robin: i'm robin. lemonis: robin, i'm marcus. robin: very nice to meet you. lemonis: nice to meet you, too. you guys have this place branded well. robin: thanks. oh, this is jenn. lemonis: hey, jenn. marcus. jenn: hi. nice to meet you. lemonis: so is this pretty much -- robin: well, this is the front office. this is my office, and when jenn comes into town, 'cause she's based out of the east coast, she works in here also. amber: is that hard to have jenn, her sales force, be in a different state? or does not not matter if they're doing it properly? lemonis: it's hard to answer that in the environment that we're living in because people have learned how to work remotely. amber: this was 2013. lemonis: yeah, back then, i didn't like the idea of people working at home, but as we fast-forward 7 years later, with technology, the ability to work remotely is dramatically different than it's ever been before, particularly when you're in the sales organization. robin: so in 2005, my sister was diagnosed with breast cancer. i went back to be with my family and help my

robin wasn't home. after working late, she told her family, she had arranged a sleepover at a girlfriend's place. she was due home any minute, as wendy remembers. >> she was good about reporting in, telling us where she was going to be and when she was going to be home. >> robin was 21 years old. she was a redhead, pretty, popular, friendly. she was an assistant manager at a kentucky fried chicken franchise in the nearby town of torrance, had taken that late shift as a favor to a co-worker named cheryl. >> i had asked robin if she would trade hours with me. i had just started dating somebody, and we had plans. >> so robin worked the late shift. she had closed the restaurant, count the cash, carried it across the parking lot to the bank deposit box. >> i knew robin was very cautious about, like when i went to the store, she would always tell me make sure the door is locked. >> this is not the sort of person who would have let someone in just anyone? >> no, not at all. >> so when cheryl arrived at work an

so if you get an order from fidelity and you get an order from robin hood and you're paying for the robin hood order flow, is that customer getting, is the robin hood customer getting as good a price as the fidelity customer? >> so, congressman, i believe it is an excellent question the execution quality that we can provide as measured in terms of price improvement is heavily related or correlated to the size of the order that we receive. so if i were to speculate -- >> don't tell me that there are other factors involved and take us down another road i'm asking you a clear question. assuming same size of work, one comes in from robin hood one comes in from fidelity is it not true that one is going to be getting enhanced best execution and the other one is just going to get best execution? >> so as i was trying to explain, because the robin hood order comes from a community, a community of traders who tend to trade in smaller size -- >> that isn't my question, sir you're evading my question by thinking up other questions. let me repeat. two identical orders come in same stock, same quantit

robin hood did impose more restrictions on these securities this friday than how is robin hood going to shake out after all of this. ok so a couple predictions for you number one i absolutely believe robin hood is done i mean as far as retail investors why would why would anyone even go there why would you use this platform ever again it's already proven itself to be a complete set up for wall street but there's also been a couple of articles that have come out in the last couple of days which are pretty fascinating and what they're saying is that robin hood was never set up in a way to make money off of those retail investors that wall street firms in those wall street firms are then acting based upon the data of what's happening on the retail side if that is the case it also explains why on thursday evening robert who was able to get a 1000000000 dollar investment from some of its existing investors to help prop it up the truth is i think the they always been torn this is a problem what is the exact opposite it's not the company that takes from the rich and gives the poor it's the

so robin hood can actually control this. it's completely dependent on the clary houses and clearing houses. they just that requirement that fluctuate daily based on volatility in the market. so if we have another flurry of this mean trading, this could actually happen again. and as a result of setting these training limits on those names, robin hood based a lot of backlash from outreach customers who lost their money, threatened to leave the app store and due to litigation, etc. that also received us congressional inquiries and investigations, negative media, all of which caused reputational harm to the name and what poses the risk in the future as a publicly listed company to affect the price of stock. yeah, and it's interesting to see the fact that robin hood is now admitting that this could happen again. it's just all up to those read it users who decide to come together. now ben, this is a sentence that would not make any sense if you heard it before this year. but robin hood has also listed don't coin as a risk factor f

my name is robin hanbury—tenison. i'm an 84—year—old explorer and i survived five weeks in intensive care with coronavirus. the moment when i actually woke up and i knew i was going to live was the moment when i was wheeled out by four nurses in a big bed with tubes coming out of everywhere and i arrived in the healing garden they've got at derriford. i opened my eyes, saw the sunshine, saw the flowers and that was the moment when my life was saved by the healing power of nature. he may be a veteran of 30 expeditions, but surviving coronavirus would prove to be one of robin hanbury—tenison's toughest experiences yet. but here he is leaving hospital to the cheers of the nhs staff who cared for him. during the darkest days of his illness, robin's family had been told if he did survive, the impact of the virus would very likely be severe and long—lasting. it was quite a shock to be told that i might never walk properly again. recovery after intensive care is like a marathon and every step feels hard and feels cha

just really shady what robin hood's. doing in. now tearing down all these regulations and when where were those beforehand i think these are good tools i mean there's a good tools the power you know like financial power in the hands of the people in the hands of the little guy they're like robin hood robin hood is facing more than 90 federal lawsuits after restricting trading back in january but it does have an arbitration clause in its agreement that user sign agreeing to opt out of suing the company but if proven to be a proper class action lawsuit users may in fact be able to take action against a trading app that claims to support the average joe reporting for boom bust and hottest sweet r.t. . for more on this let's bring in boom bust co-host ben swan who is in mexico today and christy i join us from california christy let's start with you when it comes to this hearing focused on robin hood what is the senate banking committee trying to accomplish here. well the committee is here to basically evaluate the dangers of financial

but robin had a goal. unthinkable, perhaps, to those around him, but a goal that drove him through his recovery. exactly five months from may the 3rd is october the 3rd. so i decided that on that day i would climb cornwall‘s highest mountain, brown willy, and try and raise £100,000 towards a garden at cornwall‘s hospital because i think every hospital in the country should have a healing garden in it, and let's start with cornwall. it was exciting to have him home but it was also quite nerve—racking as well. we were in lockdown for two weeks once he came home, so no one came near us. and that's quite scary, i'm not a nurse and i didn't know whether i was going to have to do major nursing or not. he was very thin and had lost about a stone and a half. so we had a lot of work to get him back on his feet again. he could hardly walk a few yards when he got home on a zimmer frame. it just takes a bossy woman and a certain amount of threats and he would do what i had told him. so we borrowed a mobility sc

tell people what the robin hood foundation is, because recently some people think robin hood and they think of stock trading. >> during the whole gamestop yes go, i had people blowing up my inbox asking me to unblock their trades. but the robin hood organization was started by the paul jones and peter deboer and a collection of other people who are in the investment business. they started this foundation and said they wanted to be able to take best measures and practices and started off making $40,000 worth of investments, and now 32 years later we have allocated just shy of $40 million. new where where poverty is the cause or consequence, we will find, one, build, if necessary, all of these mechanisms that will put us on a better pathway of creating a better society. >> how much money does robin hood giveaway annually? >> last year we raised $200 million, since i have been ceo we have raised $600 million. we will take a portion of our endowment. robin hood's endowment is essentially zero. there is a uniqueness of our model that every dollar that goes in will go out. every year on jan

it is no surprise to hear that robin hood's i. p. o is raising questions about the power of mean stocks to disrupt financial markets. robin hood, which claims that as democratizing finance has found us solve, caught in the middle of mean stock traders and the fcc now and it's i p o filing robin hood says it cannot assure investors that mean mania like game stop or am see won't hit again. so joining in out of those jobs are boom bus, co host benson and christy i. christy, let's start with you here. now in an i p o filing companies have to list specific risk factors for investors. why would robin hood claim that means stocks are a risk factor while it's not exactly the mean talk that are the risk factor if the trading frenzy that comes with that because it's a big risk. and that's because robin hood like all brokerages, they depend on query houses to clear their trades and execute climes trade. and these clearing houses have certain capital requirements that are raised, strained, curious, of increased and heightened volatility. so that

associated with robin hood holds a large equity stake in dough. and that goes back to the wall street journal. back in february, they did some reporting that that time that indicated that about 20 percent of all those coin and circulation belong to one person or one entity about 30 percent of them. and very possibly that there may be a connection to robin hood itself that we don't know that. but here is what is a significant point here, is that the ceo of robin hood says, this is not true and that the company itself holds no major stake in any of the coin they trade. well, volunteer volatility of coin thing should not necessarily be bad for your business model unless you say, well people are buying them through us and therefore if they get hurt, that will reflect badly on us. but the thing is robin has a platform for stocks and it's a platform for crypto. so the idea of crypto go with up or down, or stocks going up and down would have a large detrimental impact on the platform. i think it's highly unlikely. yeah. and it is notable to see that we'r

so yes or no, candidate -- kenny robin hood customer invest in robin hood the company? mr. tenev: robert hunt is currently a private company, so that is not possible, no -- robin hood is currently a private company, so that is not possible, no. >> so you're telling me the people that make you a successful company and correctly contribute to your company's growth and success, they don't get the same access to equity shares as a robin hood employee or your institutional investors. is that correct? mr. tenev: currently, that is correct, yes. miss schulp, -- miss shulp, why is that? ms. schulp: the sec limits a lot of investment in private companies to those folks known as accredited investor. to become a credited investor, you need a wealth test of owning at least $200,000 per year or having a debts worth of over $1 million. the vast majority of people in this country do not meet that standard and are unable to invest in most private companies. >> so let me just clear this, mr. tent hav -- tenev, i don't blame you on the restriction. i would like to have more opportunity to as

well read it or initially did ignore robin hood because of the fact that robin hood was the reason that they got burned previously when they restricted the trading of names like amc and games talked about it absolutely furious because they thought that games are that robin hood was actually working hand in hand in tandem with other big wall street names like citadel and screwing out the little guys that they propose to, to that purported to support. so rather than actually quite furious with robin hood and it really wasn't until yesterday, after kathy woods came out and said that, hey, this is, this is great. we have a very high price target. we're going to be acquiring a big chunk of position. so ready to basically solve this as an opportunity to ride the wave up as well as renters also saw the fact that literally it was the 1st day of options training. it was a very easy way for them to spark a rally spark a squeeze. and as you know, this is the game that retail traders like to play. they play short squeezes, they play gamma squeezes, they play delta squeezes, very obvious, technical

robin's response, i think i want that. urban legends is anthology story. batman urban legends number ten comes out in december, you guys. >> this is awesome. it sounds cliche to say representation. but it's important to see yourself in the entertainment mediums that you consume. >> sure. >> also, in order to be more of an accepting society, now, people say, look at robin. i know -- >> yeah. art imitates life, imitates art. >> exactly. yeah. thank you for bringing us that story. i think i'm more surprised that comic books are still around. >> they are alive and well. >> it's not the same robin from 1940. >> oh. he just -- i thought he doesn't age. >> timeless. wers, so thoughtful. young woman whispering: hey, did you bring the... the condoms? young man whispering: what's up? young woman whispering: condoms young man whispering: cond.. condor? young woman whispering: condor. why would i say condor? condoms! condoms. father: condoms charlie. she wants to know if you brought any condoms. young man: yeah i brought some. announcer: eargo, a virtually invisible h

robin hood's reason? the chief executive _ robin hood's reason? the chief executive testified _ robin hood's reason? the chief executive testified to _ robin hood's reason? the chief executive testified to congress | executive testified to congress they had run out of capital to meet requirements. in other words, they ran out of money. if you don't answer the hedge funds, — if you don't answer the hedge funds, millions of small platforms invest every day. then — platforms invest every day. then it _ platforms invest every day. then it fell back down to earth _ then it fell back down to earth. . ., ., , then it fell back down to earth. . ., �*, earth. the clue to robin hood's brandin: earth. the clue to robin hood's branding is _ earth. the clue to robin hood's branding is in _ earth. the clue to robin hood's branding is in the _ earth. the clue to robin hood's branding is in the name. - earth. the clue to robin hood's branding is in the name. i- branding is in the name. i trading up his idea had protected the rich, to some? it happened right

so how have sites like robin hood so dramatically changed the face of retail investment? yeah, the rise of retail has really force wall street to take notice, especially after the catastrophic losses they face when institutional is got squeezed and started losing billions and names like game top and blackberry. so they're completely changed the landscape of investing, especially after blowing from the big it's hedge funds like melvin capital, institutional they trade on fundamentals. they look at earnings, catalysts financials and global climate, and all that to determine price points of things and their market cap to look for opportunities, but then retail. they rely more on sentiment and hype and to that. and it's a complete divergence fundamentals because you look at a name like game software and see, and any institutional would be like that's dead money shorted. but then all the retail band together under the love of game and saving the movie theaters and movie business and managed to squeeze out all the hedges game, stop rally over 2000 percent this year, which is ju

robin hood catchin: the bay area. we did. robin hood catching the _ the bay area. we did. robin hood catching the run _ the bay area. we did. robin hood catching the run of _ the bay area. we did. robin hood catching the run of this, _ the bay area. we did. robin hood catching the run of this, they - catching the run of this, they created that irony for themselves. they cashed in on the ground image of democratising trading and making it that the average man can participate and play in this much bigger game than typically they had been closed out of and as soon as the little guy starts to actually win at some chips at the table, they have to shut down the game. {line win at some chips at the table, they have to shut down the game. one of the thin . s have to shut down the game. one of the things that _ have to shut down the game. one of the things that came _ have to shut down the game. one of the things that came up _ have to shut down the game. one of the things that came up time - have to shut down the game. one of the things that came up time and . the things that came

let's focus on robin hood. do you view them as having any consequences moving forward in the legal realm, the realm of public pr, could it get worse than it has over the past 24 hours, what do you think? >> reporter: on the legal side we have to find why they restricted trading. were they responding to pressure from the hedge funds? were they responding to pressure from that side of the business? they lock -- make a lot of money sending orders to marketmakers. they make money providing information what is happening on their platform. was in the hedge funds? was at the marketmakers? that is question number one. on the reputation front there is a potential huge hit here. people look to platforms like robin hood to lift up the little guy, give voice to the little guy. what we saw yesterday was exactly the opposite. people who use that platform are very mad about it. they want the real story and are not going to be satisfied that robin hood is protecting them. at this point in america people are saying let me have

you think that's also taking a toll on robin hood as well? you know, there's a, an argument, a few months ago that as more and more people go into the office because of delta be largely over that you'd have less people actually treating crypto, curtis and less retail and less mean treating all that. i think we're starting to see some of the elements of that. again, it's a little curious me, if a large part of your revenues being driven by the fickle crowd, you're going to very fickle revenue. so everything lines up with this narrative that a lot of people staying at home, we're bored. so what do they do? they went to the casino and the casino happened to have access through their the robins. and now chris, they want to bring you obviously into this conversation. why are you seeing the difference between what we thought maybe in the 2nd quarter and 3rd quarter for robin hood? do you agree with michael at all? well yeah, there was a huge surge of crypto training the 2nd quarter versus the 3rd quarter. and that was pretty much because of 2 thing

robin hood had a stash furious -- furious. robin hood had an issue like this in the past. they want an ipo this year. it is a crucial time for them, and they are losing customers left and right who are really angry, not to mention more regulation might come into the fore. i've been speaking to a lot, and they are resigned to the fact they think regulators are going to come in, do things like raise margin requirements for traders trading with derivatives. they see that there will be a permanent change to the industry in reaction to what's going on because in their mind, they think regulators are going to view us as a casino, as an arcade, when we are selling really sophisticated products that are well priced. but i think that the risk that regulators see happening right now, they're going to take action, and that could have a lasting impact. matt: all right, you definitely have to be ready for these issues, i think, before you open a business and put customers in this kind of situation. we'll see how this turns out for robin hood. certainly online, they're pretty unpopular

robin hood's endowment is essentially zero. right? the uniqueness of our model is every dollar we get in, it will go out within the next calendar year, so on january 1, it is like press go again. we raise and then get the money out as quickly as possible. david: who pays all the administrative costs? in some foundations that can be 5% to 10%. wes: if not more. the other unique mechanism of robin hood's model is the fact that that our board covers all operational expenses. david: covid must have made it difficult to raise money and run the foundation remotely, so how did you do that? wes: covid was, covid in this past year was remarkable. and there was a lot of uncertainty about what does that mean in terms of how we continue to move at a quick and fast pace despite the fact we would not be together. how do we consider the fact we knew how damaging this was going to be on our communities. we saw 11 years of job growth go away in 11 weeks. and we knew which communities would be hit hardest by that. it was our communities. and so, but i

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david: tell people what the robin hood foundation is because recently people think robin hood is a stock trading. you are not that robin hood. wes: it was amazing! during the whole gamestop episode, people were blowing up my inbox saying " unblock my trades!" the robin hood foundation is a 32-year-old organization with an explosive goal of ending poverty. it was started by paul tudor jones and a collection of other people who were in the investment business. they started this foundation where they said " we want to be able to take metrics and invest in the organizations we think have the highest probability of ending the scourge of poverty." they started out making $40,000 worth of investments. 32 years later we have allocated just shy of $4 billion into this fight. anywhere where poverty is either the cause or the consequence, we will find, fund, build if necessary all these mechanisms that we think will put us on the path to a more equitable society. david: how much does robin hood giveaway annually? we ended up raising wes: wes: $42 million last year -- wes: since i have been ceo, we

the clue to robin hood's branding _ and 100s. the clue to robin hood's branding is - and 100s. the clue to robin hood's branding is in - and 100s. the clue to robin hood's branding is in the i and 100s. the clue to robin - hood's branding is in the name. and to some, they protected the ridge. it and to some, they protected the ridie. ., , , ridge. it happened right in front of your _ ridge. it happened right in front of your face. - ridge. it happened right inj front of your face. no-one ridge. it happened right in - front of your face. no-one can front of your face. no—one can say anything. that's when we were thinking, we give brands and companies a voice all the time, let's try and give the little guy a voice to something we are passionate about. you decided to — we are passionate about. you decided to fly _ we are passionate about. you decided to fly a _ we are passionate about. you decided to fly a plane over robin hood's offices in the bay area. ., , robin hood's offices in the bay area, ., , robin hood's offices in the bay area. . area. robin hood catching the brunt

go for it, robin- — hear you but... go for it, robin. let's _ hear you but... go for it, robin. let's address - hear you but... go for it, robin. let's address two | hear you but... go for it, i robin. let's address two of hear you but... go for it, - robin. let's address two of the issues there. _ robin. let's address two of the issues there. yeah, _ robin. let's address two of the issues there. yeah, sorry - robin. let's address two of the | issues there. yeah, sorry about that. we issues there. yeah, sorry about that we are — issues there. yeah, sorry about that. we are getting _ issues there. yeah, sorry about that. we are getting a - issues there. yeah, sorry about that. we are getting a few- that. we are getting a few technical difficulties. we'll try to get robin back to talk to us about the breaking news in japan and to us about the breaking news injapan and the story in xinjiang. at least thirty people have been killed when a packed ferry caught fire in southern bangladesh. it happened in the early morning near the town othalakati. the ferry had sailed from capital dh

so yes or no, candidate -- kenny robin hood customer invest in robin hood the company? mr. tenev: robert hunt is currently a private company, so that is not possible, no -- robin hood is currently a private company, so that is not possible, no. >> so you're telling me the people that make you a successful company and correctly contribute to your company's growth and success, they don't get the same access to equity shares as a robin hood employee or your institutional investors. is that correct? mr. tenev: currently, that is correct, yes. miss schulp, -- miss shulp, why is that? ms. schulp: the sec limits a lot of investment in private companies to those folks known as accredited investor. to become a credited investor, you need a wealth test of owning at least $200,000 per year or having a debts worth of over $1 million. the vast majority of people in this country do not meet that standard and are unable to invest in most private companies. >> so let me just clear this, mr. tent hav -- tenev, i don't blame you on the restriction. i would like to have more opportunity to as

robin hood in the 2nd quarter. but it has proven itself to be a one time gag token as now. volumes are down about 75 percent. so while there are a ton of great all coins out there that are actually doing spectacularly, it kind of blows my mind why robin hood wants to bet on and actually feed into this retail frenzy by listing such an unreliable and dom coin and ignore i. some the real projects out there. when i know something we've talked about a lot, right? if you're getting in and you're making money, then life is great until it starts falling. and then all of a sudden you're losing money. so it'll really be interesting to see how robin hood moved forward with that. and if they continue to really focus on some of those mean point. now michael, i want to shift a little bit. i know that when we're talking about really just crypto currencies in general, a lot of those mainstream currencies are facing a tough road and have a tough road in recent days. but at the same time, we've also got j. p. morgan revealing that s