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#6931 |
2 Legit 2 Colquitt
Join Date: Sep 2010
Casino cash: $3715754
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Posts: 4,743
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#6932 | |
2 Legit 2 Colquitt
Join Date: Sep 2010
Casino cash: $3715754
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Posts: 4,743
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#6933 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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Yeah, that's not cool at all. I mean, it's probably going to help the people involved, but they bought at their own risk and they have the right to hold or sell at their own risk. That's really crossing a line that shouldn't be crossed.
I guess I don't know if Robinhood is technically the money manager on those accounts or not. Maybe they've got the legal right in some fine print to make trades on the account holder's behalf, but if I had any money in Robinhood I'd be shutting down my account today.
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Active fan of the greatest team in NFL history. |
Posts: 142,322
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#6934 |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $736899
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Whether they should be in the role of protecting people is subject to debate, but this is insanely risky to anyone buying in right now.
One month from now, GME will likely be worth $20. If you're buying now, you're betting that you can time it right and not lose your ass before then, and people have never been able to time the market. |
Posts: 52,210
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#6935 |
MVP
Join Date: Mar 2019
Location: KC
Casino cash: $3930400
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Posts: 7,370
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#6936 |
TACO SALAD
Join Date: Apr 2008
Location: yes
Casino cash: $508468
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The brokerage.
The kind of people doing this stuff with Gamestop or bidding up bankrupt Blockbusters liquidating holding stock up 2000% in 2 days are absolutely people trading on maximum margin loans. If you lose their money trading there isn't any house or car to reclaim. |
Posts: 6,053
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#6937 | |
The Seated Villain
Join Date: Apr 2007
Location: Seattle
Casino cash: $1480247
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Quote:
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With a sack in 61% of his games, SB MVP Von Miller is the most consistent pass rusher in NFL history. |
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Posts: 10,665
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#6938 |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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On a much more minor note, I've got an account at Schwab. I opened it online and have never spoken to a human being, which is how I want it.
Except once. Years after I opened the account, I got a call out of the blue from someone I'd never heard of. He said, "I'm your broker at Schwab, and I'm going through your account. I see you've got XXX shares of this stock and YYY shares of that stock, and I'm wondering if perhaps we should move some to ZZZ mutual fund where I get paid a commission." (Well, he didn't say that last part, but it was obvious.) I took the phone away from my ear and looked at it in confusion before putting it back. "Who are you?" "I'm your broker and I just wanted to talk about ..." He was clearly in my account because he knew what my holdings were. It was some dude who worked there. I sent him packing, and then I started getting his "personal Schwab newsletter", which went straight to my junk folder. I have no idea why they suddenly assigned this guy to me, and I did not welcome his presence. Now I know that some dude that I've never met occasionally looks in my stock account, and I've considered moving away from Schwab as a result.
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Active fan of the greatest team in NFL history. |
Posts: 142,322
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#6939 |
The Seated Villain
Join Date: Apr 2007
Location: Seattle
Casino cash: $1480247
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__________________
With a sack in 61% of his games, SB MVP Von Miller is the most consistent pass rusher in NFL history. |
Posts: 10,665
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#6940 | |
NFL's #1 Ermines Fan
Join Date: Jul 2001
Location: My house
Casino cash: $2028491
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Quote:
If someone really lost that much money, I think a lawsuit is in order. But I'd also wait to see what the stock price is a month from now before filing it. That whole situation is messed up, plain and simple.
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Active fan of the greatest team in NFL history. |
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Posts: 142,322
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#6941 |
MVP
Join Date: Jan 2012
Casino cash: $3665025
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Top of the hour news on the radio I'm listening to just said there are 2 lawsuits filed already against RH. It did not give any specifics.
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"I know you think you understand what you thought I said but I`m not sure you realize that what you heard is not what I meant" |
Posts: 6,100
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#6942 |
Kind of a mod
Join Date: Aug 2005
Location: Donkey Land
Casino cash: $736899
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It's gonna be interesting to see what fun has been lurking in their TOS this whole time. I'm guessing they didn't do this without their lawyers signing off on it (not that that makes it any better).
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Posts: 52,210
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#6943 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
Casino cash: $998244
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Even if their TOS negate any potential lawsuits it feels like brand suicide. Seems other platforms halted buying temporary or set limitations but RH went all in. Add in the known connection to some of the players in this and they're taking the heat.
But I'm sure there's an investor class out there that isn't even paying attention to this or may not even care or want to pay their $75 transfer fee. |
Posts: 34,766
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#6944 |
Veteran
Join Date: Dec 2006
Location: Indiana
Casino cash: $9472813
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Posts: 4,579
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#6945 |
Cheat Death
Join Date: Nov 2007
Location: Land of Drincoln
Casino cash: $998244
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Quoting an email received from RH
"It’s been a tough day, and we’re grateful to you for being a Robinhood customer. In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed. This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity. As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today. To be clear, this decision was not made on the direction of any market maker we route to or other market participants. The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds. We’ve seen a new generation enter the market, and they’re sparking conversations about what it means to be an investor. We stand in support of you, our customers. Democratizing finance for all means giving more people access, not less. We’ll keep monitoring market conditions and will update this Help Center article with the latest changes. We also published a blog post regarding today’s events. Thank you again for being a Robinhood customer. We’re so grateful for your support. Sincerely, The Robinhood Team" |
Posts: 34,766
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