Warren Says ‘Sharks’ Citadel, Robinhood Prey on Customers
- Witnesses addressed potential changes to paying for order flow
- Hearing featured academics and experts, no testimony from CEOs
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Senator Elizabeth Warren renewed her attacks on Citadel Securities and Robinhood Markets on Tuesday, accusing the companies at the center of the GameStop Corp. trading saga of profiting at the expense of their customers during periods of extreme market volatility.
“When big sharks like Citadel and Robinhood come out ahead no matter what happens, and when the information they gather isn’t disclosed, and when it’s secret how that information is used, it’s easier for these giants to skim off the top at the expense of small investors,” the Massachusetts Democrat said in a Senate Banking Committee hearing on wild market swings in shares of the gaming retailer and other stocks.