Amy Vickers, who was frustrated that Robinhood prevented her from selling her shares in GameStop on Jan. 28, began the process of transferring her stocks to Fidelity Investments…. Robinhood told her the process would take five to seven days to complete, but it wasn’t until Feb. 16 that the last of her stock arrived at Fidelity. By then, her GameStop shares had lost much of their value.
“I had a lot of days laying in bed feeling depressed,” said Ms. Vickers of Austin, Texas. “Robinhood is the most unprofessional company I’ve ever dealt with managing my money.”
Once upon a time, Elon Musk wondered whether Tesla could make both cars and money at the same time. Back then, it wasn’t doing a very good job at either, so being able to do at least one seemed like a noble goal, albeit not necessarily for a car company, which theoretically exists to make money by making cars.
Dimon Signals to Wall Street It’s Time to Return to the Office [Bloomberg]JPMorgan Chase & Co. became the first major U.S. bank to mandate a return to offices for its entire U.S. workforce, with staffers being told they’ll need to come back in about two months. The lender’s top decision-making body, led by Chief Executive Officer Dimon, said in a memo to staff Tuesday that it “would fully expect that by early July, all U.S.-based employees will be in the office on a consistent rotational schedule….”Employee rotations at JPMorgan will be subject to a 50% occupancy cap until U.S. authorities revise their social-distancing guidelines, according to Tuesday’s memo. The bank advised workers that “with this time frame in mind you should start making any needed arrangements to help with your successful return.”
MoMA replaces Leon Black, calls him ‘outstanding’ [N.Y. Post]MoMA Director Glenn Lowry in a Tuesday afternoon email to trustees announced the election of Marie-Josée...
But that’s not what he spent his alleged skimmings from 2014 until 2019 on, nor on a house, apparently, as the SEC notes, “currently does not acknowledge having a fixed residential address but who generally can be found in the Miami, Florida area.” No, instead, Franzone is accused of doing this with it:
HSBC forecasts brighter outlook as profits surge [BBC News]Europe's biggest bank by assets reported income of $5.8bn (£4.2bn) for the January-to-March period, up from $3.2bn a year earlier…. Last year, HSBC had set aside $3bn to cover bad debts, but it has now released $400m of that following "an improvement in the economic outlook, notably in the UK"….The jump in profits marks a turnaround for HSBC, which reported a 34% drop in profits for 2020, partly due to the impact from the coronavirus pandemic.
As it happens, the Swiss authorities think something’s fishy with all of the above, as well. And they also think some of Homm’s global web of alleged fraud links to their country. And unlike the Americans, the Swiss are not constrained by constitutional niceties vis-à-vis trials in absentia. So they don’t just think that something untoward was afoot in all of the above: Legally speaking, they know.
The U.S. Court of Appeals for the Eighth Circuit on Friday rejected a proposed class-action lawsuit from investors who accused the brokerage of securities fraud…. In Friday’s opinion, the judges didn’t weigh in on the substance of the plaintiffs’ fraud allegations. Instead, they found it would be too difficult to determine which investors had been harmed by TD Ameritrade’s order-routing practices.
South Korea’s retail investor army declares war on short-sellers [FT]Retail investors have emerged as the dominant force in South Korea’s $2tn stock market, accounting for almost 60 per cent of daily turnover…. The wave of amateur Korean traders has been inspired by a US campaign against hedge funds that had made bearish wagers on companies such as gaming retail chain GameStop. Kstreetbets, an online forum that targets short-sellers, is named after the popular Reddit group r/WallStreetBets…. The “ants” are testing their political power by demanding regulatory changes in the stock market…. Their current target is the partial lifting of the short selling ban, which would allow investors to again bet against large-cap shares from May.
NATO Wargame Examines Cyber Risk to Financial System [WSJ Pro]The North Atlantic Treaty Organization is running its annual Locked Shields exercise from April 13 to April 16 through its Estonia-based Cooperative Cyber Defence Centre of Excellence. The wargame includes scenarios exploring how widespread attacks on a fictional nation’s infrastructure might strike at activities critical to keeping the global financial system functioning, such as payments and settlement operations…. The Bank for International Settlements, NatWest Group PLC, Mastercard Inc., the Financial Services Information Sharing and Analysis Center, and the Swiss Computer Emergency Readiness Team, Switch-Cert, took part in planning the Locked Shields scenarios.
Judge Karen Owens of the U.S. Bankruptcy Court in Wilmington, Del., approved the sale of Global Automotive Systems LLC for $32 million to an affiliate of Ms. Tilton, giving her control of the auto supplier but leaving little for the Zohar funds that own the company….
The Zohars alleged that Ms. Tilton used her position as a lender to GAS to skew the sale process in her favor, manipulating the company’s finances to make herself the only viable bidder…. The Zohar funds said Ms. Tilton structured her bid to leave them with nothing on roughly $150 million in credit they extended to the company. Meanwhile, her loans to GAS are being fully credited toward the purchase price, according to the Zohars…. “There is no meaningful alternative to the proposed transaction that will likely yield a better result,” the judge said.
JPMorgan Chase also declined to sign the statement despite a personal request from senior Black business leaders to the chief executive, Jamie Dimon, according to people briefed on the matter. Mr. Dimon has publicly declared that he supports Black Lives Matter and made a statement on voting rights before many other companies, saying, “We believe voting must be accessible and equitable.”
On Tuesday, a spokesman for the bank said, “We publicly made our own strong statement last month about the critical importance of every citizen being able to exercise their fundamental right to vote.”
Bernard Madoff, the infamous architect of an epic securities swindle that burned thousands of investors, outfoxed regulators and earned him a 150-year prison term, died in a federal prison early Wednesday. He was 82…. Last year, Madoff’s lawyers filed court papers to try to get him released from prison in the coronavirus pandemic, saying he had suffered from end-stage renal disease and other chronic medical conditions. The request was denied….
His death was due to natural causes, a person familiar with the matter told The Associated Press.
GumGum Inc., an advertising technology company that provides tools to analyze and place ads based on content across desktop, mobile and internet-connected TV platforms, has raised $75 million in new funding from Goldman Sachs Growth….. Government regulations and new privacy rules instituted by Apple Inc. and Alphabet Inc.’s Google will limit the ability of advertisers, publishers and tech companies to track users and target ads based on identifiable data….
As part of the investment, Holger Staude, managing director of Goldman Sachs Growth, will join GumGum’s board of directors.
It was the type of windfall that investors pine for with every rally on Wall Street: $1,205,619.56 had inexplicably ended up in the brokerage account of a 911 dispatcher in Louisiana in February…. Charles Schwab said that it was supposed to have moved only $82.56 into Ms. Spadoni’s Fidelity Brokerage Services account, but that a software glitch had caused it to mistakenly transfer the seven-figure sum.
How the Coveted ‘COIN’ Ticker Found Its Way to Coinbase [CoinDesk]Back in 2015, Coinsilium became one of the first crypto-focused companies to go public, and the stock now trades on London-based Aquis Exchange (formerly NEX) – using the ticker symbol COIN…. “What we would have expected to happen would have been for checks to be made from their end,” Palle said in an interview. “So either they did their checks and they didn’t find us, which I find unbelievable, or they didn’t do their checks and just thought, ‘It’s available on Nasdaq, so we’ll take it.’ Or they did their checks, found us and decided it doesn’t matter, for whatever reason.”
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