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What did internal executives say during Gamestop’s short squeeze?

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What did internal executives say during Gamestop's short squeeze?

Robinhood CEO and co-founder Vlad Tenev in his office on July 15, 2021 in Menlo Park, California.

Kimberly White | Getty Images Entertainment | Getty Images

Robinhood executives have been talking a lot about the week Reddit users did a short history squeeze at GameStop.

New documents in the lawsuit would show internal negotiations between executives to meet financial demands, debating the seriousness of the Reddit-fueled short squeeze and contradicting the CEO’s public statements.

The plaintiffs in the claim, which was filed in U.S. District Court for the Southern District of Florida, allege losses when Robinhood imposed trade restrictions on January 28 amid volatile activity at Gamestop and other actions memes. They sue for damages, interest and legal fees. The plaintiffs are also asking for class action status.

“As a brokerage firm, we have a number of financial requirements, including SEC net capital obligations and clearing house deposits,” the brokerage said in a blog post discussing January 28 trading restrictions. “Some of these requirements fluctuate with market volatility and may be sufficient in today’s environment.

In one case, Robinhood COO Gretchen Howard said internally that the startup was facing a “major liquidity crisis,” according to the lawsuit. Publicly, the CEO of the company has said otherwise.

“There was no liquidity problem,” CEO Vlad Tenev told CNBC’s Andrew Ross Sorkin a day later on Jan. 1.

Strong increase in transaction volume

Robinhood and other brokerage firms saw unprecedented trading volume in January around heavily sold stocks, including Gamestop and AMC. The brokerage start-up, which must deposit money with a clearinghouse depending on the volume of transactions, said it restricted the purchase of some securities because the company was unable to meet the demands. filing requirements. These requirements increase as volatility increases in the event of large losses from options trading.

“This cleanup looks terrifying to me – I’d say it’s our biggest fire right now,” Robinhood’s engineering director reportedly said in a Slack post. The business can see margin calls worth hundreds of millions of dollars. “In the worst case scenario, we put our credit lines to the max and they liquidate our situation. “

According to the lawsuit, David Dussault, chief operating officer of the Robinhood Financial subsidiary, said the company. Was [sic] Referring to National Securities Clearing Corp., a centralized clearing service provider, is really important to put us off. In the same conversation, another executive, whose name has been changed, said “we are going to be crucified” and shut down the business in accordance with the complaint.

“Tide of volume and volatility”

The talks were part of the discovery process in the Robinhood lawsuit. An attorney for the plaintiffs argued that Robinhood knew the chaos caused by Reddit was coming and was not doing enough.

“Robinhood and his superiors were well aware of this tidal wave of volume and volatility,” Maurice Pessa, founder of Pesa Law Group, told CNBC. “In our opinion and as we allege in the lawsuit, they have not done their job and as a broker are doing what they need to do in terms of risk analysis and risk management.”

In response, Robinhood said he disputes the complainants’ claims and stands by public statements regarding Jan. “The communication is in line with Robinhood’s goal of taking appropriate and progressive steps to mitigate risk,” said a spokesperson for the company.

In another snippet, data scientists and Tenev debate the intensity of Reddit’s frenzy, according to the lawsuit.

Robinhood’s director of engineering reportedly wrote, “I may be alarmist, but I think we should take a closer look at the type of bridge situation and shift some priorities to cope with the increased volume. The plaintiffs alleged that the company’s data science chief responded “you can’t be alarmist” after seeing a chart showing a spike in volumes.

According to the lawsuit, another software engineer said, “Today was a huge day. There are internal things that are starting to get under pressure.

Tenev reportedly replied that “only fools survive”. His response to a comment that “whoever panics best first” was “happiness.”

In another post, the company acknowledged that “the shock is likely to get worse over time” and that it was “concerned about the long-term effects.” [sic] out of it ”, depending on the costume.

In the months following those conversations, the CEO of Robinhood as well as the CEO of Citadel and Melville Capital testified before Congress. Tenev told representatives that the GameStop mania was one in 3.5 million events, which he called “unmodifiable,” and that Robinhood’s risk management processes have started, as they were meant to be. To meet capital needs and strengthen its balance sheet, Robinhood has raised more than $ 3.4 billion in just a few days.

The company was listed on the stock exchange in August.

Securities and Exchange Commission chairman Gary Gensler is expected to release a report on the GameStop saga in the coming weeks, along with recommendations on changes to the U.S. trading system.

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Charles R. Drew University of Medicine and Science Received $ 50 Million Check in Ceremony to Support New Medical Degree Program – Los Angeles Sentinel | Los Angeles Sentry

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California News Times

Charles R. Drew University of Medical Sciences presents check for $ 50 million at ceremony to support new medical degree program

(LR) CDU President, CEO and Congressman Mike A. Gipson (Lille Urban News), Dr David Carlyle

Recently, a special event was held on the campus of Charles R. Drew Medical Science University (CDU) to commemorate California’s recent $ 50 million allocation to the university. The event was marked with a check presentation from Watt-born Congressman Mike Gypson, who represents California’s 64th Parliamentary District, including the CDU campus. Dr David Carlyle, President and CEO of CDU, attended the presentation along with other representatives and university students.

“It is a great pleasure for me to show my commitment to this excellent higher education institution with this check for $ 50 million,” said Gipson. “Celebrate the future of the Charles R. Drew University of Medical Sciences, an important institution to the people.”

Funds approved by the California state legislature will be used to support the university’s latest initiative to offer a new four-year MD program, including the construction of new buildings to accommodate it. The overall impact of the proposed new medical education program, pending review and approval by the Liaison Committee for Medical Education, will benefit the state by increasing the number of black and Latin medical graduates joining health workers. to augment. Fall 2023.

“The CDU believes in the ability of education advocacy and empowerment to change lives and create opportunity,” said Dr Carlyle. “Recognize and celebrate one-time California $ 50 million to support the new four-year Bachelor of Medicine program, one of the university’s largest funding scholarships to date. I am a little proud when I get together. “

The CDU was originally founded in 1966 to provide better service to the underprivileged population of the region, and the funding signifies a new chapter of the university. A nurse who graduated 55 years ago has served the community of Watts. Today, as a historic Black Graduate School (HBGI), college graduates continue to serve communities across the country. The new program is expected to educate 60 students per year.

The event began with an opening prayer led by Reverend Marcus Martinson of the Tree of Life Baptist Church in Los Angeles. A speech by Dr. Deborah Prothrow Stiss, Dean of the Faculty of Medicine, would like to thank the Governor of California, Governor Gipson and all other government officials for their contribution to this initiative. “When people’s dreams match with skilled and knowledgeable elected officials, you can celebrate because reality becomes that dream,” said Dr. Deborah Prothrow Stiss. “Thanks to everyone who helped set this up for us.”

This funding represents the next phase of CDU’s growth as an independent four-year medical institution. Today, the CDU shares a long-standing relationship with UCLA’s David Geffen School of Medicine through the Charles R. Drew / UCLA Medical Education Program. The program has successfully trained 28 medical students each year since 1979. The Liaison Committee on Medical Education will be the next step in the development of this partnership.

“Celebrate the future of the Charles R. Drew University of Medical Sciences, an important institution for the people,” said Congressman Mike Gypson (Lille Urban News).

The facility that houses this program on the CDU campus is expected to be 100,000 GSF, for all three schools and students: classrooms, virtual and standard anatomy labs, staff and faculty offices, and colleges. There is a common area. The start of the works is scheduled for summer / fall 2022.

Witnessing how this type of program enriches life, Felisha Eugenio saw firsthand how the current program has influenced her career. Currently an intern at the CDU Doctor of Medicine, she highlighted how the CDU has played such an important role in changing her life.

“My roots here in the CDU began long before I lived. I am a product of this pipeline. I first joined the Martin Luther King Junior Medical Center across the street and volunteered. After I graduated from college, I was a graduate program student here before I enrolled in the Charles R. Drew / UCLA Medical Education Program. would not be a doctor today, ”says Eugenio. “The CDU’s commitment to diversity is evident not only in its educational programs, but also in the composition of student groups and educators.

The event concluded with Reverend Robert L. Taylor of Beula Baptist Church offering a closing prayer. After that, participants stayed for an informal lunch and photography opportunities.

The CDU has made a significant contribution to the diversity of healthcare professionals in the United States over the past 50 years. More than 70% of college graduates since 2000 are of color, and the California Wellness Foundation reports that one-third of all minority physicians practicing in Los Angeles County are enrolled in the CDU School of Medicine and / or programs in training. Believed to be a graduate.

For more information on the Charles R. Drew University of Medical Sciences, please visit www.cdrewu.edu.

Charles R. Drew University of Medicine and Science Received $ 50 Million Check in Ceremony to Support New Medical Degree Program – Los Angeles Sentinel | Los Angeles Sentinel Source link Charles R. Drew University of Medicine and Science Received $ 50 Million Check in Ceremony to Support New Medical Degree Program – Los Angeles Sentinel | Los Angeles Sentry

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New animated film “Ron’s Gone Wrong” tells the story of a boy and his robot best friend in our high-tech world

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HOLLYWOOD – The new family animated film “Ron’s Gone Wrong” is the last child a boy named Bernie had with a B-Bot in school. It is a digitally connected device that is billed as a ‘plug and play best friend’.

Bernie’s B-Bot doesn’t seem to work like everything else. His glitch is the key to telling a story of friendship in a world where technology is at stake.

“Silicon Valley has that kind of yin and yang, because it has that kind of noble and very altruistic side, that makes your life easier, right? And makes it transparent and perfect. That’s it. At the same time, we wanted to lift the veil a bit that this is mainly done by dates and data from us! », Declared the director Jean-Philippe Vine.

Actor Zach Galifianakis said, “I feel like the house is on fire with all of this.” “So I think we really need to start figuring out how to talk about it, and the law needs to catch up with these tech companies.”

Galifianakis is the voice of “Ron”. Jack Dylan Grazer is his human best friend, Bernie. He admits that social media as a whole is not his specialty.

“I think it’s unhealthy to have a lot of beautiful, time-wasting social media things in this toxic and weird playground,” Grazer said.

Obviously, this movie has something to say about our culture’s obsession with social media. But co-author Peter Baynum says it’s not the only one. “I think that’s also the central relationship. We just worked hard to build the boy, and he’s kind of falling in love with this weird, broken device.

“Ron’s Gone Wrong” made another theater appearance on Friday, October 22.

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New animated film “Ron’s Gone Wrong” tells the story of a boy and his robot best friend in our high-tech world. Source link New animated film “Ron’s Gone Wrong” tells the story of a boy and his robot best friend in our tech world

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SCVNews.com | Today in the history of SCV (21-22 oct.)

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California News Times
2007 -Backweed Firechar 38,356 acres, destroying 21 homes in Canyon Country and Agua Darcy [story]

Backweed fire

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Wednesday's COVID-19 summary: Public health promotes vaccines to watch sports.  Total of 36,859 cases of VCS

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COC Cross Country Star Selected as CCSIA Athlete of the Month

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Caltrans Offers Up To $ 250 For Clean Debris Removal From California Highway

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The City filed an ultimatum before

1873 -Santa Barbara attorneys Charles Fernardo and JT Richards buy Rancho San Francisco (75 square miles from SCV) for $ 33,000 (69 cents an acre) at Sheriffs Sale [story]

Souvenir Title Report

The last Vietnam War-era helicopter in the USDA Forestry Department’s Pacific Southwest Firewatch Cobra program is an aerial surveillance department that uses the latest helicopters and implements the latest technology such as wing aircraft fixed to serve larger landscapes. We made our last flight on Saturday as we entered a new era.

The last remaining Cobra helicopter begins its final flight and enters a new era of aerial surveillance.

Richard Omura, a local artist and member of SCAA, will be exhibiting his art at the New Hall Main Theater until October 31. The show is called “Steampunk Vision” and includes several of his unique multimedia works.

A local artist exhibiting an art exhibition titled

HOPE Theater Arts unveiled a free live, face-to-face, storytime event at Canyon Country’s Open Book at 2:30 p.m. on Sunday, November 7.

November 7: HOPE Theater Arts announces live storytime event at Canyon Country

Los Angeles County public health officials on Tuesday confirmed 26 new deaths and 825 new cases of COVID-19 in the county, resulting in a total of 36,800 cases in the Santa Clarita Valley. In addition, staff at Henry Mayo New Hall Hospital have confirmed an additional death toll, bringing the total number of deaths from COVID-19 to 176 since the start of the pandemic.

Tuesday's COVID-19 summary: Henry Mayo confirms 176th death Public health report 36,800 CVS cases total

Safety has always been Caltrans’ top priority, and during National Pedestrian Safety Month, which is held each October, the department is stepping up efforts to improve safety and educate the general public on how to protect pedestrians. pedestrians. Make.

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The Great California Shakeout, an annual state-wide seismic exercise for the community to review emergency preparedness plans and equipment, will take place on October 21, 2021 at 10:21 a.m.

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Hundreds of students from the Santa Clarita Valley and their families attended the School Walkout on Monday. This is a statewide protest against the vaccine requirement recently announced by Governor Gavin Christopher.

Parents and students organize school strikes to protest COVID-19 obligations

After years of underwater trucking, the residents of the LARC Ranch are ready to receive a permanent supply of water through a pipeline built with assistance from the Santa Clarita Valley Waterworks Authority. ..

LARC pipeline moving forward

Jim Clipfell, a Saugus High School teacher and director of California Teacher of the Year 2021, was honored along with 99 other teachers in a White House ceremony on Monday.

Sogas professor Jim Clipfell honored at White House event

[1945年 -アクトンホテル、推定1890年、全焼。 放火が疑われる [story]

Acton hotel fire

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26201 The new Santa Clarita Valley Sheriff’s Office on Golden Valley Road was announced on Monday.

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Officials at Henry Mayo New Hall Hospital announced additional deaths on Monday, confirming that the total number of deaths from COVID-19 since the start of the pandemic has reached 175, spokesman Patriq Moody confirmed.

COVID-19 summary Monday: Henry Mayo reports 175th death.  Total SCV cases 36,756

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