Robinhood (Tries to) Cover It's Hiney With Letter to Account Holders - and Fails - Politicrossing
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Robinhood (Tries to) Cover It’s Hiney With Letter to Account Holders – and Fails

Let the people trade!

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Nearly five years old, the above tweet didn’t age very well, now did it?

A few years ago I opened a Robinhood account and yet never did anything with it. Basically I downloaded the app and forgot I had it. But because I have an account I got their CYA email explaining away the egregious actions they took yesterday.

An update on market conditions

Hi Christopher,

It’s been a tough day, and we’re grateful to you for being a Robinhood customer. In light of the extraordinary market conditions this week, we temporarily limited buying for certain securities this morning. Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed.

This was a temporary decision made to best continue serving you, and was not an easy one to make. We know it’s led to frustration and confusion, and wanted to provide some clarity.

As a brokerage firm, we have many financial requirements, including SEC net capital obligations and clearinghouse deposits. Some of these requirements fluctuate based on volatility in the markets and can be substantial in the current environment. These requirements exist to protect investors and the markets and we take our responsibilities to comply with them seriously, including through the measures we have taken today.

To be clear, this decision was not made on the direction of any market maker we route to or other market participants.

The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds. We’ve seen a new generation enter the market, and they’re sparking conversations about what it means to be an investor. We stand in support of you, our customers. Democratizing finance for all means giving more people access, not less.

We’ll keep monitoring market conditions and will update this Help Center article with the latest changes. We also published a blog post regarding today’s events.

Thank you again for being a Robinhood customer. We’re so grateful for your support.

Sincerely,
The Robinhood Team

Let’s just take a look through this and ask some questions:

“It’s been a tough day” – Boy I bet it has, but what about the small investors – playing well within the rules – who you screwed?

“We temporarily limited buying for certain securities this morning” – Because, well, we had overlords to protect. Hope you’re okay with that.

“Starting tomorrow, we plan to allow limited buys of these securities. We’ll continue to monitor the situation and may make adjustments as needed.” – play nice kids and give some of the money back to the rich kids, and we will let you play again.

“To be clear, this decision was not made on the direction of any market maker we route to or other market participants.” – Uh-huh…

“The past year in particular has shown us that the financial markets are for everyone—not just institutional investors and hedge funds” – except when push comes to shove and the little guy starts winning. Then we step in.

“We stand in support of you, our customers” – except when we don’t.

“Thank you again for being a Robinhood customer. We’re so grateful for your support.” – Hey, where did you go? Hello? Are you still there?

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Chris is one of the World's Top 50 Speakers, member of the Motivational Speakers Hall of Fame, and one of Inc. Magazine's Top 100 Leadership Speakers. He considers it a privilege to be able to speak to people, help them lead successful lives, become extraordinary leaders and, masterful salespeople. Chris has authored twenty books with three million copies in print in 13 languages and over 450 articles on success, leadership, sales and motivation.



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Hey Liz Cheney, And Other RINOs, Here’s the Truth!

Liz Cheney and RINOs are out of their minds to believe that Trump hurt the party!

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RINOs like Liz Cheney and others constantly make the argument that Donald Trump has broken the Republican Party and driven people out of the party. But that is so far from the truth it’s incomprehensible that they even say it. PolitiCrossing founder, Chris Widener, one of the world’s top motivational speakers, makes the case against them in his brand new video. Check it out below and then let us know what you think!

Trending on PolitiCrossing.com: The Treasonous Duo: Barack Obama and Joe Biden

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0 to 60 vs Cruising Speed + Hiring guidelines

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Everywhere you look today there are “Help Wanted” signs. But lately not enough people are willing to go back to work. Maybe it is time to rethink who we are seeking for our workforce. Are you looking for high-velocity jackrabbits or proven achievers? Drag racers or Cruiser Class?

I grew up in the automobile era. As a baby boomer I remember that everything cool was about cars (or motorcycles). If you had a good car, you just had to customize it to express your own personality. My first car (in 1963) was a 1950 Plymouth Special Deluxe four door. It’s factory color was tan and it had a 97 horsepower flat-head six-cylinder engine with a standard shift on the steering column. “Three on the Tree.”

As a teenager I was thrilled to have my own car but disgusted with how un-cool it looked. To make matters worse the floorboards were rusted through and the driver’s door had been heavily dented in a collision. But it was mine! I spent weeks on end in the driveway with Dad replacing the old parts and renewing the car. We painted it “midnight metallic blue”, reupholstered the interior in “Naugahyde” (leather-like vinyl) and put cool hubcaps on it. I got a Corvette shift knob to put onto the column shift lever and added a boastful warning sign to the dashboard: “Do not exceed speeds of over 100 miles per hour for more than five hours under normal conditions.” (Remember now, I was a teenager and had no idea how dumb that seemed.)

I named the car “The Heap” and painted a 3 inch square cartoon of a wrecked car just under its name “The Heap” on my left front fender. (Again, you’ve got to remember, this was a time when we thought it was cool to roll up your T-shirt sleeves, grease your hair, roll up your jeans to show off your white socks and hang a cigarette cynically out of your mouth.)

The engine was very old technology and it had barely enough horsepower to ascend all the hilly streets in western Little Rock, Arkansas. It burned about as much oil as gas too. I’d almost always have to add a quart of oil with each fill up. Luckily prices were comparatively low. Now for the important metric: its speed from a standing start up to sixty miles per hour, known as “zero to sixty”. That was the prime measure of a car’s power and competitive potential. “Take Off” was where the power was measured. Above 60mph is considered “Cruising Speed” and is much more efficient and enjoyable, but take off is where the noise is made, tires are worn out and fuel gets burned up fast. The same is true for an aircraft; its fuel is often used up more for takeoff than for the rest of the journey.

Those were the days of drag racing. (See the James Dean movie “Rebel without a Cause” for details. Or read old copies of the #1 auto magazine of the day “Hot Rod”.) Well, my old heap would barely do sixty on the same day that the race started so it didn’t see any competitive action. But it looked cool to me!

Now, are you ready for the big segue? Stay with me. Here it comes. In the 1960s cars that could cover a quarter mile in under 20 seconds and could go zero to sixty in under 10 seconds were considered fast. My buddy Jimmy Stevens had a car that would do 0 to 60 in 6.4 seconds, and I remember dragsters that did a quarter mile in 9 seconds from a standing start! Today those numbers are considered mild. If you wanted to impress someone you’d spin your tires and race through the gears up to about sixty miles per hour.

But there is another category where the 0 to 60 measure often applies with equal levels of prejudice, (Here comes the transition…..) Age.

In the past people who were between zero and sixty years old were considered good investments and those over sixty were “old.” Nobody took 61+ people’s advice or considered them to be in touch with the real world anymore. Remember the hippie slogan “Never trust anyone over thirty”? Well today those 78 million Baby Boomers are turning 70+ at the rate of tens of thousands every single day! Including me. I was born on the first year of the boom, 1946, and graduated high school in its last year, 1964.

Along with this demographic shift there is a corresponding economic shift. We have seen the youth of the baby boom become the leaders of the world. George W. Bush, Bill Clinton, Donald Trump and I were all born in 1946. Joe Biden is older by about 4 years. Paul McCartney is just a bit older than me. Bill Gates is younger. Hillary is about my age and Barack Obama is younger. But the vast majority of our nation’s wealth and power is vested in people who are no longer between zero and sixty.

Today the reframing of life to include 60 to 100 is an important consideration.

Highly functional life expectancy is now well above 75 and some folks are still productive well into their 80s. If you reach “retirement” age and still have 20+ years of viable life ahead, you start looking for your next career. No more do we simply seek a part time job to supplement our pension. Today people are seeking bold new challenges and reasons to stay active and involved. Check the findings of Age Wave and its founder Ken Dychtwald. We will see tens of thousands of former retirees re-entering the workforce with vigor in the coming years. So, if you’re hiring, you might want to ask some impressive seniors for business advice and see if they fit with your vision and goals. A bonus is that these folks have an abundance of Common Sense. They don’t buy into the woke mentality or implied guilt and stain of sins committed before they were born.

The one thing that keeps life and health intact is Purpose.

We all need a challenge that is bigger than we are so that we can keep on growing. We need a sense of purpose in what we do. We must find meaning in our life and feel that we are truly necessary. This is much greater than just getting a secondary job. It is also important to recognize that once you’ve traveled the career path once you don’t have the same patience with wasted efforts during the second trip. Spending energy and time on things that don’t hold much value is seen as a waste and we quickly get bored and curious about new challenges. What we put up with in order to “pay our dues” the first time, we find to be depressingly meaningless on the second trip.

We want our efforts to matter and we want our voices to be heard. Challenge, contribution and meaning will be vital factors in Cruiser Class second careers. And there will be lots of job-hopping experimentation. We’ll be trying on second careers like new coats. If the fit isn’t near perfect, then we start searching again.

These Cruiser Class workers can be great assets. They have experience, maturity, wisdom, patience and insight that you would never find in their younger counterparts. They can truly advance your business and serve your community as well. Your existing structures and policies might need amendment though. They insist on having meaningful and fulfilling lives with plenty of extra time for the grandkids and their latest adventures. They want to enjoy life while making a difference.

So, don’t let the lure of GenX, GenY or Millenials occupy all of your attention. There is a sea of talent out there seeking to recommit to productivity. Let’s all put on our thinking caps and restructure our working world to make room for the Cruiser Class. Maybe the Hare should take a day off and watch the Tortoise show some wisdom.

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