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[orbemnews]

Consumer Brands Eye Public Markets Exclusive: Allbirds is interviewing banks for an I.P.O. Silicon Valley’s favorite shoe brand is headed to Wall Street. Allbirds is interviewing banks over the next few weeks to help it make a market debut, DealBook hears. The direct-to-consumer company was last valued at around $1.7 billion. “It’s the materials.” Allbirds was founded by the New Zealand soccer star Tim Brown and Joey Zwillinger, a renewables expert. Its mantra is to “create better things in a better way,” and the company advertises that the merino wool in its shoes uses 60 percent less energy than typical synthetic materials. “One of the worst offenders of the environment from a consumer product standpoint is shoes,” Zwillinger told The Times in 2017. “It’s not the making; it’s the materials.” The brand’s flashy-but-logo-free shoes are popular among techies, celebrities (Leonardo DiCaprio is an investor) and Barack Obama. The company has raised more than $200 million since 2016. The I.P.O. would jump into a hot market. Consumer brands that were founded with a heavy (if not exclusive) internet presence, including Honest Company and Warby Parker, are taking advantage of a pandemic-driven boom in online shopping to see if investor enthusiasm for tech I.P.O.s extends to them as well. Many of those companies, including Allbirds, have since opened some retail stores, which has proved an easier transition than the legacy retailers trying to build digital operations after making their names in the offline world. Business for good? Allbirds is a certified B Corp, a certification earned by focusing on social good as well as profit. (Zwillinger joined a DealBook Debrief call last year to talk about the purpose of business.) Wall Street hasn’t always taken kindly to such companies: Etsy had to drop the status after taking a beating from the public markets following its I.P.O. Allbirds, though, said the $100 million funding round it announced last September was “indication of investors’ continued enthusiasm for its stakeholder-centric business model.” “Allbirds has always been focused on building a great company, and as a B Corp and Public Benefit Corporation, doing what is best for our stakeholders (planet, people, investors) at the right time and in a way that helps the business grow in a sustainable fashion,” the company said in a statement. HERE’S WHAT’S HAPPENING President Biden prepares for his first joint address to Congress. In a locked-down Capitol, before a far smaller audience than usual, he is expected to argue for his expansive infrastructure bill and unveil a sweeping plan for nearly universal children’s education programs. Polls suggest that Americans support Biden’s big spending proposals. Follow the lead-up to the speech in our live briefing. Vaccinated Americans can go maskless outside. The C.D.C. revised its social-distancing guidelines, allowing people who have received their shots to forgo masks outdoors except in crowded venues like stadiums. Meanwhile, Pfizer’s C.E.O., Albert Bourla, said the drug maker might roll out an oral treatment for Covid-19 by year end. Deutsche Bank dodges a bullet. The German bank reported $1.1 billion in quarterly profit, its best performance in seven years, as its traders outperformed rivals on Wall Street. Just as notably, the bank said that unlike many of its competitors, it had suffered no losses from exposure to Archegos. The cloud powers tech giants’ stellar earnings. Alphabet, Google’s parent company, said profit had more than doubled in the first quarter as online advertising and cloud services remained strong during the pandemic. Microsoft said its first-quarter earnings had jumped 44 percent, thanks to cloud and Office 365 workplace software. All eyes are now on Apple and Facebook, which report earnings after markets close today. JPMorgan Chase will open its U.S. offices to all employees next month. The bank told its American workers that they can return on May 17, subject to a 50 percent occupancy cap, with a formal return to the office for all in July. Separately, HSBC plans to cut its office space 20 percent this year as it adopts more flexible working arrangements. After refinancing, Panera’s owners eye public market return JAB, the sprawling conglomerate that owns Keurig, Krispy Kreme, Snapple and many other brands, completed an $800 million refinancing deal this month for its restaurant chain Panera Bread, DealBook is first to report. The deal could pave the way for JAB to bring the company back to the public markets after taking the chain private in 2017. As always with these things, no plans are final. JAB and Panera declined to comment. Today in Business Updated  April 28, 2021, 8:05 a.m. ET A public listing could take place with or without an I.P.O. JAB has taken its investments public in a variety of ways, often while retaining a large stake. In 2018, it merged Green Mountain, which was private at the time, with Dr Pepper Snapple Group, and last year it took the coffee chain JDE Peets public through a traditional I.P.O. SPACs are sitting on more than $100 billion in cash as they look for companies to buy and take public. The restaurant industry shifted online during the pandemic. The best-performing chains have been those that were already focused on takeout and delivery before lockdown orders — like Dunkin Brands. Panera’s online ordering business was part of its appeal to JAB back in 2017. During the pandemic, the chain added tech-enabled curbside delivery and started selling groceries. About 85 percent of Panera customers now get carryout or delivery, compared with 40 percent before the pandemic, the company’s chief executive, Niren Chaudhary, told The Associated Press. The chain, which Chaudhary says is profitable, now generates about $2 billion in e-commerce sales, more than half its total revenue. Postpandemic, it plans to redesign its restaurants to be smaller and more efficient for pickup orders. “I’ve turned down a million dollars’ worth of work in the last two weeks.” — Matt Guse, the owner of the industrial company MRS Machining, on the unexpected resurgence in manufacturing and a dearth in factory workers to keep up with demand. Seeing red over a green bank A Senate subcommittee hearing on the environment yesterday mulled legislation to support green investment, one aspect of the White House’s push to make fighting climate change a part of all of its policies. Inevitably, this exposed deep political divides, clouding the prospects for this and related initiatives important to the “climate administration.” The National Climate Bank Act would provide $100 billion for a nonprofit investment accelerator to attract private capital and create jobs while cutting emissions, said the committee chair Edward Markey, Democrat of Massachusetts. (He first introduced the idea in 2009.) President Biden’s infrastructure plan recommends such an accelerator, and more than 200 groups recently urged Congress to incorporate the act into an infrastructure bill. “We don’t agree on anything, but I love him,” quipped the Oklahoma Republican Jim Inhofe before critiquing Markey’s plan at the hearing. The bank would create “a slush fund for green billionaires” like Elon Musk to collect government subsidies while taxpayers foot the bill for “charging stations of residents of coastal states,” Inhofe said. “We don’t need to pick winners and losers,” said Cynthia Lummis, Republican of Wyoming. Instead of eliminating fossil fuels, encouraging innovations like Wyoming’s carbon-capture experiments could also reduce emissions, she said. “This is an approach that has been embraced by Republicans and Democrats alike in states across the nation,” Senator Chris Van Hollen, Democrat of Maryland, told DealBook after the hearing. He refuted claims that the fund would lack oversight and lead to higher energy prices. Reed Hundt of the Coalition for Green Capital, a nonprofit that helps create green banks, testified that there are projects underway in 37 states, and “we’re not talking about billionaires who want to go to Mars.” A slow roll to federal marijuana legalization For marijuana sector investors, things have never been better. States are reaping revenue from legalization and resistance at the federal level seems futile. “The shift in the political climate in D.C. has created tailwinds for the industry,” Matt Sweeney of the cannabis investment group Entourage Effect Capital told DealBook. Uncle Sam isn’t totally sold. The House last week passed the Safe Banking Act (again), which would bar federal regulators from penalizing banks working with legal cannabis businesses. But although the Senate Banking Committee chair, Sherrod Brown of Ohio, said he would look at it “seriously,” he also said he was “not ready to move.” That means the Senate won’t vote on it soon, if at all. More time might be good for industry insiders, Sweeney said. Full federal legalization would bring Wall Street investors and tobacco and alcohol giants looking to cash in, he said, and cannabis companies could use the time to scale up. From his perspective, the next important step is passing legislation that safeguards states’ marijuana laws. An act first introduced in 2018 by the Democratic Senators Elizabeth Warren and Cory Booker would protect states, territories and tribal nations implementing marijuana laws from federal interference. The act hasn’t “yet” been reintroduced during this Congress, said an aide for Warren, without saying when that may happen. Legalization is paying off for some states. In Illinois, tax revenue on sales of marijuana recently surpassed levies collected on alcohol. According to estimates from the independent policy nonprofit the Tax Foundation, the scope for tax revenue on recreational marijuana sales runs to the tens of millions of dollars per year for many states, if not more. THE SPEED READ Deals The S.E.C. is reportedly weighing new guidance for financial projections used to promote SPAC deals, further curtailing the frenzy for blank-check funds. (Reuters) Crown Prince Mohammed bin Salman of Saudi Arabia said Aramco might sell a 1 percent stake to another “leading global energy company.” (CNBC) A booming stock market and a surge in I.P.O.s have stuffed California’s coffers with tax revenue. (NYT) Politics and policy A top senator asked the Justice Department for information on whether Credit Suisse had helped wealthy Americans evade taxes even after settling a federal investigation. (NYT) The hottest commodity in Washington right now: lobbyists fluent in “reconciliation,” the legislative procedure that may be used to pass the multitrillion-dollar infrastructure plan. (Politico) Publishers are under pressure, including from employees, over book deals signed with Trump administration officials. (NYT) Tech How a list of “funny” customer names led to an internal reckoning at Basecamp, the company that recently banned talking politics at work. (Platformer) Right-wing extremists, many barred from Facebook and YouTube, are flocking to Amazon’s Twitch service. (NYT) Could Robinhood’s latest trademark application be a clue for its forthcoming I.P.O.? (Protocol) Best of the rest Samsung’s founding family will pay $11 billion in inheritance taxes, one of the biggest single bills in history, after the death of its patriarch last fall. (FT) The Museum of Modern Art chose Marie-Josée Kravis, the philanthropist and wife of Henry Kravis, to replace Leon Black as its chair. (NYT) Why Barcelona and Real Madrid are still holding out hope for the European Super League. (Bloomberg) We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com. Source link Orbem News #brands #Consumer #eye #Markets #public

[constructionaccounting]

0246: Business Systems: Your Guide to 9 Small Business Trends

This Podcast Is Episode Number 0246, And It Will Be About Business Systems: Your Guide To Nine Small Business Trends

Today's Podcast Is Based On A Guest Article From Betty Moore

Great can be the Level of our returns when we are informed on various trends needed to structurally run any business size. From the biggest commodity to the smallest, biggest service providers to the smallest. Every successful entrepreneur can testify that these trends are inevitable tools for a constant and successful business growth. So, here are nine small business trends which you may want to apply to your business. Building your own construction company easily. Learn from experts!

Building your customer base: This is very important for any small scale business to grow. This can be achieved through various advertising means. Find out what it takes to get your product out there and, known to the targeted audience. Then, the next is managing your customers. This includes getting a tool which will merge both offline and online customers to maximize profit. Social media is a very good idea. Most small businesses want to get on internet advertising. Not Just internet sources but, rather telephone sources can also be merged. Distance Or Remote Workers: A force in business which has been so effective in today’s world is the creation and the flexibility of remote workers. This is in relation to the fact that flexible environment of work create an increase in productivity. Young talented employees can be sorted to work from home or online position for the division of labor and enhancement of productivity, this help in the delivery services or product to the public. Personnel Training As manager of a small business venture, It is more productive to build your team. Until the team becomes an expert, training should not be under looked. This is a smart investment to starting your team, teaching them, educating them. It’s smart to start investing on training programs, in training your young talents today. Millennial team members want to develop. As a small business, development is crucial. We cannot afford not to grow. Training promising talents is the company’s future. This means that a budget should be made on this aspect as regards personnel training. Digital Stores Creating a wonderful website with all accessible products and services of the company should be put in place to meet demand of the consumers. Of course, business with rich website content always attracts buyers. This is an important tool for every small business that need to increase its sales, a functioning website, fully operated and controlled by the service team. Also, it should include an efficient payment method to allow customers pay for goods and services without stress. 24/7 Customer Care With an increasing demand on goods and services, small businesses should be able to cater for customer’s need. It will maintain the company’s customer base if customers are treated with value, support, and attention.

Little businesses seeking to grow into multi-national giant must keep up with customer service. This is should be reachable at all time. Continuous Research A continuous Product research is ideal for quantitative and qualitative delivery of goods or service. Every upcoming business must create or set out a budget for better research team workers. With our research team, we are able to reduce cost and increase productivity. Location Marketing: Location marketing is a type of marketing system that uses phone location to reach out to the available customers. Sends information on available services and goods in a given location. This is unique in product advertisement. Customers become aware of your product simply be mobile phone SMS services. As people become aware, your product or service is brought to their notice. Small businesses should take opportunity of this trend, buy into it and use it efficiently.

Big companies use this medium of advertisement to tap into stream of customers without no effort at all. All small businesses as well must use the strategy as well if top sales and profit must be reached. Nevertheless, there must be adequate budget towards it.

Computer Engineering Data management, applications, program, website creation all these and much more are related to computer engineering. A lot of software development is done overseas these days, but the need for high-level computer experts able to tie systems together is still strong. We are looking for Software services which are cheap and efficient to run our businesses. In finance and investing, for instance, high-speed computing is increasingly a prime competitive advantage. And most big companies will need networks that are faster, more seamless, and more secure. This will help them to be ahead of their competitors. To grow a business, tools like internet marketing and promotion are needed, the backbone for all of this is computer engineering.

CONCLUSION:

These trends are inevitable if success is the truly the aim in business. We need not to only implement these trends but also maximize its potentials. Can we truly maximize sales with these? Can we fully implement these trends with low income budget? What advantages can we have over other business if we fully implement?  Leave a comment on what you think..

About The Author:

Betty Moore is a content writer and Gp tutor for students. She specializes in topics about education, writing, blogging and likes to share knowledge and ideas with people in her publications. Connect with her on Facebook or Twitter.

Message From The Editor

Helping Contractors around the world is one of the reasons we added the FastEasyAccountingStore.com Follow our blogs, listen to Contractor Success M.A.P. Podcast. We Appreciate Our Visitors, Listeners, and Subscribers. – Thank You!!

Please feel free to download all the Free Forms and Resources that you find useful for your business.   We are here to Help “A Little or A Lot” depending on your needs.

I trust this podcast helps you understand that outsourcing your contractor's bookkeeping services to us is about more than just “doing the bookkeeping”; it is about taking a holistic approach to your entire construction company and helping support you as a contractor and as a person.

We Remove Contractor's Unique Paperwork Frustrations

We understand the good, bad and the ugly about owning and operating construction companies because we have had several of them and we sincerely care about you and your construction company!

That is all I have for now, and if you have listened to this far please do me the honor of commenting and rating the Podcast  www.FastEasyAccounting.com/podcast Tell me what you liked, did not like, tell it as you see it because your feedback is crucial and I thank you in advance.

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This Is One more example of how Fast Easy Accounting is helping construction company owners across the USA including Alaska and Hawaii put more money in the bank to operate and grow your construction company. Construction accounting is not rocket science; it is a lot harder than that, and a lot more valuable to construction contractors like you so stop missing out and call Sharie 206-361-3950 or email sharie@fasteasyaccounting.com

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Thank you very much, and I hope you understand we do care about you and all contractors regardless of whether or not you ever hire our services. Bye for now until our next episode here on the Contractors Success MAP Podcast.

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Most Contractors Setup QuickBooks Desktop Version In One Of Three Ways:

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And QuickBooks Does Not Work The Way They Want It Too!

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  Short List Of Construction Contractors We Serve

Asphalt ContractorAsphalt Contractor Brand New ContractorBrand New ContractorBrick And Stone ContractorBrick And Stone ContractorCabinet Installation ContractorCabinet Installation ContractorCarpentry ContractorCarpentry ContractorCarpet And Tile ContractorCarpet And Tile ContractorCommercial Tenant Improvement ContractorCommercial Tenant Improvement ContractorConcrete ContractorConcrete ContractorConstruction EmployeesConstruction EmployeesConstruction ManagerConstruction ManagerConstruction Support SpecialistConstruction Support SpecialistCustom Deck ContractorCustom Deck ContractorCustom Home BuilderCustom Home BuilderDemolition ContractorDemolition ContractorDrywall ContractorDrywall ContractorElectrical ContractorElectrical ContractorEmerging ContractorEmerging ContractorExcavation ContractorExcavation ContractorFinish Millwork ContractorFinish Millwork ContractorFlipper House ContractorFlipper House ContractorFlooring ContractorFlooring ContractorFoundation ContractorFoundation ContractorFraming ContractorFraming ContractorGeneral ContractorGeneral ContractorGlass Installation ContractorGlass Installation ContractorGutter ContractorGutter ContractorHandyman ContractorHandyman ContractorHot Tub ContractorHot Tub ContractorHVAC ContractorHVAC ContractorInsulation ContractorInsulation ContractorInterior Designer ContractorInterior Designer ContractorLand Development ContractorLand Development ContractorLandscape ContractorLandscape ContractorLawn And Yard Maintenance ContractorLawn And Yard Maintenance ContractorMasonry ContractorMasonry ContractorMold Remediation ContractorMold Remediation ContractorMoss Removal ContractorMoss Removal ContractorPainting ContractorPainting ContractorPlaster ContractorPlaster ContractorPlaster And Stucco ContractorPlaster And Stucco ContractorPlumbing ContractorPlumbing ContractorPressure Washing ContractorPressure Washing ContractorRemodel ContractorRemodel ContractorRenovation ContractorRenovation ContractorRestoration ContractorRestoration ContractorRoofing ContractorRoofing ContractorSiding ContractorSiding ContractorSpec Home BuilderSpec Home BuilderSpecialty ContractorSpecialty ContractorStone Mason ContractorStone Mason ContractorStucco ContractorStucco ContractorSubcontractorSubcontractorSwimming Pool ContractorSwimming Pool ContractorSwimming Pool And Hot Tub ContractorSwimming Pool And Hot Tub ContractorTile And Carpet ContractorTile And Carpet ContractorTrade ContractorTrade ContractorTree ContractorTree ContractorUnderground ContractorUnderground ContractorUtility ContractorUtility ContractorWaterproofing ContractorWaterproofing ContractorWindow ContractorWindow Contractor

Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up TemplatesSolopreneurQuickBooks Chart Of AccountsFree StuffQuickBooks Item Lists TemplatesConsulting

We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

  Additional QuickBooks Templates, Resources, And Services

QuickBooks Set Up Templates   Solopreneur

QuickBooks Chart Of Accounts     Free Stuff

QuickBooks Item Lists Templates     Consulting

  We Serve Over 100 Types Of Contractors So If Your Type Of Company Is Not Listed

Please Do Not Be Concerned Because If You Are A Contractor

There Is A Good Chance We Can Help You!

Call Now: 206-361-3950

If you are a blogger, who writes about construction we would like to hear from you.

https://www.fasteasyaccounting.com/guestblogger

                                                                                                                              Contractors_Success_MAP, Contractors_Success_Marketing_Accounting_Production, Contractor_Bookkeeping_Services, QuickBooks_For_Contractors, QuickBooks_For_Contractors,Contractors_Success_Map_Business_Systems_Your_Guide_to_9_Small_Business_Trends

Check out this episode about Contractors Marketing - Accounting - Production (M.A.P.)!

[orbemnews]

Facebook, Google and Twitter C.E.O.s to Face Lawmakers Again: Live Updates Here’s what you need to know: Jack Dorsey, left, the chief executive of Twitter; Sundar Pichai, the chief executive of Google; and Mark Zuckerberg, the chief executive of Facebook, will appear before the House Energy and Commerce Committee on March 25.Credit…Lm Otero Jose Luis Magana/Associated Press The chief executives of Facebook, Google and Twitter will face skeptical lawmakers again next month when a congressional committee questions them about the ways disinformation spreads across their platforms. The House Energy and Commerce Committee said Thursday that it would hold a hearing on March 25 with Mark Zuckerberg of Facebook, Sundar Pichai of Google and Jack Dorsey of Twitter. The committee has been examining the future of Section 230 of the Communications Decency Act, a 1996 law that shields the platforms from lawsuits over much of the content posted by their users. The attack on the Capitol on Jan. 6, which included participants with ties to QAnon and other conspiracy theories that have spread widely online, has renewed concerns that the law allows the platforms to take a hands-off approach to extremist content. “For far too long, Big Tech has failed to acknowledge the role they’ve played in fomenting and elevating blatantly false information to its online audiences,” a group of the committee’s top Democrats said in a statement. “Industry self-regulation has failed.” Andy Stone, a spokesman for Facebook, said the company “believes it’s time to update the rules of the internet, and this hearing should be another important step in the process.” The House Judiciary Committee announced its own set of hearings on the tech industry on Thursday. It said it would hold multiple hearings on how to update antitrust laws to address the power of the tech giants. The committee questioned chief executives before concluding a lengthy investigation into the companies last year. The Judiciary Committee’s first hearing will take place on Wednesday. An all-electric Renault Zoe. Renault’s chief executive, Luca de Meo, last month presented a plan to return the automaker to profitability.Credit…Samuel Zeller for The New York Times Renault, the French carmaker, reported a loss of 8 billion euros, or $9.7 billion, in 2020 as the pandemic gutted sales, but the company said that was profitable in the later part of the year. Most of the annual loss stemmed from Renault’s stake in its troubled partner, Nissan. Losses at the Japanese carmaker drained €5 billion from the bottom line, Renault said. In addition, Renault car sales plunged 20 percent for the year, to just short of three million vehicles. “After a first half impacted by Covid-19, the group has significantly turned around its performance in the second half,” Luca de Meo, Renault’s chief executive, said in a statement, without giving a figure. He said that 2021 was “set to be difficult given the unknowns regarding the health crisis as well as electronic components supply shortages.” In 2021, shortages of semiconductors, a problem for almost all carmakers, could cut production by as much as 100,000 vehicles, Renault said. Mr. de Meo, who became Renault’s chief executive in July, last month announced a plan to return to profitability that includes cuts in production capacity, sales of fewer models and increased parts sharing among vehicles to simplify manufacturing. Manessa Grady and her sons Zechariah, 8, left, and Noah, 9, were among the millions of Texas residents who lost power this week.Credit…Tamir Kalifa for The New York Times In California, wildfires and heat waves in recent years forced utilities to shut off power to millions of homes and businesses. Now, Texas is learning that deadly winter storms and intense cold can do the same. Bill Magness, the president and chief executive of the Electric Reliability Council of Texas, the state’s grid operator, said on Thursday that Texas was “seconds and minutes” from a catastrophic blackout this week as rotating outages were used to control the flow of electricity. The country’s two largest states have taken very different approaches to managing their energy needs — Texas deregulated aggressively, letting the free market flourish, while California embraced environmental regulations. Yet the two states are confronting the same ominous reality: They may be woefully unprepared for the increasing frequency and severity of natural disasters caused by climate change. Blackouts in Texas and California have revealed that power plants can be strained and knocked offline by the kind of extreme cold and hot weather that climate scientists have said will become more common as greenhouse gases build up in the atmosphere. The problems in Texas and California highlight the challenge the Biden administration will face in modernizing the electricity system to run entirely on wind turbines, solar panels, batteries and other zero-emission technologies by 2035 — a goal that President Biden set during the 2020 campaign. The federal government and energy businesses may have to spend trillions of dollars to harden electricity grids against the threat posed by climate change and to move away from the fossil fuels responsible for the warming of the planet in the first place. These are not new ideas. Scholars have long warned that American electricity grids, which are run regionally, will come under increasing strain and needed major upgrades. “We really need to change our paradigm, particularly utilities, because they are becoming much more vulnerable to disaster,” Najmedin Meshkati, an engineering professor at the University of Southern California, said about blackouts in Texas and California. “They need to always think about literally the worst-case scenario because the worst-case scenario is going to happen.” Video transcript Back transcript Congressman Calls Robinhood’s Help Line and Gets Voicemail After telling the House Financial Services Committee about the suicide of Robinhood user Alex Kearns, who died believing he had lost $730,000 on the brokerage app, Representative Sean Casten called its help line. June 2020, Alex Kearns, who was 20 years old at the time, from Naperville, Illinois, killed himself, largely thanks to a bug in the Robinhood system. The bug was that he turned on the app, it said he owed $730,000 that he did not have, because of options positions that he thought canceled out but didn’t appear to. He called the help line. The help line, of course, was not manned, as we’ve discussed. He sent several panicked emails — three, to be precise — did not receive a response. Ultimately there was a response from the emails saying that, in fact, his positions were covered. But by that point, it was too late, because he had taken his own life. The — this is a gentleman who is 20 years old. Under Illinois law, he was not allowed to buy a beer, but he was allowed to take on $730,000 in positions and exposure that he did not have the liquidity to cover. Your mission, Mr. Tenev, is to democratize finance. But the history of financial regulation is to protect people like Alex Kearns from the system. As the old joke goes, if you’re playing poker and you can’t figure out who the fish is at the table, you should leave the table because you’re probably the fish. And there is an innate tension in your business model between democratizing finance, which is a noble calling, and being a conduit to feed fish to sharks. So I’m nervous. I think I got an exposure. And I call your help line now. Let’s call and let’s listen in the time we have remaining to what I’m going to hear on the other end of the phone. Voicemail: “Thank you for calling Robinhood. Please visit us at robinhood.com or on our app for support. If you have an urgent trading need, please make sure to include details of it when reaching out. Thanks have a great day.” After telling the House Financial Services Committee about the suicide of Robinhood user Alex Kearns, who died believing he had lost $730,000 on the brokerage app, Representative Sean Casten called its help line.CreditCredit…via C-Span The chief executives of Robinhood, Reddit, Citadel and Melvin Capital Management were among the witnesses at a hearing on the GameStop trading frenzy held by the House Financial Services Committee on Thursday. Vlad Tenev, the chief executive of Robinhood, was the target for both Democrats and Republicans, fielding more than half of the lawmakers’ questions. “I love your company because it does, when correctly managed, provide investment opportunities for individuals who are currently frozen out of the markets for one reason or another,” said Representative Anthony Gonzalez, Republican of Ohio. He added: “At the same time, though, I believe a vulnerability was clearly exposed in your business model.” Representative Sean Casten, an Illinois Democrat, capped his sharp questioning of Mr. Tenev, in which he relayed the story of a 20-year-old college student who killed himself last summer believing that he’d lost more than $700,000, by dialing the Robinhood help line and letting everyone listen in as a short message was played and the call was terminated. Representative Alexandria Ocasio-Cortez, Democrat of New York, said Robinhood’s decisions had “harmed customers,” and accused it of passing on hidden costs to its customers. Keith Gill — known on YouTube as Roaring Kitty — testified that his interest in the company was based on his belief that the market was underestimating the brick-and-mortar retailer’s value. His testimony included winking references — such as dangling what appeared to be his oft-worn red headband off a picture of a kitten visible over his shoulder and the statement “I am not a cat” — to internet meme culture. Several harsh questions were directed at Kenneth C. Griffin, the chief of Citadel. Members of Congress asked skeptical questions about Citadel’s practice of paying to trade against customers at online brokers like Robinhood. Mr. Griffin tried to explain the intricacies of the business but was often cut off. “Our folks are tired of bailing you all out when you screw up and gamble with the retirement fund. And that’s exactly what happens every single moment,” Representative Rashida Tlaib, Democrat of Michigan, said to him. Source link Orbem News #CEOs #Face #Facebook #Google #lawmakers #Live #Twitter #Updates