Thread by @GypsyWicked

@realMeetKevin @vladtenev @CNBC @realMeetKevin the e-mails are going around right now. On the day of, Citadel informed all of their PFoF clients they would not be paying PFoF for purchases of GME, only sales. All brokerages utilizing PFoF would have had to eat all purchase costs themselves. This is the why.

@realMeetKevin @vladtenev @CNBC The story about liquidity was BS from the start. The settlement deposit requirements were waived prior to market open on the day sales were restricted. Those liquidity requirements were still used as a cover story. He did not need to meet them, they did not exist. It was PFoF.

@realMeetKevin @vladtenev @CNBC That is why every brokerage that utilizes Citadel's PFoF payments to offer "free" trading to their clients restricted sales of GME that day, and those that do not, did not. They didn't ALL have liquidity issues all at once, they were simply unwilling/unable to eat trading costs.

@realMeetKevin @vladtenev @CNBC While there are reports about RH "negotiating" prior to market open, BY market open, the excessive fees had been waived and all participants had met their requirements. So, what followed that day, would have had nothing to do with settlement requirements at all.

@realMeetKevin @vladtenev @CNBC Meanwhile, thanks to the antitrust lawsuit, it's become very clear that Citadel did, in fact (and later lied about it to congress) make demands about restricting purchases of GameStop through weaponizing PFoF.

@realMeetKevin @vladtenev @CNBC @vladtennev was the fall guy. Knowing that doesn't mean he's forgiven. It DOES mean that when he said RobinHood didn't have a liquidity issue when first confronted, he was telling the truth. It ALSO means he was lying later when he said they actually did.

@realMeetKevin @vladtenev @CNBC @vladtennev So in regards to your question about bad reporting vs. Vlad being deceitful, I'd say it's both and neither. Citadel is a frightening powerhouse. If you look into the CEO's history of abuse, rage, and disgusting behavior- is it really a surprise that we didn't get the full story?

@realMeetKevin @vladtenev @CNBC @vladtennev If Kenneth Griffin treats those he loves this way, what makes anyone think he didn't tell all of Wall Street to be good little girls for him to get their money, too? dailymail.co.uk/news/article-2…

@realMeetKevin @vladtenev @CNBC @vladtennev @SECGov and @GaryGensler are due to put out a report on GME within a few weeks. The evidence trail is so clear that any layman can see Citadel is criminally liable for market manipulation, among other things, and has no business offering weaponizable PFoF; regulations must occur.

@realMeetKevin @vladtenev @CNBC @vladtennev @SECGov @GaryGensler If said report does not conclude this to be the case, further lawsuits must pressure their action until PFoF regulation prevents these sorts of abuses from ever occurring again, or it must be banned, and all confidence in their ability to regulate coherently is verifiably lost.

@realMeetKevin @vladtenev @CNBC @vladtennev @SECGov @GaryGensler @threadreaderapp unroll