It’s a tough life out there. Especially for billionaires who lost a lot of money the past few days due to a Reddit board deciding to squeeze the shorting of GameStop. As of right now, losses are totaling over $70 billion for the hedge funds who originally shorted GameStop by 140% in an attempt to make a buck on the company’s demise.
Now, the crying has started. Hedge fund billionaire Leon Cooperman went on CNBC, the network that has often allowed these quasi-crooks to give “stock tips” in an attempt to manipulate the market to make themselves more money. He proceeded to freak out and show just how these people view the normals.
New York hedge fund billionaire Leon Cooperman fumes at retail traders and shouts: "It’s a way of attacking wealthy people."pic.twitter.com/t3DOgxScx9
— Disclose.tv 🚨 (@disclosetv) January 28, 2021
If you can’t watch the video, here’s some quotes.
"At the end of the day, the stock market reflects economic progress or lack thereof," Cooperman says. "This too shall pass."
The gulf between CNBC and Twitter is absolutely wild right now.
— Jake Offenhartz (@jangelooff) January 28, 2021
What does “fair share” have to do with retail traders deciding to make hedge funds pay for a really stupid, greedy bet they chose to make? While Cooperman would love to wrap this up as just unfair class warfare, he should probably look in the mirror before pronouncing only his chosen class be allowed to trade stocks as they see fit.
Of course, Cooperman is hardly that innocent himself.
Leon Cooperman was charged by the SEC for insider trading a few years ago and is now seething that he isn't the one making money by manipulating the stock market https://t.co/3Et2OKqseH
— Greg Price (@greg_price11) January 28, 2021
Look, I’ve got nothing against people getting rich. I don’t think it’s wrong to have a billion dollars. But I do think it’s rather silly for this guy or anyone else to cry crocodile tears when casual investors decide to use the same system against them. The stock market isn’t supposed to exist only for a select class of investor to buy Lamborghinis, private jets, and beach houses. Don’t want to risk losing money? Don’t be a predatory investor who sells stocks they don’t even own in an attempt to profit off someone else’s downfall. Seems like a pretty simple concept, right? And sure, if you can short a stock and make money, go ahead. But risk is risk, and you don’t get to gnash your teeth at the peons when a bad bet blows up in your face.
The rules should be the same for everyone. Hedge funds shouldn’t be bailed out by trading stoppages and banning certain stocks just because someone other than a Manhattanite made money. I think that’s a standard most of the country can get behind.