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OA463: Why Cases Against Robinhood Will Fail (Patreon)

Published:
2021-02-08 05:44:39
Imported:
2022-10

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Content

Ace Associate Morgan Stringer is here to throw some cold water on the cases against Robinhood in the GameStop fiasco. Why are they doomed? Find out!

Before that we cover a grab bag of good news items including the DOJ dropping the Yale lawsuit, federal student debt cancelation, and Virginia abolishing the death penalty. Are you tired of positivity yet?

Links: OA219: Harvard and Affirmative Action, Warren and Schumer Resolution, 20 US Code § 1082, Virginia Senate passes death penalty abolition bill

Appearances

None, have us on!

-Support us on Patreon at: patreon.com/law

-Subscribe to the YouTube Channel and share our videos!

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-Facebook:  https://www.facebook.com/openargs/, and don’t forget the OA Facebook Community!

-For show-related questions, check out the Opening Arguments Wiki, which now has its own Twitter feed!  @oawiki

-And finally, remember that you can email us at openarguments@gmail.com!

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Comments

Godpuncher

One thing to consider about student loan debt... It's easier than you might think to rack up over $50k. I returned to school at 25, while making about $12/hr, so 100% of my tuition was paid for by loans. I think annual max for loans is $12k. I also attended part-time, which is more expensive, since most schools have a flat rate for full time, and a per credit rate for part time. The per credit rate at my school was about $100/cr more than if I'd gone full time. All in all, figure around 120 credits for a degree, at around 500 per credit, and you're easily over 60k. I know my scenario is unique. Still, 50k in forgiveness sounds like a dream come true.

Anonymous

Respectfully, I’m really disappointed that they did not get a practicing investment attorney to discuss this. This is my field of practice and can say that while Morgan did about as good as you could by jumping into this and learning overnight, she demonstrated quickly how little she understands about broker regulations that apply here. Take for example the fact that the primary regulator of broker dealers is FINRA which isn’t mentioned once in the entire show. The SEC can regulate broker dealers, but generally lets FINRA handle most non fraud cases. Also, she completely missed the concept of the duty of best execution that applies to brokers, was very unclear about what is market manipulation, as well as neglected important details about how trades are cleared, etc. This is essentially day one stuff that is really important to understanding the topic, but simply indicates a lack of knowledge. I do not mean this as a criticism of Morgan, she’s clearly someone I’d hire in a heartbeat for a litigation case. However I do trust the show to present law through an expert’s lens, not the CNN handles legal issues. I would never come on any show to speak about constitutional law or courtroom strategy - I would get about 50% correct, which in legal terms is usually 100% wrong. Can I fool my friends? Sure, but they don’t know anything. Unfortunately this discussion was no different - a clear case of trying to speak to something that is simply outside your knowledge. To laypeople it sounded fine, but to anyone who works around the industry it indicated a clear lack of understanding of the financial system and the legal regulations surrounding it. I expect better from the show - I don’t want to become hesitant to trust that what I am hearing is truly an accurate expert presentation of the law. The show relies on this trust and I want to continue to be able to take your word when I haven’t the foggiest idea. Anyways, I do enjoy the show and appreciate the hard work you do. Hope this is taken as a constructive consideration and not an attack. Cheers. -Chris

Anonymous
>>53551086

Just seeing your comment totally agree. Part of my law practice is audit and compliance work in the finance industry. I think anyone casually listening to the episode was improperly educated on the issues. The least of which was Morgan confusing a number industry terms and skipping over some other salient issues. Although trying to cram every issue related to RH in 30 mins is an impossible task.

Anonymous
>>53551086

While certainly don't expect a perfect presentation, I also hope what I am hearing is at least an outline of the situation. It does make me worry what is being presented incorrectly on topics I have little knowledge about. I do listen to All the president's lawyers and that show generally agrees with Andrew (though without the liberal bias generally).