Robinhood just got asked by two lawmakers to send over its payment-for-order-flow contracts with market makers such as Citadel.
The letter came from @RepCindyAxne and @RepBillFoster
@Jim_Jordan @RepCindyAxne @RepBillFoster all market makers cheat and both Senate and House committees are complicit in http://wall-street-crime.org shall we dance? The tag cloud of names grows daily.
The GameStop Mess Exposes the Naked Short Selling Scam
LUCY KOMISAR, 25 February 2021
At the House Financial Services Committee hearing last week on the GameStop debacle, there was an elephant in the room: naked short selling.
Short selling, effectively betting that a stock will go down, involves a trader selling shares he does not own, hoping to buy them back at a lower price to make money on the spread. The trader is supposed to locate (or have a “reasonable belief” he can locate) or borrow the shares in brokerage accounts, and then transfer them to the buyer within two days. This accounts for as much as 50 percent of daily trading. Continue reading “Article: The GameStop Mess Exposes the Naked Short Selling Scam”
Former SEC Chair Jay Clayton Will Become Apollo’s “Lead Independent Director”
As if the establishment ignoring Janet Yellen’s clear ties to Citadel wasn’t enough to help you lose faith in the Wall Street swamp this year, we’ll do you one better. Former SEC Chair Jay Clayton has officially been hired by Apollo Global Management, just weeks after stepping down as SEC chair.
Apollo is, of course, the firm whose CEO, Leon Black, was found to have paid child sex offender Jeffrey Epstein $158 million.
Continue reading “Article: Former SEC Chair Jay Clayton Will Become Apollo’s “Lead Independent Director””
Trading hot stocks like GameStop seems fun until you look beneath the surface
Congress is asking questions about whether middlemen or “market makers” like Citadel that execute stock trades really give small investors the best prices.
Gretchen Morgenson, ABCNews, 18 February 2021
Market makers like Citadel make money by pocketing the difference between the price at which they buy shares — the bid — and the price they receive from selling them to Robinhood clients, the offer. Other firms in the business are Virtu Americas, G1X Execution Services and Two Sigma Securities.
Read full article.
House Hearing On GameStop Fiasco Will Focus On “Short Selling And Stock Manipulation”
Tyler Durden, Zero Hedge, 16 February 2021
In order to affect change, one has to understand the problem before them. It is by those standards we can confidently say we are near-certain that this week’s upcoming congressional hearings on the GameStop fiasco will be both a useless circus and a intellectual farce.
Read full article.
Here’s what to expect at the congressional hearings on GameStop and Robinhood
Scum sucking sack of shit lawmakers will seek to make headlines, not legislation — and all the witnesses are probably RICO eligible!
Chris Matthews, MarketWatch, 16 February 2021
Executives at Robinhood, market maker Citadel Securities, hedge fund Melvin Capital, social media firm Reddit, and Keith Gill, an independent investor who found fame and riches with his early purchases of GameStop Inc. GME, -5.52% shares, will all testify at the hearing, scheduled for noon on Thursday. Here’s what to expect:
Read full article.
Exposing The Robinhood Scam: Here’s How Much Citadel Paid To Robinhood To Buy Your Orders
Tyler Durden, Zero Hedge, 14 February 2021
Frankly, we’ve had it with the constant stream of lies from Robinhood and neverending bullshit from the company’s CEO, Vlad Tenev.
With Tenev scheduled to testify on Thursday, alongside the CEOs of Citadel, Melvin Capital and Reddit, the apriori mea culpas have started to emerge – if a little too late – the former HFT trader spoke late on Friday on the All-In Podcast hosted by Chamath Palihapitiya, who had strongly criticized Robinhood over the trading restrictions, and Jason Calacanis, a Robinhood investor, and said that “no doubt we could have communicated this a little bit better to customers.”
Max Keiser does not really understand what the monetary expansion has to cover.
Central banks are transferring wealth from the average person to the likes of Bill Gates and Jeff Bezos – RT’s Keiser Report
You have according to the BIS 600 trillion in derivatives against a 81 trillion dollar world GDP or a multiple of 7. The BIS coordinates only the banks so this figure does not include insurance company derivatives or others in private industry unless a bank is connected to the transaction so it is grossly understated. Some Swiss bankers tell me it is more like 1.2 quadrillion and others up to 2.5 quadrillion. 1.2 quadrillion gives you a multiple on the world GDP of 14 and 2.5 quadrillion a multiple of 30.
Continue reading “David K. Lifschultz: New Forms of [Wall Street] Treason?”
Joseph Saveri Law Firm | 21.02.02
On January 28, many brokerages abruptly and unilaterally restricted retail investors’ ability to buy long positions—in some cases removing the option to buy shares of the relevant securities while openly permitting them to sell their existing shares or prohibiting users from viewing the tickers for some or all of the relevant securities.
Continue reading “Article: Short Squeeze Stockbrokers And Hedge Funds Face Proposed Antitrust Class Action”
A mob of traders on Reddit’s WallStreetBets page have sent GameStop (GME), AMC (AMC) and other stocks skyrocketing in recent days. GameStop lost a quarter of its value Monday but it’s still up nearly 1,200% on the year. WallStreetBets successfully triggered an epic short squeeze, where investors that bet against GameStop have been forced to unwind their bets and buy the stock back. That in turn has driven GameStop even higher, creating even more losses for short-sellers.
Continue reading “Hedge Funds are Getting Crushed by the Worst Short Squeeze in a Quarter Century”
The Joseph Saveri Law Firm filed an antitrust class action lawsuit today on behalf of a class of retail investors in federal court against 35 defendants, including Robinhood, E*TRADE, TD Ameritrade, Melvin Capital, Citadel, Sequoia Capital, and others.
The plaintiffs allege that they and other retail investors continue to be injured due to a large, overarching conspiracy among the defendants to stop them from buying stocks in open and fair public securities markets.
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