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Business, Economics, and Taxes: Capitalism. Yay? >=(

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LOL. If he wanted to Elon could probably end the hedge sector, assuming gamma squeeze really will go to infinity.

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SJHovey said:
The problem with that lawsuit is exhibited as you read paragraph 2.



2. Robinhood purposefully, willfully, and knowingly removing the stock “GME” from its trading platform in the midst of an unprecedented stock rise thereby deprived retail investors of the ability to invest in the open-market and manipulating the open-market.



The fact that investors can't buy GME through Robinhood doesn't deprive retail investors from investing in GME. It simply deprives them of investing in GME through Robinhood.
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Except Robinhood is holding their money so that is not exactly true. Maybe if Robinhood would transfer out your money in real time but I would assume if you pull all your accounts and liquidate you will pay fees and it could take hours if not days to get out what you have in there even if it is just cash in an EFT.
 
Handyman said:
Except Robinhood is holding their money so that is not exactly true. Maybe if Robinhood would transfer out your money in real time but I would assume if you pull all your accounts and liquidate you will pay fees and it could take hours if not days to get out what you have in there even if it is just cash in an EFT.
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I see Schwab, TD Ameritrade, and others are following suit.

I suspect in 4-5 months you'll read a footnote in the WSJ or someone will tweet about this case getting tossed, and that'll be that. I'm not aware of a concept that says "you have to let me trade stocks through your company."
 
Robinhood isn't holding their money, it's holding their stocks. These guys aren't alleging that Robinhood won't let them sell. In fact, I think Robinhood was letting them sell, but they don't want to sell in any event. They're trying to buy stocks, and all Robinhood is saying is "not through us."
 
Kepler said:
Bloomberg has a blonde who is not on the same page as the rest of the criminals, or it's her schtick not to be anyway. She was just roasting the hedge dudes yesterday saying in effect "you love this sh-t when it's your buddies but suddenly it's dangerous because it's you losing." The Masters of the Universe did not care for being treated that way. The media are supposed to be their stenographers.

In general what I have learned over the last few days is Bidness News fellates Wall Street even more overtly than Fox does the GOP.
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It is weird. On CNBC she basically got a Scaramucci looking d-bag to admit his opinion was stupid so he pivoted to how it was dangerous for the retailer investors because they could lose their shirts and blah blah blah. My guess is within 3 days that will be the market line since no one is going to buy their new calls for regulation.

"OH NOES!1!! WONT SOMEONE THINK OF THE NERDS!1!!1! THEY MIGHT LOSE DERRR STIMULUS CHEKS!!!!"
-Old Dude on Fox Business (coming soon)

Tomorrow is going to be interesting to watch. It would seem the WSBs were right to hold the line...
 
SJHovey said:
Robinhood isn't holding their money, it's holding their stocks. These guys aren't alleging that Robinhood won't let them sell. In fact, I think Robinhood was letting them sell, but they don't want to sell in any event. They're trying to buy stocks, and all Robinhood is saying is "not through us."
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But if Robinhood is who you buy stocks with you have to deposit money into an account with them I would assume. (like I do with TD Ameritrade) You are arguing that they aren't preventing you from buying elsewhere but they are if my money is on hold with them in said account. I can't just take it out and spend it elsewhere in real time. (usually I don't use RH so I could be wrong)

This is not as black and white as you think it is. Whether that works in court is beyond me...the appearance of collusion won't help though.
 
Handyman said:
But if Robinhood is who you buy stocks with you have to deposit money into an account with them I would assume. (like I do with TD Ameritrade) You are arguing that they aren't preventing you from buying elsewhere but they are if my money is on hold with them in said account. I can't just take it out and spend it elsewhere in real time. (usually I don't use RH so I could be wrong)

This is not as black and white as you think it is. Whether that works in court is beyond me...the appearance of collusion won't help though.
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Ok, but again, let's work this through. Let's say you have $10,000 in cash sitting in a Robinhood account that you'd like to spend on GME.

I don't think Robinhood is stopping you from withdrawing your cash and taking it elsewhere.

Let's say your $10,000 is in stocks other than the reddit stocks. Again, Robinhood isn't preventing you from cashing out.

Let's say your stock is in GME. I don't believe Robinhood is preventing you from selling and cashing out.

What they are saying is, if you have cash in your account, or want to put cash in your account, that's fine, but we're not going to let you buy GME with it. That's what the lawsuit is about. They claim that they can't go onto Robinhoods site and make free trades to buy shares of GME. I don't think that states a claim.

The other thing that GME did as part of this is require them to have more equity in their account. A lot of these guys aren't just depositing $10,000 and buying $10,000 worth of shares. They are buying options, and I think that Robinhood is a little afraid about what happens when the net worth of these traders accounts tanks because suddenly these shares turn to crap.
 
I think you are wrong...but it might not matter because RH might not exist by then. It seems they have ticked off the Dude Bros bad enough that they are making it their mission to destroy RH over this. Many pulling their money out and going to other brokerages with their own clearinghouses.

The owner decided to tweet about it. Read the comments it did not go well: https://twitter.com/vladtenev/status...00963979530241

edit: allowing "liited" action tomorrow makes it look shady as fcuk. They aren't even really hiding their game. Tomorrow is must see TV.

Also lots of jokes now that GME should buy RH because the RH IPO is going to crash hard.
 
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Handyman said:
The owner decided to tweet about it. Read the comments it did not go well
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SAC whined on twitter about getting static for bailing out Melvin in light of the RH block. These guys are probably more insulated from the way they are viewed in the real world than Dump. They seem genuinely dumbfounded that they are being greeted as anything but liberators.

I think from their trophy wives to their gold digging mistresses to their suck up clients to their equally clueless peers, Wall Streeters have no idea they are the most hated people in America. Not envied. Note feared. Despised. Considered a cancer to be contained and eradicated.
 
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Handyman said:
I think you are wrong...but it might not matter because RH might not exist by then. It seems they have ticked off the Dude Bros bad enough that they are making it their mission to destroy RH over this. Many pulling their money out and going to other brokerages with their own clearinghouses.

The owner decided to tweet about it. Read the comments it did not go well: https://twitter.com/vladtenev/status...00963979530241

edit: allowing "liited" action tomorrow makes it look shady as fcuk. They aren't even really hiding their game. Tomorrow is must see TV.

Also lots of jokes now that GME should buy RH because the RH IPO is going to crash hard.
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Yeah I kept seeing the stuff about RH’s IPO. Like, really? Now? After all this?
 
Kepler said:
SAC whined on twitter about getting static for bailing out Melvin in light of the RH block. These guys are probably more insulated from the way they are viewed in the real world than Dump. They seem genuinely dumbfounded that they are being greeted as anything but liberators.

I think from their trophy wives to their gold digging mistresses to their suck up clients to their equally clueless peers, Wall Streeters have no idea they are the most hated people in America. Not envied. Note feared. Despised. Considered a cancer to be contained and eradicated.
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Yeah but the owners of RH should have known better...their whole schtick is "democratizing the market" and they were poised to cash in huge on it. Now they will be the Dude Bros version of Lehman Brothers when this is all said and done.

Halting trading for a day so the hedges could get back some of their losses is such an monumentally dumb move it actually boggles my mind. I don't care how much Citadel pressured them they committed seppuku over this. It is almost as stupid as this board and its constant "server busy" messages lately.
 
SJHovey said:
Ok, but again, let's work this through. Let's say you have $10,000 in cash sitting in a Robinhood account that you'd like to spend on GME.

I don't think Robinhood is stopping you from withdrawing your cash and taking it elsewhere.

Let's say your $10,000 is in stocks other than the reddit stocks. Again, Robinhood isn't preventing you from cashing out.

Let's say your stock is in GME. I don't believe Robinhood is preventing you from selling and cashing out.

What they are saying is, if you have cash in your account, or want to put cash in your account, that's fine, but we're not going to let you buy GME with it. That's what the lawsuit is about. They claim that they can't go onto Robinhoods site and make free trades to buy shares of GME. I don't think that states a claim.

The other thing that GME did as part of this is require them to have more equity in their account. A lot of these guys aren't just depositing $10,000 and buying $10,000 worth of shares. They are buying options, and I think that Robinhood is a little afraid about what happens when the net worth of these traders accounts tanks because suddenly these shares turn to crap.
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you can transfer your assets to another trading platform, but it takes time. Like days. You can also cash out and withdraw your money, but it takes days to clear. These people don’t want to buy GME next week. They want to now.

Robinhood Gold accounts can trade on margin. If you’re using your current assets (which may be highly volatile) as collateral to make more risky buys, it may end very badly for you and Robinhood. It’s think this is why Robinhood is worried.
 
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