Robinhood goes to Congress

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. (Read more...)