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| November 15, 2018

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Accusations Archives -

Reporter’s Notebook: Florida recount nightmare grows as insults, protests and accusations pile on

November 13, 2018 |

With razor-thin margins in multiple Florida races being recounted, dueling protests, lawsuits, and unfounded allegations captured the confusion, frustration and all-out anger brewing in Broward County on Monday.
FOX News

Trump: Kavanaugh Accusations a ‘Hoax’

October 8, 2018 |

Before Brett Kavanaugh was confirmed, President Trump belittled the accusations made by Christine Blasey Ford. On Monday, Trump went further, saying Kavanaugh was the victim of a “hoax” perpetrated by Democrats, reports NBC News . What’s more, he said Democrats would pay for that in the midterms. Trump made the comments…
Newser

TMZ

Cristiano Ronaldo Denies Rape Accusations, ‘Goes Against Everything That I Am’

October 3, 2018 |

Cristiano Ronaldo is firing back against allegations he raped a woman at a Vegas hotel back in 2009 — saying, “Rape is an abominable crime that goes against everything that I am and believe in.” The soccer superstar is being sued by Kathryn Mayorga…

TMZ.com

Robinhood Responds to Accusations of Favoring Wall Street over Its Users

September 21, 2018 |

Robinhood Responds to Accusations of Favoring Wall Street Over its Users

Seeking Alpha has published an exposé by Logan Kane regarding free stock and crypto trading smartphone application Robinhood. Mr. Kane alleges the company “takes from the millennial and gives to the high-frequency trader” by accepting payment for order flow and selling order data for “over ten times as much as other brokers who engage in the practice.” Robinhood reached out to news.Bitcoin.com in response, explaining and defending its practices.

Also read: US Exchange Takes a Step Toward Crypto: Nasdaq Bids for Cinnober

Robinhood Explains Its Business Model and Practices

Known as “best execution,” a licensed brokerage must “execute customer orders at the best available price across every regional and national stock exchange (national best bid and offer, or NBBO),” a statement by Robinhood began in response to an article published in these pages only days ago. The company, “like the rest of the industry, participates in rebate programs which help customers get additional price improvement for their orders by creating competition amongst the exchanges and liquidity providers who fill the orders, often resulting in superior execution quality. Any rebates Robinhood receives do not adversely impact this best execution obligation.”

Since Embracing Bitcoin, Robinhood App Value Jumps to $  5.6 Billion

Mr. Kane rifled through US Securities and Exchange filings from the company, and came to the conclusion “high-frequency trading firms are paying Robinhood over 10 times as much as they pay to other discount brokerages for the same volume,” we reported. He insisted, “Robinhood takes from the millennial and gives to the high-frequency trader,” and “they appear to be selling their customers’ orders for over ten times as much as other brokers who engage in the practice. It’s a conflict of interest and is bad for you as a customer.”

In response, the company explained how it, “unlike many other brokerages, has established the same payment rate (listed in SEC Rule 606 disclosure) with its leading execution venues. This eliminates any incentive to direct orders to a certain execution venue. Robinhood algorithmically routes orders to a variety of different execution venues based on which is most likely to provide the greatest execution quality and price improvement on that order in addition to the NBBO. No other factors impact where customer orders are routed.” The statement continued:

Robinhood is committed to providing the best possible execution quality to its customers regardless of whether they place an order of a single share or one with more than 10,000 shares.

Robinhood Crypto App Adds Bitcoin Cash and Litecoin Trading

Robinhood Denies Selling Customer Data

Asked why it prefers per dollar value over per share reporting, the company referenced its business model of zero-commission trading, citing “being able to invest in securities that cost less than $ 20 per share, such as Chesapeake Energy, Sprint, and Ford. Traditional per-share rebates do not make sense for Robinhood’s executing venues since the number of shares Robinhood’s customers transact per dollar is higher than on other platforms. Robinhood generates less revenue with the rebate program structured around value of transaction than if it were structured around shares.”

Responding to the charge of the firm selling personal identifiable data, the company flat out denied the allegation altogether. “Does Robinhood sell personally identifiable data of any kind to execution venues? No. Robinhood takes the privacy and security of their customers extremely seriously. Robinhood does not, has not, and will not sell customer information.”

Do you have a problem with what Robinhood is reportedly doing? Let us know in the comments below. 


Images courtesy of Shutterstock.


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even look up the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post Robinhood Responds to Accusations of Favoring Wall Street over Its Users appeared first on Bitcoin News.

Bitcoin News

Asia Argento Axed From Show in Wake of Accusations

August 27, 2018 |

Asia Argento, once one of the most outspoken voices in the #MeToo movement against sexual assault in Hollywood and beyond, has lost a job amid allegations she had sex with a 17-year-old actor. Per the Hollywood Reporter , the actress has been nixed from the judges’ panel on X Factor Italy…
Newser

Pope refuses to comment on claims he ignored McCarrick abuse accusations

August 27, 2018 |

Pope Francis told reporters Sunday that he “won’t say a word” about claims by a former Vatican ambassador to the U.S. that the pontiff had rehabilitated the former archbishop of Washington, Theodore McCarrick, despite being made aware of sexual misconduct claims against him.
FOX News

Trump faces new accusations of racism after mocking LeBron James’ intelligence

August 4, 2018 |

President Trump faced renewed accusations of racism Saturday after mocking the intelligence of Lakers superstar LeBron James and broadcaster Don Lemon of CNN.

Trump took to Twitter late Friday night to bash Lemon after his interview on Monday with James, and ended up slandering the celebrity athlete…


L.A. Times – Business

TMZ

‘Bachelorette’ Contestant Leandro Dottavio Denies Sexual Harassment Accusations

August 4, 2018 |

‘Bachelorette’ contestant Leandro Dottavio says former ‘Bachelor’ contestant Bekah Martinez should have done some research before publicly accusing him of sexually harassing women more than a decade ago … when he was in…

TMZ.com

CBS board to confront sexual harassment accusations involving CEO Leslie Moonves

July 30, 2018 |

After a weekend of behind-the-scenes discussions, CBS board members on Monday are expected to decide how to respond to allegations that Chief Executive Leslie Moonves sexually harassed women decades ago, according to several people familiar with the matter.

The 14-member board already was planning…


L.A. Times – Business