3 ms·
Even if I buy that (I don't), it doesn't explain the fact that they were marketing the account as SICP insured when it very obviously was not. They didn't say "
by EpicEng 8y ago
Even if I buy that (I don't), it doesn't explain the fact that they were marketing the account as SICP insured when it very obviously was not. They didn't say "we hope for these accounts to be insured in the near future!", they said that it _is_.
- astura 8y agoI'm not excusing their behavior here, but just to clarify, they thought their existing SIPC insurance would cover this new account. So they didn't lie so much as they made an assumption and were grossly mistaken.
- EpicEng 8y agoOk I better understand you now. Still, that makes little sense to me. They have reportedly been working on this product for two years[1]. Are we two believe that they never once reached out and asked "hey, you guys cool with this?" It's either gross incompetence or something more nefarious. [1]: https://www.forbes.com/sites/jeffkauflin/2018/12/13/in-a-bold-asset-grab-robinhood-offers-3-interest-on-checking-and-savings-accounts/#3e8c2771341a https://www.forbes.com/sites/jeffkauflin/2018/12/13/in-a-bol...
- PeterisP 8y agoSICP themselves stated that they were not consulted nor informed about this, so yes, it does seem that they never once reached out and asked.
- astura 8y agoThey didn't think to reach out to the SIPC , the SIPC themselves confirmed that the announcement was the first time they were hearing about the new account. Was all over HN and other sites a day after the announcement.
- EpicEng 8y agoYeah I worded that in an odd way. What I meant to imply was "it's insane that they didn't reach out to the SICP"
- deleted 8y ago[deleted]
- rchaud 8y agoEven a comment like "we hope for these accounts to be insured in the near future!" betrays a ton of uncertainty. I'd feel like I was dealing with an Etsy artist who's unsure if they can fill a big order by Christmas, not a multi-million dollar financial institution.