TL;DR: Jim Hines is a sleeze-ball politician, happy to use a tragic story to push a false narrative. Alex Kearns, was a victim of RobbingHood's ineptitude, and not a helpless retail trader, in over his head. The facts tell a different story, Jim!
So I know after today's hearing, there is a lot for us to be excited for & pick apart. But as we're all waiting for the more wrinkled brains to figure it out & let us know (ahem, u/atobitt, we're all patiently waiting for part 2...), I wanted to bring attention to something that bothered me today & clear up part of the story of Alex Kearns, who representative Jim Hines so humbly invoked to push an agenda.
I'm going to be calling Jim out (a lot) in this post, but I'm not trying to be political or anything. Jim is just a shill & deplorable human being.
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During the financial services hearing today, in the context of whether or not restrictions on options or leverage for retail investors need to be implemented, rep Himes threw in this comment...
>I don't need to remind the committee that we all know the story of Mr. Alex Kearns, who took his own life because he traded in some fairly complicated options strategies and discovered that he had created a liability for himself that he had not anticipated...
Do you, Jim? Do you really know? Because I don't think you do! I think you're a shill, using a tragic event to push FUD. Lets break down that statement quick...
- He traded in fairly complicated option strategies: False
- Created a liability for himself: False
- That he had not anticipated: The only thing he didn't anticipate is his broker being a pile of garbage
- We all know the story of Mr. Alex Kearns: YOU DON'T
Before providing more commentary, I'm going to present the actual story & break down some numbers.
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Alex's Last Trade
According to MotherJones (https://twitter.com/BillBrewsterSCG/status/1273292130769932288):
>Alex opened his RobbingHood account as a senior in high school, investing about $5,000 saved from birthdays, a lifeguarding job, and gifts from his grandparents. By the time he was a college sophomore, he’d tripled it.
>
> But unbeknownst
Watch how Robinhood killed this guy (yes, took his life), then immediately get out of Robinhood.
No apes suggest being on Robinhood, and it’s for good reason. This story will hopefully give you the kick you need to transfer your account out once and for all.
💯
Today, I found an old class ring from Kearns high school. More than 40 years old. I'd like to return to the owner. Would need the class year and the initials written on the inside to know its you. Found in the common area of Jordan landing next to Black Bear Diner. Help me find the owner? Thanks!
How great would it be to start the Alex Kearns foundation to continue his legacy. Ran by his family so they can decide what to focus on, fueled by tendies.
"Dorothy Kearns said she and Alex would spend evenings in the kitchen. "And one night he says to me, he's like, 'Mom, I don't — I don't know what I want to do with my life yet. But I do know I want to help people.'""
Hail the lizard wizard.
Source: https://www.cbsnews.com/news/alex-kearns-robinhood-trader-suicide-wrongful-death-suit/
🚀🦍❤️
Looking for dog friendly apartments in around Kearns, any suggestions would be great!
Is the Kearns neighborhood in west valley city a good area to live? Are the parks safe? (Free of needles and gangs) we have kids and are looking for an affordable area that is safe.
in the House Financial Services Committee's hearing today Vlad Tenev just denied any responsibility of Robinhood in regards to the death of Alex Kearns from Massachusetts who took his own life at the age of 20 when Robinhood sent him a messages requesting immediate payment of $170,000 which in fact he did not owe to Robinhood or anyone!
..naming such company Robinhood - i mean: how hypocritical can you get? - and is there a way to place bets on that???
Most info and tutorials I can find are directed towards the edm and hiphop crowd. But I dont want to make those genres. Im more interested in stuff like this. I cant can't even tell which genre it is so finding guidance online is difficult. Does anyone have a clue as to where to look?
I'm sure he would have been with us on this rocket. Let's do this for him and his family. Let's make sure nothing like this can every happen again. We are change. We are ape 🚀🚀🚀🚀🚀
So after my original "please dont forget" post, I was mistaken on the date/didnt post the edits right, so instead I decided to read up on the situation. Fud isnt a joke, nor is psychological warfare, I was merely trying to bring attention to a preventable tragedy that RH is kinda pretty responsible for.
Alex Kearns committed suicide in June after believing that he owed Robinhood $750,000. This was later shown to be false and Robinhoods poor customer service/email only communication failed to mention his debt would have been erased had he exercised his options *1.
There was a lot of bullshittery about the lawsuit and the case (there are 2 seperate filings), but I cant definitively say I know what the family got, but I do know Robinhood donated $250K to AFSP after the fact*2. The suicide however, gained a ton of attention in Feburary which I found to be strange, and the date is only mentioned in a handful of articles. I started reading *3 and saw ontop of the class action from the Kearns family, Massachusetts had filed suit with RH for “aggressive tactics to attract new, often inexperienced, investors” and “gamification strategies to manipulate customers.” Which they denied.
Now whats weird is that all of these articles are from feb 8th -11th (like go google "Kearns robinhood" the articles will mostly be those days) with the last one I could find on early google page searches (like page 1 or 2) were on the 24th. Theres probably no correlation, but feb 8th was right around when GME tanked and was at $60 *4. This also was the day (i think), the case started, court docs are confusing. *5
I couldnt find/am too broke to buy the subscription to read the court documents so any law person that could help would be rad. You also can see that Robinhood is/has been in 125 cases as Robinhood Financial LLC with cases against Robinhood Markets. *6. Dating all the way back to 2018 "American securities watchdog the SEC announced that Robinhood, has paid a $65 million fine to settle charges relating to some of its historical business practices. The actions at issue occured between 2015 and 2018, with the SEC alleging that the company “made misleading statements" *7.
I just wanted to bring awareness to RH's lack of ability to take responsibility for their actions. Sure they made some changes after the fact, but have you tried to get ahold of their customer service? its next to impossible. Alex didnt have to die, Robinhood could have prevented it and they are still tak
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