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?

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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Business

Businesses That Practice The Second Step Succeed at Business Growth

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Business growth is a topic among every business leader.  Business leaders often wonder where they can find the best business advice and counsel to build their business. Although good business counsel can be found in many books, there is only one book that contains all of the best business secrets that business leaders need to know to build a successful business and life.

That sacred book is the Bible. I have studied the Bible for years and have often read the words for encouragement, consolation, improvement, and inspiration. I have also found that it contains the best principles to build a successful and growing business.  As a result businesses that practice the second step succeed at business growth in any economy.

Biblical Principles to Build a Successful Business 

A principle that helps in building a life and building a business is going the second mile. Profitable businesses develop a second-mile mentality. I call this principle the idea of always taking the next or second step. Jesus himself gives this principle in Matthew 5:41. The New Century Version records the statement as, “If someone forces you to go with him one mile, go with him two miles.”

Above all Jesus gives this principle to his followers as a way for them to separate themselves from the culture in which they were living for the purpose of helping others to see Him more clearly. In business, companies also need to separate themselves so that others can see our business more clearly. Every business would be wise to cultivate a second-mile mentality throughout their business.

Too many businesses are expecting second-mile results without giving second-mile service.  

How To Develop a Second Step Mentality To Grow Your Business:

Businesses That Practice Second Step Service Find Unexpected Solutions

As a result of Second-mile or second-step service, it inspires people to find solutions for the customers that both please the customer and serve in the business’s best interest. Customer service is really customer creativity. Every company should free their people to solve the problems that their customers face. 

Chris DeRose and Noel Tichy, in a Harvard Business Review article, write of the importance of empowering all employees. As a result they write, “Frontline workers not only see service breakdowns but also opportunities for serving customers in entirely new ways. Teaching frontline leaders the basics of designing simple experiments enables organizations to test many more ideas than could ever be orchestrated centrally.”

Great companies empower all employees to solve all the problems that all their customers might experience.

Businesses That Practice Second Step Service Show Unexpected Sympathy

Great businesses listen to their customers. These businesses genuinely care about their customers and want to solve their customer’s problems. Customers want to be listened to and understood. Sometimes all a customer really wants is to have someone listen to their concerns and care about the situation. Companies that care about their customers will always have customers to care for.

Companies that care about their customers will always have customers to care for.  

Businesses that Practice Second Step Service Create Unexpected Stories. 

Businesses that focus on customer service create great customer stories. Every company should pay attention to the stories that they create. The possibility of stories can happen daily.  Every day team members can have a focus to creating a new customer story.  So Stories are created when customers are listened to and served well. 

Businesses that Practice Second Step Service Provide Unexpected Service

Businesses that love their customers create new ways to improve their service to their customers. Author Tommy Newberry has written, “Constantly ask yourself how you can increase your service and contribution. Ask, “How can I triple my value to my boss, to my clients, to the marketplace, to my family?” Write it down. No one can do the minimum and reach the maximum.”

When a company creates more value for its customers, its customers create more value for the company.

Many Biblical values make for good business principles. Maybe one of the most important principles is going the second mile. Roger Staubach once quipped that “There are no traffic jams along the extra mile.” Indeed, businesses and business leaders that choose to go the second mile will find many rewards and benefits.

This article comes from the book “Well Done” The 12 Biblical Business Principles That Leaders Can Use To Grow Their Business and Kingdom Impact. You can get the book at Amazon.

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Business

Covid Didn’t Destroy Businesses. Here’s What Did.

It’s been nearly a year. When will you wake up America?

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Point of clarification: Covid didn’t shutter 1/3 of American small businesses, destroy people’s lives, deny working class and poor children access to education, or rack up trillions of dollars of debt to saddle your grandkids with. Government did those things, not a virus. They seized your civil liberties and your right to assemble too, as the mask-clad Covid crusaders cheered it on. It’s been nearly a year. When will you wake up America?

Commentator Damian Mason lays it all out here:

Damian Mason speaks on the two subjects he knows best: Business and Agriculture. Since 1994, he has spoken to over 2,400 audiences in all 50 states and 7 foreign countries.

Damian is a graduate of Purdue University. He also studied comedy writing and improvisation at The Second City – Chicago. Damian is a member of the Screen Actors Guild and the National Speakers Association. He is one of only 17% of NSA members worldwide to hold the Certified Speaking Professional designation.

When he’s not traveling for work, Damian can be found on his Indiana farm with his wife Lori or escaping from winter at their Arizona residence.

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