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Friday, June 04, 2021 5:11:53 PM
140% of GameStop’s FLOAT was sold short. There were 50,000,000 shares in that float, so 140% of this was equal to the 70,000,000 shares the company has outstanding. This means AT LEAST 100% of their outstanding shares has been sold short. Now compare that to VW where the short position was only 12.8%... Simply put, it is mathematically impossible to cover more than 100% of a company’s outstanding stock.
The peak of the VW squeeze was reached when the demand for shares became surpassed by the supply of those shares. Here, demand represents 12.8% of their stock which must be available to close the short position. With only 1% of shares available, this guaranteed a squeeze until the number of shares available to trade could satisfy the remaining short interest.When a company has a short position with more than 100% of total shares outstanding, the preceding argument is thrown out the window. Supply cannot surpass demand because the company can only issue 100% of itself at any given time. Therefore, the additional 40% could only be explained by multiple people claiming ownership of the same share... Surely this is a mistake.. right? I thought this level of short selling was impossible..
Until I saw the number of short selling violations issued by FINRA.
As we go through these FINRA reports, there are a few things to keep in mind
:1.FINRA is not a part of the government.FINRA is a non-profit entity withregulatory powers set by congress. This makes FINRA the largest self-regulatory organization (SRO) in the United States. The SEC is responsible for setting rules which protect individual investors; FINRA is responsible for overseeing most of the brokers (collectively referred to as members) in the US. As an SRO, FINRA sets the rules by which their members must comply-they
are not directly regulated by the SEC
2.FINRA investigates cases at their own pace. When looking at the “Date Initiated”on their reports, it is not synonymous with “date of occurrence”.Many times, FINRA will not say when a problem occurred, just resolved. It can be YEARS after the initial occurrence. The DTC participant reportis littered with cases that were initiated in 2019 but occurred in 2015, etc. Many of the violations occurring today will take years to discover
3.FINRA can issue a violation for each occurrence using a 1:1 format. When it comes to violations like short selling, however, these “occurrences” can last months or even years. When this happens, FINRA issues a violation for multiple occurrences using a 1:MANY format. I discussed this event in Citadel Has No Clothes where one violation represented FOUR YEARS of market f*ckery. What’s sh*tty is that FINRA doesn’t tell you which violations are which. You have to read each line and see if they mention a date range of occurrence within each record. If they don’t, you must assume it was for one event...
BRUTAL
4.FINRA’s investment portfolio is held by the same entities they are issuing violations to... Let that sink in for a minute"
Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence. -G. Washington
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