2:00PM Water Cooler 6/24/2021 | naked capitalism nakedcapitalism.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nakedcapitalism.com Daily Mail and Mail on Sunday newspapers.
There’s an entire second session of this? My lord.
Update two: The hearing went on and on it continues as I write to you! but something did come out that was worth sharing. Namely that Congress got Robinhood CEO Vlad Tenev to report that his company generates at least 50% of its revenue from payment for order flow, or PFOF. Given that Robinhood’s PFOF incomes were around $220 million last quarter, we can place a max cap of the company’s Q4 2020 revenue at $440 million, though I would hazard a guess that it was more in the $3xx million range.
The bad news is last week’s report was revised up 14,000 to 914,000. It still showed a decline though. Non-seasonally adjusted claims fell 101,000 to 874,000 this past week. PUAs fell 20,000 to 427,000 which is why total unadjusted new benefits fell 9%. That’s the first decline this year. As we mentioned would happen in our article last week, the total number of people on all benefits rose in the week of January 9
th. It was up from 15.99 million to 18.28 million. In the week ending January 16
th, continued claims fell from 4.974 million to 4.771 million. The recovery would be in amazing shape without the pandemic benefits.