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2021-02-19 05:08:33 | ‘Sorry’: Brokerage chief at heart of GameStop saga apologises | Financial Markets News
‘Sorry’: Brokerage chief at heart of GameStop saga apologises
February 19, 2021 – by James Cook – Leave a Comment
vermelding {color: blue;font-size:75%;} bron {color: red;font-size:75%;} Story by: Al Jazeera
The head of trading app Robinhood and Wall Street hedge fund managers fielded a barrage of questions in the United States Congress about their role in the GameStop trading frenzy, at times being cut off by irate policymakers who found their answers wanting.
Financial heavyweights including billionaire Republican mega-donor and Citadel CEO Ken Griffin defended their businesses at the virtual hearing, which lasted more than five hours. The officials probed how users of social media site Reddit, trading on retail platforms, squeezed hedge funds that had bet against shares of the loss-making video game retailer and other companies.
“Robinhood owns what happened and we need to make sure it doesn’t happen again,” said Robinhood CEO Vlad Tenev, who appeared to answer the most questions.
The inquiry aims to shed light on the hazy sequence of events that precipitated the ascent and rapid decline of the struggling video-game retailer’s share price, when it rocketed from $17.25 on January 1 to $347.51 on January 27. They since plunged back to about $50 and on Thursday, they sank a further 11 percent to $40.69 after the hearing.
[Bloomberg]
Robinhood and other trading apps drew fire for putting trading limits on GameStop a day after the stock price more than doubled. The trading platforms, which face numerous lawsuits, said the limits were needed because the wild swings in share prices prompted clearing houses that guarantee trades to call for billions of dollars in extra collateral.
But outraged policymakers questioned if the platforms were siding with large hedge funds over retail investors.
Representative Sean Casten, an Illinois Democrat, played an automated message on the Robinhood customer service phone line while questioning Tenev about how customers are treated.
Griffin received numerous questions which focused on his company’s heft. Melvin Capital CEO Gabriel Plotkin and Reddit CEO Steve Huffman also appeared.
‘I am not a cat’
Also at the hearing was Keith Gill, a Reddit user and YouTube streamer known as Roaring Kitty. He sat in a red video-gaming chair from which he has recorded many videos promoting his investment in GameStop. Displayed behind him was a poster of a kitten with the caption “Hang in there!” Many investors who bought GameStop as the price skyrocketed now face deep losses.
Keith Gill, a Reddit user credited with inspiring GameStop’s rally, denied during the hearing that he was an institutional investor or a hedge fund [Daniel Acker/Bloomberg]
“A few things I am not. I am not a cat. I am not an institutional investor, nor am I a hedge fund,” Gill said. He told legislators he was still enthusiastic about the stock.
“I am just an individual whose investment in GameStop and posts on social media were based upon my own research and analysis,” he said.
Representative Maxine Waters, chair of the Democratic-led House finance panel, is a critic of Wall Street, while Republicans on the panel also sought to burnish their consumer-protection credentials, making for a fiery virtual hearing featuring echoes, feedback and background noise.
Waters, who in January called hedge funds “unethical,” frequently talked over Tenev and Griffin and cut them off. At the end, she promised to hold more hearings, with testimony from regulators at the Securities and Exchange Commission and the Financial Industry Regulatory Authority.
She said she was “more concerned than ever” that retail investors were being taken advantage of and that large market makers like Citadel – which ensure there is sufficient supply of a particular asset to meet demand – could pose a threat to the financial system.
In prepared opening testimony, the witnesses generally acknowledged the GameStop saga was unprecedented, but they all said there was no foul play on their part.
Tenev expressed regret that Robinhood’s actions upset customers but said no hedge funds influenced its decision and the situation would have been “significantly worse” if it had not suspended buying.
GameStop’s shares had a wild ride late last month [File: Tayfun Coskun/Anadolu Agency/Getty Images]
“I’m sorry for what happened. I apologise. I’m not going to say that Robinhood did everything perfect,” he said.
New York-based hedge fund Melvin Capital, which had bet GameStop’s shares would tumble, suffered huge losses as the stock soared leading up to January 28. Citadel had made a $2bn investment in Melvin on January 25.
Officials questioned Robinhood’s commercial arrangements with market makers as well as whether its “payment for order flow” model hurts customers.
Manipulation?
Griffin, the majority owner of Citadel Securities, a Robinhood market maker, was castigated by Democratic Representative Brad Sherman for evading his question about whether market makers provide the same prices to all brokers.
Griffin maintained that Citadel Securities, which executes about 47 percent of all US-listed retail trading volume, had worked for years to help give consumers “a better price”.
All parties have denied any attempt by Citadel or Citadel Securities to influence Robinhood’s policies.
Gill and Huffman were asked about the role of social media platforms in potential market manipulation.
“We spend a lot of time at Reddit ensuring the authenticity of our platform … And in this specific case, we did not see any signs of manipulation,” Huffman told legislators.
At times, Gill and Plotkin offered their competing investment theses on GameStop, with Plotkin arguing that due to the rise of digital downloads, the video game bricks-and-mortar business model has “structural challenges.”
The post 2021-02-19 05:08:33 | ‘Sorry’: Brokerage chief at heart of GameStop saga apologises | Financial Markets News appeared first on http://www.justlatestnews.com
Why is life expectancy shorter in the US?
On This Page
- American Life Expectancy Dropped By A Full Year In 1st Half Of 2020
- How do you assess inequality in the distribution of life expectancy at birth?
- Mortality and life expectancy by age
- “Life Expectancy” – What does this actually mean?
- Trends and patterns of geographic variation in cardiovascular mortality among US counties, 1980–2014
Why is life expectancy in the US lower than in other rich countries?
Why do Americans have a lower life expectancy than people in other rich countries, despite paying so much more for health care? the short summary of what i will discuss below is that Americans suffer higher death rates from smoking, obesity, homicides, opioid overdoses, suicides, road accidents, and infant deaths. In addition to this, deeper poverty and less access to healthcare mean Americans at lower incomes die at a younger age than poor people in other rich countries.
Worldwide, the average life expectancy at birth was 71 years (70 years for males and 72 years for females) over the period 2010–2015 according to united nations world population prospects 2015 revision, or 69 years (67 years for males and 71. 1 years for females) for 2016 according to the world factbook. According to the 2015 world health organization (who) data, women on average live longer than men in all major regions and in all individual countries.
The New York times: American life expectancy rises for first time in four years life expectancy increased for the first time in four years in 2018, the federal government said Thursday, raising hopes that a benchmark of the nation’s health may finally be stabilizing after a rare and troubling decline that was driven by a surge in drug overdoses. Life expectancy is the most basic measure of the health of a society, and declines in developed countries are extremely unusual. But the united states experienced one from 2015 to 2017 as the opioid epidemic took its toll, worrying demographers who had not seen an outright decline since 1993, during the aids epidemic. (Tavernise and Goodnough, 1/30).
The us clearly stands out as the chart shows: Americans spend far more on health than any other country in the world, yet the life expectancy of the American population is shorter than in other rich countries that spend far less. The chart here doesn’t just show the latest data points, but how life expectancy and health spending have changed during the last five decades. The arrows start in 1970 and connect the annual data points for both metrics, showing the change over time.
American Life Expectancy Dropped By A Full Year In 1st Half Of 2020
As the covid-19 pandemic took hold, life expectancy in the united states dropped one full year during the first half of 2020, according to a new centers of disease control and prevention report , with even greater declines seen among black and Hispanic people. Preliminary data from the agency’s national center for health statistics released Thursday mark a reversal of incremental gains over the past few years. Life expectancy at birth for the total u. S. Population declined from 78. 8 years in 2019 to 77. 8 years for January through June 2020. During that same time period, life expectancy for non-Hispanic black people decreased by 2. 7 years (74. 7 to 72); for Hispanic individuals, 1. 9 years (81. 8 to 79. 9); and for non-Hispanic white people, 0. 8 years (78. 8 to 78).
In the first six months of 2020, life expectancy in the united states dropped by a full year, according to new federal data. Released Thursday, these latest figures offer a staggering glimpse at the cost of the first surge of the covid-19 pandemic, said Elizabeth arias, a demographer with the national center for health statistics who served as the report’s lead author. Even the loss or gain of two months of life expectancy in a single year is enough to get the attention of health statisticians who study how Americans live and die.
Life expectancy in the u. S. Fell by a full year in the first half of 2020, CDC data published Thursday shows. Why it matters: the decline from 78. 8 years in 2019 to 77. 8 years for January through June 2020 marks the biggest fall in longevity since world war ii, underscoring the impact of covid-19 on the u. S. The drop is even larger for black and Hispanic Americans, who’ve been disproportionately affected by the pandemic. Stay on top of the latest market trends and economic insights with axios markets. Subscribe for freeby the numbers: over 490,000 people have died from the coronavirus in the u. S. Since the pandemic began, according to johns hopkins data. The centers for disease control and prevention’s national center for health statistics report found that in the first six months of 2020, life expectancy for non-Hispanic black people fell by 2. 7 years, from 74. 7 to 72.
The u. S. Centers for disease control (CDC) Thursday released statistics indicating over-all life expectancy dropped by one full year in the first half off 2020, the biggest drop since world war ii. Provisional data released by the CDC’s national center for health statistics for January to June 2020 indicates minorities suffered the biggest impact, with black Americans losing nearly three years and Hispanics, nearly two years. Health officials say the data reflects the toll of the covid-19 pandemic as well as a rise in deaths from drug overdoses, heart attacks and diseases that accompanied the outbreak.
The CDC calculates life expectancy based on how long a baby born today can expect to live, on average. The statistics show, overall, in the first half of last year, that was 77. 8 years for Americans overall, down one year from 78. 8 in 2019. For males it was 75. 1 years and for females, 80. 5 years. The CDC says the last time life expectancy at birth dropped more dramatically was during world war ii. The CDC indicates, based on the latest numbers, u. S. Residents can now expect to live as long as they did in 2006.
(New York) — life expectancy in the united states dropped a full year during the first half of 2020, as the coronavirus pandemic took hold of the nation, according to provisional estimates in a new report published Thursday by the centers for disease control and prevention. Life expectancy is a statistical measure of the average time a baby born today is expected to live. From January through June of last year, that was 77. 8 years for the entire u. S. Population, down from 78. 8 years in 2019. It’s the lowest level since 2006, the report said.
How do you assess inequality in the distribution of life expectancy at birth?
The top panel in figure 1 depicts the unconditional distributions of global length of life starting from birth in 1970 and 2000 as reported by Edwards. The distributions are hump-shaped around an old-age mode near age 75 with a second, smaller mode at birth and infancy. The latter fell by a large amount after 1970, driving life expectancy at birth much higher. Figure 1. World distributions of length of life in 1970 and 2000
the bottom panel depicts the same distributions conditional on survival to age 10, an age that is arbitrary but convenient (Edwards and Tuljapurkar 2005). Here, once we have removed the impact of infant mortality, we can see a nearly perfect rightward shift of the adult length of life distribution, resulting in a higher mean adult life expectancy with very little, if any, change in total variance. This dynamic is all but impossible to see or measure in the top panel because trends in infant mortality tend to overwhelm measures of total inequality.
Mortality and life expectancy by age
The life expectancy is shown separately for males, and for females, as well as a combined figure. Several non- sovereign entities are also included in this list. The figures reflect the quality of healthcare in the countries listed as well as other factors including ongoing wars, obesity, and HIV infections. Worldwide, the average life expectancy at birth was 71 years (70 years for males and 72 years for females) over the period 2010–2015 according to united nations world population prospects 2015 revision, or 69 years (67 years for males and 71. 1 years for females) for 2016 according to the world factbook. According to the 2015 world health organization (who) data, women on average live longer than men in all major regions and in all individual countries.
Why do Americans have a lower life expectancy than people in other rich countries, despite paying so much more for health care?
the short summary of what i will discuss below is that Americans suffer higher death rates from smoking, obesity, homicides, opioid overdoses, suicides, road accidents, and infant deaths. In addition to this, deeper poverty and less access to healthcare mean Americans at lower incomes die at a younger age than poor people in other rich countries.
The average life expectancy rate in the united states has declined slightly the past three years to 78. 6 years old. The average is five years lower than japan or Switzerland. The rate is also lower than Cuba and Slovenia’s average life expectancy. Experts say economic disparity is a chief reason for the u. S. Decline. Experts add that the opioid epidemic, a rising suicide rate, and the obesity crisis are also factors. Life expectancy rates around the world have been steadily rising in recent years.
The word ” longevity ” is sometimes used as a synonym for ” life expectancy ” in demography. However, the term longevity is sometimes meant to refer only to especially long-lived members of a population, whereas life expectancy is always defined statistically as the average number of years remaining at a given age. For example, a population’s life expectancy at birth is the same as the average age at death for all people born in the same year (in the case of cohorts ). Longevity is best thought of as a term for general audiences meaning ‘typical length of life’ and specific statistical definitions should be clarified when necessary.
Trends in life expectancy from health, united states
changes in life expectancy at birth: 2010-2018
mortality in the united states, 2018
changes in life expectancy by race and Hispanic origin in the united states, 2013-2014
the effect of changes in selected age-specific causes of death on non-Hispanic white life expectancy between 2000 and 2014
how does cause of death contribute to the Hispanic mortality advantage in the united states?
leading causes of death contributing to the decrease in the gap in life expectancy between the black and white populations in the united states, 1999-2013.
The average u. S. Life expectancy dropped by a year in the first half of 2020, according to a new report from the national center for health statistics, a part of the centers for disease control and prevention. Life expectancy at birth for the total u. S. Population was 77. 8 years – a decline of 1 year from 78. 8 in 2019. For males, the life expectancy at birth was 75. 1 – a decline of 1. 2 years from 2019. For females, life expectancy declined to 80. 5 years, a 0. 9 year decrease from 2019.
“Life Expectancy” – What does this actually mean?
Life expectancy at birth provides an estimate of the number of years a person is expected to live. It is a good measure of the overall health of an area. Life expectancy is calculated using birth, death, and population data. The files available on this website provide life expectancy at birth for Missouri, its 115 counties (114 counties plus the city of st. Louis, which is an independent city), and Missouri’s seven behavioral risk factor surveillance system (brfss) regions. Data are also available for independence, Joplin, Kansas city, and eastern Jackson county in the 2004-2012 file and 2008-2016 file. Life expectancy is provided for the total population, for males, and for females. Life expectancy by white and black race is available for selected geographies that have large enough minority populations.
The us clearly stands out as the chart shows: Americans spend far more on health than any other country in the world, yet the life expectancy of the American population is shorter than in other rich countries that spend far less. The chart here doesn’t just show the latest data points, but how life expectancy and health spending have changed during the last five decades. The arrows start in 1970 and connect the annual data points for both metrics, showing the change over time.
However, in the united states, it’s a different story. Over the past three years, life expectancy has declined to 78. 6 years old, one of the lowest rates among developed nations. Experts say this isn’t good enough. “the u. S. Continues to have lower life expectancy compared to other developed countries, which is concerning. We spend more per capita GDP on healthcare than any other country, yet we don’t receive the anticipated health benefits from such spending,” dr. Ky Stoltzfus , an assistant professor in the departments of internal medicine and population health at the university of Kansas medical center, told Healthline.
Life expectancy 2008-2016.
In the 1970s the us didn’t stand out at all, it does so now because life expectancy increased much more slowly than in other countries. At the same time health spending in the u. S. Increased much more rapidly, particularly since the mid-1980s. The consequence of these two exceptional developments is that the us followed the much flatter trajectory that the chart shows. The unequal development over recent decades led to an inequality between the us and other rich countries. In the us health spending per capita is up to four times higher, yet life expectancy is lower than in all of these countries.
“there are significant discrepancies in health outcomes among different segments of the u. S. Population and between different states, which should be of concern to any policy maker or healthcare professional,” Stoltzfus added. In 2017, a baby born in the united states was expected to live for roughly the same amount of time as one born in the Czech republic. That’s about five years less than babies born in japan and Switzerland, which have a life expectancy of 84.
Trends and patterns of geographic variation in cardiovascular mortality among US counties, 1980–2014
Communities of color have suffered disproportionately throughout the pandemic, and these latest numbers further illustrate the magnitude of those disparities. Reflecting the many ways racial inequality in the u. S. Has been highlighted over the past year, the life expectancy gap between black and white people has also widened. As one example, while the life expectancy of a white man dipped by eight-tenths of a year during the first six months of 2020, three years were shaved off the life of a black man.
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