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As I understand it, stock trades take days to settle and the brokerage is on the hook if the customer doesn't pay for some reason. When the market is so volatile, Robinhood's trading partners demand more collateral.
It’s NSCC who demands it, the central clearinghouse for all these trades.
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Moving back to my actual point, the SEC and DOJ should leverage this prior settlement to enforce stricter sanctions. The mere existence of the prior action makes them cannon fodder. Hit them.
Sanction them for what? What they did today was caused by following the rules. They couldn’t do anything else. If they did restricted selling it would be “fair” but it would be illegal because only regulators can halt sales.
I think outside of specific sanction any resulting regulation should be a comprehensive restriction on payment for order flow, as part of the already ongoing populist trend of valuing data and considering it users property with its own property protections.
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I’m not keeping my money with a financial institution that lies to me. End of story. Transfer initiated on my cash, and I’ll deal with moving stocks in the morning.
This is why I prefer my money be with IBKR. I already know when it comes to volatility, they are going to choose IBKR over my account which is good because usually "my account" is fine but its the others who are doing really crazy things. I know IBKR will be around in the morning. That's why I love them.
It feels like HN is in the middle of an invasion by people trying to draw attention to it, but there could be a coincidence? Is it just the buzz around this GameStop action?
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WSB proposed "the retarded short" (they affectionately call themselves retards)
Honestly I’m so happy there’s a “mainstream” place on the Internet where people use the terms retarded and autistic affectionately. It feels like a breath of fresh air next to the language police of everywhere else.
Morty: Ooh, oh boy Rick, I don' think you are allowed to say that word, you know.
Rick: Morty, I'm not disparaging the differently abled. I'm stating the fact that if I'd used this microscope it would have made me mentally retarded.
Morty: Yeah, but I don't think it's about logic, Rick. I, I think the word has just become a symbolic issue for powerful groups that feel like they're doing the right thing.
Rick: Well, that's retarded.
Prediction: Robinhood loses class action and is bought by Schwab for pennies after founders plea bargain for 3 months prison and $20M in fine each and disappear into the ether like Adam Neumann.
Glad I did that!
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I’m not keeping my money with a financial institution that lies to me. End of story. Transfer initiated on my cash, and I’ll deal with moving stocks in the morning.
> I’m not keeping my money with a financial institution that lies to me. End of story. So you're keeping cash under the mattress then i assume?
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I’m not keeping my money with a financial institution that lies to me. I know for a fact my bank lies. They've been fined hundreds of millions of dollars for money laundering (it's HSBC). A few years ago I looked in to moving to a more honest bank, but I couldn't find one that also met basic criteria like having access to cash points in the UK and having a half decent mobile banking app. Literally every major bank th…
Monzo appear to be more interested in showing of their hipster tech stack than anything else.
Why are there so many HN posts about Robinhood right now? I've seen 3-4 posts in the past 24 hours and it seems like every comment thread I read also mentions Robinhood in some respect. It feels like HN is in the middle of an invasion by people trying to draw attention to it, but there could be a coincidence? Is it just the buzz around this GameStop action?