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Robinhood, Citadel CEOs spar with lawmakers over GameStop saga at hearing

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VIDEO BY AP
Lawmakers are examining whether wild swings in GameStop's stock price has exposed conflicts in the market's structure that can hurt unsophisticated investors. Rep. Maxine Waters says “many Americans feel that the system is stacked against them.”
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ASSOCIATED PRESS / JAN. 28

Pedestrians pass a GameStop store on 14th Street at Union Square in the Manhattan borough of New York. The GameStop saga has been portrayed as a victory of the little guy over Wall Street giants but not everyone agrees, including some lawmakers in Washington. The House Financial Services Committee is ready to dig into the confounding episode at a hearing on Thursday, Feb. 18.
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ASSOCIATED PRESS / JAN. 29

An AMC movie cinema is shown before opening in Garland, Texas. Major indexes opened lower on Wall Street Friday, Jan. 29, while shares of GameStop, AMC and several other stocks being targeted by a rowdy community of amateur investors soared again.
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ASSOCIATED PRESS / 2020

The logo for the Robinhood app on a smartphone in New York. Popular online trading platform Robinhood said Monday, Feb. 1, that it has lined up $3.4 billion to help meet its funding requirements amid a spike in trading on Wall Street fueled by small investors driving up shares in GameStop and other stocks.
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HOUSE FINANCIAL SERVICES COMMITTEE VIA AP

In this image from video provided by the House Financial Services Committee, Vlad Tenev, chief executive officer of Robinhood Markets, Inc., testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18. Lawmakers are examining whether the wild swings in the stock price of the video game retailer exposed conflicts in the market's structure that can hurt unsophisticated investors.
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HOUSE FINANCIAL SERVICES COMMITTEE VIA AP

In this image from video provided by the House Financial Services Committee, Keith Gill, a GameStop investor, also known in social media forums as Roaring Kitty, testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18. Lawmakers are examining whether the wild swings in the stock price of the video game retailer exposed conflicts in the market's structure that can hurt unsophisticated investors.
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HOUSE FINANCIAL SERVICES COMMITTEE VIA AP

In this image from video provided by the House Financial Services Committee, Kenneth Griffin, chief executive officer of Citadel LLC, testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18. Lawmakers are examining whether the wild swings in the stock price of the video game retailer exposed conflicts in the market's structure that can hurt unsophisticated investors.
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HOUSE FINANCIAL SERVICES COMMITTEE VIA AP

In this image from video provided by the House Financial Services Committee, Gabriel Plotkin, chief executive officer of Melvin Capital Management LP, testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18. Lawmakers are examining whether the wild swings in the stock price of the video game retailer exposed conflicts in the market's structure that can hurt unsophisticated investors.
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HOUSE FINANCIAL SERVICES COMMITTEE VIA AP

In this image from video provided by the House Financial Services Committee, Steve Huffman, chief executive officer and co-founder of Reddit, testifies during a virtual hearing on GameStop in Washington, Thursday, Feb. 18. Lawmakers are examining whether the wild swings in the stock price of the video game retailer exposed conflicts in the market's structure that can hurt unsophisticated investors.

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VIDEO: Robinhood CEO defends actions in GameStop saga at hearing