There are gazillion articles on the Gamestop saga. Most directly allege Robinhood for its failure to do what is their basic reason for existence ie buy and sell. It failed and at worst possible time. Somehow a lot of other brokers too failed in exactly same way as Robinhood. Coincidence? Or some secret plan? Or just clearing and settlement illiquidity?
But the twitter anger was unbelievable. And rightly so.
And a number of lawsuits have come left right and center. But with TOS being the new commandment my guess is Robinhood will get Scot free, unscathed with no fine whatsoever. Don’t worry no one except lawyers have read it. IMPORTANT Part is right below!!
Try searching the fines Robinhood paid for failing multiple times completely. You won’t find any reasonable fines. It’s of course how law is designed so that the typical low profit customer can’t really extract big money from companies easily especially
I hope they are fined and pay through their nose just like I hoped lot of big CEOs of banks and AIG would go to jail get their bonuses clawed back and so on ….. 😔😔😔 but reality is different than hope. Watch this Dirty Money on netflix where individuals do not get prosecuted for even abetting criminals.