Cartoon by Pat Byrnes
By that spring, Alex Kearns, a twenty-year-old student at the University of Nebraska, had been using Robinhood for about two years. The app had permitted him to trade options just months after he opened his account. Kearns grew up in Naperville, Illinois, with his sister and his parents. His father is an I.T. professional at a financial-services firm. The family was close. Kearns was known as an anxious but positive young man who played trombone in the high-school band, received a school-spirit award, and joined the R.O.T.C. at Nebraska, where he majored in business management. Kearnsâs cousin-in-law Bill Brewster, a professional investor, told me that heâd spoken with Kearns that March. âHe was happier than Iâve ever seen him,â Brewster said.
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By Leslie Scism MetLife Inc. and Allstate Corp. posted strong gains in adjusted earnings as the insurers weathered another quarter of the Covid-19 pandemic. Allstate s car-insurance business had a strong quarter as rush-hour fender-benders were below normal, with many Americans still working from home rather than commuting. MetLife had sharply higher death benefits on life-insurance policies while payouts on pension products and other annuities were reduced. We believe the worst impact of the pandemic on our business performance is behind us, MetLife Chief Executive Michel Khalaf said. The pandemic s impact on the insurance industry hasn t been as bad as was feared when Covid-19 cases started climbing just over a year ago. Car insurers got windfall profits as stay-at-home directives and business shutdowns left vehicles parked for days. While death claims are elevated, U.S. life insurers have paid fewer claims th
Robinhood Slams Buffett And Munger For Insulting A New Generation Of Investors forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.
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Massachusettsâ securities regulator is seeking to revoke the broker-dealer license of cryptocurrency-friendly stock trading app Robinhood in the state.
William Galvin, the head of the stateâs securities division, said in a new administrative complaint that Robinhood has âcontinued a pattern of aggressively inducing and enticing trading among its customers â including Massachusetts customers with little or no investment experience,â Bloomberg reports Thursday.
The new filing is a follow-up to a complaint filed by Galvinâs office in December 2020, alleging that Robinhoodâs marketing illegally targeted inexperienced investors.
The state pointed to Robinhoodâs recent activity, including a promotion that provides customers with cash rewards based on new deposits, as proof of a âfirm culture which has not changed.âÂ
Time hasn t stalled regulators resolve on Ripple, Robinhood cases bankingdive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bankingdive.com Daily Mail and Mail on Sunday newspapers.