this post was submitted on 03 Dec 2023
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117
Robinhood CEO defends payment for order flow, says practice is ‘here to stay’ (www.cnbc.com)
submitted 10 months ago by L4s@lemmy.world to c/technology@lemmy.world
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Robinhood CEO defends payment for order flow, says practice is ‘here to stay’::That's despite calls from notable consumer trading advocates and regulators for a ban on the practice.

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[–] Imgonnatrythis@sh.itjust.works 50 points 10 months ago* (last edited 10 months ago) (3 children)

Assume their client base is all dicks and idiots at this point so why not? I don't understand why anyone trusts their money to these clowns.

[–] Kalkaline@leminal.space 31 points 10 months ago

Just because dicks and idiots are getting scammed doesn't make it right.

[–] min_fapper@iusearchlinux.fyi 18 points 10 months ago* (last edited 10 months ago) (1 children)

Because they don't know better.

[–] foggy@lemmy.world 16 points 10 months ago

It's because in 2008 we decided that some financial institutions were "too big to fail," so now every institution wants to have a fucking credit card attached to their business model to catch the wave of that "too big to fail" dollar.

[–] jmp242@sopuli.xyz 5 points 10 months ago (1 children)

I mean I don't trust Robin Hood, but do they sell the securities for more money? Or is it just they try and get you to make more trades? I'm not even sure how a broker would do that beyond making the fees 0. I mean, maybe if they were managing your investments for you, but they're a discount broker where you do self directed trades right?

[–] min_fapper@iusearchlinux.fyi 3 points 10 months ago (1 children)
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