This is likely the nail in the coffin for all the hedge funds & banks that shorted them AND the BIG banks that are trying to gobble up the failing banks. They are all circling the drain and can't delay their collapse much longer.
Correct. Credit Suisse was "counterparty" to an estimated 50% of the derivatives created to short GME and other "meme stonks". When counterparty goes bust, it makes it very difficult to continue creating derivatives, AND even if shorts are right, they may not be able to get paid now.
Couterparty = the one selling the "insurance" for payout when GME stock price goes down (per hedge fund manipulation via creation of fake shares they then sell short). Insurance policies cancelled? Unknown, but certainly disrupted.
American Revolution 1.0 technically started in 1765. Gamestop closes at $17.65 during regular session (+4.62%), then up +48.44% in afterhours? Very interesting numbers indeed. But lets watch tomorrow's action and Hedge Fund margin calls before we get too excited.
The Stamp Act was very unpopular among colonists. A majority considered it a violation of their rights as Englishmen to be taxed without their consent—consent that only the colonial legislatures could grant. Their slogan was "No taxation without representation".
It seems like we're witnessing a major shift in the stock market - Amazon ($AMZN) has reported its first quarterly loss in years, while GameStop ($GME) has surprisingly announced its first profitable quarter! It's like we're watching a David and Goliath story unfold in the world of finance.
It's crazy isn't it. I wished I had invested in Amazon way back when. But I was too young. I wanted to do the same with Google and bit coin.was a drunk Marine when I learned of Bit coin. Could have been a millionaire even on a Lance Corporal's salary.
I'm now old enough and smart enough. I'm invested in GameStop! DRS'd XXXX Ape here.
Can't Stop. Won't Stop. GameStop!
Didn't Q say Game Over? Funny they call it 'playing' the stock market.
This is likely the nail in the coffin for all the hedge funds & banks that shorted them AND the BIG banks that are trying to gobble up the failing banks. They are all circling the drain and can't delay their collapse much longer.
CS held a lot of the swaps used to short GME and now they've been absorbed by UBS.
Correct. Credit Suisse was "counterparty" to an estimated 50% of the derivatives created to short GME and other "meme stonks". When counterparty goes bust, it makes it very difficult to continue creating derivatives, AND even if shorts are right, they may not be able to get paid now.
Couterparty = the one selling the "insurance" for payout when GME stock price goes down (per hedge fund manipulation via creation of fake shares they then sell short). Insurance policies cancelled? Unknown, but certainly disrupted.
Also bbby and others.
*** Earth shaking rumble sounds ***
Just hit 48% after hours.
Just hit 55% after hours.
UBS right now "maybe $100B isn't going to be enough to unwind these positions."
American Revolution 1.0 technically started in 1765. Gamestop closes at $17.65 during regular session (+4.62%), then up +48.44% in afterhours? Very interesting numbers indeed. But lets watch tomorrow's action and Hedge Fund margin calls before we get too excited.
Stamp Act 1765: https://en.wikipedia.org/wiki/Stamp_Act_1765
It seems like we're witnessing a major shift in the stock market - Amazon ($AMZN) has reported its first quarterly loss in years, while GameStop ($GME) has surprisingly announced its first profitable quarter! It's like we're watching a David and Goliath story unfold in the world of finance.
It's crazy isn't it. I wished I had invested in Amazon way back when. But I was too young. I wanted to do the same with Google and bit coin.was a drunk Marine when I learned of Bit coin. Could have been a millionaire even on a Lance Corporal's salary.
I'm now old enough and smart enough. I'm invested in GameStop! DRS'd XXXX Ape here.
Can't Stop. Won't Stop. GameStop!
Didn't Q say Game Over? Funny they call it 'playing' the stock market.