Last Wednesday, a poor, defenseless group of hedge fund managers found themselves losing billions of dollars. For one of them it meant not being able to refuel his private jet. A truly tragic turn of events.
Now how was he expected to fly around the world? He can’t take a commercial airline, there’s a pandemic! How is he expected to wine and dine here and there and be served by many more people and hang out with his wall street buddies if he can’t fuel his jet? During a pandemic!
Despite his damning predicament, he was not met with sympathy but laughter. Laughter! So many people saw him in the dumps, which are of course still better than wherever regular folk live, and they proceeded to laugh at him!
Naturally they had questions to ask themselves. Unfamiliar territory as introspection was never a strong point for them. Were their years of unfettered capitalism, obscene greed, dissociation from common people, and perpetually escaping the consequences that other people face…were all these considered bad things?
As has been widely reported, a group of redditors from the sub reddit r/wallstreetbets managed to bring some actual wall street fat cats down to reality. Melvin Capital had short sold shares of Gamestop – blockbuster for video games. Essentially, they’ve borrowed shares of gamestop, sold it at about their price at the time and then expected that when it’s price dropped due to the fact that no one really likes going to Gamestop, they’ll buy the stocks for a much lower price.
But for some reason, people began buying Ganestop stock and drove up the price. Clearly, they were misinformed as to how things work. See, you need to be a certain echelon to be allowed to manipulate the market. Have they even tasted caviar? Have they murdered someone they exploited on their yacht? Do they even have a murder yacht? Regardless, they went on to face massive losses. Has the might of wall street been challenged by someone with the moniker u/assmuncher69?
It became clear soon enough that it wasn’t a misunderstanding. The game that the elites had rigged was not rigged well enough. Apparently it was very easy to turn the tables on them. One wonders now how it took this long to begin with.
Fortunately for them and fairly expectedly, despite facing massive losses that were the consequences of decades of their own scumbaggery, they have been bailed out and that’ll likely continue. Before long, the jets will be flying again.
The Ipe Collection 