DRS Your GME
ΔΡΣ Central
Community to discuss the DRSGME.org project and resources, and how to spread DRS advocacy and information to GameStop investors around the world.
Have a great idea to spread the word? There are some resources here to get started!
https://www.drsgme.org/free-resources
It's a bit funny UBS has to pay a fine for Credit Suisse when they were forced to buy them. Anyways, $387m closer to being forced to close their toxic gme shorts
So not sure if I'm the only smoothbrain around these parts but I actually wasn't aware of the Fed's role in these enforcement actions and I didn't know what purview they had for the fines that this article is talking about. In case anyone else was curious: https://www.federalreserve.gov/supervisionreg/enforcement-actions-about.htm
With a link to the actual action in question: https://www.federalreserve.gov/newsevents/pressreleases/files/enf20230724a1.pdf
There is some juicy stuff in here:
WHEREAS, from approximately 2012 to 2021, Credit Suisse had a client relationship with Archegos Capital Management LP (“Archegos”), a New York-based family office, and also had a relationship with Archegos’ predecessor, Tiger Asia Management LLC, dating back to 2003. Credit Suisse’s New York-based Prime Services and Credit Risk Management staff were responsible for the Archegos relationship;
WHEREAS, Archegos employed a long-short equity strategy, with a focus on technology and media companies, and primarily used derivative contracts via total return swaps (“TRS”) with counterparties, including Credit Suisse. From at least mid-2020 through early 2021, Archegos repeatedly added long TRS positions in a limited list of single-name U.S. and Chinese stocks;
WHEREAS, the risk posed by Archegos’ increasingly concentrated TRS portfolio at Credit Suisse continued to increase from mid-2020 through early 2021, such that Archegos breached Credit Suisse’s internal risk limits throughout that entire period;
haha forget about Gamestop 😅
Oh another interesting tidbit:
WHEREAS, in or around late March 2021, Archegos defaulted on Credit Suisse’s margin calls, causing Credit Suisse, which lacked adequate margin, to liquidate its positions in the underlying names and suffer approximately $5.5 billion in losses;
haha don't think ole' Hwangi Boy enjoyed Mar10 day
I think its questionable that the fed even has a role in enforcement actions. Where does this money go? Almost like its going to be given back to them later. I also wonder if it gives them a blanket of security maybe. -Hey this bank screwed people we want to punish them.. "No they have already been punished with this amount of money. No other enforcements need to be done."
If anyone has shares with UBS, here's how to get out of there and DRS: