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I'm sure there are some details I missed, but that is the gist?

To paraphrase My Fair Lady, "I think you got it!

About collusion, some forms of collusion are legal, for example, trade unions gang up on management. Is a "Dumb Money Gild" legal? TBD!

I have accounts at a couple of traditional brokerages. Over the last 2 decades, they've been consolidating. For example, Schwab is swallowing TDA this year.
I've been considering opening an account with Robinhood or Webull.

I started my online investing early on, before they invented the WWW! First it was E-Trade over CompuServe. Next I switched to Quick & Reilly which was bought by a bank that was bought by another bank that was bought by BANK OF AMERICA which promptly raised my fees so I switched to TD Ameritrade which was soon bought by a bank and they decided not to service certain foreign countries so I switched to Lightspeed Trading which was bought by Lime Brokerage and, for now, I'm a happy camper. Not the cheapest at $4.50 per trade for low volume "traders" like me (called "investors"), but I like their service except for their clearing agent, "Wedbush Securities" which totally sucks, but what the hell!

Getting back to the original question, can the dumb money collusion be considered market manipulation? Since it was not possible before the question is unresolved but a few court cases will establish precedent.

Denny Schlesinger
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