One of the most disturbing facts to come out of the Melvin Capital collapse this week is that Gabe Plotkin was gambling with pension funds to naked short US retail companies (Gamestop and AMC theaters) into bankruptcy. When a company goes bankrupt hedge funds don’t have to pay taxes on their profits nor is there any proof they were counterfeiting shares. Just ask Bill Ackman how he drove JCPenney’s into bankruptcy with the same tactics.
JUST IN:
Ken Griffin has said that the retail rally of January 2021 that resulted in "the bankruptcy of Melvin Capital" was "not a good moment in America capital market history." pic.twitter.com/4UBbTjIdZy
— unusual_whales (@unusual_whales) May 19, 2022
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