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Robinhood and other platforms halt trading for retail investors, causing stocks to plummet - YouTube
Channel: KTLA 5
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SOMEBODY IS RIGHT NOW STORM IN
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IN THE WATER SEE REPORTERS
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WAITING EYE WALL FOR A WE ARE
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GOING TO CHANGE GEARS AND TALK
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ABOUT WHAT EVERYBODY ELSE IS
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TALKING ABOUT IN THE REST OF
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THE WORLD IT HAS BEEN CALLED A
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BOTTOM-UP REVOLUTION, A WALL
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STREET FREAK OUT A CHANCE TO
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STICK IT TO THE MAN, BUT
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TODAY, DREAM TURN INTO A
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NIGHTMARE FOR SOME PEOPLE
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UPROAR IS UNITING TED CRUZ SEE
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SORT OF.
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WE'RE TALKING OF COURSE
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STOCK SQUEEZE IN WALL STREET
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NOW DECIDED TO COME BACK AND
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SAY WAIT A MINUTE NOT SO FAST.
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HERE'S SOME BACKGROUND. A
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GROUP OF REDDITORS DROVE UP
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THE PRICE OF GAMESTOP AFTER IT
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WAS SHORTED BY HEDGE FUNDS. A
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GROUP CALLED WALL STREET BETS
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MADE THE ONCE SHAKY STOCK
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VALUE EXPLODE.
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RETAIL INVESTORS SET THEIR
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SIGHTS ON OTHERS, INCLUDING
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AMC BED BATH AND BEYOND NAKED
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JUICES AND MORE. ROBERT COUNT
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HIMSELF AS ONE OF THEM WAS
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CLOSURE. BUT IT ALL CAME
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CRASHING DOWN TODAY KIND OF
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TRADING FIRMS RESTRICTED
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TRADES ONE CALLED THE ROBIN
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HOOD PUT THE SHAWN IT. NOW THE
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POSSIBILITY OF CONGRESSIONAL
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HEARINGS REGULATIONS IS THERE
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GOING TO BE CRIMINAL CHARGES
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HERE TO BREAK IT DOWN. DAN CPA
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AND FRIEND OF THE SHOW. DAN
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GERSTEIN THANKS DAN.
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HOW IS AN ANALYSIS TANDOORI
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BREAKING DOWN WELL ENOUGH TO
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GET YOU GOING ON THE SEGMENT.
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YEAH, I THINK SO AND I GOT
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TO GIVE CREDIT TO THE 5 LIVE
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TEAM FOR BEING IN FRONT OF
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RIGHT YOU GUYS WERE HEAVILY ON
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YESTERDAY AND WE DISCUSSED IT
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BEFORE ON THIS HAPPENED SO I
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YOU GUYS ARE GETTING YESTERDAY
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AND I DON'T WANT US SPEND TOO
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MUCH OF THE SHOW PATTING
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WANT TO ASK YOU YOU KNOW,
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ROBIN HOOD IS THE TRADING
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PLATFORM THAT REALLY A LOT OF
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RETAIL TRADERS SO THEY'VE BEEN
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CALL THESE REDDITORS HAVE BEEN
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USING BECAUSE IT WAS BASICALLY
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FREE TRADES YOU COULD JUST
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PLACE.
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TRADE SELL STOCK REAL
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QUICKLY THEY WERE JOINED BY TD
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AMERITRADE AND SCHWAB IN
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BANNING THE PURCHASE OF THE
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SO-CALLED SQUEEZED STOCKS THEY
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SINCE WALKED THAT BACK A BIT
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AFTER HOURS GAMESTOP HAS
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POPPED BACK UP, BUT IT REALLY
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SAYS STOCKS JUST IN A FREEFALL
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TODAY, IT WAS A LOT TO PROCESS
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BANNING REGULAR PEOPLE FROM
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BUYING STOCKS IS CRAZY.
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COMPANY SAY IT'S BECAUSE THE
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VOLATILITY IT'S TOO RISKY. BUT
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ISN'T THAT THE POINT THE STOCK
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MARKET DAN.
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I THINK THEY HAVE KIND OF
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BY THE RULES, BUT ALSO TRYING
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TO KEEP THEIR CLIENTS, HAPPY
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OR IN THE CLIENTS OR CUSTOMERS
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AND SO THEY'RE ENABLING FREE
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TRAINING AS YOU MENTIONED
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RIGHT IT'S AN APP SO IT'S VERY
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POPULAR WITH MILLENNIALS YOU
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CAN FIND ON YOUR PHONE IT'S
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BUT THEY ALSO HAVE YOU FIND IS
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BY THE WAY THIS GOES PICKED UP
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ALL OF THE NEW VOLUME AND SO
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WE'RE SEEING LIKE RECORD
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VOLUMES IN THE STOCK MARKET
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RECORD TRADING ACTIVITY A LOT
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OF IT HAPPENING ESPECIALLY
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LATELY AND SOME OF THESE NAMES
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LIKE GAMESTOP AND SOME OF THE
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OTHER SHORTED NAMED BY HEDGE
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YOU'RE SEEING ON THE NEWS
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RETAIL INVESTOR ACCOUNTS AND
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ENDS A LOT OF THOSE ACCOUNTS
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EXIST ON AND NOW THEY'RE
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FINDING OUT ARE BEING TOLD
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THAT YOU KNOW COULDN'T GET
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THEM TO ANY MORE TODAY AND I'M
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I'M SURE THAT'S FRUSTRATING ON
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AS A REGIONAL INDIVIDUAL
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INVESTOR BUT BEYOND SOME
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PEOPLE SAY WELL THESE GUYS ARE
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RETAIL INVESTORS. THESE GUYS
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DON'T NECESSARILY KNOW WHAT
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THEY'RE DOING THIS NOT THEIR
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DAY-TO-DAY JOBS.
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AND AS AS THE THE CONTROL
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OF THE AFTER OWNER, WHAT HAVE
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IT'S IT'S THEIR RESPONSIBILITY
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TO LOOK OUT FOR THESE PEOPLE
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WHO ARE ORDINARY PEOPLE. BUT
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THAT'S B IT'S LIKE SAYING THE
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GOVERNOR WE HAVE TO DEPEND ON
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THE GOVERNMENT TO PAY OUR
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BILLS AND TO TAKE CARE OF I
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KNOW WE HAVE WE DEPEND ON
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OURSELVES SO IT'S ALWAYS BEEN
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THAT THE AMERICAN WAY. AND FOR
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THEM TO COME IN AND TRY TO
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STOP THAT AND SAY WELL LOOK
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WE'RE ACTUALLY LOOKING OUT FOR
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YOU IT'S TOO LONG AT ALL. AN
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AND YOU DON'T KNOW WHAT YOU'RE
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DOING BUT THESE HEDGE FUNDS DO
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THEY'RE LOSING MONEY RIGHT NOW
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SO WE'LL STOP YOU FROM LETTING
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YOU BUY. IN ORDER FOR THEM TO
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SAY THEIR BUTTS. I THINK
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THAT'S OUTRAGEOUS THAT'S NUTS.
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I THINK THAT'S HOW FEELS
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RIGHT NOW MANY INDIVIDUAL
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HOWEVER I WILL SAY THINK
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THERE'S A BIG USE FACTOR AT
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PLAY HERE OR ROBIN AND WE'RE
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HEARING REPORTS TODAY THAT
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THEY HAD TO DRAW DOWN SEVERAL
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100 MILLION DOLLARS ON THEIR
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CREDIT LINES RIGHT AND THIS
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ISN'T THE FIRST TIME THIS HAS
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HAPPENED. MARKET VOLATILITY
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HAS PICKED THEY WERE DOING
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VERY SIMILAR THING ARE YOU
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KNOW WHEN WHEN THAT COVID-19
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PANDEMIC FIRST ONGOING AND
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MARKETS REALLY PAINT AND
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ROLLED OVER THEY HAD TO DO THE
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EXACT SAME AND THEY SEE NOT
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PLANNED FOR KIND OF THE WORST
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CASE SCENARIO IS HAPPENING AT
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HIGH VOLUMES AND AND PEOPLE
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USING A LOT OF LEVERAGE AND
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THEN WHEN IT HAPPENS AGAIN, IT
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SEEMS LIKE THEY HAVE TO STOP
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RIGHT KNEW IT WAS CLARIFIED
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BECAUSE OF KIND OF YOUR 2
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DIFFERENT THINGS SO ROBBER IS
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SAYING SOMETHING A LOT OF
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PEOPLE ON THE INTERNET ARE
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SAYING WHICH IS THAT THIS IS
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CORPORATE AMERICA. THIS IS THE
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BILLIONAIRE'S US THE HEDGE
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FUND MANAGERS PUTTING THE
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PRESSURE ON APPS LIKE
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ROBINHOOD.
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TD AMERITRADE AND THESE
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OTHER TRADING PLATFORMS AND
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SAYING STOP THIS.
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AND ROBIN HOOD ESSENTIALLY
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SAYING IS THAT A CONSPIRACY IS
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THAT TRUE OR IS THIS SORT OF
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WHAT YOU'RE SAYING IT SOUNDS
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LIKE MAYBE THIS IS JUST
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BECAUSE THERE'S ACTUALLY JUST
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TOO MUCH VOLUME.
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YEAH, I THINK THERE'S MORE
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TO IT THAN THAT AND BOTH THE
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HEDGE CITY NOW IT'S EXPLICITLY
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THE TRADING PLATFORMS, JUST
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EVEN THOUGH WE'RE ONLY TALKING
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TO ROBIN NOT JUST COME OUT AND
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SAY THAT THERE HAS
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COMMUNICATION LINE IS NOT
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HAPPENING DOESN'T EXIST MAY
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NOT TALK TO EACH OTHER ABOUT
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THIS DECISION THAT THESE
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DIFFERENT ONES YOU KNOW
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DIFFERENT SO ROBIN THERE'S
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NUMBER ONE INTERACTIVE THE
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AMERICAN MIND I THINK I HEARD
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THE SAME THING TODAY.
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THERE'S NOT CORONATION
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THAT'S WHAT THEY'RE SAYING
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THAT THAT WAS NOT A DIRECTION
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BUT THAT WAS GIVEN TO OWNED BY
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HEDGE FUND THAT'S REALLY NOT
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HOW IT WORKS WHAT THEY'RE
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SAYING IS THEY HAD. THEY'RE
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FROM TO WORRY ABOUT THEY HAD
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BROUGHT IN THE EXISTENCE OF
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ROBIN YOU KIND OF WORRY ABOUT
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AND YOU KNOW WHAT THAT MEANT
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TO THEM WAS JUST HAPPY YOU'RE
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BACK CAPITAL REQUIREMENTS AND
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ESSENTIALLY YOU WELL THAT HAHA
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THAT'S A LOT LESS INTERESTING
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THAT THINGS LIKE DAVE PORTNOY
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SAID MORE THAN I WAS WATCHING
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PORTNOY'S REACTION TO GOT HE'S
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VERY HE WAS IN THE MIDDLE OF
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TALKING AND THEN AGAIN WHEN SO
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WE ARE AND IT LOOKS LIKE MY
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JACKET AND JUST KIND OF OUT,
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BUT DAN AND TED CRUZ SEE
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CONGRESSWOMAN ALEXANDRIA
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OCASIO CORTEZ AND SENATOR TED
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CRUZ DO NOT OFTEN AGREE. BUT
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IN THIS CASE A DUAL BOTH
[395]
COMING TO THE DEFENSE OF THE
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LITTLE GUY HERE AND THE RED
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INVESTORS.
[399]
BEN SHAPIRO EVEN CALLED
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HAMMER ON FREE MARKETS, YOU
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PORTNOY THE PRESIDENT OF
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BARSTOOL SPORTS. HE CALLED A
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CRIME THAT SHOULD BE
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PUNISHABLE BY SEE WANTS TO
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OPEN A FEDERAL INVESTIGATION.
[414]
DO YOU THINK THIS WILL LEAD TO
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AND DO YOU THINK IT'S
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NECESSARY IF THERE SHOULD BE
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MORE FEDERAL OVERSIGHT.
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I THINK IT IS ALREADY
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STARTING THE CONVERSATION
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RIGHT YOU'RE MENTION ALREADY
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SENATORS ARE DISCUSSING THIS
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AND SO I THINK THERE DOES NEED
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TO BE A DISCUSSION ABOUT THE
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PLUMBING OF THE FINANCIAL
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SYSTEM TO MAKE THINGS ARE
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HAPPENING. THERE'S LOT OF
[436]
INTERCONNECTED PLAYERS RIGHT
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IT'S IT HAS MANY SUBSIDIARIES
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AND SOME OF THEM DO BUSINESS
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AND SO THEY DID AND MAYBE
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BUSINESS MANY OTHER PLACES AS
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WELL SO THINK YOU DO NEED TO
[446]
SHED A LOT OF LIGHT ON THE
[447]
PLUMBING OF THE FINANCIAL
[449]
SYSTEM SO THAT EVERYONE
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UNDERSTANDS WHAT EXACTLY IS
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GOING ON IN ROBIN DO THIS YOU
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ORDINATION WITH A HEDGE FUND
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OR DID THEY DO THIS BECAUSE
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THERE ARE TRYING TO PREVENT
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ANY ISSUES FROM HAPPENING TO
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FROM YOU KNOW AND HAVING TO
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COMPLY WITH THE RULES THAT
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HAVE BEEN LAID FORTH FROM
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THEIR FORM FROM 2
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RIGHT BECAUSE THIS IS NOW
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AT A POINT WHERE PEOPLE ARE
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REALLY BUY INTO THE NARRATIVE
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OF US VERSUS THEM, THIS IS
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LIKE CLASS WARFARE NOW IN THIS
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SORT OF LIKE ONLINE TRADING
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PLATFORM. AND THEY LOOK AT
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PARK RECEIVES SO THEY SAY WITH
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ROBIN HOOD WHOSE LIBERAL
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TWITTER BIO IS DEMOCRATIZE
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DEMOCRACY, THE DEMOCRATIZATION
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OF.
[488]
TRADING ALL IT DOES SEEM
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LIKE A BIG TECH AT IT AGAIN,
[490]
AND THEY'RE SO I MEAN THERE
[491]
PEOPLE PRO PEOPLE WENT TO THE
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HEADQUARTERS OF ROBIN HOOD
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TODAY TO MENLO PARK TO PROTEST
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TO LIKE STAND OUT THERE AND BE
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LIKE POWER TO THE PEOPLE 3
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GAMES TOP. FREE YOU TO SEE
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CLASS WARFARE YOU KNOW
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REPRESENT A GUESS TRADING.
[509]
THINK IT COULD FEEL LIKE
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IT'S I THINK THERE'S A LOT
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MORE PLAYERS IN NOW THERE'S A
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LOT OF NEW MONEY IN FROM
[516]
YOUNGER PLAYERS MILLENNIALS
[518]
AGAIN TYPICALLY AND IT'S BEEN
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YOU KNOW KIND ENABLED BY THE
[522]
EASE JUST DOWNLOADING AN AND
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WHICH THIS
[525]
YEAH WITH THIS SPECIFIC
[529]
STORY LINE. FOR THE RETAIL
[530]
INVESTORS IS IT OVER WHAT IS
[533]
THE SENSE THAT YOU'RE GETTING.
[535]
IT DOES NOT LOOK LIKE IT'S
[537]
OVER YET I MEAN AGAIN GLAD
[540]
THAT WE SHED LIGHT YESTERDAY
[541]
THE BUT IT'S STILL PLAYING OUT
[542]
THERE STILL A LOT OF BACK AND
[545]
FORTH THINK THERE'S STILL A
[546]
LOT OF TRADES NOT WANT TO
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HAPPEN IN THESE NAMES THAT
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HAVE BEEN TEMPORARILY
[551]
SUSPENDED BY VARIOUS FINANCIAL
[552]
INTERMEDIARIES.
[554]
SO I THINK YOU KNOW BOTH
[555]
SIDES WOULD STILL WANT TO SEE
[556]
MORE ACTION IN THESE NAMES AND
[558]
I THINK IT'S GOING TO CONTINUE
[560]
PLAY OUT IN THE COMING AND
[561]
DAVID LIKE LIKE TO ASK ONE
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MORE PARTY. GOOD PORTNOY ON
[568]
THEM I DID I DID I
[569]
WHEN YOU SHORT THE STOCK IS
[573]
THERE A DAY WHERE YOU HAVE TO
[575]
EITHER PAY BACK THE STOCK
[576]
RETURNS WHAT NOT IS THERE A
[577]
CERTAIN DATE WHERE THERE'S A
[578]
TIMELINE WHERE EITHER HAVE
[579]
SOLD IT AND MAJOR MONEY OR YOU
[580]
I DID BUY THE STOCK ON YOUR
[584]
OWN AND TAKE THE LOSS. IS
[584]
THERE LIKE AN END DATE AND
[585]
MIKE A TIMELINE FOR THAT ARE
[586]
COMPANIES JUST JUST IN GENERAL
[587]
WHEN YOU'RE SHORTING A STOCK
[589]
IN GENERAL.
[591]
IN GENERAL NOW YOU CAN
[592]
CONTINUE TO HOLD THE SHORT AS
[595]
LONG AS LIKE THERE ARE CHARGES
[597]
ASSOCIATED WITH THAT AND
[597]
SOMETIMES THOSE CHARGES ARE
[598]
CHANGING DAILY AND IT CAN GET
[603]
BUT IN GENERAL YOU CAN HOLD A
[605]
SHORT AS LONG AS YOU MIKE
[606]
BECAUSE YEAH LOT OF THE MEDIA
[608]
SAID SORT OF LIKE THOUGH THAN
[609]
THE MARKET IS IN TURMOIL NOW
[610]
SOME PEOPLE HAVE SAID NO
[610]
THAT'S NOT THE CASE IS JUST
[612]
THE HEDGE FUND MANAGERS.
[614]
AND THE SPECIFIC
[615]
BILLIONAIRES WHO ARE WHO ARE
[618]
YOU KNOW DOING THE SORT SHORTS
[619]
ON A DAILY BASIS OF WHAT IS
[620]
THE IMPACT OF THIS CAN YOU
[621]
GIVE IT A PERCENTAGE COMPARED
[622]
TO THE REST OF THE ENTIRE
[626]
MARKET.
[628]
SO THIS TRADING NAME ARE
[629]
SOME OF THE TRAINING TEAMS ARE
[632]
VERY THEY MAYBE WERE LESS THAN
[634]
A BILLION DOLLARS IN MARKET
[636]
CAP, SOME CHECKS THERE TELL
[638]
YOU THE COMPANIES LIKE
[639]
MEASURED AT LESS THAN BEING
[639]
MORE A BILLION DOLLARS AND YOU
[642]
KNOW TO SEE FOR INSTANCE
[644]
GAMESTOP GO UP TO AS MUCH AS
[645]
20 MILLION RECENTLY YOU KNOW
[648]
THROUGH THE PRICE OF THAT
[651]
EQUITY INCREASING YOU GET SOME
[652]
GAUGING AGAINST OTHERS LIKE GM
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IS A 70 BILLION DOLLAR
[656]
COMPANY. ANY OF COMPANIES OUT
[658]
THERE LIKE FACEBOOK AND APPLE
[660]
LETTER THEY ARE IN THE
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TRILLIONS RIGHT MIKE HANNA
[662]
THERE WAS REALLY TRUE VALUE
[662]
HERE TO BEGIN WITH RIGHT
[666]
BECAUSE THIS IS ON THE YEAH,
[669]
IT'S VERY SMALL I THINK WHAT
[670]
HAPPENS SOMETIMES IS THAT
[671]
THESE FUNDS WILL MAKE BIG BETS
[674]
AND IN THESE NAMES AND SO HOW
[675]
IT TRICKLES DOWN TO THE REST
[677]
OF THE MARKET IS THEY'LL HAVE
[678]
TO SELL OTHER THINGS THINGS
[679]
THAT THEY WERE PLANNING ON
[680]
MAYBE PULL IN FOR A LONG TIME
[681]
MAYBE THEY HAD APPLE MAYBE
[686]
THEY HAVE NETFLIX COMMON
[688]
HOLDINGS AND THEN YOU KNOW ONE
[688]
OF THEIR POSITION WAS UP ANY
[689]
MONEY STARTS ON ALL THESE
[690]
OTHER POSITIONS AND THE NEXT
[691]
THING YOU KNOW THE WHOLE
[692]
MARKET CAN START GOING DOWN IN
[696]
SOME IT'S HAPPENED BEFORE.
[706]
FRENZY YESTERDAY STILL I'M AND
[707]
AND WOULD YOU SUGGEST PEOPLE
[712]
TO GET IN ON WELL.
[713]
JAMIE I SAID YESTERDAY
[715]
THINK YOU KNOW ALL THESE
[716]
BATTLEGROUND, STOCKS STOCKS
[718]
THAT ARE GOING UP AND DOWN 50%
[720]
AND THEY ARE NOT READY YOU
[721]
TYPICALLY WANT TO PARK YOUR
[722]
MONEY IF YOU WANT TO SLEEP AT
[726]
NIGHT. I LIKE TO SLEEP AT
[727]
NIGHT OWE MONEY SHE DETER SE
[733]
AND A RIGHT TIME. SOME DODGE
[734]
COINED THE NEXT BIG THING THAT
[743]
I HAVE TO SAY THAT'S OCEAN.
[747]
DOG THE DOZIER IS ROBERT IS
[749]
THAT DOGS DOG IS OVER THE
[751]
RAINBOW BRIDGE NOW MULTIPLE TO
[755]
PROBABLY BEEN JADE AND BEFORE
[756]
WE LET YOU GO THERE IS A STORM
[757]
IN IMMINENT STORM COMING INTO
[758]
LOS ANGELES AND I KNOW ORANGE
[759]
COUNTY YOU ARE NOW ORANGE
[760]
COUNTY. SO WE HAVE TO ASK IS
[763]
IT RAINING WHERE YOU ARE.
[765]
IT'S NOT RAINING IN IRVINE
[770]
AND I GOT A NICE VIEW HERE YOU
[772]
HAPPENING DAN DE SEEN SEE IF
[774]
YOU ARE INTERESTED IN
[776]
FOLLOWING HIM HE DOESN'T WANT
[778]
YOU TO YOU CAN FIND HIS HANDLE
[784]
DYNASTY SO MUCH FOR FOR SEE
[786]
DOES ALL POLLS SAY I SAY I
[787]
THINK GRADE AND THEN PEOPLE
[788]
SHOULD FOLLOW THEY SHOULD BE
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