Acknowledges like robinhood yesterday restricted trading in gamestop and other volatile stocks. Robinhood eased up on those restrictions today but the backlash has been fierce. Here is reaction from conservative radio host Rush Limbaugh and bar stool sports Founder David portnoy. Its not just political now. The elites are Bent Out Of Shape that a bunch of average, ordinary users have figured out how to make themselves billionaires. Everything is rigged in favor of the elites. This has upset the rigging. I think its criminal. There has to be an investigation and people have to go to jail. Whether that actually happens i dont know. But ive never been more convinced about Market Manipulation and the people, the hedge funds controlling the game. Harris robinhood ceo is defending the decision. Watch. We had to make a very difficult decision to protect our customers and our firm. This decision was not made on the direction of any market maker. We are in a historic situation there is a lot of
That are being organized on facebook and read it buying the stock, bidding it up, causing those institutions to lose money here. Talking to the tune of billions of dollars over the past week or so for the sec, Securities Exchange commission is watching this and a sec regulator told me you might be hard for them to find a violation. Listen. I think when it comes to regulating the speech or regulating content, thats a huge challenge and certainly from a securities regulation perspective. I dont think the sec can regulate speech which everyone has the right to regulate in the sense charging a crime for doing it. What has lawmakers concerned is that robin hood is billed as a free Trading Platform had actually stopped or halted trades on gamestop and some of these others that were shorted which allowed the institutions to make back some of their money in those shorts yesterday. If robin hood said it needed the pause to collect collateral for its clearing house. They raised A Billion Dollars