In the 1930s,when the SEC was created,they didn't have the Internet. They didn't havequick...
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In the 1930s,
when the SEC was created,
they didn't have the Internet. They didn't have
quick access to information. So they made a system
of self-regulation. And almost a century later, we still have that same system. And that system is led by FINRA, a private organization tasked with regulating brokers and broker-dealers. But here's the catch. FINRA is funded and guided by its member firms, who it's supposed to regulate. Citadel and Robinhood
among them. So, in my view, I think we're past
the point of no return
when the SEC was created,
they didn't have the Internet. They didn't have
quick access to information. So they made a system
of self-regulation. And almost a century later, we still have that same system. And that system is led by FINRA, a private organization tasked with regulating brokers and broker-dealers. But here's the catch. FINRA is funded and guided by its member firms, who it's supposed to regulate. Citadel and Robinhood
among them. So, in my view, I think we're past
the point of no return
Full Transcript
00:00:01.000 --> 00:00:04.005
In the 1930s,
when the SEC was created,
they didn't have the Internet.
00:00:05.041 --> 00:00:07.025
They didn't have
quick access to information.
00:00:07.416 --> 00:00:10.125
So they made a system
of self-regulation.
00:00:10.583 --> 00:00:12.208
And almost a century later,
00:00:12.375 --> 00:00:14.833
we still have that same system.
00:00:15.000 --> 00:00:17.416
And that system is led by FINRA,
00:00:17.583 --> 00:00:18.833
a private organization
00:00:19.000 --> 00:00:20.333
tasked with regulating brokers
00:00:20.005 --> 00:00:21.708
and broker-dealers.
00:00:21.875 --> 00:00:23.998
But here's the catch.
00:00:23.025 --> 00:00:25.041
FINRA is funded and guided
00:00:25.208 --> 00:00:26.583
by its member firms,
00:00:26.075 --> 00:00:28.333
who it's supposed to regulate.
00:00:28.916 --> 00:00:30.708
Citadel and Robinhood
among them.
00:00:31.541 --> 00:00:33.333
So, in my view,
00:00:33.005 --> 00:00:35.025
I think we're past
the point of no return.
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Movie Summary
Retail investors and twin brothers Finley and Quinn Mulligan give an insider look at the GameStop "short squeeze" and the "Apes" fighting for transparency and accountability in our corrupt capital markets.
