeze activity ILLEGAL...
Mind is.. Blown by this.
First -- what does it even mean for a short squeeze to be illegal? It's illegal to purchase shares of a company? Because that's what we're talking about, here.
But, there's a deeper point, here..
$IBKR
Peterffy & $IBKR claimed to take this action due to threats to liquidity to his company -- if the short positions in $GME came due, and the holders/hedgies were unable to pay, that debt would fall on $IBKR, and it may not be solvent...
Well, why is that? Let's see...
Peterffy & $IBKR claimed to take this action due to threats to liquidity to his company -- if the short positions in $GME came due, and the holders/hedgies were unable to pay, that debt would fall on $IBKR, and it may not be solvent...
Well, why is that? Let's see...
$IBKR
Tit for tat, except when it hurts the "man" -- what's good for the goose is not good for the gander, here...
$IBKR was only in such a position b/c it had, for years, allowed hedgies to open "naked short" positions in $GME in the first place, thus introducing...
Tit for tat, except when it hurts the "man" -- what's good for the goose is not good for the gander, here...
$IBKR was only in such a position b/c it had, for years, allowed hedgies to open "naked short" positions in $GME in the first place, thus introducing...
$IBKR
...the possibility of an unlimited loss/infinite liability.
For Peterffy, it's apparently "illegal" for an ordinary joe customer to buy any share that she pleases, but...
it's NOT illegal to "short sell" shares of $GME that DON'T EVEN EXIST.
And, why was $IBKR...
...the possibility of an unlimited loss/infinite liability.
For Peterffy, it's apparently "illegal" for an ordinary joe customer to buy any share that she pleases, but...
it's NOT illegal to "short sell" shares of $GME that DON'T EVEN EXIST.
And, why was $IBKR...
$IBKR
why was $IBKR allowing "naked shorting" in the first place?
Because it was easy money for them -- it was an asymmetric trade -- no "unlimited liability" because the hedgies hands would never be called, right? No one would actually stand up...
why was $IBKR allowing "naked shorting" in the first place?
Because it was easy money for them -- it was an asymmetric trade -- no "unlimited liability" because the hedgies hands would never be called, right? No one would actually stand up...
$IBKR
...to these "naked short" hedgies positions, right?
I mean, it would take a miracle of overwhelming demand for shares, with persistent and undeterred buying to call such a bluff, right?
Right. It would take Reddit, and joes and janes that said, enough is enuf...
...to these "naked short" hedgies positions, right?
I mean, it would take a miracle of overwhelming demand for shares, with persistent and undeterred buying to call such a bluff, right?
Right. It would take Reddit, and joes and janes that said, enough is enuf...
$IBKR
The only people not playing by the rules now, are the hedges, and the brokerages ( $IBKR ) that for years allowed, and profited from, the hedgies' unscrupulous short selling behavior.
So, $GME?
Folks -- Pour. It. On.
The only people not playing by the rules now, are the hedges, and the brokerages ( $IBKR ) that for years allowed, and profited from, the hedgies' unscrupulous short selling behavior.
So, $GME?
Folks -- Pour. It. On.
