Wall Street Vet Charles Gradante on GameStop Stock, Naked Shorting and His Support for Retail Traders

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Wall Street Vet Charles Gradante on GameStop Stock, Naked Shorting and His Support for Retail Traders

Benzinga2022-01-10

Wall Street Veteran Charles Gradante joined the 2021 Palm Beach CorpGov Forum in September to discuss what caused the short squeezes in GameStop Corporation and to voice his support for retail traders...

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So now you have the retail traders in GME stock long the call, and you have Citadel or some other market maker short the call. The market maker has an option to do nothing or hedge,” Gradante explained.The excessive call buying created a massive problem for the hedge funds because they became unable to locate shares. “The market makers were basically selling to Robinhood and the Reddit crowd naked calls, long, and they would short the call – it's double entry accounting,\" Gradante said.What’s Next:Retail traders have spent the better part of the past year calling on the SEC to come down on hedge funds who manipulate stocks by creating synthetic shorts, naked shorting, dark pool trading and the conflict of interest created through payment for order flow, much to no avail.“The penalty for naked shorting is really not significant enough to stop it. Citadel and Goldman and all of the players get fined constantly for doing this as long as it’s not intentional –and it’s never intentional—they get fined, and I think one of the things we need to do is discuss increasing the fines for this lapse of memory and inefficiency in the system to the point where people wake up and pay attention,” Gradante stated.Gradante also weighed in on how he felt about the hearing in front of the House Financial Services Committee. “I was surprised when they had the congressional meeting that they tried to set the retail side up for the fall.”Benzinga's Take: The retail traders who continue to rally around market transparency have more power than ever before due not only to technological advancements that make trading more accessible with low fees (as Gradante also stated) but because of social media, which enables groups of traders to easily band together to take on the Wall Street elite.So far, it’s unclear if market makers and hedge funds learned any lessons from the short squeezes that helped to shape the trading landscape of 2021, but if Wall Street veterans continue to speak out against the illegal practices that have become all-too-common and too easily swept under the rug, eventually the SEC may be forced to act.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9006559353,"gmtCreate":1641791007526,"gmtModify":1676533648595,"author":{"id":"3581331692871918","authorId":"3581331692871918","name":"beebeeyan","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"gme","listText":"gme","text":"gme","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006559353","repostId":1137296356,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9006253470,"gmtCreate":1641771541687,"gmtModify":1676533645948,"author":{"id":"4097476142152970","authorId":"4097476142152970","name":"DarkFate","avatar":"https://static.tigerbbs.com/a22f6ff84fe185b6d3ad31b8673302d8","vip":1,"crmLevel":3,"crmLevelSwitch":1},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006253470","repostId":1137296356,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9006250134,"gmtCreate":1641771306553,"gmtModify":1676533645880,"author":{"id":"3581675380573827","authorId":"3581675380573827","name":"EAtan","avatar":"https://static.tigerbbs.com/615cf622d9cd2d752640bc9d0ec3e1e9","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006250134","repostId":1137296356,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9006250308,"gmtCreate":1641771295481,"gmtModify":1676533645872,"author":{"id":"3561459567222461","authorId":"3561459567222461","name":"Oyh","avatar":"https://community-static.tradeup.com/news/6efe76978b8678e18a4d96fd589746dd","vip":1,"crmLevel":6,"crmLevelSwitch":0},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9006250308","repostId":1137296356,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":85,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}