Flashback all the way to December 2020: The SEC fined Robinhood $65 million for lying to customers since 2015 about how they make revenue and straight up stealing $34.1 million from customers.
Robinhood chose to sell orders to whoever would provide them the most revenue, not the best order pricing for customers. Kinda not a cool thing to do to your customers, especially when you act like you’re Captain America for the little retail investor against the Thanos Wall Street billionaires.
So now, Robinhood runs Vlad the elfish waif out onto CNBC to quell the uproar of locking out accounts and shutting down specific stocks. His claim was they were just trying “to protect customers”, not to protect hedge funds. Nobody believes this. Except Steve Cohen.
All these guys know how the game is played. It’s like a professional baseball manager – they don’t tell a pitcher to drill someone at the plate. The pitcher just knows what is expected of them and if they don’t do it, they’re on the first bus home. Oh, and Robinhood is doing an IPO soon. I’m sure that has nothing to do with any of this.
The audacity of this clown to say all this with a straight face after knowingly ripping customers off for years is just :chef’s kiss:
Fool us once, shame on you. Fool us twice, we tar and feather you (metaphorically speaking).