Robinhood/GameStop Hearings

[El OchoCinco]

Watching the live hearings with CEO of Robinhood and Citadel and others with Financial Services Committee and let me say..... Congress is not only full of such stupid people when it comes to finance, they put the worst on the committee.

Also, the desire to forgive people whose stupidity leads to losses in the stock market and not let them take any responsibility is astounding.

Finally.....the questions about protecting poor retail investors..... no normal buy and hold retail investors were harmed in the Gamestop fiascoes.... so stop the bullshit... only hedge funds engaging in risky behavior were harmed and fuck them.

The dems on the committee sound like middle schoolers who read a Dummies book on the market and now think they know everything.

Much props to CEO of Robinhood for not losing his shit on the asanine questions about risk of investing and what about people losing their life savings.... wtf

 

[Tsing Tao]

Watching the live hearings with CEO of Robinhood and Citadel and others with Financial Services Committee and let me say..... Congress is not only full of such stupid people when it comes to finance, they put the worst on the committee.

Also, the desire to forgive people whose stupidity leads to losses in the stock market and not let them take any responsibility is astounding.

Finally.....the questions about protecting poor retail investors..... no normal buy and hold retail investors were harmed in the Gamestop fiascoes.... so stop the bullshit... only hedge funds engaging in risky behavior were harmed and fuck them.

The dems on the committee sound like middle schoolers who read a Dummies book on the market and now think they know everything.

Much props to CEO of Robinhood for not losing his shit on the asanine questions about risk of investing and what about people losing their life savings.... wtf

Maxine is the best. Pure comedy.

 

[Cuddles]

Watching the live hearings with CEO of Robinhood and Citadel and others with Financial Services Committee and let me say..... Congress is not only full of such stupid people when it comes to finance, they put the worst on the committee.

Also, the desire to forgive people whose stupidity leads to losses in the stock market and not let them take any responsibility is astounding.

Finally.....the questions about protecting poor retail investors..... no normal buy and hold retail investors were harmed in the Gamestop fiascoes.... so stop the bullshit... only hedge funds engaging in risky behavior were harmed and fuck them.

The dems on the committee sound like middle schoolers who read a Dummies book on the market and now think they know everything.

Much props to CEO of Robinhood for not losing his shit on the asanine questions about risk of investing and what about people losing their life savings.... wtf

Agreed. It's like they choose the most economically illiterate to avoid shining light on the issues and prevent regulation and/or criminal investigations. Shit's so rigged

 

[El OchoCinco]

Maxine is the best. Pure comedy.

Well I did not hear her portions just the other members asking questions and I am like.....how stupid is this...

they are trying t make order flow sound like an evil tool of the rich to make poor people lose money in the market.

CEO of RH said something like 80-90% are buy and hold investors who have access to commission free trading and are building portfolios at cheaper costs... Dems want to make it sound like evil wealthy wizards are ripping off the poor....

hedge funds got hosed in Gamestop and so the poor fucked the rich for once. Other than that, RH is providing a valuable service and cannot control if its users are fucktarded.

 

[El OchoCinco]

Agreed. It's like they choose the most economically illiterate to avoid shining light on the issues and prevent regulation and/or criminal investigations. Shit's so rigged

What regulation more is needed...nothing bad happened except some hedge funds taking on huge amount of risks got hosed and fucked.

It is called Financial Darwinism and it works.

 

[Cuddles]

What regulation more is needed...nothing bad happened except some hedge funds taking on huge amount of risks got hosed and fucked.

It is called Financial Darwinism and it works.

I dunno, how about not allowing trading stops when Mr Rich is getting blown the fuck out by the little guy?

 

[Ricter]

I dunno, how about not allowing trading stops when Mr Rich is getting blown the fuck out by the little guy?

Cronyism for the rich, Darwinism for the poor.

 

[El OchoCinco]

I dunno, how about not allowing trading stops when Mr Rich is getting blown the fuck out by the little guy?

According to the testimony the trading stops were forced by the regulatory agency due to margin requirements. CEO of RH said they were forced to freeze trading because the DTCC made a margin request and forced them to freeze all trading. It that is true then it is a natural circuit breaker in the system whereas a large hedge fund has more means to keep winding down the trade. It is not fair for longs to watch the stock collapse and be locked out but we are talking about risky investors getting caught in a trap via an amateur door. Play stupid games and win stupid prizes I guess but you think a little guy using a Robin Hood platform has the same access and means as a hedge fund with floor traders and billions in order flow to market makers?

 

[El OchoCinco]

Cronyism for the rich, Darwinism for the poor.

Amid GameStop’s explosive rally, short sellers have accumulated losses of more than $5 billion year to date in the stock, including a loss of $917 million on Monday and $1.6 billion on Friday, according to data from S3 Partners.


Wealth transfer from the rich to the poor this time..... no problem with that.

 

[Snarkhund]

CEO of RH said something like 80-90% are buy and hold investors who have access to commission free trading and are building portfolios at cheaper costs... Dems want to make it sound like evil wealthy wizards are ripping off the poor...

If its free then You are the product.

Why would certain unnamed hedgies on Dearborn Ave. want to buy a bunch of piker orderflow?

Because they front-run and B-book the shit out of them. They have 599 SEC violations on the books for front-running. Don't be so naïve.