Rep. Michael San Nicolas Warns RobinHood CEO Vlad Tenev, Defends GameStop Investors
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- Опубліковано 5 жов 2024
- During the House Committee on Financial Services hearing on the GameStop trading events of late January 2021, Rep. Michael San Nicolas (GU) fiercely defended retail investors. In a blistering condemnation against RobinHood's trade restrictions, Rep. Nicolas directly told CEO Vlad Tenev that he hopes "at the end of the day, those bag holders get a lot more than an apology."
Footage from CSPAN, during live coverage of "Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide"
🚀$GUAM$🚀
More people need to see this
We think so too. Thanks, Daniel.
he was the only one that came close to this point for me and that is If Mr. Tenev had halted buying and selling he wouldn't even been in that meeting - but he halted just buying and those that got scared sold (which lowered what you needed to come up with) and those that stayed got screwed" - seemed planned to me
Vlad was here leaving a thumbs down.
Dude was so close to legit being on fire his smoke detector got worried its battery was too low.
Vlad Tenev had to seek immediate medical treatment for burns he suffered when Mt. San Nicolas erupted.
yeah this guy is sick
He’s a G!!! Respect che lu
One thing that should be talked about more
Incredible rep. I hope this only is the beginning
This is what everyone who was not paying attention or not trading that day does not understand. Folks who figured out GME were not gambling. They were not pumping up only to dump on bag holders. They figured out that greedy hedge funds like Melvin Capital shorted the stock to 140%. Meaning they had shorted MORE SHARES than actually existed, hoping that they could drive GME out of business and make money all the way down. However, the average joes using reddit forums figured this out, and started investing. As share prices went up, the shorts, had to either cover and buy shares now worth a lot more, or double down. What did they choose? They are greedy, they doubled double down. The short squeeze taking place on Jan 28 was actually driven in large part by Short sellers who were deciding they needed to cover now or risk having to buy back shares $400+ (the ceiling is unknown, again because if they shorted more shares than exist, they were essentially fucked if the stock kept going up). RH saved not only Melvin Capital, but itself, by stopping all buying, allowing selling AND allowing hedge funds to continue to s hort. As Rep San Nicolas further explains, it ONLY benefited RH and their clients, Melvin and Citadel. It ruined many many average joe retailers that invested in GME knowing that a) the company actually had promise, but b) these billion dollar hedge funds had gotten caught with their hand in the cookie jar so to speak by shorting GME to $4 and now at risk of having to buy back the shares at $400+. This saga demonstrates that the average joe will get screwed by powerful institutions to protect themselves, and likely will get away with it. Same thing happened in 2008 with the bailouts.
This hearing was a failure in that it did not have the SEC or DTCC there to explain any of this and whether what these CEOs were claiming was even true. They have to save their necks, watch the Vlad (RH CEO) responses to questions. All of them are non-answers simply to dodge questions. He is one of the worst I've ever seen at this level, ,but he still may get away with it. I do think Robinhood's chances of IPO this year are null and void.
well thats an excellent question and im so glad you asked it because its a good question and good questions like these should be asked because *AS IM SURE YOU KNOW* this is an important subject so I'd have to say y- *MALLET*
Let me start from the beginning, when I was a boy in Bulgaria...
Damn! Why is the best representative from Guam? I didn't even know they had a representative.
Shame on everyone else for this charade. All smoke & mirrors.
Pretty sure he can't vote... Democracy and stuff.
@@MrTopparwear He can vote in Committee, just not on the Floor.
He was eating the smoke up because his smoke detector is dead 🤣
Love this guy. Need to check out Guam.
holy fuck this would have been so much better in person
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they were in compliance with all requirements... so...there was no excuse for cutting off retail customers from buys at the critical time?
they were in compliance because they cut us off to stay in compliance. that's how I hear what he said.
@@Richmich111 hey, we're waking up 😂
@@Richmich111 nothing to do with being in compliance. Vlad did not want to sell any RH equity to keep his business running so he manipulated the market and screwed his customers. Its very obvious.
@@RowdyPNW agreed, the guys a crook
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@Elon @NewAmazonianCEO where are you at with your needed input towards what you heard today? Are they crooks or just unfriendly marketers?
Clout chasers that's all
Somebody replace that battery in the smoke detector.
That should be the last of the concerns with everything he said lmao
🤣🤣🤣
It drove me nuts too.
It was going off from all the fire coming out of his mouth
holy based my god this guy is on point
i made da short squeze yahoo is bigger than what u think he packaged yahoo and da short squeze and sold it facebook took one of da short squeze dey turn short squezes into brooms and hoovers/cleaners its a waste of time