Author Topic: AMC share price quadruples as retail traders raid hedge-fund short targets  (Read 6249 times)

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Offline Bigun

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #25 on: January 28, 2021, 10:49:53 pm »
Today, Robin Hood suspended the purchase of these stocks, but not the selling.  Someone has already filed a lawsuit against them for violating their own EULA.  The effect of their purchase suspension was to drive down the price.  As @catfish1957 called it, someone called in some favors.

But this violates equal protection.  The pajama investors should have the same access to the market as the hedge fund folks.  The hedge funders are the ones who have driven up the price through their demand to cover their short sells.  They wanted less competition for those shares, hence they limited other peoples' ability to buy.  Yet it is the pajama investors who are being accused of manipulating the market?  Please.

Another item that made this all possible is that the quantity of stocks that these hedge funds shorted exceeded the total number of outstanding shares.  Let's say there are 12 million shares outstanding and there are three hedge funds.  The first hedge fund goes to Brokerage House A and borrows 5 million shares to be paid back in two weeks.  That hedge fund then sells those shares at $5/share to Brokerage House B.  The second hedge fund then goes to Brokerage House B and borrows those same 5 million shares to be paid back in 2 weeks and sells them to Brokerage House C at $5/share.  The third hedge fund approaches Brokerage House C and borrows the same 5 million shares, and sells them to Brokerage House A.  As far as the brokerage houses go, the actual stock is back where it started.  Each brokerage house has paid out $25 million a piece.  And each is owed 5 million shares of stock two weeks from now.  That's 15 million shares total.  But there are only 12 million shares outstanding.  See why these guys are panicking?

They gambled.  They lost.  They each need to face the bookie.

 :yowsa:  :amen:
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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #26 on: January 28, 2021, 10:52:28 pm »
Swing and a Miss: CNN’s Chris Cillizza Tried Blaming ‘Trumpism’ for GameStop Stock Surge

Joseph Vazquez   |   January 28th, 2021 4:46 PM


CNN’s Editor-at-Large Chris Cillizza was so obsessed with former President Donald Trump that he tried to blame him for an unrelated GameStop stock short squeeze caused by Reddit users.

CNN’s never-ending fixation on Trump actually made him look good this time.

GameStop stock surged with individual investors on Reddit taking advantage of Wall Street bigwigs selling the gaming company’s shares short by buying up the stock, which sent the stock price to the moon. This caused the short-sellers on Wall Street to lose billions. It also led to Wall Street and the liberal media whining about stock “manipulation” and “nazis.” Cillizza published an absurd story headlined, “How Trumpism explains the GameStop stock surge.” Cillizza bleated: “At the core of Donald Trump's angry populist appeal was -- and is -- this sentiment: The elites think they know better than you. They think they can tell you how to live and what to believe. But guess what? We the people are smarter than the elites!”

Cillizza appears to suggest that “we the people” are not smarter than the elites. Instead, he wrote, “That strategy -- if that is even a word that can be associated with what this is -- has massive limits.  .  .  .

https://www.newsbusters.org/blogs/business/joseph-vazquez/2021/01/28/swing-and-miss-cnns-chris-cillizza-tried-blaming-trumpism



In a conflict between the elitists and the common man, Cillizza sides with the elitists, and blames Trump for it.
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Online catfish1957

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #27 on: January 28, 2021, 11:44:14 pm »
Today, Robin Hood suspended the purchase of these stocks, but not the selling.  Someone has already filed a lawsuit against them for violating their own EULA.  The effect of their purchase suspension was to drive down the price.  As @catfish1957 called it, someone called in some favors.

But this violates equal protection.  The pajama investors should have the same access to the market as the hedge fund folks.  The hedge funders are the ones who have driven up the price through their demand to cover their short sells.  They wanted less competition for those shares, hence they limited other peoples' ability to buy.  Yet it is the pajama investors who are being accused of manipulating the market?  Please.

Another item that made this all possible is that the quantity of stocks that these hedge funds shorted exceeded the total number of outstanding shares.  Let's say there are 12 million shares outstanding and there are three hedge funds.  The first hedge fund goes to Brokerage House A and borrows 5 million shares to be paid back in two weeks.  That hedge fund then sells those shares at $5/share to Brokerage House B.  The second hedge fund then goes to Brokerage House B and borrows those same 5 million shares to be paid back in 2 weeks and sells them to Brokerage House C at $5/share.  The third hedge fund approaches Brokerage House C and borrows the same 5 million shares, and sells them to Brokerage House A.  As far as the brokerage houses go, the actual stock is back where it started.  Each brokerage house has paid out $25 million a piece.  And each is owed 5 million shares of stock two weeks from now.  That's 15 million shares total.  But there are only 12 million shares outstanding.  See why these guys are panicking?

They gambled.  They lost.  They each need to face the bookie.

Very well stated.  We have just witnessed a beautiful example of the masters of "gaming" the system, getting gamed.  Ironic the equity is known as Gamestop.
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Online catfish1957

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #28 on: January 29, 2021, 12:01:01 am »
Just as an fyi, here are few of the Hedge Fund players in this drama.....

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

1. Gebe Plotkin's Melvin Captial- Citadel, it's parent company has sank $3B to cover options, and by the way, their short position has been closed.
2 Andrew Left of Citron, has covered his short position, and commented that the (sic. Reddit) stock owners were an angry mob. 
3. Michael Burry's comments really took the cake.  Here is his subsequently deleted Twitter comment...  "trading in GameStop is “unnatural, insane, and dangerous” and there should be “legal and regulatory repercussions.” Burry shot to fame by betting against the housing bubble and was featured in Michael Lewis’ book “The Big Short.”".  LMAO....Mikey?  Investigate?  Do you really want to do that?

Guess what...  no comment from the SEC ....   Imagine that.
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Offline jmyrlefuller

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #29 on: January 29, 2021, 01:35:08 am »
Very well stated.  We have just witnessed a beautiful example of the masters of "gaming" the system, getting gamed.  Ironic the equity is known as Gamestop.
A little joke I saw on Facebook from one of my friends following this:

A hedge fund trader loses his shirt over getting squeezed on the Gamestop short. Penniless, he returns home and collects all of his son's video games. He takes them to the only place that will buy them... Gamestop. He is greeted with:

"Best I can do is $5."
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Offline jmyrlefuller

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #30 on: January 29, 2021, 01:45:35 am »
Just as an fyi, here are few of the Hedge Fund players in this drama.....

https://www.cnbc.com/2021/01/27/hedge-fund-targeted-by-reddit-board-melvin-capital-closed-out-of-gamestop-short-position-tuesday.html

1. Gebe Plotkin's Melvin Captial- Citadel, it's parent company has sank $3B to cover options, and by the way, their short position has been closed.
2 Andrew Left of Citron, has covered his short position, and commented that the (sic. Reddit) stock owners were an angry mob. 
3. Michael Burry's comments really took the cake.  Here is his subsequently deleted Twitter comment...  "trading in GameStop is “unnatural, insane, and dangerous” and there should be “legal and regulatory repercussions.” Burry shot to fame by betting against the housing bubble and was featured in Michael Lewis’ book “The Big Short.”".  LMAO....Mikey?  Investigate?  Do you really want to do that?

Guess what...  no comment from the SEC ....   Imagine that.
Melvin Capital is also allegedly the owner of Robinhood, or at least a major investor.
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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #31 on: January 29, 2021, 02:10:47 am »
Melvin Capital is also allegedly the owner of Robinhood, or at least a major investor.

Gee, no conflict of interest there.  Once again, greed is never satisfied.

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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #32 on: January 29, 2021, 03:15:04 am »
Charles Payne goes off.  He is 100% correct.


If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #33 on: January 29, 2021, 03:26:46 am »
Inside employee at Robinhood posted this today:



If the White House was involved in making these firms cease trading, then we have a scandal that could bring this administration down.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Offline Ghost Bear

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #34 on: January 29, 2021, 04:13:49 am »
AMC Entertainment Investor Silver Lake Rides Cinema Chain’s Stock Surge To Swap Debt For Equity

AMC Entertainment said Silver Lake Group is converting $600 million worth of the theater chain’s debt that it holds into stock at a conversion price of $13.51 a share, a surprise all around considering the exhibitor’s shares were languishing below two bucks earlier this month.

...

This week it became part of an historic market phenomenon where day traders on Reddit chats and other social media platforms convulsed the market by pouring into shares of several companies from GameStop to AMC resulting in astronomical price gains, hysteria among the usual experts. AMC surged 300% yesterday to $20.36, exceeding the trigger price on Silver Lake’s convertible bonds.

Excerpted, more at the link: https://deadline.com/2021/01/amc-entertainment-silver-lake-swaps-debt-for-equity-as-cinema-chains-stock-surged-1234682417/
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Offline Weird Tolkienish Figure

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #35 on: January 29, 2021, 11:23:24 am »
Inside employee at Robinhood posted this today:



If the White House was involved in making these firms cease trading, then we have a scandal that could bring this administration down.

Dunno about that but it might shatter the illusion of a few people out there.

Online catfish1957

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #36 on: January 29, 2021, 02:24:31 pm »
Dunno about that but it might shatter the illusion of a few people out there.

@Hoodat

What's the platform of this post?  Not discounting its accurary yet, but it's content should give the author more concern than his job.  He's basically implicated the White House and VC behemoth with a Trillion and half $ portfolio into a Securites Manipulation  Charge.

You better watch your back Odin.  You are messing with the "Big Guy"
« Last Edit: January 29, 2021, 02:46:57 pm by catfish1957 »
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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #37 on: January 29, 2021, 02:43:24 pm »
GameStop up $160, but trading has been suspended, possibly by the SEC.  The SEC also made an announcement about stock volatility which is now causing the DOW to fall.

The SEC is a regulator - not a referee.  They need to butt out and allow these hedge funders to lose their first battle since 2008.  And no matter what, the federal government should NOT bail them out.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #38 on: January 29, 2021, 02:46:52 pm »
FINRA is the most evil agency in all of government.  Their job is to shake down every financial and investment firm operating in the US.  They already did that to Robinhood, receiving a payout of close to $2 million.  But they never address actual corruption and wrongdoing.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #39 on: January 29, 2021, 02:52:30 pm »
FINRA is the most evil agency in all of government.  Their job is to shake down every financial and investment firm operating in the US.  They already did that to Robinhood, receiving a payout of close to $2 million.  But they never address actual corruption and wrongdoing.

IMO, add the entire Hedge Fund industry too.  They've skimmed trillions of dollars off the top from conventional investors through the years. The whole futures market is a rotten onion, and has about 50 layers of rot.  Outside massive reform, it will be near impossible  that  anything remotely could be done about it.
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #40 on: January 29, 2021, 03:02:13 pm »
Robinhood policy team is entrenched with Washington Insiders:

Chief Legal Officer - Daniel Gallagher : Former SEC Chairman
Deputy General Counsel - Lucas Moskowitz : Former SEC Chief of Staff
Associate General Counsel - Beth Zorc : Former Senate Counsel for Senate Banking Committee

And then there are the lobbyists - all with Washington experience.

You know damn well that someone in government picked up the phone and called these people directly, telling them to suspend purchases of GameStop in order to allow the hedge funders to close out their shorts.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #41 on: January 29, 2021, 03:08:43 pm »
GameStop trading has resumed.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #42 on: January 29, 2021, 03:25:28 pm »
It's All Connected: Thousands Give Robinhood Negative Reviews, Google Then Strikes Back Against Them

Nick Arama | Jan 28, 2021 10:00 PM ET


After Robinhood restricted trading and cost many of their retail investors any gains they might have made as they tried to save GameStop from a prospective short, the investors were furious that the company stopped their free market trading.

The investors have now filed multiple lawsuits against Robinhood, as we reported, claiming Robinhood was trying to manipulate the market and protect the hedge funds.

But they tried to strike back at Robinhood in another way, with giving them a slew of one star reviews in the Google Play Store. More than 100,000 such reviews flooded in an hour, driving its average ratings down to 1.1 stars out of 5. On Apple it’s still at 4.8. It had been one of the most popular apps on Apple because of everything going on with GameStop, until Robinhood restricted trading.

That reduced rating can drive the app down and cost them big time.

But then, Big Tech struck, and Google swept in, removing all the 100,000 negative reviews that had come in for the app. That brought their rating back up into the 4 range where it had been before all the furor hit.

So basically the effort to register the investor’s displeasure was wiped out.  .  .  .

https://redstate.com/nick-arama/2021/01/28/its-all-connected-thousands-give-robinhood-negative-reviews-google-then-strikes-back-against-them-n318382
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

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Offline Hoodat

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #43 on: January 29, 2021, 03:32:50 pm »
Steve Cohen and Dave Portnoy feud over GameStop on Twitter

Thornton McEnery   |   January 28, 2021 | 2:58pm


A real life rumble over GameStop between Wall Street and Main Street broke out Thursday between hedge fund billionaire Steve Cohen and day-trading poster boy Dave Portnoy.

The back-and-forth kicked off when Portnoy, founder of blogging site Barstool Sports, blasted Cohen, the billionaire owner of the Mets, for restrictions on trading apps like Robinhood that have hurt novice investors behind the spectacular rally in small stocks like Gamestop.

“PRISON TIME,” Portnoy said in a tweet that linked to Cohen, founder of Point72 Capital, as well as Citadel, a hedge fund run by billionaire Ken Griffin.

“Dems and Republicans haven’t agreed on 1 issue till this. That’s how blatant, illegal, unfathomable today’s events are. It also shows how untouchable @RobinhoodApp @StevenACohen2C Citadel Point72 all think they are. Fines aren’t enough. Prison or bust.”

Portnoy made the comment while linking to a news article reporting anger from legislators over Robinhood trading restrictions forbidding users from buying certain stocks, including GameStop.

Cohen snapped back: “Hey Dave , What’s your beef with me. I’m just trying to make a living just like you.Happy to take this offline.”

“I don’t do offline. That’s where shady s*** happens,” Portnoy said.  .  .

https://nypost.com/2021/01/28/steve-cohen-and-dave-portnoy-feud-over-gamestop-on-twitter/



Portnoy has spent the last year raising money for small businesses trying to survive Democrat Covid lockdowns.  A lot of the money he has gotten back from these hedge funders is going to good use.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.

-Dwight Eisenhower-


"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #44 on: January 29, 2021, 04:59:16 pm »
A poster earlier wondered about the legality of Hedge Fund tactics. While legal, it is absolutely the sleaziest aspect of the financial world.  Back room whispers, info for money, moles in boardrooms....   Yep that is backbone of the system that skims peaks off equity prices and returns for the suckers like us who invest in a company for growth and income.

I'd make a call that Short Trading be eliminated from the markets, but then I realize these low lifes would figure out a different way to game the system.
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Offline DCPatriot

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #45 on: January 29, 2021, 05:01:22 pm »
So let me get this straight, please?

The few core-owners of AMC, the movie theater chain that was essentially bankrupt due to the 'Pandemic'... earned BILLIONS of $$$ yesterday??
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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #46 on: January 29, 2021, 05:04:27 pm »
So let me get this straight, please?

The few core-owners of AMC, the movie theater chain that was essentially bankrupt due to the 'Pandemic'... earned BILLIONS of $$$ yesterday??

I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.

Offline Ghost Bear

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #47 on: January 29, 2021, 05:32:20 pm »
So let me get this straight, please?

The few core-owners of AMC, the movie theater chain that was essentially bankrupt due to the 'Pandemic'... earned BILLIONS of $$$ yesterday??

And all because a bunch of autists on Reddit decided to screw with hedge funds that were short-selling the stock. What a country indeed.
Let it burn.

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #48 on: January 29, 2021, 05:35:30 pm »
And all because a bunch of autists on Reddit decided to screw with hedge funds that were short-selling the stock. What a country indeed.

You really think the Reddit bunch are the villians in this saga?  We'll have to disagree on that one.
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Offline Ghost Bear

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Re: AMC share price quadruples as retail traders raid hedge-fund short targets
« Reply #49 on: January 29, 2021, 05:39:00 pm »
You really think the Reddit bunch are the villians in this saga?  We'll have to disagree on that one.

Sorry, but where did I say they are villains?  For what it's worth, I've been cheering them on (in my home, if not making that clear in my posts.) I think this whole thing is hilarious and very telling, in how the system is stacked against ordinary people.
Let it burn.