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re: RobinHood has begun to automatically sell GME shares of some customers “for own good”

Posted on 1/28/21 at 2:40 pm to
Posted by tketaco
Sunnyside, Houston
Member since Jan 2010
21131 posts
Posted on 1/28/21 at 2:40 pm to
quote:

i'd wager there's a box RH users checked on the TOS that does, but i would love for there not to be.


One Twitter commentor mention that if users are at margin that RH can do this legally according to their TOS.
Posted by BobBoucher
Member since Jan 2008
18072 posts
Posted on 1/28/21 at 2:40 pm to
What risk is RH exposed to brokering this guys position?

His brokerage fees? Is RH worried they won’t get paid?
Posted by HailToTheChiz
Back in Auburn
Member since Aug 2010
51956 posts
Posted on 1/28/21 at 2:41 pm to
quote:

One Twitter commentor mention that if users are at margin that RH can do this legally according to their TOS.



Does their TOS trump security regulations?
Posted by Lsuhoohoo
Member since Sep 2007
99621 posts
Posted on 1/28/21 at 2:41 pm to
I just read through the fine print of the user agreement that everybody just scrolls through and accepts....

quote:


I understand and agree that whenever it is necessary for Robinhood's protection or to satisfy a margin call, deficiency, debit or other obligation owed to Robinhood, Robinhood may (but is not required to) sell, assign and deliver all or any part of the securities in My Account, or close any or all transactions in My Account. I understand that Robinhood may, but is not obligated to, attempt to contact Me before taking any such action. I understand and agree that Robinhood reserves the right to take any such action without prior notice or demand for additional collateral, and free of any right of redemption, and that any prior demand, call or notice will not be considered a waiver of our right to sell or buy without demand, call or notice. I further understand that Robinhood may choose which securities to buy or sell, which transactions to close, and the sequence and timing of liquidation, and may take such actions on whatever exchange or market and in whatever manner (including public auction or private sale) that Robinhood chooses in the exercise of its business judgment. I agree not to hold Robinhood liable for the choice of which securities to buy or sell or of which transactions to close or for the timing or manner of the liquidation. I also agree not to hold Robinhood liable for taking such action



Now, you can get into undefined languages like "protection" and "business judgement" and argue that RH's protection sells were manipulated by damages caused from RH's actions but that starts to get into a depth beyond me
This post was edited on 1/28/21 at 2:46 pm
Posted by La Place Mike
West Florida Republic
Member since Jan 2004
30177 posts
Posted on 1/28/21 at 2:43 pm to
quote:

Be funny if Trump was still able to Tweet. I suspect it would be something like...I told you so...


It would be glorious! I wish Trump would put out a statement affirming he is in the little guys corner and then call out the Biden administration but if he did everyone would then switch to the Hedge fund side.
Posted by More&Les
Member since Nov 2012
14684 posts
Posted on 1/28/21 at 2:43 pm to
quote:

This has to end with people going to jail.



They can be cellmates with the Russian Hoaxers
Posted by teke184
Zachary, LA
Member since Jan 2007
101682 posts
Posted on 1/28/21 at 2:43 pm to
It may be in the TOS but try defending that in court.

If RH wrote those clauses in there but didn’t give up any concessions to the user in return, those clauses are void.
Posted by the808bass
The Lou
Member since Oct 2012
119801 posts
Posted on 1/28/21 at 2:44 pm to
quote:

Robinhood's protection or to satisfy a margin call, deficiency, debit or other obligation owed to Robinhood


I’m not sure this applies in this situation.
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
70203 posts
Posted on 1/28/21 at 2:46 pm to
quote:

nothing screams working class/poor like 4500 shares at an average of $118.00 (531000.00).


It was $4/share less than a year ago.

Besides, Uncle Sam just gave that poor a minimum of $1800 since then.
Posted by Bass Tiger
Member since Oct 2014
51265 posts
Posted on 1/28/21 at 2:47 pm to
quote:

Anyone still thing we’re nowhere near civil war?




It's undeniable, the Dim Marxists are goading conservatives into a violent confrontation.
Posted by teke184
Zachary, LA
Member since Jan 2007
101682 posts
Posted on 1/28/21 at 2:48 pm to
Current theory on a lot of the RH mess is that RH and Citadel basically committed fraud with the expectation that paying fines on their actions would be less ruinous than having to cover their shorts if things continued.
Posted by Cossatotjoe
Member since Oct 2020
938 posts
Posted on 1/28/21 at 3:08 pm to
If the Whitehouse is involved, this is an impeachable offense.
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
70203 posts
Posted on 1/28/21 at 3:08 pm to
Webull is allowing trading of GME & AMC again

If they're letting it move again, then the fix is absolutely in to protect Wall Street, by Yellin and the WH criminal gang. How dare the people deign to defy the hedge fund critters' wishes?

Who'd have thought it would take less than a week for the lib filth to come out of the woodwork defending the Wolves of Wall Street?
Posted by teke184
Zachary, LA
Member since Jan 2007
101682 posts
Posted on 1/28/21 at 3:11 pm to
Lol, like they will impeach or remove Joe.

More likely the NG decides to “protect” the government a lot closer.
Posted by Wildcat1996
Lexington, KY
Member since Jul 2020
8126 posts
Posted on 1/28/21 at 3:12 pm to
Oddly, my Fidelity App isn't allowing any trades at this time. When you navigate to the page it simply isn't there.
Posted by Barroom
Georgia
Member since Jan 2021
372 posts
Posted on 1/28/21 at 3:13 pm to
They're going to frick those people out of their money and nothing is going to happen to them for it either. We're living in a two tiered nation and I'm not sure there is a non-violent way out of it. The bad guys have control of all the institutions and their crooked as frick. It's disheartening to say the least
Posted by VoxDawg
Glory, Glory
Member since Sep 2012
70203 posts
Posted on 1/28/21 at 3:14 pm to
quote:

Oddly


It's not a bug, it's a feature.
Posted by 3nOut
I don't really care, Margaret
Member since Jan 2013
30706 posts
Posted on 1/28/21 at 3:17 pm to
quote:

So what happens with GameStop, the company as a whole, from here?




they're still going to go under eventually because of downloadable games, but this is going to let corporate pay off debt and probably have a more organized closure.
Posted by Tbonepatron
Member since Aug 2013
8461 posts
Posted on 1/28/21 at 3:18 pm to
Posted by teke184
Zachary, LA
Member since Jan 2007
101682 posts
Posted on 1/28/21 at 3:20 pm to
He made that up himself.
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