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Robinhood admits it’s just a gambling app. (www.theverge.com)

submitted 1 month ago by [email protected] to c/technology

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[–] [email protected] 23 points 4 weeks ago* (last edited 4 weeks ago) (1 children)

Great. Now how about Citadel's $65 Billion in securities sold but not purchased? Just kickin that can, eh?

Hard to see how the SEC and DTCC aren't complicit.

[–] UnderpantsWeevil 2 points 4 weeks ago* (last edited 4 weeks ago) (1 children)

Citadel commands something like 8-10% of daily market volume. They're the textbook Too Big To Fail investor. SEC won't touch them for that reason alone, although there are plenty of other ideological/conflict of interest reasons, too.

[–] [email protected] 2 points 4 weeks ago* (last edited 4 weeks ago)

I don't disagree, but it's the whole REASON the SEC was created in 1934.

If anyone needed further proof of end-stage capitalism, it's this goddamn insistence on regressive everything.

Anything deemed "Too Big To Fail" is also a national security risk. Nationalize the whole firm, send the executives off with whatever loot they already have, and ironclad legalese to prevent them from ever setting foot in a financial market again.