![]() She told MSNBC Thursday that 'by the time we get to our third hearing, we will probably be able to determine whether or not there was conflict of interest, whether or not there was collusion. Private funds preying on the pension funds of hard working Americans must be stopped,' she said. 'Hedge funds have a long history of predatory conduct and that conduct is entirely indefensible. Maxine Waters (D-Calif.) indicated in a statement last month that she plans to use a series of hearings to scrutinize hedge funds. 'To our customers I’m sorry and I apologize.' 'What happened is unacceptable to us,' said Tenev. ![]() 'Any allegation that Robinhood acted to help hedge funds or other special interests to the detriment of our customers is absolutely false and market-distorting rhetoric,' he said in prepared testimony.Īppearing by zoom, he also apologized for his firm cutting off trading during the crunch. Robinhood CEO Vlad Tenev defended his firm, which caters to small investors. To put this into perspective, on that day Citadel Securities executed more shares for retail investors than the average daily volume of the entire U.S. 'On Wednesday, January 27, we executed 7.4 billion shares on behalf of retail investors. 'During the period of frenzied retail equities trading, Citadel Securities was the only major market maker to provide continuous liquidity every minute of every trading day,' said Griffin. Griffin's testimony describes the stunning volume of trading that took place as Reddit groups and small investors pushed up the price of the stock, with some trying to take a toll on hedge funds that shorted the stock. 'I want to be perfectly clear: we had no role in Robinhood's decision to limit trading in GameStop or any other of the 'meme' stocks,' Citadel CEO Ken Griffin said in his prepared testimony. I’m not going to say that Robinhood did everything perfect and we haven’t made mistakes in the past,' said Robinhood CEO Vlad Teven during the hearing. The billionaire head of hedge fund Citadel and the CeO of Robinhood are set to testify Thursday that they did not collude to disadvantage investors during the GameStop saga in January that sent stock prices rocketing and then crashing downward. ![]() 'That money will go such a long way for my family,' he said. 'I was so happy to visit my family in Brockton for the holidays and give them the great news-we were millionaires,' he said.īut he said they had an 'incredibly difficult 2020' with the loss of his sister. Gill said when the value of the stock broke $20 a share, he knew it would be a success. Political Editor For and Harriet Alexander For Maxine Waters says hearings will probe 'whether or not there was collusion'īy Geoff Earle, Deputy U.S. GameStop's share price is currently $45.94: it was $483 at one point last month.CEO of Reddit, financier Gabe Plotkin and a former regulator will also appear.Keith Gill, better known as Roaring Kitty, will deny he manipulated investors.Griffin said his company had 'no role' in decision to suspend trading.Ken Griffin, billionaire CEO of hedge fund Citadel, will back his calls.I apologize,' said Tenev while discussing how his firm responded to the swarm of trades Robinhood CEO Vlad Tenev, 34, called for a change in the trading rules. ![]() They will hear from key players involved in last month's GameStop frenzy.The House Committee on Financial Services will hold a hearing on Thursday.'I am not a cat, nor am I a hedge fund.' YouTube investment star Roaring Kitty defends himself in front of Congress as Robinhood and hedge fund titan Ken Griffin are questioned on Gamestop frenzy ![]()
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