The thrust of Spencer Jakab’s new book is that a widespread interpretation of the GameStop episode—as a triumph of Davids (retail investors) over the Goliath of Wall Street—is mistaken
unknots the threads of this complex financial tale. His is a pacey and comprehensive account that takes in the structural changes in finance and the media that made the turmoil possible. The ingredients included the prominence of a chatboard on the Reddit website called r/wallstreetbets; the rise of Keith Gill , a buccaneering investor; a “Gamestonk!!” tweet by Elon Musk; and the political outrage of both Alexandria Ocasio-Cortez and Ted Cruz.
Even at the time, though, it was obvious that other hedge funds and financiers had piled into the trade. And it was clear that outfits like Citadel and Goldman Sachs, which generally make meaty returns from high trading volumes, would do well. The idea that these bits of Wall Street profited is not quite the counter-intuitive insight Mr Jakab implies.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Downing Street slaps down Bank of England governor on pay rise commentAndrew Bailey's call for moderation comes as the cost-of-living crisis sees families facing looming rises in energy bills, council tax and national insurance.
Read more »
WANTED: New Downing Street aides to work for Boris JohnsonHello folks,Recently five people have left my team due to unprecedented circumstances and that is all rather sad but we must, like the great Churchill, move onwards and upwards to victory and replace them.So, I am looking for people who don't mind a bit of politically incorrect banter and who know h...
Read more »
Carrie Johnson blamed for Downing Street chaos in a Tory peer's bookThe explosive book by Lord Ashcroft presents Mr Johnson as a weak Prime Minister who enrages his advisers by allowing wife Carrie to influence policies and appointments.
Read more »
Downing Street slaps down Bank of England governor on pay rise commentAndrew Bailey's call for moderation comes as the cost-of-living crisis sees families facing looming rises in energy bills, council tax and national insurance.
Read more »
Downing Street in talks with Australian bank Macquarie over £10bn investment dealDowning Street is in talks with Macquarie Group, the Australian lender, to secure a headline-grabbing £10bn investment in British infrastructure that would represent one of the largest-ever such commitments by an overseas company
Read more »