Business and Finance

‘I am not a cat’ By Reuters

© Reuters. FILE PHOTO: Vlad Tenev, co-founder and co-CEO of investing app Robinhood, speaks in the course of the TechCrunch Disrupt occasion in Brooklyn borough of New York


(Reuters) – At a grilling by lawmakers over the frenzied buying and selling in retailer GameStop (NYSE:), Keith Gill, a YouTube streamer often called Roaring Kitty, hedge fund managers and the top of Robinhood and Reddit defended their actions.

Those testifying had been Robinhood CEO Vlad  Tenev, Melvin Capital CEO Gabriel  Plotkin, Citadel CEO Ken Griffin and Reddit CEO Steve Huffman.

Here are the testimonies of the gamers concerned and a hyperlink to biographies of a few of them.

Some quotes from the listening to:


“A few things I am not. I am not a cat. I am not an institutional investor, nor am I a hedge fund. I do not have clients and I do not provide personalized investment advice for fees or commissions. I am just an individual whose investment in GameStop and posts on social media were based upon my own research and analysis.”

“Investing can be risky and my approach can be risky but for me personally, yes (I would buy GameStop now). Yes, I do find it attractive at this price point.”

“My investment in GameStop was based on the fundamentals.”

“Increased transparency could help. That someone like me could have a better understanding of how those things work … would help retail investors.”


“We always felt comfortable with our liquidity… The additional capital we raised wasn’t to meet capital requirements or deposit requirements… ”

“I recognize customers were very upset (from the restrictions on trading)… it would have been significantly worse if we had prevented customers from selling.”

“Not at all, zero pressure (from anyone on the panel to decide to restrict trading), it was a collateral depository decision.”

“I’m sorry for what happened. I apologize. I’m not going to say that Robinhood did everything perfect and we haven’t made mistakes in the past, but what I commit to is making sure that we improve from this, learn from it, and we don’t make the same mistakes in the future. And Robinhood as an organization will learn from this and improve and make sure it doesn’t happen again, and I will make sure of that.”

“I do believe that the ability for the same share to be shorted an indefinite number of times is somewhat of a pathology and that should be fixed and I think step one of that is modernizing the antiquated settlement infrastructure that everything is built on. We simply don’t have the ability to properly track which shares have been shorted and how many times as they are moving through our settlement system.”

“Robinhood owns what happened and we need to make sure it doesn’t happen again but Robinhood Securities had limited options and I believe the team did the right thing and the only thing.

“Payment for order move is certainly one of our largest income sources. Yes (it’s the largest.)”


“As I used to be making an attempt to elucidate… the standard of the execution varies by the channel of the order, that is a generally understood phenomenon in economics.”

“We have fought for 15 years to make that the idea by which orders are allotted as a result of we strongly imagine Citadel is best to offer higher execution for retail orders in the long term.”

“We are in a position to share our buying and selling acumen with retail buyers, give them a higher worth and provides funds for orderflow to corporations like Robinhood.

“This has been very important for the democratization of finance.”

“I believe that the short interest in GameStop was exceptional. I’m not sure it’s worth us delving into legislative corrections for a very unique situation.”

“We of course are talking to Robinhood as we manage a substantial portion of their order flow.

“Absolutely not (whether or not they contacted Robinhood about proscribing buying and selling in GameStop).”

“We do not personal DTCC. We are not occasion to the dialogue/ dialogue between DTCC and Robinhood. We have actually nothing to do with DTCC aside from being a member of DTCC… Citadel Securities owes a obligation of greatest execution for each order that comes from Robinhood and I’m pleased with how severely our crew takes that greatest execution.”

“If we had been to consider legislative priorities this (quick promoting) does not make the highest 100 listing.”


“I feel it’s a actually good query (concerning extra reporting round shorting). It is not for me to determine. But if these are the foundations then I’ll actually abide by them.”

“Anytime we quick a inventory, we find a borrower. Our techniques really pressure us to seek out a borrower.”

“In 2014 at our inception (we took a quick place in GameStop).

“I don’t remember (what it was worth) at the time. Maybe $40. We believed the company had a lot of structural challenges.

“Our techniques will not permit that (a bare quick place) so it would not be attainable to do.”

“They (retail merchants) exploited a possibility round quick promoting and we must adapt.

“I don’t think you’ll see stocks with the kind of short interest levels that you saw earlier this year, people like ourselves won’t want to be susceptible for that.”


“We spend a lot of time at Reddit ensuring the authenticity of our platform. So we’ve got a large team dedicated to this exact task. Everything on Reddit – all of the content is created by users, voted on by users and ranked by users, and we make sure that is authentic, and as unmanipulated as possible. And in this specific case, we did not see any signs of manipulation.”

Source Link –

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button