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***Update: ***There’s an entire second session of this? My lord.
Today the
House Financial Services Committee
dragged the CEO of Reddit, a Cato wonk, social media icon DeepFuckingValue, the CEO of Citadel Kenneth Griffin, a hedgefund bro who got whomped by DeepFuckingValue, and the CEO of Robinhood Vlad Tenev, who got womped when individual investors joined DeepFuckingValue in his womping of the hedge fund and thus womped his capital requirements
leading to general market chaos
, before them virtually for questioning.
It was not very useful. Between a cascade of Zoom failures — mutings, incorrect unmutings, a green screen that was not actually in use, and an actual gavel — members of Congress largely took five minute slots to embarass themselves, and not make material points.
The format was not conducive to real questioning, and most questions were both too long and either too precise, and misguided in their direction, or too imprecise, even if they landed in the strike zone. Sitting here I am trying to recall a single thing that I learned. I suppose that Robinhood’s CEO was not sure on the details of his company’s arbitration agreement with users. And perhaps a little bit about how
many of its users trade options
. And that Reddit’s CEO has a nice suit.
Some members of Congress mocked the proceedings, calling them political theater. That earned a rebuke by Maxine Waters, Chair of the House Financial Services Committee.
Some members of Congress nearly got around to asking something useful. But largely the method of asking questions was bilge, the responses canned, and nothing much uncovered.
What would have worked? I suppose Congress could have brought in a few actual experts and a more limited number of guests, and then hammered them with questions about the ethical reality of payment for order flow, Robinhood’s app mechanics and how easily it offers access to exotic trading tools, and the like. That would have helped.
Instead, we got great stuff like this:
I believe that investing is investing – Steve Huffman
alex (@alex)
February 18, 2021
Which was not very helpful. That said, there were some good memes and jokes, so, let’s have some fun instead of being annoyed with our elected representatives:
Did you buy GameStock because you were not aware of payment for order flow is an incredible series of words to put one after the other
Myles Udland (@MylesUdland)
February 18, 2021
Really? An actual green screen?
pic.twitter.com/goFNv3PtkP
Lisa Fleisher (@lisafleisher)
February 18, 2021
Just waiting for “why doesn’t Robinhood take responsibility for customers losses?” from these incompetent boomers
litquidity (@litcapital)
February 18, 2021
The rest of it was a waste of time. As I write this sentence to you, a member of Congress just asked how Robinhood go its name. Which is dumb, as the name is so obvious it nearly makes your head hurt with how earnest it is .
So there’s that. This was a waste. Real questions remain. They largely didn’t get asked, and certainly didn’t get answered.
