There are some interesting stories coming out about the hedge fund that owns the Robin Hood app.

It's now being reported that Robinhood is selling people's GME shares without their OK...

https://www.zerohedge.com/markets/you-can-not-purchase-additional-shares-robinhood-reportedly-removed-shuts-down-buying

There is probably more to the story that Zero Credibility is failing to mention. We need more info to be sure.

If you have a margin account and your equity level has fallen below the firm's maintenance margin requirements, the brokerage has every right to sell your securities without contacting you or obtaining your permission. Most often, firms are not required to give you a margin call, so if they give one, they are doing so as a customer courtesy.

Game Stop Stock, GME
 

I’m reminded of the scene in the Big Short where Steven Carell’s character realizes that the market around mortgages debt is orders of magnitude larger than the value of the mortgages.

i love the scene in that movie when steve carells character figures out that the market isn't fair, not a level playing field, wildly illegal, and the whole system is ****ed. like the very concept that people will bend/break the rules to make money is somehow an insane thing.

it always hits the most ardent "free market" defenders hardest, when they figure it out.

And the law suits have started against Robinhood. Two as of right now...

https://www.foxbusiness.com/markets/robinhood-lawsuits-gamestop-amc-restrictions

Just received this from Robinhood

Robinhood

An update on market conditions

Hi
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

Any comments from the SEC ?

WASHINGTON (Reuters) - U.S. President Joe Biden has named U.S. Securities and Exchange Commission Commissioner Allison Herren Lee, a Democrat, as acting chief of the financial industry regulator, the SEC said in a statement.

“During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” Herren Lee said in a statement released on Thursday.

Interesting simplified read, wonder if it's 100% accurate.

https://www.thechicagogarage.com/att...01-jpeg.80108/
https://www.thechicagogarage.com/att...17-jpeg.80109/
https://www.thechicagogarage.com/att...79-jpeg.80110/
https://www.thechicagogarage.com/att...72-jpeg.80111/
https://www.thechicagogarage.com/att...77-jpeg.80112/

"F" him! Turn those machines back on! Turn those machines back on!

$1

So much shorted float...it is going to be very interesting day.

Diamond Hands emojis.

And they claim Bitcoin is easily manipulated.....

I love that movie, just watched it the other day....feeling good Billy Ray !

Any guy would with Jamie Lee in her prime sitting next to them in a bikini😁

GME still heavily shorted. No one is selling. 60% up today. This is really riveting to watch for us geeks. Apparently, other heavily shorted stocks are under attack as well.

[QUOTE=GG Allin;11201831]Interesting simplified read, wonder if it's 100% accurate.

Veeery simplified, some parts accurate, others not.

Note the margin requirements on GME and similar stocks are going to 100%, so that whole part of the spiel is wrong.

Also, people are saying that for short interest to > 100% of shares outstanding means something illegal was going on. That's not correct, you can have SI > 100$ SHO without any naked shorting (which is generally prohibited for traders/investors). Hard to quickly explain why but here's a fairly easy read https://www.fool.com/investing/2021/01/28/yes-a-stock-can-have-short-interest-over-100-heres/

It is certainly unusual to see such high short interest, and that should raise big red flags in a hedge fund's risk management process.

Lots of 10K share blocks on tape.