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There are actually supporting claims for this theory from investors on Reddit who transferred "meme stocks" out of Robinhood and noticed wildly incorrect cost b
by oakwhiz 5y ago
There are actually supporting claims for this theory from investors on Reddit who transferred "meme stocks" out of Robinhood and noticed wildly incorrect cost basis reports on fractional shares, with some screenshots showing values into the thousands of dollars per share. These posts could be found on subreddits such as Wall Street Bets, Superstonk, etc., for example: https://www.reddit.com/r/Superstonk/comments/ngs81d/just_got_my_cost_basis_information_from_robinhood/ https://www.reddit.com/r/Superstonk/comments/ngs81d/just_got...
- gruez 5y agowhat is "this theory" and how do wrong cost basis statements support that theory? Is it that hard to make fake cost basis statements or something?
- oakwhiz 5y ago"This theory" is the theory that "Robinhood runs a casino dressed up as a brokerage, and packaged their offering as if settlement was instantaneous, rather than an efficient fiction built out of loans extended to everyone involved in settling a stock transaction."