Posted on 01/28/2021 4:13:57 PM PST by Presbyterian Reporter
Video at the link. Charles Payne blasts Wall Street. he also points out that he recommended to his subscribers in early January that they buy these heavily shorted stocks like GameStop.
I saw the clip on War Room. Charles sure was worked up!
And the definitive commentator on the matter.
You can’t short 140% of a company’s stock legally. You just can’t.
And Yellen is in this up to her neck.
Likely not for long.
I hope to heck there’s not a non-compete clause in his contract, because if Trump starts a news network, Payne should be one of his first hires.
👍
This is a nuclear bomb on our pop culture and has seized the zeitgeist. Everywhere you turn people are talking about it. I seriously doubt Dems go forward with fake impeachment now. They’re off balance and will need to wargame a plan now.
I heard it. Good for you, Charles.
Hellen is in the fatty squeeze.
“”And Yellen is in this up to her neck.””
I have yet to see any of Biden’s appointees be confirmed by the Senate. What’s up? They can bypass the Senate now?
I have heard that Robinhood sold some of their customers position in Game Stop without their permission. That is certainly against the law.
She promised the big guy 10%?
“I have heard that Robinhood sold some of their customers position in Game Stop without their permission. That is certainly against the law.”
*****
Not if it is to settle a margin call
Robinhood CEO Vlad Tenev, 33, last night defended firm’s decision to sell users’ shares without permission
‘We had to make a very difficult decision. It’s been a challenging day,’ Tenev told MSNBC
What’s your point? Do you even know what a Margin Call is?
If I am under water on a purchase ON MARGIN, and I don’t post the margin capital required by regulatory rules the position gets sold to settle the debt and any debt left is the obligation of the investor.
This is not a hard concept. It’s the REGULATORS that set that rule, not Robinhood. But Robinhood HAS TO COMPLY with that rule or lose their broker/dealer status.
Forced sale of the stock to meet margin calls was not mentioned. Where do you get your information on this? CNBC?
I’m in the business. If you don’t think anyone was on margin I’ve got a bridge to sell you that links Manhattan and Brooklyn.
Robinhood sells the trade data to make their money since they don’t charge a commission. Part of that is market-making on the platform akin to high frequency trading. In order to make those markets you need capital and the trading volumes rose so fast they couldn’t process fast enough. And that includes knowing their margin position exposure in real time.
As they caught up and noticed how much was under water (the intra-day price swings were so large they triggered a number of exchange shut downs to match buy and sell orders) and gap opens, both up and down, put the entire exchange at risk of bankruptcy.
Trust me, a few days from now, when everyone has a chance to breathe and catch up on the trading patterns, you’ll see I’m right. Add a day for settlement of money and you really have a problem with tracking the money accurately for a platform designed to handle people like my 25-year old son playing with a few thousand dollars (and when he started, only about $50).
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.