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Robinhood admits it’s just a gambling app.
(www.theverge.com)
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this post was submitted on 28 Oct 2024
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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.
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.
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.