From a long article by Michael Lewis for the NYT:
(Yes, the article has been discussed at r/wallstreetbets.) Anyway:On Sept. 20, 2000, the Securities and Exchange Commission settled its case against a 15-year-old high-school student named Jonathan Lebed. The S.E.C.'s news release explained that Jonathan -- the first minor ever to face proceedings for stock-market fraud -- had used the Internet to promote stocks from his bedroom in the northern New Jersey suburb of Cedar Grove. Armed only with accounts at A.O.L. and E*Trade, the kid had bought stock and then, ''using multiple fictitious names,'' posted hundreds of messages on Yahoo Finance message boards recommending that stock to others. He had done this 11 times between September 1999 and February 2000, the S.E.C. said, each time triggering chaos in the stock market....When I first read the newspaper reports last fall, I didn't understand them. It wasn't just that I didn't understand what the kid had done wrong; I didn't understand what he had done....Jonathan slouched in. Even that verb does not capture the mixture of sullenness and truculence with which he entered the room. He was long and thin and dressed in the prison costume of the American suburban teenager: pants too big, sneakers gaping, a pirate hoop dangling from one ear....he created his own Web site devoted to companies with small market capitalization -- penny stocks. The Web site came to be known as Stock-dogs.com....''People who trade stocks, trade based on what they feel will move and they can trade for profit. Nobody makes investment decisions based on reading financial filings. Whether a company is making millions or losing millions, it has no impact on the price of the stock. Whether it is analysts, brokers, advisors, Internet traders, or the companies, everybody is manipulating the market. If it wasn't for everybody manipulating the market, there wouldn't be a stock market at all. . . .''As it happens, those last two sentences stand for something like the opposite of the founding principle of the United States Securities and Exchange Commission.
The GameStop stock situation is basically Exile Pitbull but with the global financial system instead of a Walmart in Alaska.— Adi Robertson (@thedextriarchy) January 27, 2021
Not as funny when you realize a lot of these hedge fund managers have secret families to feed.— logan bartlett (@loganbartlett) January 28, 2021