Details
Date:

February 28

Time:

05:00 pm - 07:00 pm

Click to Register: Click to Register
Organizer

Crossing Party Lines: Portland, OR

Website: Organizer's Website

GameStop was THE story a few weeks ago after a group of retail investors mobilized on Reddit to launch a short squeeze that sent GameStop shares rocketing higher and forced hedge funds to seek emergency bailouts. The stock has since succumbed to gravity, trading at around $45 a share, down from $483 at its peak.

On 2/18/21, lawmakers asked questions of the alleged rabble-rousers. Among them, Robinhood CEO Vlad Tenev, Reddit CEO Steve Huffman, Citadel CEO Ken Griffin, Melvin Capital founder Gabe Plotkin, and the now-infamous trader Keith “Roaring Kitty” Gill.

In a statement, committee head Rep. Maxine Waters said the hearing will take aim at the hedge fund industry’s “long history of predatory conduct,” as well as unpack Robinhood’s decision to halt trading of GameStop and other meme stocks when interest from individual traders was at its peak. One more phrase to watch on your hearing bingo card: payment for order flow (PFOF).

**PFOF involves rerouting trades carried out on one platform to a third party to execute for a small fee. Robinhood makes the majority of its revenue this way, and some critics argue that’s not in the best interest of its customers

Even the cult hero Roaring Kitty is under scrutiny for his social media posts that helped spark retail interest in GameStop. Though the 34-year-old former MassMutual advisor maintains his posts were meant to be educational only, he hasn’t backed away from his commitment to GameStop. “I’m as bullish as I’ve ever been,” he said in a statement.

The chances of specific regulations resulting from this far-ranging hearing are slim. But the committee stands ready to peel back the layers of a system they feel is set up to hurt the amateur investor. (Credit: MorningBrew.com)

Join us at Crossing Party Lines conversation to discuss this topic from a number of different perspectives.
Questions will include:

-What do you think about what happened with GameStop and AMC? Is it fair?
-What have we learned from it?
-What do you think this means for the future of trading?
-Should new regulations on trading be introduced? Why? Why Not?

Pre-reads:

– GameStop, Powered By Amateur Investors, Continues to Defy Reality (https://www.morningbrew.com/daily/stories/2021/01/25/gamestop-powered-amateur-investors-continues-defy-reality?utm_source=morning_brew)
– Robinhood, Reddit CEOs to Testify Before Congress on GameStop (https://www.investopedia.com/robinhood-reddit-ceos-to-testify-in-congress-on-gamestop-gme-5112714?utm_source=morning_brew)
– Payment For Order Flow (PFOF) Definition (https://www.investopedia.com/terms/p/paymentoforderflow.asp?utm_source=morning_brew)
– ‘Roaring Kitty’ Keith Gill defends GameStop posts, says he is as bullish as ever on the stock (https://www.cnbc.com/2021/02/17/roaring-kitty-keith-gill-defends-gamestop-posts-says-he-is-as-as-bullish-as-ever-on-the-stock.html?utm_source=morning_brew)

Join the Crossing Party Lines discussion and have a voice in our Nation’s Conversation! People of all views are welcomed, appreciated, and heard.

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