[indiscernible] the chief executive officer of melvin capital management l.l.c. plotkin is the chief executive officer, co-founder of reddit and social media platform which -- where retail investors members discuss the purchase of gamestop. mr. gill is a retail investor. we have the director of financial regulation at the cato institute. without objection, your written statements will be made part of the record. each of you will have five minutes. >> chairman, here. it was my, i believe there are only three minutes of democratic opening statements with the idea that the subcommittee chair on the democratic side would be called as well. that's what i was told by your staff. chair waters: thank you very much. that is the order. i will call on mr. sherman. please go ahead. make an opening statement. thank you. mr. sherman: thank you so much. back in the day the law school professor would create an exam where he would weave together a story that would he exemplify each of the issues in that area of the law. but never did the professor do it as good a job as the games

witnesses include the robin hood ceo, citadel ceo, melvin capital management ceo, steve huffman, and financial analyst keith gill. watch live thursday beginning at noon eastern on c-span, online at c-span.org, or listen on the c-span radio app. >> today is presidents' day. here on c-span, we will take a look at the lives and accomplishments of former presidents. next, we take you to the place where ulysses s grant would write his memoirs before dying of cancer. >> when grant arrived at the overlook, and here he is, very ill, only a few days left before he passes away, and seeing this great beauty, this valley that once saw conflict and warfare, and where our nation was born, was now a peaceful valley where farmers were working. he must've taken some satisfaction in this,

witnesses include the ceo of robin hood, the ceo of citadel, melvin capital management ceo, gabrielle plotkin and financial analyst keith gill. watch live thursday, beginning at noon eastern on c-span, online at c-span.org or listen on the c-span radio app. >> during a house judiciary subcommittee meeting, a number of legal experts talked about the president's clemency power and when it can be used under the constitution.

suffering amid the game stop surge was melvin capital management which another hedge for and citadel has since bailed out in these losses citadels founders can grip and who also founded so those securities a big investor in robin hood up also works with t.d. ameritrade and charles robb the companies that were cutting these people out and saying you cannot buy game stop on our apps anymore. are companies that actually have connections to to melvin management who is losing money because of what was happening and it all comes full circle i think that what this goes to show is that one there is the mechanisation behind all of this drive to shut people out and once they saw that so many people had gotten involved and engaged in that raid it had basically taken over to a certain extent and they were a to stop it immediately and now you know these organizations as well as those who actually bought the stocks are calling on congress for 2 very different things one you know the stocks and sells there they just want this to you know it in the individuals they're saying well this is the this is

melvin's assets under management now stand at more than $8 billion, including the emergency funding, down from roughly $12.5 billion at the beginning of the year. cnbc reported last week melvin capitallosed out short position in gamestop and sit dell and point 22 management infused close to $23 million into that melvin fund to shore up its finances. >>> back to the broader markets now, which are coming off both a volatile friday and week amid the frenzied trading and shorted stocks like gamestop some analysts believe it's unlikely the impact of this short squeeze will ripple through the overall market jeffries saying fear signals are implying the worse of the degrossing has happened. your next guest says there are a number of ways for investors to take advantage of big moves in volatility chief investment officer from ubs global management joins us mark, thank you for joining us let's talk about whether or not we think this volatility is something that should be feared or should you find a way to take advantage of it? if so, how >> well, i think it's a normal part of the market, particularly now. i think where we're shifting maybe from the work-from-home trade into some of the lagga

witnesses include robinhood ceo, citadel ceo, melvin capital management ceo, ga breal plat plotkin and analyst keith gill. moch live thursday beginning on c-span on-line at c-span.org or listen on the c-span radio app. listen to c-span's podcast the weekly. this week a look at the u.s. foreign policy and nato. our guest is a senior policy analyst in european affairs for heritage foundation, margaret thatcher's for free. and he talks about the idea of a peace dividend. >> you know, i think there's still an idea at the end of the cold war there's this peace dividend for countries in europe and also to the united states. there's the end of history, this is the mindset. there really is no existential threat anymore from russia, kind of a waywardness what is the role of nato. does the u.s. still need to maintain troops in large garrisons in europe anymore and the conclusion was no. and while the u.s. maintained many of the bases in europe, a significant number were closed or consolidated and the number of troops were brought down significantly. >> find c-span's "the weekly" where you get yo

robinhood's main customers and sources of revenue which also provided financial support to melvin capital managementp when melvin faced significant losses over gamestop and other trades chief executive officer of melvin l.p. which held a significant short position with gamestop and other stocks and experienced significant losses due to its positions steve huffman is a chief executive officer, co-founder of reddit, a social media platform which is home to the sub-reddit wall street bets where retail investors discuss trading and where a large members discuss the purchase of gamestop and other stocks which experienced volatility mr. keith gill is a retail investor who posted for reddit and youtube regarding investing in gamestop and other stocks jennifer gall is a director of financial regulation studies at the cato institute without objection, your written statements will be made part of the record each of you will have five minutes to summarize -- >> chairman here >> it was my -- i believe that there are only three minutes of democratic opening statements with the idea that the subcommittee chair on

witnesses include robin hood ceo, citadel ceo, melvin capital management ceo, reddit ceo and financial analyst keith gill. watch live thursday on c-span, online, or listen on the free c-span radio app. >> during their winter meeting, mayors from across the united states talked about gun violence

witnesses include the robin hood ceo, the citadel ceo, melvin capital management ceo, the reddit ceo, and a financial analyst. watch live on thursday, beginning on noon, online at c-span.org, or listen on the c-span radio app. >> president biden's nominee for attorney general, judge merrick parlance testifies before the senate judiciary committee, monday for his confirmation hearing. watch our live coverage at 9:30 a.m. eastern on c-span, or c-span.org, or listen live on the c-span radio app. >> the naacp announced a lawsuit filed against former president donald trump and his attorney would be giuliani, for inciting the attack on the u.s. capitol on january 6. speakers included congressman, and the naacp president. this is 15 minutes. >> today, you will hear from president and ceo from the naacp. they congressman, the u.s. representative from mississippi in the second congressional district. general counsel for the naacp. and the partner and cocounsel. we have opening remarks from each one of those as well, and at the end, conclusion of their comments, we will open the floor for any c

witnesses include robin hood ceo, citadel ceo, melvin capital management ceo, reddit ceo and financial analyst keith gill. watch live thursday on c-span, online, or listen on the free c-span radio app. >> during their winter meeting, mayors from across the united states talked about gun violence and how to address the rise of crime in their cities. >> good afternoon, everyone. i'm john cranley, mayor of cincinnati and chair of the u.s. conference of mayors task force of mayors and police chiefs. we have a great program today. we're here to talk about what mayors can do and are doing to reduce gun violence in our respective cities. take questions and have a conversation. and, frankly, it comes on the heels of one of the most violent years that many of us have been through. we appreciate the help and support every town for gun safety and mayors against illegal guns has provided to us in organizing this session. and to all of us individually in our cities. individually in our cities. first, cincinnati is unfortunately one of the many cities that saw this. a huge spike in gun violence. in

witnesses include the robin hood ceo, citadel ceo, melvin capital management ceo, the reddit ceo, and a financial analyst. much live thursday, beginning at noon eastern on c-span. online at c-span.org or listen on the c-span radio app. before reaching the national political stage, bill and hillary clinton were teaching well. the clinton museum is the couples first at that house and where they got married in 1975. >> welcome to fayetteville, arkansas. we're at the clifton house museum. this house was built in 1931 by a local man. would have been on the outskirts of town on that time in the middle of the ozarks. this would have seemed like a pretty fancy house for that era.

witnesses include the ceo of robin hood, the ceo of citadel, melvin capital management ceo, gabrielle plotkin and financial analyst keith gill. watch live thursday, beginning at noon eastern on c-span, online at c-span.org or listen on the c-span radio app. >> during a house judiciary subcommittee meeting, a number of legal experts talked about the president's clemency power and when it can be used under the constitution. >> i would like to express sadness at the passing of member right. he was a gentleman and we will miss him and we mourn his loss and i would like for us to have a moment of silence in his honor. without objection. thank you. at this point, mr. johnson, if you would like to lead us in prayer regarding the passing of our colleague, you will be recognized. >> thank you, mr. chairman. our colleague has joined us. he knew representative wright as well as anyone else and says he was a good family man and truly dedicated public servant to his constituents into the country. i will lead us in prayer. i pray, heavenly father, for this day and the work you put before us and all

[indiscernible] the chief executive officer of melvin capital management l.l.c. plotkin is the chief executive officer, co-founder of reddit and social media platform which -- where retail investors members discuss the purchase of gamestop. mr. gill is a retail investor. we have the director of financial regulation at the cato institute. without objection, your written statements will be made part of the record. each of you will have five minutes. >> chairman, here. it was my, i believe there are only three minutes of democratic opening statements with the idea that the subcommittee chair on the democratic side would be called as well. that's what i was told by your staff. chair waters: thank you very much. that is the order. i will call on mr. sherman. please go ahead. make an opening statement. thank you. mr. sherman: thank you so much. back in the day the law school professor would create an exam where he would weave together a story that would he exemplify each of the issues in that area of the law. but never did the professor do it as good a job as the games

board that we'll talk about this morning you're looking at pan amsilver up 15% hedge fund melvin capital management lost 53% in january melvin capital told us last week it closed out those positions on gamestop tuesday afternoon after seeing heavy losses. those are the losses we're talking about, down 53%. citadel infusing $53 million into melvin capital. citadel lost 3% in january as well and i don't know if you were up late last night, i was not, but i tried to listen in this morning to some of it. elon musk was on clubhouse, the social media platform last night. we'll be talking to the ceo of clubhouse a little later today but vlad tenav got on and effectively elon -- the ceo of robinhood. elon started effectively interviewing vlad about what happened he effectively reaffirmed or reconfirmed what he told us on "squawk box" last week but to hear both of them taking about it is quite a thing. maybe only speaks to where we are in 2021. >> what was elon's take on it? >> elon -- it seemed like what was happening is everybody was pushing on whether citadel -- whether there's conflicts, whether citadel

gabe plotkin, at melvin capital management. there is obviously a lot of attention that came pooring in on a stock, game stop, that you held a short position in people were tweeting about it, things were building do you have any information as to uniquely why folks on twitter and on reddit and others uniquely targeted that stock >> first of all, thank you for the question i think it's a really good one i think ultimately -- i am not sure kind of how the momentum built around that. you know, there were certainly some signs, as we diligenced after the fact there were even website names bought nasty things about our firm as far back as november i am not sure how it started but i think ultimately they saw an opportunity with a high interest stock that a lot of people could relate to because it was a retail experience. and that's sort of the genesis of it. >> thank you very much i am going to shift gears. >> into the fifth hour there of the house financial services hearing into the game stop saga. we are going to dip out of it becaus

when it says include robin hood ceo -- citadel ceo kenneth and melvin capital management ceo gabriellefinancial analyst steve gill. watch live today beginning at noon eastern on c-span online at c-span.org or listen on the c-span radio app. >> looked to be on c-span two has top nonfiction books and authors every weekend. coming up saturday at 8:00 p.m. eastern, a discussion on the book "now one." steve and contributor cynthia -- the american enterprise institute john with his book "after the people voted." he is interviewed by author and former editor in chief of the texas review of law and politics. at 10:55 p.m., the author of a book about how women brought -- watch on c-span two. >> president biden's nomination for attorney general before the senate judiciary committee on monday for his confirmation hearing, watch our live coverage at c-span and c-span.org or listen live on the c-span radio app. >> washington journal continues. a student next on washington journal, we are joined by arthur brooks, professor at -- author of the book "love your enemies. -- "love your enemies." thank yo

there is no -- there is a chief executive officer from melvin capital management. there are other stocks in very significant losses for their institution. in the chief executive officer, cofounder of reddit. a social media platform which has the sub reddit wall street bets. that is where people discuss trading and gamestop and other stops -- and other stocks that shared in volatility. this is a representative the financial regulation study at the kelso institute. the written statements give you five minutes. >> chairman, here. i believe there are only three minutes of democratic opening statements with the idea that the subcommittee chair on the democratic side would be called as well. that is what i was told by your staff. >> thank you very much. if that is the order, i will cease my introduction and will call on you, mr. chairman, to make an opening statement. thank you. >> thank you so much. back in the day, the law school professor would create an exam and weave together a story that would exemplify each of the issues in the area of the law. but never to the pr

managed money of hedge funds and we had mr. griffin, we talked about him gabe plotkin of melvin capital as well. >> i'm actually surprised that plotkin did not get more questioning. i expected a bit more populism, and kind of looking at his role as a short seller. he did get some questions, however. he was asked whether or not he believes there should be more transparency and disclosure around short selling he kind of dodged that question noting that if those are the rules, he will abide by them they asked whether he had shorted a stock over 100%. he says he has not done that in the past, so some kind of rudimentary questions surrounding just the practice of short selling as a whole i think they were looking to get to the heart of whether there needed to be any kind of additional regulation on that front. surprisingly, there was no question or there hasn't been any question about the role of a short squeeze in volatilely, specifically, which is basically, you know, part of the title of today's hearing with regard to griffin, he received pretty much no questions or no commentary surrounding his role as the head of his hedge fund. it w

melvin capital. gabe plotkin by reputation, one of the best money managers of his generation pilled well-known to my partners at citadel. gabe trained one of my best portfolio managers over the course of his career. well-known to the -- to my colleagues of citadel. >> can you confirm your worked at citadel llc? mr. griffin: my portfolio manager worked for gave at a different term and then joined citadel subsequently. >> all right. mr. plotkin, can you confirm you worked at citadel llc before eventually starting your own hedge fund melvin capital in 2014? mr. plotkin: when i was 23 years old, i worked at citadel for one year. >> did you receive any advice from mr. griffin during the gamestop volatility that occurred in january? mr. griffin: all my conversations with mr. griffin centered around his investment in our firm. >> did you reach out to citadel? >> gentlewoman's time has expired. >> i yield back. >> thank you, madam chair. hello, everyone. i am so glad we are having this hearing. i am super appreciative of the leadership of our chairwoman. having transparency exactly on what happened. the wea

managers for 2020. the top spot was $3.2 billion. one person made $3.2 billion last year and it wasn't tom brady. on the list also, right, we had the guy from melvin capitalwas at the center of this whole gamestop thing. a big chunk of his earnings actually came from performance that really bugged me out a little bit because the fund was busted t actually had to be saved. when you start to talk about changing the rules and things that happened to investors on robinhood in light of people making $800 million in a bad year. >> that bugs me a lot too. something is radically wrong with the system. the challenge of course is not easily explainable. wall street likes it that way. they want the odds stacked in their favor. they enjoyed an advantage of upper hand for years. i think this is a good thing. the danger of course is not well understood by the average investor. you can attack wall street once, maybe twice, but it will be like attacking the bor in "star trek." they will at adapt. the narrative has to change. that is where the retail investors got the advantage. they can stay one step ahead of the big boys, they can stay one step ahead. charles: one thing

capital management. >> yes. >> 1998, we were all probably in and around this business doing that there was a moment when the world in finance collapsed until we had another rally we were talking about melvin, citadel. some people throwing that around a, to dan's earlier point, you feel like sort of the gamestop melvin s.a.c. whatever it's called these days squeeze is over and then looking forward to the earnings story, what will be the most important numbers for you this week? >> well, wow you've opened up a major can of worms i'll try not to get into lccm, "american pie" i don't think you were alive, brian. that was the day that the fed really became a major part of markets and backstopped the smartest guys in the room supposedly i think we know how that's played out since then. that's another show. ultimately you get back to a place where, right, what were the crowded trades have we moved past this? is -- i think the most important dynamics for the markets were the things we had on friday even when volatility was spiking into the mid 30s. you still have cash levels in terms of equity investment at a 25 or 30th percentile. we're not terribly overbought on equities i know it's hard to thi

managers that short stocks as their enemy. where should that anger be channeled? carson: i'm questioning that narrative, there is a hedge fund out there named melvin capital that is stock, or it is a feeling of anger in general and anything can set it off in any given direction? again, i don't know the wall street bet psychology, but i feel like as humans, when we get together in a mob, right now with all this anger, it can be directed anywhere. erik: do you share the view that financial markets are broken, or rigged, and may be, in some respects, share the anger that those people may be having trouble channeling or are channeling into things that might to you seem misguided? carson: yes, financial markets are broken and really what has been going on is we are in this cycle of blowing bubbles that suck in the middle class and when the bubbles burst, wealth is not destroyed, it is just transferred. once again, it gets transferred from the many to the few. rishaad: carson block, muddy waters. let's have the morning calls and get to our market expert sophie kamaruddin. asian tech shares rallying so what do we have on your radar? sophie: tsmc rallying after the stock

manage his portfolio very well. >> robinhood. >> i was talking melvin. >> griffin >> melvin. >> plotken and the questions about citadel and where are they in all of this. >> the $3 billion capitalto be less and people are still throwing money. these venture capitalists, they can't resist it. robinhood has been the top apple. some people are still downloading it and i'm cheering for people who use robinhood. i want them to have unfettered ability to be able to do what they want. but the decisions to close certain, or restrict trading, is not something that people are going to forget. and the trust has been violated. and the to rebuild trust in the financial world is almost impossible which is why i say if paypal wants to own this business, they will own this business >> guys, speaking of robinhood, one of the things that those people on the platform like to buy is spacs 37 minute mark of the show, really haven't talked about it i wanted to quickly review the week for spacs i don't know if you guys have seen these numbers we tried our producer and i have tried to get them together in the right numbers. going with spac analytics. i think we had 30, what was it 37, 37 issuances thi

management up until now precedes him. i'm curious to see what he has to say about the debacle about his hedge fund, melvin capital, going intosomebody like roaring kitty get treated as a hero or a villain relative to a plotkin in this scenario? >> depends on who's asking the questions. i do believe the reddit post will be -- i don't know so much heroes i think probably more curiosity. to me the only real thing they're going to maybe determine here in terms of something we haven't been able to learn yet maybe are more details about the relationship between citadel and robinhood. other than that, i think this is going to be a lot of noise but not a lot of consequence coming out of it. maybe some sec regulations down the road, but that won't be coming from the committee. >> i'll ask this to both of you. on the shorting side and, kate, you've already written about how difficult this situation has made it more broadly to short stocks and what that means that's on one end of it. on the other end of it is the idea of a social media enabled sort of trading frenzy and whether you think there's going to be either new rules of the road

the other component in this issue, the hedge funds, the founder of melvin capital management, what did we hear from them today and what is his background? >> this hedge fund was betting basically against gamestop. he said he did not feel that gamestop, a brick-and-mortar store to buy games, basically had a big future, because people can now buy games online. they were betting against it and when the stock surged, his firm lost billions of dollars. he was asked, has been asked, basically, of their involvement and why he was betting against it. he is less of a controversial figure than someone like lad because there was not a specific moment, but democrats are generally more critical of hedge funds, so there have been questions about his overall work in the overall work of melvin capital. >> one final point. hearing just a beginning of what will likely be a series of investigations on a number of fronts here in washington. >> yes. the chairwoman of the house financial services committee, maxine waters, says they plan to have additional hearings. we expect hearings in the senate. patrick