— Hitesh Mittal (@mittalbestex) May 4, 2021
Jonah E. Bromwich, 13 April 2021
Even had she not raised more money than her rivals, Tali Farhadian Weinstein would be a formidable candidate in the nine-way race to become the Manhattan district attorney, perhaps the most high-profile local prosecutor’s office in the country.
She was a Rhodes scholar, has an elite legal résumé and is the only candidate who has worked for both the Justice Department and a city prosecutor’s office. And while most of the candidates are campaigning as reformers intent on reducing incarceration, Ms. Farhadian Weinstein, 45, has staked out a slightly more conservative position, expressing concerns about guns and gangs. Continue reading “Article: Wall Street Is Donating to This D.A. Candidate. Is That a Problem?”
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.
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”
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.
Chris Prentice, 19 February 2021
WASHINGTON (Reuters) – The U.S. Securities and Exchange Commission on Friday suspended trading in more securities that have seen jumps in both prices and trading volumes since late January amid social media interest.
The SEC temporarily suspended trading of Marathon Group Corp, Affinity Beverage Group Inc, and Sylios Corp beginning on Friday and ending on March 4, the SEC said in statements published on its website. Continue reading “Article: U.S. securities regulator suspends trading in three more ‘meme stocks’”
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.
Jonathan Ponciano, 18 February 2021
A Congressional hearing into the GameStop mania that triggered the largest weekly selloff since late October is underway, with some of the key players in the saga—billionaire Citadel CEO Kenneth Griffin, Robinhood CEO Vladimir Tenev, Reddit Cofounder Steve Huffman and the 34-year-old securities broker behind the Roaring Kitty online persona—all set to testify.
Committee Chair Maxine Waters (D-Mo.) kicked off the hearing by asking Tenev whether he misled investors on January 28 when he denied that Robinhood had a liquidity problem despite raising more than $3 billion in the following days to meet reserve requirements from the Securities & Exchange Commission. Continue reading “Article: Watch Live: GameStop Hearing On Market 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.
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:
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.”