Posted on 01/30/2021 9:19:10 AM PST by Navy Patriot
Robinhood Financial has been fined $65 million for misleading its stock market customers about how the company makes its revenue from their trades, the Securities and Exchange Commission said Thursday. The SEC fine comes one day after regulators in Massachusetts filed a lawsuit against Robinhood for allegedly targeting young, inexperienced investors with flashy gimmicks on its app that treat stock investing like a game.
(Excerpt) Read more at cbsnews.com ...
“All animals are equal, but some animals are more equal than others.”
I never used a $0 commission brokerage. I paid plenty of fees...in and out. Payment for order flow will almost always screw the little guy because of time. When I was trading I always worked with a direct brokerage where I could actually see the order flow, numbers of buys and sells lining up. All I had to do was click on the current offer/sell and bam my trade was done. I bounced around for a few years with brokerages but finally settled on Tradestation because I loved their charts. I learned how to code my own programs for them.
So, which far left group will be the recipient of the fine money?
The brokerage houses who prevented buying gamestock shares all need to be tried and jailed. Clearly market manipulation intended to protect wall street while harming retail investors.
Where do they pull these numbers from... their ass?
Where is the due process here?
They just accuse them, find them guilty, and fine them all at once?
I don’t know if they did something or not, but this seems just wrong!
I agree, and I believe your statement has wide acceptance in American culture.
Additionally, I would be happy to play any game with you where I get to write the Rules Of The Game, and the Rule for me are different than the Rules for you.
You are EXCEPTIONALLY observant.
Well a month ago anyway: Updated on: December 17, 2020, First published on December 16, 2020.
Updated more recently
UPDATED ON: DECEMBER 17, 2020 / 2:32 PM / MONEYWATCH
WallStreetBets apparently has several million subscribers, each with an average account value of $5000. That’s several times $5 billion in account value.
When someone like you or me does it.
In a fascist state where the government and the industry collude with each other to suppress competition and individual choices and rights it's never going to be the people in favored industries or the government. Only the little guy that doesn't fall in line.
Man pure BS fine. Fines exist to punish those that don’t have money. Until there is a way to call these hedgers in a meaningful way, either through changes in laws or overhauling the system in which they are allowed to get away with such garbage, nothing will change.
It's Good To Be King of your own Government Regulatory Bureaucracy.
Good. I want to see those short selling bastards hurt so bad they have to borrow cardboard for their ‘will work for food’ signs.
Stealing this extreme prejudice 😁
This is a move to step in to save the billionaire hedge funds and screw the little guys.
These are “unsophisticated investors” who treat this as a game. So we have to step in to stop the negative impacts on the markets. Too big to fail.
Basically, heads we win. Tails you lose.
They will punish the small investors and even prosecute a few as a warning to others. “This is our racket. Don’t mess with it.”
This is the financial version of the election. “Yes we stole it. We stole it obviously and even on video. While you watched. But you can do nothing because we own this game. So shut up or else you’ll be on billboards around the country with your neighbors and kids ratting you out.”
That’s the message. This is a pre-spin of the F job to come this week.
Agree.
You may be right.
I knew Robinhood was bad news when I saw their Menlo Park, CA address. Nothing good comes out Silicon Valley these days.
reminds me of late 2008 (maybe 2009?) when there were huge swings in stock market - many thought it was Soros showing what he could do if “they” didn’t behave.
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