Welcome back to the channel everyone today, i want to talk about the fact that the sec have been paid off by citadel, and i also want to talk about some kind of scandal. That's been going on as well so stay tuned and let's make some money, but before i dive into the video, if you haven't already be sure to to block file using my link down in the description below blockfi is a cryptocurrency investing app where you cannot only Invest in various different cryptocurrencies, but you can also earn interest on your deposits. You can also get crypto backed loans and even sign up for a block five credit card that pays you cash back in crypto, linked in the description below, and i want to dive straight in with the key information. But before i get into it, a lot of people asked in my previous video.

What happens if robin hood actually goes bankrupt? Do you lose all your money that you've currently got in robin hood and all the stocks that you're holding in there as well? I mean hopefully by now you would have actually transferred out of robin hood over to fidelity a broker that doesn't use payment for order flow, but if you're stubborn and haven't yet transferred and want to stay with robin hood. I guess that's fine as well, but i can understand the worry just remember that robin hood rsipc insured now that means obviously, if robin hood does go bankrupt. All of your deposits are insured up to 500 000 us dollars per customer now. Obviously, if you do have a trading account with a million dollars in robin hood: yes, if they go bankrupt, you're only insured for half of that.

But if your investing account with robin hood is smaller than half a million well you're covered under the insurance. And now, let's get into it cat striker tweeted again this morning saying everyone in new york. We are all set to fly tomorrow october, 1st, which is obviously today 11 till 2 in the hudson corridor, and this means the plane would have been visible from the citadel building, but also visible from the sec. Building as well need all cameras available.

And here is a brilliant photo of that plane flying around with hashtag citadel scandal on the back now, obviously, by now you all know about the citadel scandal. But what you might not know about is the new sec scandal, new sec, general council, paid by city and by citadel. The newly appointed general counsel of the securities and exchange commission has received more than two million dollars from banks, including citigroup and citadel fresh out of his position as general counsel at the cftc or commodities futures trading commission. At the same time as gary gensler was its chair from 2009 to 2013, he went to work for the same entities he previously oversaw.

He became a partner at wilmer hale for five years until 2018, where he received a long list of payments from banks, hedge funds and other financial institutions. This shows that the current general council of the sec is paid money to provide legal services to citigroup, barclays, citadel ubs anders and horowitz jpmorgan, stockx and many other companies and institutions as well. It does not specify just how much money he received from any of the banks, although it is over five thousand dollars at least per bank, but seemingly he's running his own workload under the umbrella of wilmer hale and thus effectively receiving payments directly from these financial institutions. After fattening, his pockets with what in total is a payment of some two and a half million dollars, he went back to the cftc, but he did not stay there long as starting on november, the 1st he is to join his former boss and former goldman sachs Partner at the sec, during a fairly crucial time for the agency sec's chair, gary gensler, promised to report on gamestop by the end of summer summer has gone and there's still no report.

Although i do have a reuters article here that shows what actually is going to be inside this sec gamestop rapport citadel is accused in a class-action lawsuit by gamestop traders of pressurizing, robin hood to freeze gamestop stock buying during the short squeeze in january. The sec has not stated it will investigate such allegations with gensler. Instead, talking of the gamification of stock, investing his body will now perhaps help him further with that focus on gamification after getting his checks from citadel, but whether the report will or will not address. The crucial allegations remains to be seen, and now something else i wanted to quickly touch on is funny enough.

A tweet from charles gasparino breaking news sources tell fox business that robin hood. Employee trading is currently being scrutinized by the sec, specifically those trades made by the firm's president, who sold shares of amc during the meme stock frenzy just before the buy button was turned off. Although supposedly sources say that robin hood's position in the trades aren't illegal, somehow story developing now, routers have given us a preview of what to watch for in the us sec's gamestop report. The sec plans to soon release its long-awaited report on the gamestop trading saga and it could have implications for brokerages wholesale market makers, exchanges and retail investors.

The sec report is expected to address the issues around the market chaos in late january when a flood of trading through a commission free retail brokerages drove shares in gamestop corporation and other popular meme stocks to extreme highs, squeezing hedge funds that had bet against them. Amid the intense volatility several brokerages restricted trading in the affected stocks, curbing the rally infuriating retail traders and rattling market confidence here are some of the topics. The sec has said that it is scrutinizing the gamification of trading payment for order flow market maker concentration, exchange, pricing, clearing houses and settlement times and short selling disclosure. Now i have to admit that is really really disappointing.

We've already known about all of these topics. For months now, and none of them are really too important or too impressive - i mean yes, obviously trading shouldn't be gamified, it shouldn't be attractive to young people, to invest and potentially lose all of their money, and yes, payment for order flow, isn't good because it incentivizes Those retail trading platforms to sell their order flow to the highest bidder, but i mean to some extent, even without a payment for order flow. It wouldn't surprise me if robin hood still gave their order flow to citadel because they need someone to root their trades for them again. Market maker concentration isn't great because having citadel as the one dominating force is never good because they can do whatever they like and face no consequences for it, because they basically have a monopoly exchange.

Pricing, i guess, is the only good one, because it's talking about how many trades are executed away from late exchanges in the dark pools and therefore maybe the sec do want to actually ban dark pools. But what it doesn't do is announce any kind of investigation. That's been going on into market manipulation and abusive, naked short selling, and all of these things that should be illegal and or are illegal. It seems that yet again the sec have just walked in covered their eyes and told us that everything is fine, although on the flip side, we did have some good news from adam aaron yesterday as well, we were able to buy back at par 35 million dollars Of amc's most expensive debt with its 15 interest rate, that saves us more than 5 million dollars of interest costs each and every year progress is made.

When you take a big step or small steps, the important thing is that you're moving forward. Obviously, this does improve the ball case for amc and disproves that short thesis even further. And finally, you may have noticed that bitcoin's price popped today data shows that 200 million dollars worth of bitcoin shorts were liquidated overnight. 40 000 short traders just got wrecked.

The title speaks for itself, don't short bitcoin. I do think that after that amc squeeze i'm going to be transitioning, my channel into more of a cryptocurrency channel with cryptocurrency hedge funds. Don't get special exemptions and free passes the market's more of an even playing field, and i do think that going forward over the next few years, cryptocurrency is going to present us some brilliant, brilliant, investing opportunities, not only in bitcoin but other major cryptocurrencies as well. Like litecoin and ethereum, and also smaller, lesser-known cryptocurrencies, on top of that guys be sure to.

Let me know down in the comments below what you think about the general council of the sec being paid off by citadel and other institutions and while you're down there. If you haven't already be sure to sign up to block fights that you can invest in cryptocurrency and even earn interest on your investments and as always guys if you enjoyed this video, be sure to check out some of my others. Alternatively, subscribe to channel and ding that notification bell, because that way, you'll be alerted when i upload a new video cheers.