https://twitter.com/realwillmeade/status/1362108977769816064
Bwahahaha
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RIOT Gamma squeeze?
DFV’s testimony to Congress is up:
In short, I like the stock
Perfect.
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Attraction to the legacy business is lol
Good one!
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so all his gamestonk money will go to lawyers
even though he wasn’t even close to people that needed to get sued in the online shit posting investing pumper realm
This is truly nuts. I think the judge is wrong here, the recipients of the money clearly knew it was a mistake. The situation is made even more ridiculous by Citi actively working to fuck over the exact parties they mistakenly shipped the money to.
Also: LOL Citi at every single turn, confirming every stereotype of Citi.
It’s a really interesting story. As I understand it, the law says that you can keep an unintentional payment if you were genuinely owed that money. In this case, it isn’t clear if the recipients were owed the money, or if they just had debt outstanding. That is:
- if I’m late on a mortgage payment and unintentionally send my lender/servicer a payment that I meant to send to my cousin, the lender can keep the money (to the extent of the owed payment) because I truly owe them that money.
- if I’m current on a mortgage payment and unintentionally send my lender $350k, I think the lender shouldn’t get to keep that money because I don’t currently owe them that money, even though I technically do owe them that money.
Anyway, there’s some uncertainty about whether the lenders were actually owed the money currently because the debt had been restructured in a way that might have triggered early payment. Levine seems unsure about this as well, both in terms of whether the law would allow the lender in my second scenario to keep the money, and in terms of whether the lenders to Revlon (the entity at the heart of the matter) were actually owed money immediately. In any event, it’s definitely worth a full read. The software sounds amazingly terrible.
Short story, as I understand it is that Citi sent out $900 million accidentally (they intended to send out interest payments, but accidentally sent out principal, too). They immediately asked for that money back, but recipients of $500 million said LOLNO. But Citi isn’t actually out that money entirely, because they received the Revlon bonds in return (that the other entities presumably thought were being called). So now Citi is sitting on a loss of roughly $300 million, because the $500 million of Revlon bonds they obtained for the $500 million of cash they mistakenly sent out are only worth about $200 million.
This is based on my read of the newsletter several hours ago, and I am intentionally not going back and re-reading it for accuracy. Pretty confident in the general gist, though.
It just now occurs to me that this is probably the same law that allows banks to keep stimulus checks for those individuals who are delinquent on amounts owed to that bank.
Maybe don’t have this law anymore.
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I think most people think the most ruthless people in finance are private equity assholes, but every indication is that distressed debt finance bros are the most depraved and sociopathic pieces of shit in the business.
I must be some kind of finance bro bigot, because all of those guys look the same to me.
OMC up another 1.2% today 
before earnings tomorrow morning. To the space station! 
Ooh baby!
OMC earnings met the estimate, and they increased the dividend by 7% to $2.60/share/year. Stock was up $1.20 yesterday, not 1.2%, and up $1.40 today, and still has plenty of room to get to pre-pandemic level.
In other news, I slept well last night.
That’s because being the biggest piece of shit in finance is an extremely competitive game.
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wow i thought red days were illegal
This is partly a reaction to Texas, right? Seems like maybe a dip-buying opportunity before the weather improves - and sentiment along with it. Looks like consistently above-freezing temps starting on Saturday.
Disclaimer: I’m not very good at STONKS.
Also, worse than expected unemployment numbers for last week.
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What’s it mean when everything is red? I hadn’t seen that color yet on my stonks app.
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I haven’t had a green day since the first day I bought GME
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