GameStop Hearing on 2/18/2021 with Keith Gill, Robinhood, Citadel, Reddit, and CATO Institute Timestamps below: 0:00 - Intro 9:30 - Background of witnesses 16:33 - Vlad Tenev testimony (CEO of Robinhood) 22:17 - Kenneth Griffin testimony (CEO of Citadel) 26:05 - Gabriel Plotkin testimony (CEO/CIO of Melvin Capital) 31:25 - Steve Huffman testimony (CEO of Reddit) 36:43 - Keith Gill testimony 'I like the stock' (Roaring Kitty aka DeepF@*kenValue DFV) 42:05 - Jennifer Schulp testimony (Director of Financial Reg Studies, CATO Institute) 46:42 - Did Robinhood have liquidity problems? 47:44 - Does Robinhood have a conflict of interest in order flows? 49:46 - Citadel handles 47% of retail volume 51:50 - Why did Robinhood restrict only buying? 57:20 - Should Robinhood make more disclosures? 1:05:05 - Was Robinhood under capitalized? 1:06:33 - What is the purpose of capital requirements? 1:10:00 - Is free trading really free? 1:14:00 - How paying for order flows benefits everyday investors 1:19:31 - How does Robinhood determine sophistication of customers? 1:25:15 - Payment for order flows 1:30:51 - Does Robinhood gamify investing? 1:36:00 - Do we need more legislation? 1:37:45 - Real time settlements 1:39:10 - 140% GameStop short interest 1:41:00 - How does Robinhood/Reddit monitor social media? 1:46:55 - Robinhood restricted buy orders and Gamestop stock declined 1:50:00 - Did Elon Musk cause GameStop stock to rise 1:51:45 - Trading ahead of clients 1:57:20 - Payment for order flows and best execution 2:03:00 - Origin of Robinhood's name 2:03:40 - Robinhood margin accounts 2:09:00 - Robinhood call center 2:10:48 - Low dollar stocks 2:12:00 - SEC Act 1934 Section 9(A)(2) 2:13:40 - Keith Gill's GameStop valuation 2:17:00 - Melvin's GameStop short 2:19:38 - Deep-you-know-what-value 2:24:11 - Robinhood's rate of return on $35 billion 2:31:30 - Why did Robinhood pause buying on 13 stocks? 2:33:30 - Issues with non real time settlements 2:36:30 - Order transparency 2:41:00 - Transaction Tax 2:45:44 - Payments for order flow 2:51:45 - Same day clearing and settlement problems 2:58:30 - Did Citadel make Robinhood restrict buying of GameStop? 3:02:00 - Robinhood innovations 3:07:30 - Reddit bot authentications 3:12:30 - Robinhood capital requirement misjudgement 3:16:00 - Section 230 internet legislation 3:17:36 - Short selling regulation SHO and Citadel 3:23:00 - Off exchange trading 3:29:30 - Is there market manipulation? 3:32:40 - Robinhood's liquidity and force liquidation 3:38:30 - Where did Robinhood get the $3 billion funding? 3:43:40 - Real time settlements 3:45:00 - 140% GameStop short interest and naked shorting 3:48:00 - Rule 606 order flow details 3:50:30 - Robinhood app design and behavioral research 3:54:30 - Why was GameStop targeted? 3:59:15 - Death of Alex Kearns 4:00:00 - Options trading made Robinhood more profitable 4:03:35 - Live call of Robinhood's customer service 4:05:15 - Capital requirements 4:10:10 - How much of Robinhood's revenue come from order flows 4:17:30 - Robinhood's margin call decreases 4:24:00 - Keith Gill comments 4:28:45 - Keith Gill on GameStop valuation 4:34:00 - Were institutions involved? 4:37:25 - Did Citadel have investments in Melvin? 4:39:30 - Transaction tax 4:45:00 - Robinhood trading restrictions 4:50:00 - Robinhood's management of internal risk 4:53:00 - Will Robinhood pay their customers for losses? 4:57:00 - Options trading and financial literacy 5:01:30 - Citadel and retail order flows 5:04:00 - Citadel front running customers 5:07:00 - Closing remarks