Maxine Waters Won’t End Wall Street’s Chronic Corruption

Steve Brown

Rumor abounds that the Wallstreetbets ‘silversqueeze’ posts (removed now) were from Citadel in an ironic ‘get even’ gambit to implicitly accessorize Roczynski’s reddit crowd in the pump-and-dump of SLV, an exchange traded fund run by JP Morgan bank and BlackRock.  When Wallstreetbets (eventually) discovered the silver posts the moderator removed them, but the meme had already gone viral. Mystery is why the wsb posts about silver remained on the forum for so long – about 24 hours – before being taken down.  WSB moderators maintain a very tight grip on postings. One example, the topic of bitcoin is not allowed on Wallstreetbets and that rule is rigorously and promptly enforced.

A further rumor exists that Citadel took profits on its alleged SLV pump-and-dump to put those profits into bitcoin, but that’s unsubstantiated and rather dubious. But if so, that’s a major u-turn for Griffin, since he has been a consistent bitcoin skeptic. More likely, Citadel used SLV pump-and-dump gains  — if it truly did so —  to mitigate Melvin’s losses on GME.

Bottom line, whoever came up with the idea of viral silver Wallstreetbets posts to make a quick buck on SLV may have also hurt – intentionally or not  — the Wallstreetbets long plays in Nokia, AMC, and Gamestop. The true intrigue though is that Citadel, one of the world’s largest hedge funds, had its own covered double-strangle in Gamestop while Melvin Capital writhed under pressure from the whale who got lucky* (Keith Gill) plus Roczynski’s Great Unwashed, and other interests as documented by Pam and Russ Martens on their excellent website.  [NB: their site is heavily DDOS’d and may be unavailable -ed.] How these Wall Street players may or may not have colluded is of course key to Wall Street’s typical criminality.  

Briefly, simple steps the Captured Regulatory might take to suppress such criminal gaming on Wall Street  (assuming the SEC were not already captured! – ed.) includes:

 1. Prevent payment for order flow by law.  Payment for order flow means paying trading hubs (example robinhood) for information to facilitate front-running and gaming of share prices depending on how the trading hub’s retail clients are trading.

2. Prevent any entity from developing short interest (naked share sell-order or put exposure) of more than 90% in any publicly traded company. GME was shorted by 140% at one time.

3. Reinstate criminal penalties for commercial banks who play the casino… ie reinstate Glass-Steagall in full.

Simple and straightforward. But the above is exceedingly unlikely to happen. That’s because the SEC is indeed Captured — as is the CFTC — and the Chair of the House Financial Services Committee — alleged to look into this corruption on the 18th — is a master of corruption herself. That is, none other than Maxine Waters, a national disgrace and carbuncle apparently permanently attached to the rotting carcass of the Beltway’s shameless monolith. Having a vile shill like Waters in charge of US national finance law is like having an accomplished cat burglar in charge of security for a wealthy apartment block.

Meanwhile for CNBC, Bloomberg, and the financial elite media run by the equally depraved, in general they portray the Gamestop gambit as being “the average investor’s challenge to the financial swamp” which is an outright lie, complete fiction, and abject duplicity.

It seems there is little hope while the greed index is nearly off the charts, and presumably will remain so ad infinitum, at least according to our current federally ordained masters of MMT.

*or was he?