2 ms·
Read the article, couldn't understand why they are villains. OK, so there's a case where a guy misunderstood his financial statement and killed himself. This is
by smsm42 6y ago
Read the article, couldn't understand why they are villains. OK, so there's a case where a guy misunderstood his financial statement and killed himself. This is profoundly sad but surely doesn't make RH villains - they didn't intend this outcome and they didn't even make the data particularly hard to understand, it's just a sad coincidence which sometimes happens when thousands of people interact in millions of ways. Fish long enough, and you'll find something weird and something bad happening.
The other claim is that RH runs their order flow through brokerages which has the right of first trade on the trades RH users do. I don't see how that hurts RH users - by the time they made the trade, they already agreed on a price, and unless something nefarious happens like somebody foolishly sending no-limit market price orders and somebody else exploiting those to close deals with wildly out-of-market prices (which I saw no evidence of, that's just the only way I can think of this can be hurtful for the RH clients), I still fail to see the villainy.
So TLDR of it all is that they are villains because a) one guy killed himself after misreading a financial statement, b) they work with HFT companies and c) they have notifications (oh noes, no non-villainous trading software would ever do that!). That's it. Weak sauce, I say.
P.S. And what this has to do with the pandemic? Just to make it more nefarious by somehow implying they are profiteering from the pandemic, without providing any proof except temporary coincidence?