vlad: now. emily: -- vlad: no.ly: talk to us a little bit then why you would allow users to sell but not by, if you are not democratizing finance? vlad: well, users not allowing to sell is very painful -- would be very painful to customers, you know, getting out of the position, getting out of a position that you are holding and not being able to do that is painful, and we stand with our customers. we want to give them the ability and the platform to invest in stocks, buy and sell, so restricting buying, obviously, not as painful to customers as restricting trading in a symbol. emily: so, a question from a viewer here, vlad, if hedge funds can sort 40% of a stock but retail cannot go along because of volatility in the market, how does that make sense? vlad: well, look, it is not negotiable for us to comply with our requirements and clearinghouse. robinhood always has and will continue to stand with individual investors, their ability to have access to the buying and selling stocks, and i have got to say now, you kn

vlad: no.talk to us then a little bit about why you would allow users to sell, but not buy, if you're about democratizing finance? vlad: well, users not allowing to sell is very, very painful, would be very painful to customers, getting out of a position, getting out of a position that you're holding, and not being able to do that is painful. and we stand with our customers. we want to give them the ability and the platform to invest in stocks, buying and sell. so, restricting buying, obviously, not as painful to customers as restricting all trading in a simple. emily: so, question from a viewer here, vlad, if hedge funds can short 140% of a stock but retails can't go long because of volatility and free markets, how does that make sense? vlad: well, i mean, look, it's nonnegotiable for us to comply with our financial requirements and our clearinghouse deposits. so, we have to do that. robin hood has always stood and will continue to stand with the individual investor and their ability to have a

vlad: no.o us that a little bit about why you would allow users to sell, but not by, -- but not buy, if you are about democratizing finance? vlad: users not being allowed to sell would be very, very painful to customers, getting out of a position that you are holding and not being able to do that is painful. and we stand with our customers. we want to give them the ability and the platform to invest in stocks, buying and selling, so restricting buying obviously is not as painful to customers as restricting all trading. emily: a question from a viewer, if hedge funds can short 140% of a stock retails can't go long because of volatility and free market, how does that make sense? vlad: look, it is not negotiable for us to comply with our financial requirements and our clearinghouse deposits. we have to do that. robinhood has always stood and will continue to stand with the individual investor, their ability to have access to buying and selling stocks. i have got to say, now i can understand how cl

help me vlad. >> your duty, vlad. >> pop art inspired by mr. for your coffee? no worries. vlad will sweeten your morning with "what to watch." >> man. >> i go to bed with my husband every night but i wake up with vlad. >> vlad we're got another toss from the public and it is a flirty one. my apologies. >> the general public is going to get me in trouble. >> i've got a fever and the only precipitation is what to watch. >> good. >> vlad, folks did really well this year. >> they did a really good job. >> yeah. better than i could do, for sure. >> you always did it really well though, tony. that's what started. you always did something really clever wit. >> and now i don't have to work as hard. that's my goal in life. >> even sent a snail mail with introductions. >> i think it is kind of cool to see yourself on television and get a shout out. so thank you for that. lots more to come in 2021 right? >> we go. >> yeah. >> all right. here are some of the stories we're looking back on in 2020. including one of miff favorites we did on "what to watch." r

vlad: no.so, why would you say you allow them to sell, but not by, if you allowed -- buy, if you allow democritus eyes -- democratize? vlad: getting out of position, getting out of the position that you're holding, and not being able to do that is painful. we stand with our customers. we want to give them the ability and the platform to invest in stocks, buying and sell, so restricting buying, obviously, not as painful to customers as restricting all trading. emily: so, question from if you were here, if hedge funds can short 140% of its stock the retail can't go long because of volatility and free market, how does that make sense? vlad: well, i mean, look, it's nonnegotiable for us to comply with our financial requirements and our clearinghouse deposits. so, we have to do that. robinhood has always stood, and will continue to stand, with the individual investor and their ability to have access to buying and selling stocks. and i've got to say, now, i can kind of understand how clorox and lysol

vlad: no.tell us about why you would allow users to sell, but not by if you are about democratizing finance. vlad: users not been allowed to sell would be painful to customers. getting out of a position you are holding and not been able to do that is painful. we stand with our customers. we want to give them the ability and the platform to invest in stocks, buy and sell, so restricting buying, obviously, not as dangerous to customers. emily: if hedge funds can short 140% of a stock but retail cannot go along because of volatility in a free market, how does that make sense? vlad: look, it is not negotiable for us to comply with our financial requirements and our clearinghouse deposits. we just have to do that. robinhood has always stood and will continue to stand with the individual investor -- their ability to have access to buying and selling stocks, and i have to say, now, i can kind of understand how clorox and lysol were feeling at the beginning of the dynamic when there is so much demand f

vlad owned that. great. these are growing pains. facebook went through 12 of these.r went through 17 of these. i talked to you about every single one of them hyper growth has edge cases. they're going to need to have more money on hand i'm not an expert on the regulations of what the covenants are and what the coverage needs to be but this is a great stress test of our financial system and it's absolutely awesome that young people are on wall street getting this financial education because the way to accumulate wealth in the united states is to own equity and equity participation. you cannot win just being and you condition change your strata in life and move up intoanothe level if you don't have equity participation. it's very hard to do that on income and so it's great that this education is occurring you have to understand when something hits number one in the app store, that is a large amount of downloads. so this is as if everybody in the country decided they're going to go to las vegas on the same weekend this is unsustainable. it's unsustainable to onboard all

i support vlad i support robinhood.e. >> obviously i disagree. i think you're putting the marketplace at risk. i think by introducing this wild type of speculation you're putting our economy at risk. i hope it happens quickly. >> secretary galvin, we'll end on that note thank you for making your points >> thank you >> kevin o'leary, you need to be more strident about things so wishy-washy all of the time you have to tell us what you really, really feel next time. can you do that? you're free to do it it's cable. >> absolutely, joe you know i love doing it. >> god, we love having you, too. i put everyone in secretary galvin's seat and stick you on the other side and i know we're going to have a good conversation that's what we're looking for. it's cable thanks, guys. >>> got a money dispute? kevin wants to hear all sides and help you determine the best way. tell him your story. >>> another note, don't miss the former chairman of t.d. ameritrade, joe moglia right here on "squawk box" monday morning at 8 a.m coastal caroli

vlad? >> that's an eye-opening statistic. in london, as always, we thank you. >>> nearly all republicans in the u.s. senate have made it clear they are not ready to convict former president trump in his impeachment trial. all 100 senators were sworn in as jurors yesterday, and then one republican tried to stop it. soon afterward, the democrat who will preside over the trial, that's senator patrick leahy, was taken to a hospital. nikole killion is on capitol hill. how is he doing? >> reporter: well, senator patrick leahy is home and could be back on the job as early as today. his spokesperson says he wasn't feeling well in his office yesterday and was taken to the hospital out of an abundance of caution. >> will all senators now rise and raise their right hand -- >> reporter: not long after administering the oath to his fellow senators at former president trump's impeachment trial, vermont senator patrick leahy was transported to this washington, d.c., hospital for observation. kentucky sena

sounds like an email that i write. >> vlad is probably -- >> i know. on the ebird site.heck, to go to that park in a given day. on a cold and rainy day as well. >> i get it. i get it! >>> mark your calendars, because today's the day when the cbs his show "the talk" returns this afternoon. two new faces at the table starting this afternoon. amanda kloots and elaine wealth ro welteroth. kloots you know former broadway dancer and radio city rockette turned celebrity trainer and business owner. elaine welteroth, badass award winning journalist and judge on "teen vogue" and on "project runway." very busy girls. thanks for taking the time. congratulations to you both. does it feel like the first day of school? elaine, go first? >> totally. 100% feels like the first day of school, except we're going to see gayle king on zoom from your living room. >> going to be there. yes. >> very surreal. i picked out an outfit i hope you love. i thought about you. >> we spend so much time picking out the first day outfit. amanda, how are you feeling? we are always cheering you on. how did yo

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i hope you'll be here -- >> tell us about it, vlad.y phone. i hope i can find it for my car. worrying. >> we'll see. >>> miami heat fans got to see last night's game in person for the very first time since the pandemic hit. 1,500 season ticket holders were only allowed in after getting sniffed by these dogs on the lookout for covid. >> wow. >> if the dog sits in front of a fan, that meant that the virus was detected. and the person was not allowed in. fans who did go inside had to wear masks and practice social distancing at all times. the heat is the first nba team to try the method to curb the spread of covid. >> they haven't proven that this is totally reliable, have they? >> i love dogs and trust them implicitly but i don't know. >> i wouldn't -- like having a dog like call you out of a line -- >> dog sniffs you and sits down. it's like, beat it, buddy, you're out. >> feel guilty when the dog sniffs you, i don't know what's on me, please. >>> all right. a live weather forecaster in los angeles suddenly turned off the charts adorabl

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emily: vlad tenev, ceo of robinhood.ding somewhat restricted in the platform but has opened up a bit rate for more on what we have been watching, we are joined by brian barnes. even after that interview with vlad, many people don't understand why robinhood did this. want them to be more clear. i have never seen so much vitriol in my twitter feed. folks unhappy with his explanation. you instituted some sort of trading limits but were more clear about why. tell us why you halted some securities, and explain the rationale. >> first, thank you for having me. not all of these brokerage platforms are the same. there is big difference between trading platforms and investing platforms. i think m1 is more geared for long-term, systematic investing. it is not a day trade platform. it is about designing a custom portfolio. and automating it read we have a more longform -- long-term oriented approach. the trading mentality, gamestop and amc has been less a core component of our business. yesterday, we hit about $75 million. it was m

thank you again. >> of course >> it's great to hear from vlad.ou so much for bringing us that interview thank you court ni gibson, dan nathan for joining us tonight for this special edition of "fast money. the reddit rebellion the news with shepard smith starts right now. shepard smith starts right now >>> now it's not a game. now it's risen to congress and investigations game stop just the start i'm shepard smith. this is the news on cnbc >> this force is probably bigger than establishment elites think it is. >> the warning from washington the gamestop surge may be just the beginning. and life on wall street and your street may never be the same as a new generation tries to change the rules of the game. >>> covid cases dropping sharply, but now a new, more

ceo of robinhood vlad tenev is writing an op-ed, i asked vlad about gamestop, of course, we've all beent ship as part of this short squeeze. whether those that are investing in this fully understand what they're investing in >> without commenting on individual stocks and whether people should or should not be investing in them, what i'll say is that, you know, like many others in the industry, we have processes that respond to increases in volatility in certain names, by doing things like raising the margin requirements so, you know, we've done that in lots of cases. and, you know, we were -- we always remain focused on making sure the system is reliable, that we're investing in stability, making sure we're up for customers when they need us the most and that we're investing in customer support so, those remain our two priorities and other than that, you know, as you've seen with this market, there's things happening, different things happening, every week and i think we have to avoid, you know, running our business as if we're responding to, you know, what's in the news on a weekly bas

trades to make customers whole is much greater, and not the mention the regulatory requirements that vlad was referring to according to the s.e.c. or the member organization, the clearing organization, the depository trust or the corporation which is what triggered yesterday i think. >> yeah, and it was also just the jamming up of one stock for the most part gamestop. so, right? they never anticipated that volume, and value at risk and dollars at risk, and so if you have any idea of going to sequoia or reddit and we need a couple million bucks, and i want to be careful of the language, robinhood's financial situation overall, and if this is a -- >> whether they were in distress. >> and listen, we did it in '07 and '08 and you have to be careful with the language. >> yes, absolutely, you do, and i'm the first to agree. you don't want to call false fire in a crowded theater. so i don't want to say that it is a an emergency as we called it in the story, but they have roughly 100 investors and went to the current investors and people who have skin in the game, and they said, we would like a q

vlad duthiers has been following the story. so many people are talking about this. >> anthony, good morning. you sound like one of my old clients when i was a vp in investment management. so let me tell you what's going on. in less than a year the company's stock has jumped from less than $3 a share to almost $350. how and why that happened has caused rumbles on wall street as small investors apparently joined forces to beat the big traders at their own game. to main street, it's the world's largest video game retailer. [ bell ] on wall street, gamestop is the latest battleground between the financial elite and small investors. shares of the company have soared nearly 800% over the past week, driven by anonymous posts on the reddit forum wall strere bets.. stephahanie mehta i is editor-in-chief at bass compana. >> they're sticking it to the big institutionalal investors, the hedge funds, by forcing the big guys to lose money because they've been shorting or betting against gamestop. >> reporter: here's what happened -- all last year, gamestop was struggling. its sto

robinhood ceo vlad tenev speaking to cnbc addressing the widespread criticism his firm is now facingi want to address misinformation that's out there because there's a lot of it. we absolutely did not do this at the direction of any market maker or hedge fund or other market participants. the reason we did it was because robinhood is a brokerage firm. we have lots of financial requirements there was no liquidity problem, and to be clear. this was done preemptively, so we did this proactively, and thousands of other securities remain tradeable on the platform, customers that held these positions were able to sell them, and we're doing what we can to allow buying and to remove these restrictions in the morning. >>> robinhood is raising $1 billion from the existing enves tors, a -- investors. spilling over into the global markets, asia closing lower overnight, and the major european markets seeing a lot of red this morning our julianna tatelbaum joins us from our london newsroom, and what are you seeing over there. >>> the retail frenzy, whether this is a fascinating story to watch or i

but vlad tenev, thank you for coming in and making the case for robinhood. >> thank you very much.e want nothing more than to enable investing and access to as many individuals as possible. that's our mission and it's in the name of the company. >> just got to make sure that something named robinhood isn't rigging it for the sheriff of nottingham. you know what i'm saying? like if you're going to set it up where the little guy can win, they should be able to play firly fir fairly and see that on it. you have this as a venue as we move along. good luck. the other side of the story is individual investors who came together on reddit which is an amazing story in itself. the man who founded wall street bets is here. his name is jamie rogozinski. a nice irish name. he did step away from it last year but he's here now. i saw you, i know you're heated up about this, mr. rogozinski. first, jamie, what was your response to what you heard from the head of robinhood? >> thanks for having me. i want to start by saying i hope you take it easier on me. i don't have as much experience as him. i'm

. >> of course >> it's great to hear from vlad. andrew, thank you so much for bringing us that interview thank you court ni gibson, dan nathan for joining us tonight for this special edition of "fast money. the reddit rebellion the news with shepard smith starts right now. shepard smith starts right now >>> now it's not a game. now it's risen to congress and investigations game stop just the start i'm shepard smith. this is the news on cnbc >> this force is probably bigger than establishment elites think it is. >> the warning from washington the gamestop surge may be just the beginning. and life on wall street and your street may never be the same as a new generation tries to change the rules of the game. >>> covid cases dropping sharply, but now a new, more contagious strain confirmed in the united states. how worried should we be the experts weigh in >>> the fight to hike the national minimum wage and the serious pushback from an industry that says it's already being punished too much. >>> plus one of the world's most dangerous h

but robinhood's ceo vlad tenev said they've got it all wrong, it was really about market mechanics. >al requirements, including s.e.c. net capital requirements and clearinghouse deposits. in order to protect the firm and protect our customers, we had to limit buying in these stocks. >> so let's just walk through this, to be clear, this was not about robinhood or any of these other trading platforms trying to rescue over the little guy but they did fail. they had to stop trading to comply with government rules and basically keep themselves from going out of business screw over one side of the trade or another but they made it clear they were not able to step up in volatile times, begging the question can they do it going forward? my next guest is another ceo forced to restrict some buys yesterday, yanek malling, a social network for investing, and jamie rogasinski founder of reddit wall street bets where this all got started. yanek, apps like robinhood and yours are about bringing the little guy into the market. not just those with big accounts and broker dealers. what happened yesterd

"vlad, i've been thinking a lot about bill belichick declining the medal of freedom.t, favorable mention in "what to watch." >> bill belichick wants to be me, probably, today. >> i'm sure he said that. >> yeah. >> i think i want to be like him. here are a few stories we think you'll be talking about today. new england patriots head coach bill belichick says he will not accept the presidential medal of freedom offered by president trump. in a statement, belichick said he couldn't move forward to receive the nation's highest simplian honor after the assault on the capitol last week. the white house had no comment on belichick's decision. the six-time super bowl winning coach say friend of the president. they celebrated in 2015. they also wrote a letter of support during the 2016 campaign. belichick is scheduled to receive it on monday. writing this is not a time for others, it's a time for duty. belichick did his duty. >> i think so, too. >> he was under pressure. bob ryan wrote if he accepts that medal, he's dead to me. there were a lot of people being very vocal. i'm

to us,s, it's p personal. >>> time for "what to watch" with vlad duthiers. the news -- insurrection, impeachment, inauguration, but a lot of people have been writing on line, they want vlad to inspire this -- >> i didn't know where you were going. >> you can do that -- >> i was wondering where it was going. >> we'll try to do that this monday morning. here are a few stories we think you'll be talking about today -- president-elect joe biden reportedly is poised to cancel approval for a controversial pipeline project on his first day in office. canada's cbc news reports the words rescind, keystone, excel pipeline permit appeared on the list of executive actions he is set to take immediately. the move in a decade-long fight would kill a project that's become a political symbol for climate change activists and the oil industry. the pipeline's planned route runs from alberta, canada, to nebraska, passing through montana and south dakota. the pipeline's developer now plans to announce a series of overhauls including a pledge to use only renewable energy in an eff

a lot of people want vlad to inspire this week.ne ahead of the australian open. some players are going next level to get some practice. who's paying the deposit on that room? the security deposit? >> the window -- makes me nervous. >> how would you like to be in the room next door with the tennis ball thumping on the wall. ♪ >> the constitution is in trouble for this reason -- most americans do not know what's in it. ♪ >> how many people are in the house of representatives? >> i don't know. >> 12? >> 14? >> the house? chief justice of the supreme court -- john -- >> roberts. >> yes! it is. he got it. well done. ♪ >> being american is more than a pride we inherit. it's the past we step into and how we repair it. >> have you already made your campaign plans? >> i have. my hash tag is going to be #camandainchief. >> that's awesome. >> play on words because that's what i do. >> did she ever say "i want to be president of the united states one day"? the. >> it no. she just had characteristics of a leader. kamala's tended to kind of stan

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. >>> time now for what to watch with the always smiling vlad duthiers. have an instagram account for the cat. is that part of a family plan? >> cat has instagram? >> she takes so many pictures of henry as he's known that we decided to open an instagram account. he already has 200 followers. >> is the cat bill lingual? >> what's his account? @henrylememe. >> now you're going to make him more famous, tony. here are a few stories we'll be talking about today. heart pounding video shows a woman desperately trying to wake up her neighbors as flames tore through their home. watch this. >> get up! your house is on fire. get out. >> that is carolyn halla. she ran to the salgado family's home in avondale. she kept banging on the door until the family of six woke up and helped all of them get out of the home safely. nicole said they would have been goners without her. >> she made sure that we got out of that house. >> firefighters told us that if it would have been five more minutes that roof would have came down with us in the house. she's going to be part of our

vlad, georgia is on my mind, but you've got three opportunities now to change that.he river. tina turner and ike. good morning. here are a few stories you'll be talking about today. pennsylvania's opening state senate session took an explosive turn after republicans refused to swear in a democratic member who narrowly won re-election in november. watch this. >> the gentleman in question has been certified, gone to court, won those claims and so i'm not sure why we're debating those at all. >> there's nothing about this day that is appropriate. nothing. this is about pennsylvania, not democrats or republicans. it's not about winning, it's about protecting our democracy. >> let me break down what happened. senator anthony williams lost his cool after a motion was called to not seat his fellow democratic colleague, jim brewster. state senate election officials confirmed brewster won a new term by 69 votes over his republican rival, nicole ziccarelli. republicans who hold a senate majority refused to swear him in pointing to s.e.ziccarelli's lat which is still pending. b

vlad duthiers is right here. >> whoa!t karen carpenter, i am now close to you. it's good, feels good. feels good. >> looks good, too. >> here are a few stories we think you'll be talking about -- foreign ministers in the european union are considering a next step for russia after the mass arrest of thousands of protesters. massive crowds gather friday cities across russia on saturday demanding opposition leader alexei navalny be released from jail. crowds braved temperatures as low as minus 58 degrees. some of the officers were season beating the protesters. some demonstrators fought back, including these people who bombarded a group of riot police with snowballs in moscow. as the chaos unfolded, demonstrators were dragged away in handcuffs by groups of officers. police even barrelled through a crowd of reporters and arrested one of navalny's allies. human rights watch says 3,700 people were detained in all including his wife. >> she was released. >> she was released. >> we were talking last week about navalny poking the

>> regular people, but vlad as well.>> and the latest on the threats against tomorrow's inauguration of our next presesident joe bididen andnd w he's p promising f for the futu. . hey, rita!a! you now eaearn 3% on d dinin, including g takeout! bon appetit.t. hey y kim, you n now earn 5%5% n trtravel purchchased throuough ! way aheaead of you!! hey, neaeal! you canan earn 3% at drugugstores. bubuddy, i'm right t here. why are you yelling? because that's what i do! you're always earning with 5% cash back on travel pupurchased ththrough chasa, 3% at drugugstores, 3%3% on dining incncluding takakeout, and 1.5% o on everythihing elelse you buyuy. chase. make m more of whahat's yoyo. these days, we want sophisticated but simple. cutting edge made user friendly. in otherer words, we w want a hybrbrid. and soso do retaililers. which is w why they're gogoing hybridid, with ibmb. a hybrid c cloud approroach with watatson ai helelps manae susupply chainins while predicicting demanands with ea. from r retail to h healthcar, busisine

she's 22 years odld, vlad.illy and dumb. >> look where it got you. >> exactly. well, i'd say even now, i mean, what i did just this week doesn't compare -- >> i know it's true. >> she outshines us at her tender age. >> she's so wise, so interesting, so fascinating. she radiates -- >> brilliant. >> a dynamite writer to boot. >> exactly. wow. with that, tony, not able to live up to that. i'm going to try with the stories we think you'll be talking about today. for yesterday's inauguration, we want to highlight a few stories. one of them, capitol police officer eugene goodman escorting vice president kamala harris and her husband at yesterday's ceremony. goodman was named an acting deputy sergeant of arms ahead of the event. you remember goodman single handedly led an angry mob of rioters -- watch this -- away from the senate chamber after they broke into the capitol two weeks ago. the reporting there is that the vice president and other members of the senate were just moments away from being confronted by that mo

. >>> oh, boy, time now for what to watch and i'm glad to see your smile, vlad. >> missed you guys.but we have sometories that i think a lot of people will talk about today. the public is helping to identify some of the rioters on capitol on wednesday and there are some surprising faces. all right. so this video that you're watching shows newly installed west virginia state legislator derek evans storming the capitol. the republican lawmaker live streamed it on facebook before deleting it. nearly 50,000 people have signed a petition demanding he resign. he released a statement on wednesday saying he was there as a quote, independent member of the media to film history. he has not returned our request for a comment about him, calling for him to step down. also a chicago man arrested for taking part in the attack that is offering some remorse. listen to what brad ruckstales told us. >> i have nothing to do with charging anybody. i was in the wrong place at the wrong time and i regret my part in that. >> we know 82 have been arrested and the d.c. police have a website if you see someon

>> i thought you were going to have -- a surprise specifically for him. >> like vlad, you're being -->> okay. okay. that is a surprise. who was picked was a surprise. >> very cool, tony dokoupil. here's a couple of stories we think you'll be talking about today -- the kennedy center named new honorees. one of them is in this sitcom from the 196060s. watch this. >> laughining a at peoeople in s aa manififestation of a dedeep-d hostilitity. [ laughterer ] >>>> rememberr thehe music? ♪ accocording to " "the new yoyor times,"" comomedy legend d dick dyke was s so excitited when he fofound out hee wasas pickedd h whwhat he w was t told not to oe toldld his family. told themem, don't -- t the f f ththing you d don't want t to d tell your family. he told his family. the other honorees are choreographer and director debbie allen who we love, folk singer/songwriter joan bayesses who we love -- baez who we love, and violinist midori who's amazing. the kennedy sencenter had to postpone the awards last year because of the coronavirus pandemic. the gala will air on june 6th here on cbs. you know,

importance of character, standing with our allies and pushing back against people like kim jong un and vladrh putin -- vladimir putin. >> reporter: president biden beat former president trump in arizona by 10,500 votes. eric? eric: david, thanks so much. arthel: seattle's bear rim police chief -- interim police chief says he will crack own on rioters and vandallals after rioters destroyed the city's original starbucks coffee shop. alex hogan is live in new york city with the details. alex. >> reporter: hi, arthel. seattle police say this is a step to deter any more people at protests from committing any violence after many of the people who were arrested last year never saw prosecution. in the last year, police there in seattle arrested about 600 people. many of those people have yet to face charges. police chief adrian diaz announcing this tighter policy urging city leaders to do the same. on wednesday, inauguration day, a group of protesters vandalizing several buildings including smashing the windows of an amazon store and, as you mentioned, tar bucks at the city's -- star the bucks at t

leslie >> reporter: well, shep, robinhood ceo vlad tenev on cnbc saying that the firm's decision to limit buying to, quote, protect the firm and protect their customers. now, we heard from sources that robinhood is tapping hundreds of millions of dollars in credit line from banks to shore up its balance sheet. but ceo tenev said this about the health of his business moments ago. >> i know how clorox and lysol felt in the pandemic when they were running out of hand sanitizer and supplies we just haven't seen this level of concentrated interest marketwide in a small number of names before >> robinhood put out a statement hours ago saying that starting tomorrow, they would resume, quote, limited buys of these securities and may make adjustments as needed. still, as retail investors saw their ability to buy certain securities thwarted today, hedge funds and other professional investors who can execute their own trades soldiered on, fueling more anger from the retail community over what they see as unfairness in this system. now, the issue is working its way through the courts a class action s

so, the robinhood ceo, vlad tenev was on cnn yesterday, making the rounds trying to explain this decisionties to, you know, meet various deposit clearinghouse requirements that robinhood is required to clear. he says that they, robinhood, relied on lines of credit from major banks as a proactive measure, but that, of course, did not satisfy the criticisms of a lot of people who thought it was a major double standard. you have other different people, different trading platforms who have also restricted trading, like ameritrade, interactive brokers, but robinhood has really gotten the brunt of the criticism because their entire mission was to democratize finance, make it accessible, especially for younger people to trade from their phones, be players in the market. so, while these other platforms are also restricting trading -- for example, interactive brokers seems to be less keen on reallowing purchases of these stocks -- it's definitely a really tough decision for robinhood, and they're just trying to sort of, you know, deal with the volatility and be able to meet these certain requireme

let's dig into the decision with robinhood's ceo, vlad tenev, thank you for joining us. >> chris, thank for having me. this is surreal for me. i've been watching your show live, especially through this past year. >> i appreciate it. look, you know my audience. this is not an investment show. and i don't think it needs to be. i don't really care about your capital commitments, your liquidity, and what was going on in the regulatory side. and i'll talk to you a little about that. but i want you to address the obvious. this looks like a move by an outfit called robinhood, which is supposed to be taking from the rich and giving to the poor, and doing exactly the opposite. that when the big guys, including one of your main investors in your company, started to lose, you shut down the game to starve the little guy. fair criticism? >> that's not what it is at all. and i know you started this segment -- it really resonated with me because you described the story of robinhood. robinhood started five years ago by pioneering commission-free, no account minimum, mobile investing. we've been the spo

robinhood had to can you understand that robin hood was forced into making that decision or are you saying vladt decision and he had other options and other paths he could go down. >> there are many factors, and they are different for each individual brokerage firm. looking going self clearing in the first couple of years ohave benefits and risks woe made a move to prokt our customers needs, what they wanted to do, and also protected the firm the way we manage our business, we are proud of the and proud of the decisions we made this week. >> what are you telling new customers when it comes the trading options? is that where you are seeing the bulk of the activity >> it is not, no 90% of the activity in these reddit names has been stock. we have been concentrating on education. i don't believe restrictions are the answer it is informing a new generation of enthused participants s that teachable moment here talking about the fact that she is stocks have 600% implied volatility what that means is not think about upside possibility because when is the last time you went to a game stop yourself. whe

vlad. >> i knew you going to be talking about this. >> congratulations, baby girl. >> turns out you can, come on. >> there are only so many puzzles you can do, right. >> you do good work. >> thank you very much. >> very good work. congratulations. >> everybody is talking about that. but here are a few more stories we think you'll be talking about today. we start with a new tribute for basketball star kobe bryant who died a year ago today. the lakers legend, his daughter gianna and seven others were killed when a hospital went down near los angeles. has co-mate kyrie irving paying tribute opening his coat. lebron james also last night became the oldest laker to shore more than 40 points in a game since bryant's performance in 2016. the "l.a. times" published this video from 1996. watch this. a predraft workout showing kobe making basket after basket after basket. >> wow, wow. >> we were talkiing before, i can't believe it's a year. >> it feels like it, it does. i can my son, adored kobe, said this on tmz. i thought can't be true. called cbs, and we're hearing it, too. so very worried. an

stuart: he says what you're saying, vlad says what you're saying is just a conspiracy theory. >> wellstory of crimes, none, until they get caught. what is it? his answer was he was basically protecting his own clients not because of liquidity issues. that's full of crap. stuart: yeah. okay. let's move on. tell me more about your feud with steve cohen. >> if you look at what happened, capital bailed out by steve cohen and old buddies, traders, they work together. steve cohen has a history of insider trading, one of the great insider trading scandals in the history of the stock market. 2-year suspension and suddenly he's right in the middle, his buddies with what went on yesterday. again, i don't have the proof. he unequivocally denied that he had any involvement on what happened yesterday. i would weigher, if you forced it out and if you had subpoenas, phone conversations, i think you would find out he was involved. again, it's not making giant leaps of logic here. i'm looking at facts that anybody rationally can look at them come up with any other conclusion. generally where there's s

there is vlad of literature about tech that reflects my own experience. i think there is a lot of literature about book publishing and that's an industry that hasn't changed for like 60 years. the next book is the two years from book publishing. >> and initially, yes but still a jump from publishing. so now branded as a skeptic of the arena. but i think a lot of folks in silicon valley with a certain skill set and a lot is what you are trying to do or accomplish. like the mission driven organization. >> the first i went to work for netflix for the e-books products. but that was evening up for the ios like library for a monthly fee and i reached out because i read in the paris review blog they raise $3 million. >> and also like parents? >> so $3 million was like osha at. [laughter] this is the future with the industry will be it will be netflix for e-books and i don't want to do that because i cannot see a future for myself in the e-books a ton of money for three recent college graduates but not for netflix for not for the venture capital some sure they ar