FNF Reddit Mentions | ChartExchange

New FTD data came out and there's an interesting backstory here as *FTD data is MISSING for GME, Roaring Kitty's pet side quest, XRT, and GMEU* on **May 8**. Weird, right? Especially for GMEU which was set up to carry some of the FTD load and is itself now failing to deliver FTD numbers.
[No FTD Data for May 8](https://preview.redd.it/902kk90bks3f1.png?width=3674&format=png&auto=webp&s=2953c26af0cde349360a5bc8785c5cee928d4de9)
# What happened May 8?
GMEU borrow fee climbed above 11% \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1khwskp/gmeu_fees_continue_to_climb_now_at_1137/)\] which suggests there was a high demand for GME shares that day; which was the C35 settlement deadline (per [Rule 204](https://www.law.cornell.edu/cfr/text/17/242.204)) after Ryan Cohen and Larry Cheng bought 505k GME shares on April 3 \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1jqt307/rc_buys_500k_more_shares/), [SuperStonk](https://www.reddit.com/r/Superstonk/comments/1jtyuoi/larry_adds_5k/)\]^(1).
We can also see signs of stress in the Federal Reserve "Lender of Last Resort" borrowing \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1ibb5yk/federal_reserve_is_backstopping_shorts_as_the/)\] where $100M was borrowed on May 6 coinciding with the first of the consecutive days GME FTD data is missing; down to $6M on May 7 and $1M on May 8. *Looks like someone needed to borrow money in those final few C35 settlement days and had to nowhere else to go but the Lender of Last Resort.*
[https:\/\/www.newyorkfed.org\/markets\/desk-operations\/repo](https://preview.redd.it/hqej5vdxls3f1.png?width=891&format=png&auto=webp&s=c1920637630e3a6177e45fac36a1b6c0e518c212)
During this same week, the Fed was "supporting" the financial system with $8.8 billion in 30 year Treasuries purchases on May 8; with a total of $43.6 billion in those 4 days (May 5-8) \[[Twitter](https://x.com/onechancefreedm/status/1920568499266793903), [Twitter](https://x.com/1CoastalJournal/status/1920553528634003459)\].
https://preview.redd.it/gzgbrzekms3f1.png?width=1176&format=png&auto=webp&s=13e41ab4736d49eeb1cc3f7090a1946428dbed25
The Fed provided over **$43.7 Billion** of support to the financial system during May 5-8. To put that in perspective, $43.7 billion is greater than [Citadel Securities 2024 Revenue ($9.7B) and $22B valuation (2022)](https://en.wikipedia.org/wiki/Citadel_Securities), [$28B revenue by Citadel hedge fund (2022)](https://en.wikipedia.org/wiki/Citadel_LLC), and [$15B Fidelity market cap](https://finance.yahoo.com/quote/FNF/).
*$43.7 Billion is a helluva lotta "support" with someone $100M deep* when GME shares were due for settlement^(2). "It is possible that we are in a **completely fraudulent system**." ([YouTube: Big Short](https://www.youtube.com/watch?v=fpiuAqKDU_8))
**🌶️ June 12** is C35 after May 8 and shit should hit fan again sometime around/after then. *Coincidentally*, GameStop reports earnings on June 10 and Roaring Kitty's pet side quest reports earnings on June 11. 🏙️
^(1) Basically, there's no reason for 0 FTDs on May 8 as the inevitable commenters will suggest. ICYMI:
* The SEC has been failing to deliver FTD data for GME \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1g5rk2r/sec_failing_to_deliver_ftd_data_intentionally/)\] and has been failing to delivery strategically \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1g6k5xa/sec_strategically_failing_to_deliver_ftd_data/)\] whenever there are too many FTDs to publicly report.
* When FOIA requests asked the SEC about the missing FTD data, the SEC said "foreseeable harm" \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1hof6eq/my_foia_request_for_missing_gme_ftd_data_secs/)\].
^(2) Some prior commenters have questioned why such a small borrow (e.g., $1M or $100M) from the Lender of Last Resort matters. To put this in perspective, you might make $20,000-$200,000 (USD) annually, but if you're late by $1 on a credit card, mortgage, or tax payment, they'll levy fines and interest on you and ding your credit score. By contrast, "too big to fail" financial institutions can borrow a seemingly infinite amount of emergency funding from the Federal Reserve "Lender of Last Resort" \[[Investopedia](https://www.investopedia.com/terms/l/lenderoflastresort.asp)\].
>A lender of last resort (LoR) is an institution, usually a country's central bank, that offers loans to banks or other eligible institutions that are experiencing **financial difficulty** or are considered **highly risky or near collapse**. In the United States, **the Federal Reserve acts as the lender of last resort to institutions** that do not have any other means of borrowing, and whose **failure to obtain credit would dramatically affect the economy**. \[[Investopedia](https://www.investopedia.com/terms/l/lenderoflastresort.asp)\]
The Federal Reserve even has a [FRED Blog post about Fed loans showing an insane spike March 2023](https://fredblog.stlouisfed.org/2023/04/the-lender-of-last-resort/) which is when the [Bank Term Funding Program: The Not-A-Bailout Can Kicking Bailout](https://www.reddit.com/r/Superstonk/comments/11qhwgz/bank_term_funding_program_the_notabailout_can/) was put in place.
https://preview.redd.it/vdkb1js90t3f1.png?width=1908&format=png&auto=webp&s=2b15432f36a00e7984a452ee62ec884462ecd4df
For the past two years, [banks close to insolvency were propped up by the BTFP](https://www.reddit.com/r/Superstonk/comments/165kuhc/us_banks_are_close_to_insolvency_enter_btfp/) and would be [bankrupt already if it wasn't for BTFP](https://www.reddit.com/r/Superstonk/comments/166houo/banks_on_the_brink_of_bankruptcy/). Quite literally, [the Federal Reserve is backstopping GME shorts as the Lender of Last Resort](https://www.reddit.com/r/Superstonk/comments/1ibb5yk/federal_reserve_is_backstopping_shorts_as_the/).