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Key quotes from the GameStop testimonies: 'I am not a cat' – Financial Post

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At a grilling by lawmakers over the frenzied trading in retailer GameStop, Keith Gill, a YouTube streamer known as Roaring Kitty, hedge fund managers and the head of Robinhood and Reddit defended their actions.

Those testifying were Robinhood CEO Vlad Tenev, Melvin Capital CEO Gabriel Plotkin, Citadel CEO Ken Griffin and Reddit CEO Steve Huffman.

Here are the testimonies https://docs.house.gov/Committee/Calendar/ByEvent.aspx?EventID=111207 of the players involved and a link https://www.reuters.com/article/retail-trading-congress-profiles/the-wall-street-players-at-the-gamestop-hearing-idUSL1N2KK0EZ to biographies of some of them.

Some quotes from the hearing:

KEITH GILL:

“A few things I am not. I am not a cat. I am not an institutional investor, nor am I a hedge fund. I do not have clients and I do not provide personalized investment advice for fees or commissions. I am just an individual whose investment in GameStop and posts on social media were based upon my own research and analysis.”

“Investing can be risky and my approach can be risky but for me personally, yes (I would buy GameStop now). Yes, I do find it attractive at this price point.”

“My investment in Gamestock was based on the fundamentals.”

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“Increased transparency could help. That someone like me could have a better understanding of how those things work … would help retail investors.”

ROBINHOOD CEO VLAD TENEV:

“We always felt comfortable with our liquidity… The additional capital we raised wasn’t to meet capital requirements or deposit requirements… ”

“I recognize customers were very upset (from the restrictions on trading)… it would have been significantly worse if we had prevented customers from selling.”

“Not at all, zero pressure (from anyone on the panel to decide to restrict trading), it was a collateral depository decision.”

“I’m sorry for what happened. I apologize. I’m not going to say that Robinhood did everything perfect and we haven’t made mistakes in the past, but what I commit to is making sure that we improve from this, learn from it, and we don’t make the same mistakes in the future. And Robinhood as an organization will learn from this and improve and make sure it doesn’t happen again, and I will make sure of that.”

“I do believe that the ability for the same share to be shorted an indefinite number of times is somewhat of a pathology and that should be fixed and I think step one of that is modernizing the antiquated settlement infrastructure that everything is built on. We simply don’t have the ability to properly track which shares have been shorted and how many times as they are moving through our settlement system.”

“Robinhood owns what happened and we need to make sure it doesn’t happen again but Robinhood Securities had limited options and I believe the team did the right thing and the only thing.

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“Payment for order flow is one of our largest revenue sources. Yes (it is the largest.)”

CITADEL CEO KEN GRIFFIN

“As I was trying to explain… the quality of the execution varies by the channel of the order, this is a commonly understood phenomenon in economics.”

“We have fought for 15 years to make that the basis by which orders are allocated because we strongly believe Citadel is better to provide better execution for retail orders in the long run.”

“We are able to share our trading acumen with retail investors, give them a better price and give payments for orderflow to firms like Robinhood.

“This has been very important for the democratization of finance.”

“I believe that the short interest in Gamestop was exceptional. I’m not sure it’s worth us delving into legislative corrections for a very unique situation.”

“We of course are talking to Robinhood as we manage a substantial portion of their order flow.

“Absolutely not (whether they contacted Robinhood about restricting trading in GameStop).”

“We don’t own DTCC. We are not party to the discussion/ dialog between DTCC and Robinhood. We have literally nothing to do with DTCC other than being a member of DTCC… Citadel Securities owes a duty of best execution for every order that comes from Robinhood and I’m proud of how seriously our team takes that best execution.”

MELVIN CAPITAL CEO GABRIEL PLOTKIN

“I think it is a really good question (regarding more reporting around shorting). It is not for me to decide. But if those are the rules then I will certainly abide by them.”

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“Anytime we short a stock, we locate a borrower. Our systems actually force us to find a borrower.”

“In 2014 at our inception (we took a short position in GameStop)

“I dont remember (what it was worth) at the time. Maybe $40. We believed the company had a lot of structural challenges.

“Our systems won’t allow that (a naked short position) so it wouldn’t be possible to do.”

REDDIT CEO STEVE HUFFMAN

“We spend a lot of time at Reddit ensuring the authenticity of our platform. So we’ve got a large team dedicated to this exact task. Everything on Reddit – all of the content is created by users, voted on by users and ranked by users, and we make sure that that is authentic, and as unmanipulated as possible. And in this specific case, we did not see any signs of manipulation.” (Reporting by John McCrank, Elizabeth Culliford, Svea Herbst and Noel Randewich; Compiled by Megan Davies; Editing by Dan Grebler, Nick Macfie and David Gregorio)

In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.

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Provinces, territories can wait 4 months to administer 2nd COVID-19 shot, NACI says – Global News

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Canada’s National Advisory Committee on Immunization (NACI) is recommending provinces and territories extend the time between first and second COVID-19 vaccine doses to four months amid vaccine shortages.

In new guidlines posted on the NACI website on Wednesday, the committee said “current evidence suggests high vaccine effectiveness against symptomatic disease and hospitalization for several weeks after the first dose, including among older populations.”

Read more:
Here’s what the provinces, territories have said about AstraZeneca’s vaccine and seniors

NACI said due to limited supply of COVID-19 vaccines, “jurisdictions should maximize the number of individuals benefiting from the first dose of vaccine by extending the interval for the second dose of vaccine to four months.”


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“Extending the dose interval to four months allows NACI to create opportunities for protection of the entire adult population within a short timeframe,” the committee said. “This will not only achieve protection of the adult population, but will also contribute to health equity.”

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According to NACI, approximately 80 per cent of the eligible population could be offered a dose of one of the approved mRNA vaccines by the end of June if jurisdictions implement a four-month interval between shots this month.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

While the NACI releases recommendations, it is ultimately up to the provinces to determine how they will administer the COVID-19 vaccines.

A number of provinces including British Columbia, Newfoundland and Labrador and Manitoba have already decided they will be extending the interval between COVID-19 vaccine doses.

Read more:
‘Risky’ or ‘incredible’? Experts split on delaying 2nd vaccine dose to expand coverage

Speaking at a press conference earlier on Wednesday, Prime Minister Justin Trudeau said the federal government is monitoring the vaccine rollout approaches across Canada.

“We’re paying for the vaccines, we’re bringing them in and then we’re working with, obviously, public health experts, the National Advisory Council on Immunization, (and) working with provinces and chief medical officers across the country in order to deliver those vaccines to Canadians in the most rapid and most effective way to keep people safe to get through this pandemic quickly,” he said.

Asked whether the timeline to get all Canadians vaccinated could change, Trudeau said we are “seeing some of the science shift,” adding that “some proposals put forward, which are very, very interesting, which could result in rapider timelines.”

“But every step of the way, we’re going to be informed by the experts, by science, by the recommendations on the best way to protect Canadians, particularly vulnerable Canadians, and the best way to get through this as quickly as possible,” he said.

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‘Unchartered territory’

In a previous interview with Global News, Colin Furness, an epidemiologist with the University of Toronto, said veering from the recommended timeframes could be “dangerous” and “risky.”

“When the vaccines were validated or tested, they were tested according to a certain schedule,” he said. “When you lengthen it, you go into uncharted territory.”

Furness said changing the timeline could impact the vaccine’s effectiveness.

“It could be the same, (or) the effectiveness could be lower — that is, your body might actually start to shut down its immune response and so it wouldn’t have the same combined effect,” he said. “Or it’s possible that waiting will actually make the vaccines even more effective, that could happen, too.”

According to Furness, all options are possible until the vaccine’s long-term effects can be properly studied.


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Currently, all three vaccines approved for use in Canada require two doses to be administered.

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Health Canada approved vaccines from Pfizer-BioNTech and Moderna in December, and a candidate from AstraZeneca-Oxford last week.

However, Canada has fallen considerably behind even its closest allies when it comes to COVID-19 vaccine rollout.

Read more:
Coronavirus vaccine tracker: How many Canadians are vaccinated against COVID-19?

By Wednesday evening 2,072,757 COVID-19 vaccines had been administered in Canada, meaning approximately 2.78 per cent of the country’s population has been inoculated.

In comparison, the United States has fully vaccinated 7.9 per cent of its population, according to a tally from Johns Hopkins University. 

The federal government has maintained, though, that all Canadians who want a COVID-19 vaccine will have access to one by the end of September.

-With files from Global News’ Rachael D’Amore and Emerald Bensadoun

© 2021 Global News, a division of Corus Entertainment Inc.

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COVID-19: National panel agrees with Dr. Henry on four-month vaccine delay – Vancouver Sun

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The vaccine experts say extending the dose interval to four months can protect the entire adult population within a short time despite limited supply.

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Taking a cue from B.C.’s top doctor, a national panel of vaccine experts recommended that provinces extend the interval between the two doses of a COVID-19 shot to up to four months when faced with a limited supply, in order to quickly immunize as many people as possible.

The National Advisory Committee on Immunization issued updated guidance Wednesday for the administration of all COVID-19 vaccines currently approved for use in Canada.

Extending the dose interval to four months will create opportunities to protect the entire adult population against the virus within a short time frame, the panel said in releasing the recommendation.

As many as 80 per cent of Canadians over 16 could receive a single dose by the end of June simply with the expected supply of Pfizer-BioNTech and Moderna vaccines, the panel said.

  1. The British Columbia Centre for Disease Control says new preliminary data shows that a single dose of a COVID-19 vaccine reduces the risk of the virus by 80 per cent within two to three weeks of receiving the shot. The agency says in a statement that research led by Dr. Danuta Skowronski, the head of its influenza and emerging respiratory pathogens team shown here in a file photo, came to the conclusion after analyzing COVID-19 cases in long-term care homes.

    A look at the studies from Israel, U.K. that informed B.C.’s second-dose delay

  2. B.C. provincial health officer Dr. Bonnie Henry.

    Longer interval between doses means restrictions can be lifted sooner: Henry

The addition of the newly approved Oxford-AstraZeneca vaccine to the country’s supply could mean almost all Canadians would get their first shot in that time frame, but the federal government has not yet said how many doses of that vaccine will be delivered in the spring and how many in the summer.

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“The vaccine effectiveness of the first dose will be monitored closely and the decision to delay the second dose will be continuously assessed based on surveillance and effectiveness data and post-implementation study designs,” the panel wrote.

“Effectiveness against variants of concern will also be monitored closely, and recommendations may need to be revised,” it said, adding there is currently no evidence that a longer interval will affect the emergence of the variants.

The committee’s recommendation came hours after Newfoundland and Labrador said it will extend the interval between the first and second doses to four months, and days after B.C. health officer Dr. Bonnie Henry announced the province was doing so.

Manitoba also said Wednesday it will delay second doses in order to focus on giving the first shot to more people more quickly.

Ontario previously said it was weighing a similar move but would seek advice from the federal government.


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Trudeau 'very optimistic' vaccine rollout can be accelerated and move closer to U.S. goals – National Post

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Trudeau held to his September target, but said with vaccine deliveries being moved up and new candidates being approved, the timeline could be moved up

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OTTAWA – Prime Minister Justin Trudeau said Wednesday morning he was hopeful Canada’s vaccine timelines could be moved up, but offered no assurance the vaccine rollout here won’t be completed months after the United States.

But late on Wednesday afternoon, a national panel of vaccine experts recommended extending the interval between the two doses of a COVID-19 shot when faced with a limited supply.

Canada’s National Advisory Committee on Immunization’s updated guidance is for the administration of all COVID-19 vaccines currently approved for use in Canada. It says extending the dose interval to four months will create opportunities to protect the entire adult population against the virus within a shorter timeframe.

U.S. President Joe Biden said Tuesday evening America would have enough vaccines delivered to cover the entire population by late May. The rollout of those vaccines into arms will follow, but America is still likely to be able to vaccinate its entire population months ahead of Canada.

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Trudeau’s long-held timeline is to have all Canadians vaccinated by the end of September. He held to that target at his Wednesday morning press conference, but said with vaccine deliveries being moved up and new candidates being approved, it is possible the timeline could be moved up.

“We’re very optimistic that we’re going to be able to accelerate some of these timelines,” he said. “We’re going to continue to do everything we can to allow our population to get through this challenge as quickly as possible,” he said.

  1. Public health measures like masking are being recommended regardless of if someone has been vaccinated.

    What happens after my COVID shots? Masking, social-distancing, still recommended, but some experts want different approach

  2. Federal Procurement Minister Anita Anand.

    Liberals confident U.S. AstraZeneca vaccines will be delivered despite Biden’s ‘America first’ strategy

Trudeau said COVID has had a much more devastating impact on the U.S. and that will have a significant impact on the recovery.

“Obviously, the pandemic has had a very different course in the United States with far greater death tolls and case counts and that has had its own impact on the American economy,” he said.

Conservative MP Michelle Rempel Garner, the party’s health critic, said the government should be providing a clearer, more detailed explanation of its vaccine plan, to help businesses have confidence about what comes next.

“We don’t have any of that data. We don’t actually know what the realistic time horizon is for delivery of vaccines,” she said.

With Canada set to be months behind the U.S., United Kingdom and potentially other countries in the rollout, Rempel Garner said the government should be offering information about what else it will do to ease the pandemic in the meantime.

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“I think we’ll have a problem on compliance and certainty for business reopening, so this is why we’re saying look, be honest with Canadians, and then let’s work together to come up with a plan B,” she said. “COVID fatigue is a real thing. There’s a lot of frustration.”

Trudeau announced that both the government’s rent subsidy for small business and the wage subsidy will be extended into June as the pandemic continues. The extension of the rent subsidy is forecasted to cost an additional $2.1 billion and the wage subsidy will cost the government an additional $13.9 billion.

Finance Minister Chyrstia Freeland said the government would continue to support businesses with the goal of keeping the economy moving so it can resurge quickly when restrictions are lifted.

“Our government will continue to do whatever it takes for as long as it takes to help Canadians through this bleak time, to prevent economic scarring and invest in a way that allows us all to come roaring back,” she said.

Biden moved up his timeline to May, from what had been the end of July, after announcing the U.S. government had approved a third vaccine candidate from Johnson and Johnson. Canada is expected to approve that vaccine soon.

Canada received 500,000 doses of the AstraZeneca vaccine, the first shipment in a total of two million doses expected before mid-May, on top of a further 20 million doses expected between April and September.

Despite all the recent vaccine announcements, Trudeau said it was too early to formally move up the deadline, because there could still be issues with manufacturing or deliveries.

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“These are new processes for new vaccines that are being manufactured in the millions and even billions in order to cover everyone on Earth,” he said. “We’ll be facing continued challenges, which is one of the reasons why we made such a deliberate effort to sign more deals with more different companies than many of our fellow countries.”

While the Biden administration has said it won’t ship vaccines from the U.S. to other countries until all Americans are vaccinated, Trudeau said Biden knows the challenge is global.

“It was very clear that they understand, like us, we know that you don’t get through this pandemic, anywhere, not fully, until you get through it everywhere.”

— With files from The Canadian Press

• Email: rtumilty@postmedia.com | Twitter:

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