Tonto: I'm glad to see someone finally address the issue of morality with this stock.
Riley, Pugs and others have characterized this squeeze as a way to take control of the market from evil, manipulative MMs. If that is the goal I doubt that this squeeze, however successful, will accomplish that. This is, when one gets down to it, a small-time squeeze in a small-time stock. If it works, a few people will make a lot of money, but it will not affect any lasting changes in the OTC market.
The thing that's always bothered me about the concept of a squeeze is that if it works, the cartel is just as guilty of artificially manipulating the price of the stock as the MMs. The only difference is that instead of artificially manipulating the price downward, they are manipulating it upward, to levels not supported by any fundamentals. The end goal, and result, is the same. Someone is getting rich at the expense of somebody else.
If Riley and the other cartel members were serious about market reform, they could put their efforts into gathering evidence of an illegal short position, take that to the SEC, and ask them to address the situation.
That said, I'm not in a position to throw stones, since I bought the stock in response to the notion that the price would increase due to the short squeeze. As time has gone on, however, and I have learned more about RMIL, I have grown more and more bothered about a squeeze that will benefit a company that has been demonstrated to be less than truthful. |
