instead of outstanding litigation they can say that we celted with finra versus finra is investigatinge with the s.e.c. they've gotten those two things out of the way this covered a lot of different topics, but, yes, it's seen as it's out of the way. i'm sure the company is relieved to have this kind of behind them as they go to publish the s1 imminently like i said, moving target >> overall, was finra's issue with robinhood here, the actions they took initially or the communication around those actions which were then misleading for customers >> both. so communication was the big part here. options trading, the way that they marketed options trading in certain behavior and then the act of approving certain customers. so there's one example in the finra documents about a customer going on saying, you know, they had a certain risk tolerance in a normal circumstance they likely would not have been approved ro robinhood approved a customer took on a ton of leverage and ended up taking his own life which we covered and robinhood feels awful about it that was really a massive event for the

in fact, the largest financial penalty ever ordered i finra.u make of the meme stock phenomenon? what did you make of what people were doing with their money, investing into many of the similar names you put capital to work in as well? what did you think about that when it was happening? did it anyway chain -- did it in any way change your belief? bruce: when you talk about the meme stocks, and hertz being one of those stocks, when it started showing up on reddit and other chat rooms, we are not part of that. as marathon, we are not in these chat rooms, and we don't jump into equities because retail is buying it. retail was sitting home in terms of the robinhooder, they had their screens up, they were flooded by a lot of money from the government. the u.s. government sent them this money. in fact, most of this money has not been spent. by our estimates, it is about 60% of the distributions that were made from the government to consumers that are still sitting in bank accounts. so what do you do with that capital? very smartly, they started to i

there's a self-regulatory organization that it finances, that's called finra, the financial industryange commission which regulates not just hit finra but the street itself so that kind of how it goes here it's called cell- regulation they think it's a better, more cost efficient way to regulate the securities markets. this self-regulatory organization has fined robinhood $70 million and again, that's a lot of money. here is what i do know, that the robinhood chose to pay and probably pay more than it might have needed to if it litigated or at least extended the negotiations with regulators , to simply get it out of the way. i mean, this is, they did not want to, from what i understand, is people close to the company they did not want to have to file, put this in the s-1, that's the offering document which should come out pretty soon, that's the offering document on the ipo. they didn't want to have this whole thing in there where it says finra is investigating us for possible blah blah blah blah blah so they basically went in there and they said let's get this out of the way, let's

it is a record finra time. all over several robinhood app outages march last year.ions trading, customer approvals. the fine is a record. it has nothing to do with the halting of trading it does show, it is not not the first time finra teened robinhood a lot of investors want more and need more. >>> wall street stands to make a fortune but what will happen to main street? gun sales are skyrocketing. first concerns over the second amendment. certainly a reaction to the nation's crime surge. americans are taking matters into their own hands. we'll be right back. some say this is my greatest challenge ever. but i've seen centuries of this. with a companion that powers a digital world, traded with a touch. the gold standard, so to speak ;) before nexium 24hr, anna could only imagine a comfortable night's sleep without frequent heartburn waking her up. now, that dream... . ...is her reality. nexium 24hr stops acid before it starts, for all-day, all-night protection. can you imagine 24 hours without heartburn? charles: breaking news. breaking news right now, the prison in

finra ordering robinhood to pay around 70 million pounds for systematic supervisory failures.hat is a substantial fine. bloomberg wall street reporter sonali basak is here. can you walk me through what this means for robinhood? the expectation is that this will have a meaningful impact on the ipo. sonali: this is not the only regulator taking a look at robinhood. we have reported that the sec is looking into robinhood and their cryptocurrency. the finra issue in particular is extraordinary because it is a record fine, and it pertains to what happened in march 2020. remember, back then we had seen a number of outages. on record days, clients were missing out on trades on those days. rivals had taken notice. this does not directly address what happened with the gamestop saga. this draws the question on whether this is it, or whether there are more regulatory challenges ahead as robinhood seeks an ipo. alix: so what does this do to the ipo? does it push it back or what? sonali: we don't know when this ipo is going to happen. when they file, we could have greater certainty in the

some settlements were an overhang and with a regulator f finra the path appears to be cleared for ann >> all right kate, thank you for that. >>> bart enterprise is investing $500 million to satellite xhux company one web. the investment comes as oneweb prepares for an eighth launch tomorrow 36 more satellites sent into low earth orbit increasing con connectivity across the globe. joining us now is oneweb expectative charcht and founder sunil bharti thank you for joining us today. >> thank you. >> you made an investment into oneweb taking it out of bankruptcy with the uk government last year now it secures 2.4 billion in total funding. why now? why exercise the options now >> any call with enough time and which exercise with some more period to be gone. but this will bring certainty to the investor, employees, vendor community. we needed to raise $3 billion and we have 2.4 in the bag and a few investors are knocking hard. we may or may not take measure money but the company is fully funded and no debt that's taken on the books of the company. we are secure and set now to do exactly wh

emily: robinhood just had to pay to finra $70 million, the agency accusing the company of misleadingtomers. robinhood says they tripled customer support and are investing in the platform. do you think of robinhood is a legitimate platform for trading cryptocurrency? mike: robinhood has done a lot to democratize finance and bring young people into the. space -- into the space. i am tearing anyone on who is bringing people in. robinhood deserves a lot of credit. they have been revolutionary in bringing people in to investing. people have a right to express their opinion on the world with their money, and [indiscernible] emily: you made this comment about how you think this is going to be the financial system of the future. but there is no way the megabanks don't fight back on that idea. so i am wondering how soon do you think crypto and defi can replace mainstream functions on wall street? mike: gold is already being disrupted by bitcoin. bitcoin is starting to inflate gold. that is not wall street, that is stored value. defi is two years old. banks are fascinated with this. they are s

ask you about robinhood, one of the mostimented ipos they announced this morning they settled with finra, and you mentioned stripe as well, a lot of people have been waiting for that one to go public. what is sort of the deciding factor to make them take that leap >> i certainly can't comment on the specifics of ipo timing for either one of those companies. i can however say one of the beautiful things that robinhood has done is it has democratized access to the financial markets for a much broader swath of people that had access before. in the fullness of time, we think that's going to be a very powerful thing >> for a price, though, their business model has been a controversial sticking point do you think they have moved beyond that and have sort of let their investor base know enough about that model and this is the right one for them when you have other trading platforms using different models >> payment forward flow was a feature of the financial markets long before robinhood came along, and it is one of many ways they generate revenue >> right, so their characterize, or maybe it wa

really doing most of this from where i sit, if you look at the regulatory actions at sec.gov, and finrarime brokers. reality there are some hedge funds but the prop desk of the prime brokers who are doing the naked shorting from where i sit or market makers. and so ultimately they have got to be looked at and the sec has fined a bunch of them for mismarking tickets long when they're short really, for pre-programing computers to say, hard to borrow stocks easy to borrow but ultimately there is a movement and a sea change about not only because of the litigation we've done for 20 years with our whole legal consortium but because of these, the reddit groups and subreddit groups, frankly more awareness being brought to this topic. hopefully with the new. sec chairman i am hopeful will do something more than what has been done to date. charles: yeah. gensler made comments that gives me hope as well. everyone knows about the problem. it is all about money, wall street making money at the expense of a honest stock market. why individual investors shun the market, ones they get in they get vict

sec and finra, gas pipeline, water supply line in florida.s there enough in the infrastructure bill what is on the agenda to stop this. >> no. the answer to that is no. what we see in the infrastructure bill is such a tiny percentage of actual infrastructure issues and projects that we need to open up to have economic recovery. to have return on investment, to be able to focus on exactly those issues that you're talking about on -- [inaudible] we have crumbling infrastructure but have vulnerable infrastructure as reflected with the cone y'all pipeline disaster we just saw. we're seeing the biden administration is not willing to work at all in a compromise or bipartisan manner. he is holding the crumbling american infrastructure hostage to green new deal programs and policies. it's a shame because we're spending trillions of dollars on these programs and we're still going to have the crumbling infrastructure that will have to be addressed. elizabeth: yeah. the colonial pipeline is nearly half of the energy for the east coast. you know, the ceo

short seller saying we see some of the algorithmic trading, we see some of this going on, some of the finrad short interests. they see that and want to speak out about it individually as retail investors, as the apes. >> i get that and i appreciate it let me push back on one piece of this which is there is a -- there is something happening here which is a divorce from reality in terms of the fundamentals of the company, of the business in fact, yesterday adam aron and amc said that effectively when they sold their shares to the public, by the way, who have given them now potentially a new lease on life, we'll see in terms of the cash that we're raising. for the company, it's not a game, right? it's not a casinofication or a speculation, it's a business with employees how do you think about that piece of this? >> you know, i think adam aron -- i get a lot of flak for this i get called a 23-year-old kid for trusting what a ceo does i'll take that heat every time i believe in history, trends and facts. the facts are adam aron is setting the bar in ceos reaching out to retail investors and cari