Robinhood forcibly selling shares of GameStop without users’ consent

NOQ REPORT ^ | 1-28-21 | C Q Livingston

[Brookhaven]

Reports are coming in that Robinhood, the stock broker app, is forcibly selling shares of GameStop on behalf of some of its users. The transactions cannot be canceled and it is being positioned as mitigating “unreasonable risk” on behalf of the company as well as the investor.

Billionaire hedge funds have been taking a huge hit after a Reddit group started buying up GameStop shares in an effort to counter a massive amount of short positions. This prompted a “short squeeze” that sent the stock skyrocketing. As the dominos fell, GameStop reached a high of over $400 dollars per share, more than 10,000% higher than its low point earlier this year.

Now, it appears Robinhood and other brokers are cutting the losses of the billionaires by limiting the gains of small investors.

[DesertRhino]

They step in to keep the hedge fund from losing money. But thanks for playing. And are you implying that Robin Hood has a fiduciary responsibility from here on out? After they set this precedent, I think we can all rely on their advice. If they don’t stop us from having a loss, let the lawsuits begin.

[Bruce Campbells Chin]

Forcibly selling someone’s stock cannot possibly mitigate that person’s “risk”, because there isn’t any. They’re trying to mitigate the risks of thoae who have the options. They’re not Robinhood - they’re the crooked Sheriff of Nottingham.

[IYAS9YAS]

For too long, a small group in our nation’s capital has reaped the rewards of government, while the people have borne the cost. Washington flourished, but the people did not share in its wealth. Politicians prospered, but the jobs left and the factories closed. The establishment protected itself, but not the citizens of our country. Their victories have not been your victories. Their triumphs have not been your triumphs, and while they celebrated in our nation’s capital, there was little to celebrate for struggling families all across our land. That all changes, starting right here and right now, because this moment is your moment -— it belongs to you. It belongs to everyone gathered here today, and everyone watching, all across America. This is your day. This is your celebration, and this, the United States of America, is your country.

Donald J. Trump. January 2017

Change the attribution to Biden and go ask libs if they agree with that statement. I'll lay odds they do.

[Obadiah]

Looks like Robinhood got taken out behind the Sherwood Forest woodshed by the Sheriff of Nottingham.

Absolutely without a doubt. I have little doubt some of the big boys got ahold of the Robinhood guys and may even have agreed to get the Federal Regulators to look the other way on their behalf. You know, some slap on the wrist, strongly worded letter.

[ßuddaßudd]

once again, you dont really own anything ..

[Reverend Wright]

In the end, for the Mf global fiasco, Jon Corzine was fined a grand total of $5 million.

Half of FR is still clueless, when something like this happens, they imagine some lawsuit is going to make it right.

Yeah, John Roberts et al. are going to rule against their hedge fund buddies, in favor of Reddit small investors.

Believing you will get anything that damages elite interests thru the courts is almost as delusional as Trusting The Plan !

[Scrambler Bob]

Not to worry.

Maxine Waters is going to look into it, she says.

[Common Sense 101]

Absolutely unbelievable... is there ANY PART OF THIS POS WORLD NOT DECIMATED BY DEMONIC SCUM? So as a company, you are willing to screw over the very people that enable you to have a business, in order to save a billion dollar hedge fund from losing from their short? I’m sure everybody’s on the look out for a libtard/Demonic Part-run SEC to come down hard on these scumbags... not the scum that benefit from their actions.

[Kenny Bania]

Not to worry. Maxine Waters is going to look into it, she says.

[SaveFerris]

[more than 10,000% higher than its low point earlier this year.]

This should end well.

[Massive massive fraud today on a scale I never would have believed. Now I do.]

Well, 81 million people voted for Xao Bai Din. So...

[Kartographer]

Maybe a good time to short Robinhood ;-)

[montag813]

Everyone has moved on to DOGE (Dog coin). I made about $500 and barely got out due to RH trading delays. But it looks MUCH higher. Literally insane thing to trade. But if/when Elon Musk tweets his support it will explode.

[RoosterRedux]

This is just the beginning of the great rebellion of tiny punk daytraders. Once the little guys got a taste of victory--beating the big institutional guys at their own game--the sky's the limit.

BOOM, KRAKEN, BOMBSHELL!;-)

[omega4412]

Wasn’t the legal basis for this sort of ripoff of investors set up years ago? A couple of financial crises ago? Keyword “hypothecation”

[samadams2000]

Robinhood is toast. As are the other brokerages that locked people out from trading.

[Varsity Flight]

Enron
Arthur Anderson
AIG MBSs
TALF

Close - fines

Open new name.

[lodi90]

Robin Hood? They are behaving more like Robber barons. That should no surprise given their proximity to Leland Stanford Junior University and criminals in Silicon Valley.

[ConservativeMind]

This only helps the shorters out of their self-imposed misery.

This is WRONG!

[Roman_War_Criminal]

Those are the kinds of idiots that vote for collectivist liberalism.

Gullible to the grave!

[Magnum44]

I never really tried to understand the whole short sell concept. I got how you could buy low and then set a sell price (presumably higher), and I get how you can have cash reserves and set a lower buy price with a broker hoping it will drop to that. What I dont get is how you can ‘borrow’ someone elses stock and sell it low so you can then buy it back low. I am sure even my question shows my lack of understanding this game.

But my question to your kind reply is, how does the action of one party in the market F another party? Maybe its because I dont day trade, I only have long term investments. Is it other day traders that get F’d? If I am long term, I’m going to hold the stock no matter so I am not sure how I get hurt.