Robinhood’s ties to hedge funds still not clear, Warren says

first_imgIn a Feb. 2 letter, Warren had asked Robinhood to explain its decision to restrict trading in shares of GameStop Inc. and other companies amid a frenzy that pushed shares of the video-game retailer to extraordinary levels.“Robinhood promised to democratize trading, but hid information about its prerogative to change the rules by cutting off trades without notice — and about customers’ inability to access the courts if they believe they’ve been cheated — behind dozens of pages of legalese,” Warren said Wednesday in a statement accompanying the release of Robinhood’s response to her letter.Warren, a Massachusetts Democrat, asked Robinhood Chief Executive Vladimir Tenev to disclose whether the restrictions might have been influenced by talks with hedge fund investors or financial services partners, including Citadel Securities. She also sought assurances that Robinhood is meeting regulatory requirements and contractual obligations to retail customers.“While I hope Robinhood follows through on its statement that it is open to reviewing its use of forced arbitration, the SEC should ban these harmful and exploitative clauses outright,” Warren said Wednesday, adding that “the full extent of Robinhood’s ties to giant hedge funds and market makers” was still unclear. Warren and some other lawmakers have joined retail investors behind the surge in GameStop shares in questioning whether Robinhood imposed the trading curbs in coordination with Citadel Securities, the market maker that is one of the trading platform’s biggest sources of revenue.Tenev and Citadel CEO Kenneth Griffin are scheduled to testify Thursday before the House Financial Services Committee. Both Robinhood and Citadel have denied any coordination or wrongdoing. Financial advice goes viral on social media Sen. Elizabeth Warren accused Robinhood Markets Inc of having inadequate cash on hand to manage a trading surge and of hiding key information about consumers’ rights ahead of a House hearing Thursday with the company’s CEO.last_img read more

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EM Nevada Transfer Of 70 Sites To DOE Office Of Legacy Management Nearing Completion

first_imgThe DOE Office of Legacy Management is set to assume long-term stewardship responsibility for 70 sites — represented by the yellow dots in this map — on the Nevada Test and Training Range where the EM Nevada Program completed environmental corrective actions in accordance with the Federal Facility Agreement and Consent Order. Courtesy/DOEDOE News:LAS VEGAS, Nev — The EM Nevada Program and DOE Office of Legacy Management (LM) are nearing completion of a transfer of long-term stewardship responsibilities for 70 sites on the Nevada Test and Training Range (NTTR), including the Tonopah Test Range (TTR).The transfer from EM to LM — among EM’s ambitious priorities for 2020 — is expected to occur by Sept. 30.“In partnership with the Office of Legacy Management and our lead environmental program services contractor, Navarro Research and Engineering, the EM Nevada Program is proud to be advancing the transfer of these sites,” EM Nevada Program Manager Rob Boehlecke said. “We fully expect to complete the transfer on time and on budget. This progress supports our federal cleanup mission and shows firsthand what can be accomplished when a dedicated team works together to accomplish a goal.”The transfer process also involves the review and transmission of more than 7,200 documents and records from the EM Nevada Program to LM. Once the transfer is complete, LM will assume responsibility for long-term surveillance and maintenance of the sites in perpetuity.In accordance with the Federal Facility Agreement and Consent Order (FFACO), the EM Nevada Program recently completed cleanup at sites on NTTR where contaminated soil and debris resulted from historic nuclear weapons testing and support activities. FFACO is a legally-binding agreement signed in 1996 that outlines a schedule of cleanup and monitoring commitments.In the 1960s, sites at the NTTR were used to test nuclear weapons to determine if they could be accidentally set off and produce a nuclear yield. These experiments resulted in the contamination of soil and debris. During recently completed cleanup of these sites, contaminated soil and debris were transported to the Nevada National Security Site for permanent disposal.For more information on the EM Nevada Program’s environmental restoration activities, click here.last_img read more

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