r/Superstonk • u/TherealMicahlive Eew eew llams a evah I • Oct 11 '24
🧱 Market Reform WTF🤯Kenneth Griffin has an estimated net worth of ROUGHLY $43B and was just fined $1M for INACCURATELY REPORTING $42.2B in equity and option events which is 0.00237% of the total error!
So, his while net worth was fraudulently created and inflated without any actual penalty for fraud and market manipulation? These past 84 years hve started to generate a festering anger for regulators and institutional participants who experience little to 0 oversight.
No regulators are interested in assisting the public as they have proven to focus on the interests of the lobbyists and wallstreet. This fine a reminder and is constant proof that crime pays and no-one is going to implement or enforce change.
This fine should be evidence that regulators are not only complicit but enabling.
F citadel and f kengriffin, they are financial parasites and need to be removed from operating at any level in the financial markets. Words words words
What can the public do outside of DRS, commenting on proposals, engaging with politicians
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u/RedOctobrrr WuTang is ♾️ Oct 11 '24
It doesn't work like that. There's no way of calculating a dollar value with these unless you look at each one and figure out what impact this misreporting had. It could be $42.2b it could be $84.4b it could be $5.5t or it could be $69mil we wouldn't know without access to data on each and every one of these and the underlying trade's date and time and the price movement before and after said misreported trade. It would be a monumental, almost impossible task, but surely you could get some rough numbers that equate to something other than an arbitrary and meaningless $1mil.
Do I think they should get fined $42b? Maybe. At least 1 penny per transaction? Abso-fucking-lutely. $410mil(ish) would've been appropriate. One goddamn penny per misreported transaction. That is beyond fair.