reporter: the trading frenzyaround gamestop is the focuson capitol hill today. the house financialservices committee will hold a virtual meetingasking who wins and loses when short sellers,social media, and retail investorscollide. reporter:in the hot seat, robinhood ceo vlad tenev,citadel ceo ken griffin,melvin capital ceo gabe plotkin, and roaring kitty,the trader keith gill. reporter:no doubt lawmakers are furious and they want to havehearings about this. the problem is goingto most likely be that the systemis designed terribly. the system gets abused.and they need to make changes. - first of all, to me, this was a whole dogand pony show. - first, robinhood securitiesput the restrictions in place in an effort to meet increasedregulatory deposit requirements,not to help hedge funds. - you can read body language.you can see the way
played this by the booksand played it basically the only waythat we could remain in compliancewith our deposit requirements. andy barr:mr. tenev, i appreciate chris garcia:wall street s got it to where they have every card and they knowevery rule of the game to where we re going to bend and bend those ruleswithout breaking them. and the problemis what they do, us typical little guys will never be ableto do that stuff, right? maxine waters:mr. gill, you are now recognizedfor five minutes to presentyour oral testimony. chris garcia: and then lookwhat s happening, right? you got roaring kitty out herewho s getting called in front of anoversight committee. hey, you did bad. you led a group of peopleto do this. keith gill: thank you,chairwoman waters, members of the committee. i m happy to discusswith the committee my purchases ofgamestop shares and my discussions of theirfair value on social media. i also believe the currentprice of the shares demonstrates that i ve beenright about the co
a few things i am not.i m not a cat. i am notan institutional investor. and i do notprovide personalized investment advice for feesor commissions. the idea that i use socialmedia to promote gamestop stock tounwitting investors and influencethe market is preposterous. i m just an individualwhose investment in gamestop and postson social media were based upon my ownresearch and analysis. i want to say that i supportretail investors right to invest in whatthey want when they want and to send amessage based on how they invest. as for what happenedin january, others will haveto explain it. it s alarminghow little we know about the inner workingsof the market. as for me, i like the stock. (distorted low voice)i like the stock. - keith gill, the legendthat he is, says he likes the stock. [roaring] the next day, sure enough,
ken griffin,melvin capital ceo gabe plotkin, and roaring kitty,the trader keith gill. reporter:no doubt lawmakers are furious and they want to havehearings about this. the problem is goingto most likely be that the systemis designed terribly. the system gets abused.and they need to make changes. - first of all, to me, this was a whole dogand pony show. - first, robinhood securitiesput the restrictions in place in an effort to meet increasedregulatory deposit requirements,not to help hedge funds. - you can read body language.you can see the way they re trying to weaselout of something. - i understand that partof the focus of this hearing is the decisionof stock trading platforms to limit tradinggamestop. i want to make clearat the outset that melvin capitalplayed absolutely no role in those tradingplatform decisions. - they re not being honestand truthful about this. - i want to beperfectly clear. citadel securities had no rolein robinhood s decision to limit trading in gamestop. - so c
a few things i am not.i m not a cat. i am notan institutional investor. and i do notprovide personalized investment advice for feesor commissions. the idea that i use socialmedia to promote gamestop stock tounwitting investors and influencethe market is preposterous. i m just an individualwhose investment in gamestop and postson social media were based upon my ownresearch and analysis. i want to say that i supportretail investors right to invest in whatthey want when they want and to send amessage based on how they invest. as for what happenedin january, others will haveto explain it. it s alarminghow little we know about the inner workingsof the market. as for me, i like the stock. (distorted low voice)i like the stock. - keith gill, the legendthat he is, says he likes the stock. [roaring] the next day, sure enough, he fucking doubled downon his position.