ZeroWedgie vindicated ... again :D - [WHIMSICAL] [MONEY] [MINISCULE FINANCIAL FINES]

Zig the N.g ziggerjoe at
Mon Jul 20 23:27:07 PDT 2020

> The West has some serious cleaning up to do.  Things can be argued to be going relatively quickly - such huge shifts take time, and months is "short" tbh, so let's be grateful to those who are pulling their weight - thank you to you, weight pullers, bloody great weekend down under, sunshine an all :)

Speaking of threats and intimidation, ZeroWedgie is vindicated once again after being legally threatened for their (accurate) free speech reporting of Citadel frontrunning their clients, on multiple occasions.

As Citadel presciently pointed out in a number of intimidating legal "take down your tweet" letters, "'Frontrunning' is an industry term of art that refers to an illegal form of trading."

Seems they know a lot about front running, snigger snort (but no gloating now):

   Citadel Fined For Frontrunning Of Client Orders After Threatening To Sue Zerohedge

      ..  "ZeroHedge's statement obviously disparages the lawfulness and integrity of Mr. Griffin and Citadel Securites's business practices, and thus is defamatory per se.[sic]"
          "As you well know, "frontrunning" is an unethical and illegal trading practice."

      Needless to say, instead of engaging in a legal battle with the world's richest and most powerful trader and his army of lawyers, we decided to simply comply with their demand. That said, dear gentlemen from ClareLocke - we do know very well that frontrunning is an unethical and illegal trading practice. But we wonder: does your client know that?

      The reason why we ask is very simple. According to a Letter of Acceptance (No. 2014041859401), Waiver and Consent published by financial regulator FINRA, none other than Citadel Securities was censured and fined for engaging in - drumroll - "trading ahead of customer orders."

      Now we admit that our financial jargon is a bit rusty these days, but "trading ahead of customer orders" sounds awfully similar to another far more popular "term of art", one which we know very well: frontrunning!

      Jargon aside, some of the other highlighted words we are very familiar with, such as "hundreds of thousands"... and "559 instances" in which Citadel traded ahead of customer orders.

      Now, we may be getting a little ahead of ourselves here, but it was Citadel's own lawyers that informed us on more than one occasion that:

          "frontrunning" is an unethical and illegal trading practice."

<snigger snigger, no more n.gger>
[Of course citadel laughs all the way to the bank, with the fine equivalent to 0.7% of a painting Citadel's Ken Griffin recently bought ...]

In any case:

   .. it appears that Citadel may indeed have engaged in some of what its own lawyers called "unethical and illegal" trading practice, especially since Citadel Securities' own General Counsel, Steve Luparello signed the Finra AWC:

   .. Well that's... awkward.

   .. In fact the only confusion we have at this moment is who is more ironically named: Citadel or Robinhood?

For those who missed the memo, this is a good time to 'clean up your back yard' ...

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