Matt Taibbi has written a great article on the GameStop game: Suck it, Wall Street.
(Subheading: In a blowout comedy for the ages, finance pirates take it up the clacker.)
It’s all really worth reading, but here’s Taibbi’s summary:
[E]verybody “understands” what happened with GameStop. Unlike some other Wall Street stories, this one isn’t complicated. The entire tale, in a nutshell, goes like this. One group of gamblers announced, “Fuck you!” Another group announced back: “No, fuck YOU!”
That’s it. Or, as one market analyst put it to me this morning, “A bunch of guys made a bet, got killed, then doubled and tripled down and got killed even more.”
Taibbi interviews one of the GameStop gamers.