Traders, Lawmakers Criticize Robinhood For Gamestop Decision | NBC News NOW

NBC’s Jacob Ward reports on how people across the board, from retail traders to U.S. lawmakers, are criticizing Robinhood over its GameStop trading freeze.
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Traders, Lawmakers Criticize Robinhood For Gamestop Decision | NBC News NOW

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38 thoughts on “Traders, Lawmakers Criticize Robinhood For Gamestop Decision | NBC News NOW

  1. Tell the story of the firms who Violated Federal Law when they naked short sold GME and created the problem. Tell the story about the corruption of Robinhood/hedge fund/Biden Administration connections. Stop placing blame on retail traders. They banded together and pooled their money to achieve a desired market reaction. Wall Street Funds of all types have done that for decades.
    Moral of the story… don't naked short. It is against the law and is risky.

  2. More outrageous! no PRISONERS FROM THE GOP SENATORS RESPONSIBLE FOR THE CONGRESS RIOT ! Now, if the hedge fun (fund) managing your 401k goes broke, that will be criminal and heads must go to prison.

  3. Completely missing the point. Robinhood halted BUYING of Gameboy but allowed SELLING of the Gameboy. That has NEVER been allowed before. It "crater's" the stock. This deliberately caused the value of that stock to drop. Then their biggest shareholder was able to rebuy the stock they shorted – directly gaining from the halting of buying. That's illegal. Charges should be laid.

  4. So Robinhood is just a plaything for greedy Wall Street thugs. Playing and luring the masses into a false belief of power over the systems that powers Wall Street. A clickbait for false hopes of overcoming big giants and dragons. All nothing but a pipe dream.

  5. Retail investors telling each other what they are going to do is UNACCEPTABLE.. Only hedge funds which publishes their position and reasoning driving stock into the ground while they short it?

  6. Banks are the problem. Banks vs. People.
    Federal Reserve Gave $60 TRILLION to AIG in Bailout without Proper Disclosure

    The Federal Reserve and US Treasury reported that the AIG bailout required $180 billion and yielded a profit of $20 billion. The AIG bailout actually resulted in a loss of $59,980 billion rather than $20 billion profit and the massive losses were intentionally withheld from disclosure by the Federal Reserve. 

    Extraordinary assertions require extraordinary proof so we start with the evidence.

    Magnitude of Undisclosed AIG Losses

    The massive undisclosed losses are detailed in AIG Bailout Oversight Hearing, Panel 1, Oct. 8, 2008. https://www.youtube.com/watch?v=T_RJ44ap400  

    Eric Dinalo participated in the AIG negotiations as NY State Insurance Superintendent and estimated the “secret” AIG bailout (naked credit default swaps) at $60 TRILLION. Six other participants stated similar amounts: Maloney (57), Yarmuth (62), Turner (63), Braley (63), Welch (62), Sarbanes (62).

    The troubling nature of the “naked” credit default swaps is also set forth (“essentially gambling”, no collateral, no ownership of asset, no cap relative to asset). Thus .. there was no return value for the $60 trillion.

    The magnitude ($60 trillion) is compared to the “entire value of the NYSE” and “world economic output for a year”. AIG was valued at only $5 billion yet received a $60,000 billion in “bailout.”

    Federal Reserve Intentionally Withheld the $60 Trillion Bailout from Disclosure in SEC Filings

    The “extraordinary” withholding of disclosure is detailed in US House of Representatives, Committee on Oversight and Government Reform, Public Disclosure as a Last Resort: How the Federal Reserve Fought to Cover Up the Details of the AIG Counterparties Bailout from the American People, Special Report, US House, January 25, 2010. https://republicans-oversight.house.gov/wp-content/uploads/2012/01/20100125aigstaffreportwithcover.pdf

    When the SEC sought full disclosure of the secret bailout and receiving parties the FRBNY responded that this “requirement is giving us some pause, since we haven’t otherwise disclosed this information to Congress.” The “FRBNY clearly hoped to prevent Congress from fully understanding the payments to AIG’s counterparties” (pg 13). 

    The Committee concluded that the “fact that a quasi-government agency, unaccountable to the American people, likely wasted billions of taxpayer dollars and went to great lengths to prevent Congress and the American people from learning about these actions demonstrates the threat that the Federal Reserve poses to basic principles of American democracy."

    see also https://youtu.be/Bxm0AzA_OJM

    Further facts are found in the AIG shareholder vs. US lawsuits brought for unfair bailout treatment which concluded at the US Supreme Court in 2017. 

    AIG shareholders asserted that, at FRBNY's insistence, the actual SEC filings did not include Schedule A which would have set forth the undisclosed losses. The SEC noted the omission and told AIG that it had to disclose or request confidential treatment. AIG in consultation with FRBNY, filed a confidential treatment request to conceal the $60 trillion from disclosure which the SEC granted. (citation if requested)

    Audit of Federal Reserve

    The massive losses are also confirmed in the (virtually unreported) first-ever audit of the Federal Reserve. The audit suggests 16 trillion had already been doled out by 2011. GAO, Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance, GAO-11-696. Table 8 (page 131), 2011. 

    In assessing the GAO audit, the Levy Institute estimated the bailout cost to be $29 trillion (Levy Institute, Working Paper No. 698, December 2011, $29,000,000,000,000: A Detailed Look at the Fed’s Bailout by Funding Facility and Recipient). Where did the first $29 trillion go? Citigroup: $2.5 trillion, Morgan Stanley: $2.04 trillion, Merrill Lynch: $1.949 trillion, Bank of America: $1.344 trillion, Bear Sterns: $853 billion, Goldman Sachs: $814 billion, Lehman $183 billion. 

    While US homeowners were losing their homes, jobs and businesses … the Federal Reserve gave foreign banks: Barclays PLC (United Kingdom): $868 billion Royal Bank of Scotland (UK): $541 billion, JP Morgan Chase: $391 billion, Deutsche Bank (Germany): $354 billion, UBS (Switzerland): $287 billion, Credit Suisse (Switzerland): $262 billion, Lehman Brothers: $183 billion, Bank of Scotland (United Kingdom): $181 billion, BNP Paribas (France): $175 billion. 

    These amounts account for half of the AIG bailout (about $30 of $60 trillion).

    The AIG bailout likely resulted in a loss of $59,980 billion rather than the reported profit of $20 billion.

    Thx for reading.

  7. Amazing, considering I heard that the fat cats called the White House to get their political buddies to hit the stop button on selling of those stocks, All those lawmakers have made money from Wall street

  8. If this is market manipulation then what these hedge fund owners were doing coming to tv and telling retail investors to sell certain stock so that they can profit from the same stock they were shorting

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