Let me use this to do a more nuanced version of my earlier approach to this:

I don't know. But I suspect that the board is very very heavily tilted in favor of RobinHood being able to do the things it's doing.

This doesn't mean I think that's fine and dandy. I don't. https://twitter.com/LawoftheGame/status/1354866729848107009

Right now, #EatTheRich is trending in part because there is (as I mentioned to an old friend in a thread yesterday) about eleventy metric fucktons of widely distributed anger out there - anger that resonates.

When people are willing to spend money - throw money away, really - just to hurt someone with power that they see has having hurt them in the past, that is a really really unhealthy situation.

It's incredibly bad.

And, frankly, massive asshats like this guy ain't helping. https://twitter.com/jangelooff/status/1354846320494784515?s=20

At the same time, I doubt we know the full story behind what happened with Gamestop and WSB. I don't think anyone does, including most of the people involved. I think it's going to take someone a good couple of years of research to pin it all down.

An aside: as I said this ain't my area of law. But if I was someone who got into Gamestop when it was, say, $25 and I spent a bunch of time feeding the WSB hype over the past few days before cashing out, I'd probably want to use some of the gain to consult counsel.

I've got no idea if those people have anything to be worried about, and it could easily be that they don't. But if I was one of them, I'd want to talk to someone and make sure of that.

As far as @RobinhoodApp goes, they were in a position where they had to pick their pain - because they were going to be hosed no matter what they did.

(NOT saying they made the best choice for anyone.)

But - and maybe I'm cynical - but I think that some of the same people demanding answers about their decision to stop buys of those stocks now would have been the ones asking why they didn't stop trading when that led to a bunch of people losing a bunch of money.

Anyway, this whole thing is a disaster zone across the board. Wall Street is reacting to it and managing it with the same grace and humility that led people to want to screw them in the first place.

Seriously, Wall Street:

How, with all your money for image consultants and PR, do you manage to be so inanely tone deaf as to create a situation where Ted Cruz and AOC are both mad at you for the same thing? That's impressive.

Anyway, I've got absolutely zero sympathy for Wall Street on this one. But that doesn't mean I'm a huge fan of the play either.