The GameStop Squeeze looks like a classic pump-and-dump scam

I am expecting to be stuck at home tomorrow. As I understand it, the storm that hit Texas is expected here and no, I’m not taking it on.


Allegheny County

To give you an idea what kind of an area I live in, and indeed, one reason I probably really should move, I remember driving down Brownsville Road, just off Pennsylvania Route 51, one day and seeing unmasked Trumpsters coming from every direction. They were walking to a restaurant across the street from the Giant Eagle, which has been making quite a name for itself. It’s only a couple miles away from my apartment.

Today, the judge in the case of the Crack’d Egg Restaurant refused[13] to stay his order requiring the restaurant to either comply with COVID-19 mitigation orders or shut down.[14] Refusing to require face masks, the owner shut the restaurant down[15] and sought a stay pending appeal.[16] The restaurant had previously sought to evade the case by filing bankruptcy, but, accepting Allegheny County’s argument,[17] the bankruptcy judge refused that ploy,[18] and the restaurant has asked to withdraw the filing.[19] Not only had local law enforcement refused to enforce the restrictions even as the restaurant had brazenly flouted them, but unmasked officers posed with the owner in photographs.[20]

Paula Reed Ward, “Judge rules against Crack’d Egg restaurant: ‘They’ve largely chosen their fate here,’” Pittsburgh Tribune-Review, February 17, 2021, https://triblive.com/local/south-hills/judge-rules-against-crackd-egg-restaurant-theyve-largely-chosen-their-fate-here/


GameStop Squeeze

The GameStop Squeeze is looking more and more like a classic pump-and-dump scam.[21] Some folks—and I don’t mean the hedge funds[22]—really got burned.[23] Keith Gill, a.k.a. “Roaring Kitty,” denies the allegation.[24]

Christian Berthelsen, “‘Roaring Kitty’ Sued for Securities Fraud Over GameStop Rise,” Bloomberg, February 17, 2021, https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise


  1. [13]Paula Reed Ward, “Judge rules against Crack’d Egg restaurant: ‘They’ve largely chosen their fate here,’” Pittsburgh Tribune-Review, February 17, 2021, https://triblive.com/local/south-hills/judge-rules-against-crackd-egg-restaurant-theyve-largely-chosen-their-fate-here/
  2. [14]Paula Reed Ward, “Judge orders Crack’d Egg to follow covid rules or close,” Pittsburgh Tribune-Review, February 3, 2021, https://triblive.com/local/south-hills/judge-orders-crackd-egg-to-follow-covid-rules-or-close/
  3. [15]Paul Martino, “After Defying Health Department, Crack’d Egg Follows Judge’s Ruling And Closes,” KDKA Television, February 4, 2021, https://pittsburgh.cbslocal.com/2021/02/04/crackd-egg-closes/
  4. [16]Paula Reed Ward, “Crack’d Egg seeks stay to injunction while appeal is heard,” Pittsburgh Tribune-Review, February 8, 2021, https://triblive.com/local/south-hills/crackd-egg-seeks-stay-to-injunction-while-appeal-is-heard/
  5. [17]Paula Reed Ward, “Allegheny County argues Crack’d Egg can’t hide from covid restrictions under bankruptcy filing,” Pittsburgh Tribune-Review, January 5, 2021, https://triblive.com/local/south-hills/allegheny-county-argues-crackd-egg-cant-hide-from-covid-restrictions-under-bankruptcy-filing/
  6. [18]Paula Reed Ward, “Judge rules against Crack’d Egg, health department case can proceed,” Pittsburgh Tribune-Review, January 7, 2021, https://triblive.com/local/south-hills/judge-rules-against-crackd-egg-health-department-case-can-proceed/
  7. [19]Paula Reed Ward, “Crack’d Egg restaurant asks to withdraw bankruptcy filing,” Pittsburgh Tribune-Review, February 2, 2021, https://triblive.com/local/south-hills/crackd-egg-restaurant-asks-to-withdraw-bankruptcy-filing/
  8. [20]Paula Reed Ward, “Crack’d Egg flouts shutdown as deputies quarantined for dining, taking photos with owner,” Pittsburgh Tribune-Review, December 14, 2020, https://triblive.com/local/south-hills/crackd-egg-flouts-shutdown-as-deputies-quarantined-for-dining-taking-photos-with-owner/
  9. [21]Christian Berthelsen, “‘Roaring Kitty’ Sued for Securities Fraud Over GameStop Rise,” Bloomberg, February 17, 2021, https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise
  10. [22]Cory Doctorow, “Understanding /r/wallstreetbets,” Pluralistic, January 28, 2021, https://pluralistic.net/2021/01/28/payment-for-order-flow/#wallstreetbets; Matt Phillips and Taylor Lorenz, “‘Dumb Money’ Is on GameStop, and It’s Beating Wall Street at Its Own Game,” New York Times, January 27, 2021, https://www.nytimes.com/2021/01/27/business/gamestop-wall-street-bets.html; Sujata Rao, “Losses on short positions in U.S. firms top $70 billion – Ortex data,” Reuters, January 28, 2021, https://www.reuters.com/article/us-retail-trading-shortbets-idUSKBN29X1SW
  11. [23]Drew Harwell, “As GameStop stock crumbles, newbie traders reckon with heavy losses,” Washington Post, February 2, 2021, https://www.washingtonpost.com/technology/2021/02/02/gamestop-stock-plunge-losers/
  12. [24]Christian Berthelsen, “‘Roaring Kitty’ Sued for Securities Fraud Over GameStop Rise,” Bloomberg, February 17, 2021, https://www.bloomberg.com/news/articles/2021-02-17/-roaring-kitty-sued-for-securities-fraud-over-gamestop-rise

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