GameStop: Robinhood boss incurs Congress’s wrath

Posted on Feb 19, 2019 2021 at 13:36Updated Feb 19, 2019 2021 at 14:31

Vlad Tenev had a bad quarter of an hour, or rather twenty. The boss of Robinhood, the zero commission broker favorite of young American stock marketers, concentrated the anger of parliamentarians during the five hours of virtual hearing in the House of Representatives on the GameStop saga. He adopted a conciliatory tone throughout, but failed to appease them. A moment all the more delicate for the online broker as he plans to join the Stock Exchange this year.

“I’m sorry for what happened,” said Vlad Tenev. I’m not going to say that Robinhood has done everything perfectly, and that we haven’t made any mistakes in the past. What I’m committed to is making sure that we get better, learn from it and don’t make the same mistakes. For parliamentarians, the objective of this hearing was to better understand the mechanisms involved. Two more are planned, in particular with representatives of financial regulators, before initiating potential reforms.

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