prsmike
So not sure if I’m the only smoothbrain around these parts but I actually wasn’t aware of the Fed’s role in these enforcement actions and I didn’t know what purview they had for the fines that this article is talking about. In case anyone else was curious: https://www.federalreserve.gov/supervisionreg/enforcement-actions-about.htm
With a link to the actual action in question: https://www.federalreserve.gov/newsevents/pressreleases/files/enf20230724a1.pdf
There is some juicy stuff in here:
WHEREAS, from approximately 2012 to 2021, Credit Suisse had a client relationship with Archegos Capital Management LP (“Archegos”), a New York-based family office, and also had a relationship with Archegos’ predecessor, Tiger Asia Management LLC, dating back to 2003. Credit Suisse’s New York-based Prime Services and Credit Risk Management staff were responsible for the Archegos relationship;
WHEREAS, Archegos employed a long-short equity strategy, with a focus on technology and media companies, and primarily used derivative contracts via total return swaps (“TRS”) with counterparties, including Credit Suisse. From at least mid-2020 through early 2021, Archegos repeatedly added long TRS positions in a limited list of single-name U.S. and Chinese stocks;
WHEREAS, the risk posed by Archegos’ increasingly concentrated TRS portfolio at Credit Suisse continued to increase from mid-2020 through early 2021, such that Archegos breached Credit Suisse’s internal risk limits throughout that entire period;
haha forget about Gamestop 😅
Wholeheartedly agree with the overarching sentiment of this post. DRSGME.org is simply a better resource for newcomers than Superstonk was ever going to be. You need digestible information and a clear layout to introduce people to these topics. Superstonk was always better for deep dives, inside jokes and peer review, non of these things are conducive to ‘introducinf new apes’ and with the latest restrictions we aren’t really working for OGs and peer reviewers either.
I’m happy to be on Lemmy, sure it’s small now but totally feels like old Reddit and I think we can all learn and strengthen from this latest migration.
Thanks for posting this here! To this day, still one of my favourite data visualisations of this cluster fuck of a market lol
Welcome to the new jungle 🦧💜
I wonder how big a portion of that change is account optimization and consolidating accounts. I am an Ape with two accounts due to transferring from different brokerages but just never bothered to consolidate however I know a few Apes irl that have done this. Not sure how we would be able to figure that stuff out other than just observing trends over time.
I’ve been instructing people to ‘check out the links at DRSGME.org’ which has the Discord and Lemmy links but doesn’t seem to trigger things (yet anyways)