Select Page

[Economic] [Social]
Yes Virginia, the system is clearly rigged
by Omid Malekan
Posted February 2, 2021

WallStBets, taking the fight to the oligarchsThe real controversy last week was about who was winning and who was losing. Retail people on apps like Robinhood aren’t supposed to stick it to the big boys. They are supposed to be the so-called dumb money, the schools of tiny fish that exist so whales like Softbank and Citadel have something to feast on. People who go to Davos aren’t supposed to lose money to kids from Denver. But last week, they did. That’s why the financial establishment reacted so strongly.

I am outraged by the hypocrisy of the financial services industry. Any doubt that the l system is rigged has been eliminated. Why do the rich only ever get richer? Because of what happened last week.

In all my years of working in this industry, I have never heard of brokers pulling the plug on their clients because they were making too much money.

If anyone is to be banned from putting on risky trades, it should be the supposedly sophisticated hedge funds who’ve needed to be bailed again and again, not your cousin who recently bought a few shares of GME in her Robinhood app. Your cousin wasn’t the one who fucked up in 1998 or 2008 or 2019 or 2020. She didn’t drive Lehman Brothers into the ground or destroy MF Global. More…