Tag: Fuck Wall Street

“This Is For You, Dad”: Redditor Shares Heartbreaking Reason For Destroying Short-Sellers In WSB Raids

Via ZeroHedge

As a new class of activist investors harness the power of crowdsourcing to crush short-sellers betting on the demise of ailing companies, a David vs. Goliath narrative quickly emerged (now with sympathetic billionaires joining the cause).

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Wall Street is firmly in Wonderland

Guest Post by Edward Chancellor

LONDON (Reuters Breakingviews) – Alice was tired of studying for the CFA exams, the figures in the spreadsheet were blurry, she laid her head on the desk…

Her first day at Tweedle Asset Management was going to be a busy one. She was escorted around the offices by a young staffer named Otto. Their first visit was to the bond team. Fixed income was Alice’s keenest interest.

“Do you hold bonds for income?” she eagerly asked. Everyone laughed. “Are you dreaming?” the desk head replied rudely. “The coupon is subtracted from the principal, not paid out. If it’s income you want, you should take out a Danish mortgage, they pay very well. Or sell short Swissies.”

“But why own a bond, if it doesn’t pay interest?” replied Alice, who’d read her Homer and Sylla assiduously.

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Taibbi Warns: Wall Street & Main Street ‘Rescues’ Look Increasingly Disconnected From One Another

Authored by Matt Taibbi,

It’s early days, but the Federal Reserve “bazooka” has mostly impacted the 1%…

Take a look at some contrasting sets of headlines.

First, from planet earth:

Weekly Jobless Claims Hit 5.425 Million, Raising Monthly Loss To 22 Million Due To Coronavirus (CNBC)

Worst Case Fears Of 20%-Plus U.S. Jobless Rate Are Now Realistic (Bloomberg)

Then from Wall Street:

Private Equity-Owned Companies Sell New Bonds in Credit Rally (Bloomberg Law)

Fed’s Historic Move Spurs Rally in Junk Bonds: 6 ETF Picks (Nasdaq.com)

As we head into the second month of pandemic lockdown, two parallel narratives are developing about the financial rescue. 

In one, ordinary people receive aid through programs that are piecemeal, complex, and riddled with conditions.

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