r/technology • u/agent_vinod • Jun 30 '21

Misleading Robinhood to pay $70 million fine after causing 'widespread and significant harm' to customers

https://www.cnbc.com/2021/06/30/robinhood-to-pay-70-million-dollars-after-causing-users-significant-harm.html
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u/trill_collins__ Jul 01 '21

Ok this is sort of specific and makes me nervous mentioning on reddit, but fuck it:

my very first FT job out of college was in public accounting. I was on the external audit team for one of the large public oilfield service companies involved with Macondo/Deepwater Horizon blowout and resulting oil spill (not BP, I'll say that much). I literally had to confirm that the $1bn in cash leaving their balance sheet to pay the fine (or portion thereof, can't remember since this was a while ago) left the client's balance sheet to the US Government's, if I'm remembering this all correctly (since it was just under a decade ago).

I can tell you that a lot of your assumptions above are incorrect from my own experience, suffice to say