Reddit/Gamestop vs.Wall Street

Muahahaha

Interesting story here whereby an activist investor message board on Reddit called WallStBets with 2 million subscribers have managed to push the share price of Gamestop so high that Wall Street hedge funds who bet on the share price falling are running for the hills with multi-billion dollar losses.

Gamestops share price was worth $3.25 this in April last year and hedge funds have been betting that the company is a dead duck due to the pandemic and dominance of Amazon. Redditors in the group have a fondness for Gamestop and a collective of day traders decided have in the last few months driven up the price past $140 meaning billions worth of Wall Street bets have been lost. So far they have claimed the scalp of over $6bn of Wall Street cash with one hedge fund losing $2.3bn of that just last Monday alone.

Its stock price is so volatile that the NYSE suspended trading on it 9 times on Monday and the White House say they're monitoring the situation. Be interesting to see how this plays out. The Redditors are having their fun and cleaning out Wall Street hedge funds right now but once the music stops they're left with a vastly over valued stock thats in an inflated bubble.
https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street

weldoninhio

Muahahaha wrote: »

Interesting story here whereby an activist investor message board on Reddit called WallStBets with 2 million subscribers have managed to push the share price of Gamestop so high that Wall Street hedge funds who bet on the share price falling are running for the hills with multi-billion dollar losses.

Gamestops share price was worth $3.25 this in April last year and hedge funds have been betting that the company is a dead duck due to the pandemic and dominance of Amazon. Redditors in the group have a fondness for Gamestop and a collective of day traders decided have in the last few months driven up the price past $140 meaning billions worth of Wall Street bets have been lost. So far they have claimed the scalp of over $6bn of Wall Street cash with one hedge fund losing $2.3bn of that just last Monday alone.

Its stock price is so volatile that the NYSE suspended trading on it 9 times on Monday and the White House say they're monitoring the situation. Be interesting to see how this plays out. The Redditors are having their fun and cleaning out Wall Street hedge funds right now but once the music stops they're left with a vastly over valued stock thats in an inflated bubble.
https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street

I've no idea about stocks and shares, so this might be a stupid question, but who gets all the money that the hedge funds have lost??

Kivaro

It has been absolutely brilliant watching it play out.
(As long as you are not a hedge fund manager).

AbusesToilets

Real behind the curtain moment when officials are voicing concerns over market manipulation. Fine for me but not for thee. The irony of speculators compainging that their short positions were being screwed by people messing with the company's valuation.

You love to see it

Overheal

Friend is on that wave. He put in 2k and he’s up to 20k now. I have pocket change so I bought one share of AMC :pac:

Basically big hedge funds tried to short the stock when it was under $20, the market caught wind of this and began a squeeze. So the hedge funds could end up having to buy back the stock at over 20x what they sold their short options for. This is a big drama now between big players, big media (who frankly are also likely invested in this somehow) who want to play favorites with hedge funds vs little guys, and now even the White House is “closely monitoring the situation.” The hedge funds took a huge bet - 140% of the stocks volume, that the price would go down, and when it doesn’t they’re going to get creamed, daddy CEO won’t get another sports car and hundreds of first time investors will be paying off their student loans or medical debts. But last night r/wallstreetbets went private and it’s discord server was shut down by discord for hate speech (voluminous use of “retard” etc) so the masses are a bit less organized than they were at the start of the week and we may see the stock dip out as people get scared to keep riding the wave. But I guess we just have to see what happens when the market opens in a a few minutes.

Varik

weldoninhio wrote: »

I've no idea about stocks and shares, so this might be a stupid question, but who gets all the money that the hedge funds have lost??

A broker.

The funds weren't normally buying shares they were spread betting, so gambling on the price change of the share.

seamus

Muahahaha wrote: »

once the music stops they're left with a vastly over valued stock thats in an inflated bubble.

The important part here is that the key instigators don't really care. They're prepared to lose the money they put in. A few later comers who wanted to cream off will probably lose out.

The main demonstration here is just how much of the money in the hedge market is completely invented and adds no value to anything whatsoever.

Hedge funds engage in these kinds of manipulative practices continuously. It's basically just a big game to them; to see who can place the wildest bets and come out on top.
The entrance of a player who isn't willing to play by the unspoken rules has completely upset the apple cart.

Overheal

weldoninhio wrote: »

I've no idea about stocks and shares, so this might be a stupid question, but who gets all the money that the hedge funds have lost??

If I short a stock at $20 I bet that it will go down in price; I borrow the stock from a broker, with interest, I sell the stock on the market for $20, when I goes down, say it goes down to $5 I buy it back and give it back to the broker, keeping then profit less interest. If it goes up and I sold it, I still have to buy it back to give back to the broker, even if it’s +2000% higher value than what I borrowed it for. The interest on the option also increases as the value of the stock increases! So the money goes to whoever sold me back a share at the higher price, in this case that can be Joe schmoe who bought it for $20 too and held it, or an employee of GameStop who holds shares, etc

Marcos

Basically it involves shorting stock. Let's say you invest €1000 in certain stocks with a Broker (call him Broker A). Now Broker A has a mate (Broker who wants to make some money. So he borrows your stock from Broker A and sells it for €10 a share hoping to drive down the price. Ideally for Broker B the price goes down and he buys the same shares for €8, which he then gives back to Broker A who acts as if nothing happened and at the end of the year tells you that you have lost 20% of your share price in that stock. But it's the stock market and these things happen. Besides if you are smart these things even out over time.

Then Broker A wants to short some stock himself so he approaches Broker B who lends him stock and the whole thing starts again. :rolleyes:

In this case, Reddit has played some of these Hedge funds (Melvin and Citron) at their own game and invested in Gamestop shares driving their price higher while Melvin and Citron had gambled that the price of Gamestop shares would go down. But instead it's gone much higher and they are on the hook for the difference. They have now had to be shored up to avoid bankruptcy, and some are now saying that they will need a government bailout. :rolleyes:

There's a better explanation here.

But short selling should be illegal anyway.

Overheal

Overheal wrote: »

Friend is on that wave. He put in 2k and he’s up to 20k now. I have pocket change so I bought one share of AMC :pac:

Basically big hedge funds tried to short the stock when it was under $20, the market caught wind of this and began a squeeze. So the hedge funds could end up having to buy back the stock at over 20x what they sold their short options for. This is a big drama now between big players, big media (who frankly are also likely invested in this somehow) who want to play favorites with hedge funds vs little guys, and now even the White House is “closely monitoring the situation.” The hedge funds took a huge bet - 140% of the stocks volume, that the price would go down, and when it doesn’t they’re going to get creamed, daddy CEO won’t get another sports car and hundreds of first time investors will be paying off their student loans or medical debts. But last night r/wallstreetbets went private and it’s discord server was shut down by discord for hate speech (voluminous use of “retard” etc) so the masses are a bit less organized than they were at the start of the week and we may see the stock dip out as people get scared to keep riding the wave. But I guess we just have to see what happens when the market opens in a a few minutes.

Its great to watch it play out....i dont claim any expert knowlege in this area


But how can someone bet 140% of the volume of stocks??

McMurphy

Was reading about this during the week, madness that an internet discussion board can have such a profound impact tbh.

Overheal

[Deleted User] wrote: »

Its great to watch it play out....i dont claim any expert knowlege in this area


But how can someone bet 140% of the volume of stocks??

That I don’t know, it certainly sounds fishy.

If they’re asking for a bailout they can **** right off. The stock market is artificially inflated anyway: net loss of 3M jobs since Obama left office yet the market is at all time highs? **** off!

Ardent

Marcos wrote: »

In this case, Reddit has played some of these Hedge funds (Melvin and Citron) at their own game and invested in Gamestop shares driving their price higher while Melvin and Citron had gambled that the price of Gamestop shares would go down. But instead it's gone much higher and they are on the hook for the difference. They have now had to file for bankruptcy, and are now saying that they will need a government bailout. :rolleyes:

Don't know where you're getting that info from. Melvin weren't bankrupted - they closed out their position, swallowed a $3.75B loss and were subsequently shored up by a couple of rivals.

Overheal

By the way I’m sad that subreddit is down it was good craic. If someone finds out if there is a @parlertakes type account reposting more of this please share

https://twitter.com/velokx/status/1354552472816164865?s=21
[url]

https://twitter.com/velokx/status/1354556737030746114?s=21[/url]

Too Tough To Die

This is all Donald Trump's fault.

https://edition.cnn.com/2021/01/27/politics/gamestop-stock-surge-trumpism/index.html

joseywhales

So I previously worked for the investment side of a fund. I don't think something like this has a big impact for most sensible funds, as some people seem to hope. Sure many will have had an active short position but it will be one of thousands of active positions globally for a given fund, it will have little impact for most. If they are managing risk correctly, they should be fine. Portfolios should be diversified in terms of risk factors(and that includes specific risk(risk associated with a single stock)), one howler should not bring the house down. It's a reminder of the potential of a short to incur huge losses, as they say if you are long, your investment can only go to zero but a short has theoretically unlimited loss.

It does remind me of a factor someone had that used the daily borrowing rates on shorts as an alpha signal, I hope they got burned, it was a dumb idea, its effectively just following the momentum of the market, there's no fundamental information in it.

Also gamestop will eventually revert, I hope there are not retail investors left with useless gme stock at the end, who really need the money.

seamus

Deleted User wrote: »

Its great to watch it play out....i dont claim any expert knowlege in this area


But how can someone bet 140% of the volume of stocks??

The same way that a bank can give you a 120% mortgage and you're still on the hook for the entire amount; a complete lack of regulation due to politicians being in the pockets of hedge funds.

People's jobs, careers, pensions and savings are directly impacted by what happens with share prices. And now we can see how easily multi-billion-dollar companies manipulate these prices for profit with little or no consequence. It's a big casino for wealthy people and the chips are your average Joe's money.

Short-selling, like currency speculation, should be illegal. It has the power to topple entire economies if used maliciously.

timmyntc

Overheal wrote: »

That I don’t know, it certainly sounds fishy.

If they’re asking for a bailout they can **** right off. The stock market is artificially inflated anyway: net loss of 3M jobs since Obama left office yet the market is at all time highs? **** off!

Broker lends you stock which you sell, then the broker buys back some of the stock you just sold, and lends it to you again, which you sell.

At then end, you have to buyback the stock, the broker will sell some and you buyback again.

Marcos

Ardent wrote: »

Don't know where you're getting that info from. Melvin weren't bankrupted - they closed out their position, swallowed a $3.75B loss and were subsequently shored up by a couple of rivals.

OK I'm happy to be corrected and will edit my post.

Varik

The thing that really pisses me off about all this is Reddit forcing it private and discord banning them for "hate speech", Discord may have well just gone all Salem on them and accused them of witchcraft.

hatrickpatrick

Absolutely loving this. F*ck the entire financial system.

Overheal

https://twitter.com/jordanschachtel/status/1354540248999591940?s=21

joseywhales

hatrickpatrick wrote: »

Absolutely loving this. F*ck the entire financial system.

What about the employees?

WrenBoy

https://www.youtube.com/watch?v=EIjegZsfalk

Apparently RobinHood, have stopped people buying AMC and Gamestop. Portnoy talking about it now.

Overheal

The Robinhood app has delisted AMC and GME. The heck? I still have AMC stock in my portfolio but nobody interested in buying it can do anything to access it on the platform.

timmyntc

timmyntc wrote: »

Broker lends you stock which you sell, then the broker buys back some of the stock you just sold, and lends it to you again, which you sell.

At then end, you have to buyback the stock, the broker will sell some and you buyback again.

Im really sorry,i think i kind of grasp it


I dont want to sound mad/conspiracy person....but if the broker deosnt buy/sell you back stock (at the last leg) deos the whole thing not collaspe and is it not dependant on goodwill/trust of all involved not to screw each other over??

timmyntc

Deleted User wrote: »

Im really sorry,i think i kind of grasp it


I dont want to sound mad/conspiracy person....but if the broker deosnt buy/sell you back stock (at the last leg) deos the whole thing not collaspe and is it not dependant on goodwill/trust of all involved not to screw each other over??

It's probably contractual - likewise I'd say when you initially borrow stock from them & sell its all at an agreed price, and when you buyback and return its all at a fixed price also - i.e. the extra 50% of an 150% volume short is traded at the same price as the first 100% when it comes to closing out.

The thing some people were theorising would happen though, is that if enough people held onto their stock of GME and did not sell, that the hedge funds running big shorts would not be able to buy enough volume back at any price - choked out of the market essentially. And since theyre shorting stocks they are obligated to buy back at some stage - what happens then?

hatrickpatrick

joseywhales wrote: »

What about the employees?

The entire system is built upon the idea of making money by exploiting others without actually producing anything of value. It's a total corruption of the original idea behind the stock market. These funds and their activities have ruined the lives of millions of people all over the world, so I don't have the slightest amount of sympathy for anyone who chooses to take part in that horrendous buttf*ck of society when they get burned by the methods they've used to burn everyone else for decades.

Overheal

Overheal wrote: »

The Robinhood app has delisted AMC and GME. The heck? I still have AMC stock in my portfolio but nobody interested in buying it can do anything to access it on the platform.

“ Our mission at Robinhood is to democratize finance for all. We’re proud to have created a platform that has helped everyday people, from all backgrounds, shape their financial futures and invest for the long term.

We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.

Amid significant market volatility, it’s important as ever that we help customers stay informed. That’s why we’re committed to providing people with educational resources. We recently revamped and expanded Robinhood Learn to help people take advantage of the hundreds of financial resources we offer and educate themselves, including how to make sense of a volatile market. In 2020, more than 3.2 million people read our articles through Robinhood Learn.

We’re committed to helping our customers navigate this uncertainty. We fundamentally believe that everyone should have access to financial markets. We’re humbled to have helped many people invest in the markets for the first time. And we’re determined to provide new and experienced investors with the tools and resources to help them invest responsibly for their long-term financial futures. ”


:mad: so basically the brokers are forcing everyone into sell-only on these stocks now because we can’t have regular people buying into this thing any longer. What the hell! How is that not market manipulation?

1o059k7ewrqj3n

WrenBoy wrote: »

https://www.youtube.com/watch?v=EIjegZsfalk

Apparently RobinHood, have stopped people buying AMC and Gamestop. Portnoy talking about it now.

You can only play the game by their rules apparently.

Gatling

Has anyone actually made real world money on this or is just a case of sticking it to the hedge funds

Muahahaha

seamus wrote: »

The important part here is that the key instigators don't really care. They're prepared to lose the money they put in. A few later comers who wanted to cream off will probably lose out.

The main demonstration here is just how much of the money in the hedge market is completely invented and adds no value to anything whatsoever.

Hedge funds engage in these kinds of manipulative practices continuously. It's basically just a big game to them; to see who can place the wildest bets and come out on top.
The entrance of a player who isn't willing to play by the unspoken rules has completely upset the apple cart.

Id have thought the key instigators will eventually take huge profits and sell out their position and that will spread panic to the rest of the herd and the share price will eventually crash back down to its true underlying value (which is nowhere near the $140 per share it is trading at the moment). However if analysts are correct the share price is set to rise even higher before that happens so there might be a while to run here yet.

Its definitely going to interesting to watch on though and and see how this plays out. There seems to be a generational element behind it whereby millennials and Gen Xers pissed of with Wall Street gambling and bailouts are out to give them a bloody nose and its been working delightfully so far. But the problem is they have pushed the value of the company past $20bn when the reality is its worth nowhere near that amount and had been closing shops due to competition from Amazon.

FortuneChip

What happens once the those shorting firms have all destroyed their books trying to balance things, does the price regulate itself over time?
Whatever about the early members of the "buy" group, will some of the later bandwagoners be left holding stock worth nothing?

Too Tough To Die

Too Tough To Die wrote: »

This is all Donald Trump's fault.

https://edition.cnn.com/2021/01/27/politics/gamestop-stock-surge-trumpism/index.html

Its really an attack on the hoi polloi. The idea that elites are working in their own interests is an ancient one, its a form of historical illiteracy to blame Trump.

He also assumes that the elites in this case are experts, but they are the guys who caused 2008. A little person's uprising wouldn't be a bad thing. In fact the EU bans short selling.

The good thing about this is that even more Americans will now know the game is rigged. Trade on the "free market" to push a stock and the big boys will shut you down.

Vic_08

Overheal wrote: »

“ Our mission at Robinhood is to democratize finance for all. We’re proud to have created a platform that has helped everyday people, from all backgrounds, shape their financial futures and invest for the long term.

We continuously monitor the markets and make changes where necessary. In light of recent volatility, we are restricting transactions for certain securities to position closing only, including $AMC, $BB, $BBBY, $EXPR, $GME, $KOSS, $NAKD and $NOK. We also raised margin requirements for certain securities.

Amid significant market volatility, it’s important as ever that we help customers stay informed. That’s why we’re committed to providing people with educational resources. We recently revamped and expanded Robinhood Learn to help people take advantage of the hundreds of financial resources we offer and educate themselves, including how to make sense of a volatile market. In 2020, more than 3.2 million people read our articles through Robinhood Learn.

We’re committed to helping our customers navigate this uncertainty. We fundamentally believe that everyone should have access to financial markets. We’re humbled to have helped many people invest in the markets for the first time. And we’re determined to provide new and experienced investors with the tools and resources to help them invest responsibly for their long-term financial futures. ”


:mad: so basically the brokers are forcing everyone into sell-only on these stocks now because we can’t have regular people buying into this thing any longer. What the hell! How is that not market manipulation?

It's what casinos do when a card counter uses their ability to flip the odds at a blackjack table against the house; kick them out.

FortuneChip

FortuneChip wrote: »

What happens once the those shorting firms have all destroyed their books trying to balance things, does the price regulate itself over time?
Whatever about the early members of the "buy" group, will some of the later bandwagoners be left holding stock worth nothing?

I think people realise that they are going to lose money. This isn't normal investing. They are paying to get at the hedge funds.

WrenBoy

Surely RobinHood closing the open market to cause a crash is market manipulation !??

Steyr 556

Steyr 556 wrote: »

You can only play the game by their rules apparently.

They basically took their ball and went home. Except it wasn't their ball. The referee let them do it.

Vic_08 wrote: »

It's what casinos do when a card counter uses their ability to flip the odds at a blackjack table against the house; kick them out.

The casino is both a private building and the games are rigged. It's nice to admit that the game is rigged. But we knew that.

Fred Cryton

seamus wrote: »

The important part here is that the key instigators don't really care. They're prepared to lose the money they put in. A few later comers who wanted to cream off will probably lose out.

The main demonstration here is just how much of the money in the hedge market is completely invented and adds no value to anything whatsoever.

Hedge funds engage in these kinds of manipulative practices continuously. It's basically just a big game to them; to see who can place the wildest bets and come out on top.
The entrance of a player who isn't willing to play by the unspoken rules has completely upset the apple cart.

Populist nonsense. Hedge funds have an important role to play in price discovery. They were correctly shorting an overvalued stock here, and will be proved right in the end. This is just a price spike and many retail investors will get burned out of this.



Hedge funds also provide liquidity. Where would we in ireland be if funds hadn't come in and bought up property in 2011-2013 at a time when no-one else had any money. Probably would never have come out of recession.

paw patrol

This is brilliant seeing hedge funds get battered like this.

But a second more interesting thread to this, is how the financial and political elite systems closed ranks to stop the great unwashed doing what these funds do on an almost daily basis.

The constant media outrage linking this to racism, white supremacy and all that good stuff. Even saw a headline with the antisemitism thrown in for good measure.

The closing down of access to these shares on Big Tech and the financial system just freezing out the rabble for behaving against the rules of polite society.
All this happening while the white house sits there doing nothing for the common man.

Finally this is overt conclusive proof to the claim from George Carlins famous quote

It's a big club, and you ain’t in it. You and I are not in the big club.
And by the way, it's the same big club they use to beat you over the head with all day long when they tell you what to believe. All day long beating you over the head in their media telling you what to believe, what to think and what to buy.
The table is tilted folks. The game is rigged, and nobody seems to notice, nobody seems to care. Good honest hard-working people -- white collar, blue collar, it doesn’t matter what color shirt you have on -- good honest hard-working people continue -- these are people of modest means -- continue to elect these rich cocksuckers who don’t give a **** about them.

It doesn't take a conspiracy theorist to see the cemented links between these people and organisations.

The game is rigged. Knowing that is 90% of the battle.

Infini

Seen this showing up last night, absolutely fúcking hilarious and a real bit of karmic revenge against those investors who are now on the receiving end of their own manipulations. Really took off once they got Musk to tweet "Gamestonk" and really shows how powerful small time investors can be if organised. Best thing of all is those small timers could walk away with a payday of their own, believe someone invested $1000 at the start and now has close to 1million because of this. Fair fúcks to them!

Fred Cryton

Fred Cryton wrote: »

Hedge funds also provide liquidity. Where would we in ireland be if funds hadn't come in and bought up property in 2011-2013 at a time when no-one else had any money. Probably would never have come out of recession.

All that happened when those funds ( who aren't necessarily hedge funds) bought property is house prices stopped falling. The real economy was growing in spite of this.

Personally the best thing for a society is low house prices and high wages.

simongurnick

Love this. Worked in the industry on the self directed side for years and saw many clients fight tooth and nail to make a few bob, while hedge funds could almost move the market as they please, given the size of their positions.
At this point, it's a question of when this thing crashes down, because all these people are going to want to sell off at some point.

paw patrol

Fred Cryton wrote: »

Hedge funds also provide liquidity. Where would we in Ireland be if funds hadn't come in and bought up property in 2011-2013 at a time when no-one else had any money. Probably would never have come out of recession.

You are on a wind up.
These hedge funds bought all the good property , plenty of irish people were willing to buy and had cash to buy much of those properties at the prices the funds paid.

NAMAs laziness meant they only offered bundles in lots at prices that only institutions could afford - not even afford - at prices they alone could access credit for.
Selling to these funds was a moral crime and theft from the irish taxpayer.

cubatahavana

I tried to buy 50 dollars from revolut in AMC stocks yesterday just for a laugh and still waiting for them to finalise the transaction. If it rises enough for a bottle of Moet, I'll consider myself lucky

JohnFalstaff

WrenBoy wrote: »

Surely RobinHood closing the open market to cause a crash is market manipulation !??

Robinhood also sell customer order flow to shops like Citadel (who also invested in Melvin).

The only people guaranteed to make big money here are the HFTs and brokers.

simongurnick

Gatling wrote: »

Has anyone actually made real world money on this or is just a case of sticking it to the hedge funds

People are absolutely making money

Harry Palmr

Some more detailed reading here. Guardian have gone quite big with this

https://www.theguardian.com/business/2021/jan/27/gamestop-stock-market-retail-wall-street

https://www.theguardian.com/business/nils-pratley-on-finance/2021/jan/27/gamestops-dizzying-share-price-rise-is-game-over-for-the-short-sellers

and a stupid opinion piece here but with some excellent posting below the line by people not paid to write lazy crap.

https://www.theguardian.com/commentisfree/2021/jan/28/anarchy-in-jokes-and-trolling-the-gamestop-fiasco-is-4chan-think-in-action

joseywhales

hatrickpatrick wrote: »

The entire system is built upon the idea of making money by exploiting others without actually producing anything of value. It's a total corruption of the original idea behind the stock market. These funds and their activities have ruined the lives of millions of people all over the world, so I don't have the slightest amount of sympathy for anyone who chooses to take part in that horrendous buttf*ck of society when they get burned by the methods they've used to burn everyone else for decades.

In a proper functioning market, driven by fundamentals, market participants using their research capabilities, produce an ever more efficient market. The result is that capital flows toward good stock, which is a good thing. It provides financing to help well run business expand and take on new opportunities. Making society more productive and providing industry and jobs. However in this market where fundamentals mean nothing anymore, I agree with you. This bubble will burst like all others before it.

Muahahaha

Overheal wrote: »

Friend is on that wave. He put in 2k and he’s up to 20k now. I have pocket change so I bought one share of AMC :pac:

Well the good news is that AMC is surging too, it is up 300% as the same Redditors who are buying Gamestop are also going in hard on AMC. Its mad stuff, a cinema chain in a pandemic tripling its size :eek:

https://twitter.com/markets/status/1354439672018178054

https://twitter.com/mcwm/status/1354447688671096834

paw patrol

paw patrol wrote: »

You are on a wind up.
These hedge funds bought all the good property , plenty of irish people were willing to buy and had cash to buy much of those properties at the prices the funds paid.

NAMAs laziness meant they only offered bundles in lots at prices that only institutions could afford - not even afford - at prices they alone could access credit for.
Selling to these funds was a moral crime and theft from the irish taxpayer.

I even asked NAMA if I could buy a particular property at reduced prices in 2010 or so. They didn't answer ( and this was on a dedicated investor email). Instead they were sold off to the vultures.