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2021-02-18
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A Shadowy but Powerful Wall St. Firm Has Its Moment in Washington<blockquote>一家默默无闻但强大的华尔街公司在华盛顿迎来了辉煌的时刻</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":384351593,"tweetId":"384351593","gmtCreate":1613618249912,"gmtModify":1634552922036,"author":{"id":3574240097120980,"idStr":"3574240097120980","authorId":3574240097120980,"authorIdStr":"3574240097120980","name":"Jfzarn","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"fanSize":4,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"extraTitle":"","html":"<html><head></head><body><p>Please help comment! </p></body></html>","htmlText":"<html><head></head><body><p>Please help comment! </p></body></html>","text":"Please help comment!","highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/384351593","repostId":1159709290,"repostType":4,"repost":{"id":"1159709290","kind":"news","pubTimestamp":1613616171,"share":"https://www.laohu8.com/m/news/1159709290?lang=zh_CN&edition=full","pubTime":"2021-02-18 10:42","market":"us","language":"en","title":"A Shadowy but Powerful Wall St. Firm Has Its Moment in Washington<blockquote>一家默默无闻但强大的华尔街公司在华盛顿迎来了辉煌的时刻</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1159709290","media":"Newyork Times","summary":"Citadel and its sister business, Citadel Securities, were all over the GameStop debacle. Its founder","content":"<p> Citadel and its sister business, Citadel Securities, were all over the GameStop debacle. Its founder will face sharp questions on Thursday. The GameStop saga was a David-versus-Goliath story pitting small traders against big hedge funds and a cautionary tale about what happens when fast-moving Silicon Valley collides with the heavily regulated world of Wall Street.</p><p><blockquote>Citadel及其姊妹公司Citadel Securities在游戏驿站的崩溃中无处不在。其创始人将在周四面临尖锐的问题。游戏驿站的传奇故事是一个小交易员与大型对冲基金之间的大卫与歌利亚的故事，也是一个警示故事，讲述了当快速发展的硅谷与受到严格监管的华尔街世界发生冲突时会发生什么。</blockquote></p><p> Among its ensemble cast is one of the finance world’s most influential — and perhaps least visible — figures, the Chicago billionaire Kenneth C. Griffin.</p><p><blockquote>它的演员阵容中有金融界最有影响力——也可能是最不引人注目——的人物之一，芝加哥亿万富翁肯尼斯·C·格里芬。</blockquote></p><p> And when the House Financial Services Committee meets on Thursday to question key players in the GameStop madness, Mr. Griffin will be asked about the two distinct roles his companies played in a two-week trading frenzy that created and destroyed billions of dollars in wealth.</p><p><blockquote>当众议院金融服务委员会（House Financial Services Committee）周四开会询问游戏驿站疯狂中的关键参与者时，格里芬将被问及他的公司在为期两周的交易狂潮中扮演的两个不同角色，这场交易狂潮创造和摧毁了数十亿美元的财富。</blockquote></p><p> The first business, Citadel, is a hedge fund firm that had placed a small bet that GameStop shares would fall. It suffered when the shares rose because millions of small investors began buying up the stock, but not nearly as badly as another hedge fund, Melvin Capital, which took a $2 billion investment from Citadel and some of its employees to shore up its finances.</p><p><blockquote>第一家企业Citadel是一家对冲基金公司，它押注游戏驿站股价会下跌。当股价上涨时，由于数百万小投资者开始购买该股票，该公司遭受了损失，但没有另一家对冲基金Melvin Capital那么严重，该基金从Citadel及其部分员工那里获得了20亿美元的投资来支撑其财务状况。</blockquote></p><p> The second business, Citadel Securities, is a brokerage that says it routes more than a quarter of all stock trading in the United States. As small investors were furiously buying and selling GameStop shares — many through trading apps such as Robinhood — Citadel was doing brisk business. It pays Robinhood and other retail brokerages to handle those orders, and makes money by pocketing tiny price discrepancies between buy and sell orders that quickly add up.</p><p><blockquote>第二家公司Citadel Securities是一家经纪公司，该公司表示，美国超过四分之一的股票交易都由该公司进行。随着小投资者疯狂买卖游戏驿站股票（许多人通过Robinhood等交易应用程序），Citadel的业务蒸蒸日上。它向Robinhood和其他零售经纪公司支付费用来处理这些订单，并通过将买卖订单之间迅速增加的微小价格差异收入囊中来赚钱。</blockquote></p><p> “Citadel is one of the many really gigantic financial firms that are incredibly important and interwoven throughout the financial system but are never visible to the public,” said Dennis M. Kelleher, president and chief executive officer of Better Markets, a nonprofit group that supports additional financial regulation. “They operate in the shadows and want to stay in the shadows and don’t want anyone looking at how they conduct their business.”</p><p><blockquote>支持的非营利组织Better Markets总裁兼首席执行官丹尼斯·M·凯莱赫(Dennis M.Kelleher)表示：“Citadel是众多真正庞大的金融公司之一，这些公司非常重要，并且在整个金融体系中交织在一起，但从未向公众公开。”额外的金融监管。“他们在暗处运营，希望留在暗处，不希望任何人看到他们如何开展业务。”</blockquote></p><p> On Thursday, lawmakers will put a spotlight on Mr. Griffin. He is scheduled — along with the chief executives of Robinhood and Reddit, the social media site — to testify before the House committee about the GameStop rally. Also on the witness list is Keith Gill, a Reddit user and YouTube poster who made millions off the GameStop trade he helped popularize, and Gabe Plotkin, the founder and chief executive of Melvin, who was so badly squeezed he accepted Citadel’s help.</p><p><blockquote>周四，立法者将把焦点放在格里芬身上。他计划与Robinhood和社交媒体网站Reddit的首席执行官一起就游戏驿站集会向众议院委员会作证。证人名单上还有基思·吉尔（Keith Gill）和加布·普洛特金（Gabe Plotkin），前者是Reddit用户和YouTube海报，他从他帮助推广的游戏驿站交易中赚了数百万美元，后者是Melvin的创始人兼首席执行官，他受到了严重挤压，接受了Citadel的帮助。</blockquote></p><p> In particular, Mr. Griffin will have to address speculation that he used his firms’ involvement to manipulate the situation for his own benefit. Small investors who were irritated that Robinhood put curbs on GameStop trading have suggested that Citadel was behind the limits, applying pressure to Robinhood to protect its own bet against the video game retailer — assertions that both Citadel and Robinhood have denied.</p><p><blockquote>特别是，格里芬先生必须解决有关他利用公司的参与来操纵局势为自己谋取利益的猜测。对Robinhood限制游戏驿站交易感到愤怒的小投资者表示，Citadel超出了限制范围，向Robinhood施加压力，要求其保护自己对这家视频游戏零售商的押注——Citadel和Robinhood都否认了这一说法。</blockquote></p><p> “There’s a giant pachyderm running around, and that’s the insane theory that we induced Robinhood or any other firm to impose trading restrictions on GameStop,” Mr. Griffin said in an interview on Wednesday. “Never in my life have I seen such a completely absurd theory.”</p><p><blockquote>格里芬在周三接受采访时表示：“有一只巨大的厚皮动物在跑来跑去，这是我们诱使罗宾汉或任何其他公司对游戏驿站实施贸易限制的疯狂理论。”“我一生中从未见过如此荒谬的理论。”</blockquote></p><p> Representative Maxine Waters, the California Democrat who leads the committee, said the hearing — the first of three she has planned — would be a fact-finding mission.</p><p><blockquote>领导该委员会的加州民主党众议员玛克辛·沃特斯表示，这次听证会是她计划的三次听证会中的第一次，将是一次事实调查任务。</blockquote></p><p> “They will tell their story,” she said of Citadel and the other witnesses. “We hope the hearing will give us some facts, and a very clear understanding of who did what.”</p><p><blockquote>“他们会讲述他们的故事，”她谈到Citadel和其他目击者时说道。“我们希望听证会能让我们了解一些事实，并非常清楚地了解谁做了什么。”</blockquote></p><p> For Mr. Griffin, who began trading as a sophomore at Harvard, the answer to such questions will depend on precisely which arm of his financial empire officials are asking about.</p><p><blockquote>对于哈佛大学大二开始交易的格里芬来说，这些问题的答案将取决于官员们询问的是他的金融帝国的哪个部门。</blockquote></p><p> Citadel — the hedge fund — had only limited holdings of GameStop and other “meme” stocks that surged last month. As of Jan. 22, the Friday before GameStop went through the roof, Citadel’s bet against GameStop was limited to just 92 shares, said a person familiar with the firm’s position at the time. But after GameStop started soaring, Mr. Griffin — one of the financial world’s savviest operators — spotted an opening at the beleaguered Melvin.</p><p><blockquote>对冲基金Citadel仅持有有限的游戏驿站和其他上个月飙升的“模因”股票。一位当时熟悉该公司立场的人士表示，截至1月22日，即游戏驿站股价飙升前的周五，Citadel对游戏驿站的押注仅限于92股。但在游戏驿站开始飙升后，金融界最精明的经营者之一格里芬先生在陷入困境的梅尔文公司发现了一个机会。</blockquote></p><p> One of Mr. Griffin’s lieutenants called Mr. Plotkin to express an interest in investing, Mr. Griffin said. By day’s end, Citadel and Melvin had a handshake deal. Citadel and some of its senior managers would buy a stake of less than 10 percent in Melvin for $2 billion in cash, said a person familiar with the details of the transaction, who was not authorized to disclose confidential details of it. That money, along with $750 million from the hedge fund Point72, allowed Melvin to weather heavy losses as GameStop — a stock it had bet would fall — soared more than 600 percent.</p><p><blockquote>格里芬说，格里芬的一名副手打电话给普洛特金，表示有兴趣投资。一天结束时，城堡和梅尔文达成了握手协议。一位熟悉交易细节的人士表示，Citadel及其一些高级管理人员将以20亿美元现金购买Melvin不到10%的股份，该人士无权透露交易的机密细节。这笔钱，再加上对冲基金Point72提供的7.5亿美元，让Melvin在游戏驿站（一只它押注会下跌的股票）飙升600%以上时经受住了重大损失。</blockquote></p><p></p><p> Melvin’s losses were stunning: 53 percent in January. Citadel, which by then had a small exposure to Melvin’s losses and a loss on its own GameStop investment, was down 3 percent. (The S&P 500 was down 1.1 percent for the month.)</p><p><blockquote>梅尔文的损失令人震惊：1月份损失了53%。Citadel当时对Melvin的损失和自己在游戏驿站的投资也有损失，股价下跌了3%。（标普500本月下跌1.1%。）</blockquote></p><p> But the opportunity that GameStop’s rise presented to Mr. Griffin’s hedge fund is entwined with the other role his companies played, in particular Citadel Securities. And it is here that aggrieved investors have smelled a conspiracy.</p><p><blockquote>但游戏驿站的崛起给格里芬的对冲基金带来的机遇与他的公司所扮演的其他角色交织在一起，尤其是Citadel Securities。正是在这里，愤愤不平的投资者嗅到了阴谋的味道。</blockquote></p><p> On the morning of Jan. 28, Robinhood, the Silicon Valley start-up that had become a go-to destination for small investors, curbed the selling of GameStop and a few other stocks. The reasons were not fully explained, and they had the immediate effect of reversing the rally.</p><p><blockquote>1月28日上午，已成为小投资者首选目的地的硅谷初创公司Robinhood限制了游戏驿站和其他一些股票的抛售。原因没有得到充分解释，它们产生了逆转反弹的立竿见影的效果。</blockquote></p><p> Users were furious — first with Robinhood, and then with Citadel.</p><p><blockquote>用户非常愤怒——首先是Robinhood，然后是Citadel。</blockquote></p><p> Some amateur traders, knowing that Citadel had already invested in Melvin and that Citadel Securities ran a huge trading operation of which Robinhood was a customer, jumped to conspiracy theories online. (The arrangement, known as “payment for order flow,” allows users on Robinhood and other apps to trade for free.)</p><p><blockquote>一些业余交易者知道Citadel已经投资了Melvin，并且Citadel Securities经营着一个庞大的交易业务，Robinhood是该公司的客户，于是在网上跳转到阴谋论。（这种安排被称为“订单流支付”，允许Robinhood和其他应用程序上的用户免费交易。）</blockquote></p><p> “Had no idea that Citadel had it’s hands in so many pockets!!” a commenterwrote on Reddit’s Wall Street Bets forumon Jan. 31. “Keep in mind they own a portion of Melvin capital! They’ve tried to rig the market against us.”</p><p><blockquote>“我不知道城堡有这么多口袋！！”1月31日，一位评论者在Reddit的华尔街博彩论坛上写道。“记住，他们拥有梅尔文资本的一部分！他们试图操纵市场对我们不利。”</blockquote></p><p> Mr. Griffin said he and his team were paying little attention to the online chatter because they were occupied with the enormous flood of trades. On Jan. 28, for example, Citadel Securities handled trades totaling 7.4 billion shares — roughly the same as the entire stock market volume on a given day in 2019.</p><p><blockquote>格里芬先生说，他和他的团队很少关注网上的聊天，因为他们忙于大量的交易。例如，1月28日，Citadel Securities处理了总计74亿股的交易，大致相当于2019年某一天的整个股市交易量。</blockquote></p><p> But once Mr. Griffin realized the reputational risk of the rumor mill, he put out statements from both firms to deny any role in Robinhood’s decision to limit trading.</p><p><blockquote>但一旦格里芬意识到谣言工厂的声誉风险，他就发表了两家公司的声明，否认在罗宾汉限制交易的决定中扮演任何角色。</blockquote></p><p> Citadel Securities had no commercial reason to want to slow or stop the trading, Mr. Griffin and other company officials said, because of its business model. The company collects the tiny gap between a buy and sell price on an individual stock order as a fee, and slower trading limited Citadel Securities’s ability to make money.</p><p><blockquote>格里芬和其他公司官员表示，由于其商业模式，Citadel Securities没有商业理由想要放缓或停止交易。该公司收取个股订单买卖价格之间的微小差距作为费用，而交易放缓限制了Citadel Securities的赚钱能力。</blockquote></p><p> But the vitriol aimed at Citadel has not abated, even after Robinhood’s chief executive, Vlad Tenev, came forward with the reason for the slowdown: The heavy trading in a wildly swinging stock by Robinhood’s users meant it needed to make a hefty safety-net payment to the industry-run clearinghouse that finalizes trades.</p><p><blockquote>但针对Citadel的尖酸刻薄并没有减弱，即使在Robinhood首席执行官弗拉德·特涅夫(Vlad Tenev)提出了放缓的原因之后：Robinhood用户对一只剧烈波动的股票进行大量交易，这意味着它需要进行巨额安全网支付给完成交易的行业运营的清算所。</blockquote></p><p> Thursday’s hearing may yield more details about what transpired inside the companies so closely tied to the GameStop rally, but it is also likely to feature populist anger from both parties, directed at both Robinhood and the short sellers who targeted GameStop.</p><p><blockquote>周四的听证会可能会提供更多有关与游戏驿站反弹密切相关的公司内部发生的事情的细节，但也可能会引发两党的民粹主义愤怒，针对罗宾汉和针对游戏驿站的卖空者。</blockquote></p><p> Representative Alexandria Ocasio-Cortez, a New York Democrat and a member of the Financial Services Committee, called Robinhood’s decision to halt some trades for GameStop in January “unacceptable.” And Representative Rashida Tlaib, a Michigan Democrat on the committee, called the decision “beyond absurd” and accused the app of “blocking the ability to trade to protect” hedge funds.</p><p><blockquote>纽约民主党众议员、金融服务委员会成员Alexandria Ocasio-Cortez称Robinhood一月份停止游戏驿站部分交易的决定“不可接受”。该委员会的密歇根民主党众议员拉希达·特莱布称这一决定“荒谬至极”，并指责该应用程序“阻碍了保护”对冲基金的交易能力。</blockquote></p><p></p>","source":"lsy1605590967916","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA Shadowy but Powerful Wall St. Firm Has Its Moment in Washington<blockquote>一家默默无闻但强大的华尔街公司在华盛顿迎来了辉煌的时刻</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Newyork Times</strong><span class=\"h-time small\">2021-02-18 10:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p> Citadel and its sister business, Citadel Securities, were all over the GameStop debacle. Its founder will face sharp questions on Thursday. The GameStop saga was a David-versus-Goliath story pitting small traders against big hedge funds and a cautionary tale about what happens when fast-moving Silicon Valley collides with the heavily regulated world of Wall Street.</p><p><blockquote>Citadel及其姊妹公司Citadel Securities在游戏驿站的崩溃中无处不在。其创始人将在周四面临尖锐的问题。游戏驿站的传奇故事是一个小交易员与大型对冲基金之间的大卫与歌利亚的故事，也是一个警示故事，讲述了当快速发展的硅谷与受到严格监管的华尔街世界发生冲突时会发生什么。</blockquote></p><p> Among its ensemble cast is one of the finance world’s most influential — and perhaps least visible — figures, the Chicago billionaire Kenneth C. Griffin.</p><p><blockquote>它的演员阵容中有金融界最有影响力——也可能是最不引人注目——的人物之一，芝加哥亿万富翁肯尼斯·C·格里芬。</blockquote></p><p> And when the House Financial Services Committee meets on Thursday to question key players in the GameStop madness, Mr. Griffin will be asked about the two distinct roles his companies played in a two-week trading frenzy that created and destroyed billions of dollars in wealth.</p><p><blockquote>当众议院金融服务委员会（House Financial Services Committee）周四开会询问游戏驿站疯狂中的关键参与者时，格里芬将被问及他的公司在为期两周的交易狂潮中扮演的两个不同角色，这场交易狂潮创造和摧毁了数十亿美元的财富。</blockquote></p><p> The first business, Citadel, is a hedge fund firm that had placed a small bet that GameStop shares would fall. It suffered when the shares rose because millions of small investors began buying up the stock, but not nearly as badly as another hedge fund, Melvin Capital, which took a $2 billion investment from Citadel and some of its employees to shore up its finances.</p><p><blockquote>第一家企业Citadel是一家对冲基金公司，它押注游戏驿站股价会下跌。当股价上涨时，由于数百万小投资者开始购买该股票，该公司遭受了损失，但没有另一家对冲基金Melvin Capital那么严重，该基金从Citadel及其部分员工那里获得了20亿美元的投资来支撑其财务状况。</blockquote></p><p> The second business, Citadel Securities, is a brokerage that says it routes more than a quarter of all stock trading in the United States. As small investors were furiously buying and selling GameStop shares — many through trading apps such as Robinhood — Citadel was doing brisk business. It pays Robinhood and other retail brokerages to handle those orders, and makes money by pocketing tiny price discrepancies between buy and sell orders that quickly add up.</p><p><blockquote>第二家公司Citadel Securities是一家经纪公司，该公司表示，美国超过四分之一的股票交易都由该公司进行。随着小投资者疯狂买卖游戏驿站股票（许多人通过Robinhood等交易应用程序），Citadel的业务蒸蒸日上。它向Robinhood和其他零售经纪公司支付费用来处理这些订单，并通过将买卖订单之间迅速增加的微小价格差异收入囊中来赚钱。</blockquote></p><p> “Citadel is one of the many really gigantic financial firms that are incredibly important and interwoven throughout the financial system but are never visible to the public,” said Dennis M. Kelleher, president and chief executive officer of Better Markets, a nonprofit group that supports additional financial regulation. “They operate in the shadows and want to stay in the shadows and don’t want anyone looking at how they conduct their business.”</p><p><blockquote>支持的非营利组织Better Markets总裁兼首席执行官丹尼斯·M·凯莱赫(Dennis M.Kelleher)表示：“Citadel是众多真正庞大的金融公司之一，这些公司非常重要，并且在整个金融体系中交织在一起，但从未向公众公开。”额外的金融监管。“他们在暗处运营，希望留在暗处，不希望任何人看到他们如何开展业务。”</blockquote></p><p> On Thursday, lawmakers will put a spotlight on Mr. Griffin. He is scheduled — along with the chief executives of Robinhood and Reddit, the social media site — to testify before the House committee about the GameStop rally. Also on the witness list is Keith Gill, a Reddit user and YouTube poster who made millions off the GameStop trade he helped popularize, and Gabe Plotkin, the founder and chief executive of Melvin, who was so badly squeezed he accepted Citadel’s help.</p><p><blockquote>周四，立法者将把焦点放在格里芬身上。他计划与Robinhood和社交媒体网站Reddit的首席执行官一起就游戏驿站集会向众议院委员会作证。证人名单上还有基思·吉尔（Keith Gill）和加布·普洛特金（Gabe Plotkin），前者是Reddit用户和YouTube海报，他从他帮助推广的游戏驿站交易中赚了数百万美元，后者是Melvin的创始人兼首席执行官，他受到了严重挤压，接受了Citadel的帮助。</blockquote></p><p> In particular, Mr. Griffin will have to address speculation that he used his firms’ involvement to manipulate the situation for his own benefit. Small investors who were irritated that Robinhood put curbs on GameStop trading have suggested that Citadel was behind the limits, applying pressure to Robinhood to protect its own bet against the video game retailer — assertions that both Citadel and Robinhood have denied.</p><p><blockquote>特别是，格里芬先生必须解决有关他利用公司的参与来操纵局势为自己谋取利益的猜测。对Robinhood限制游戏驿站交易感到愤怒的小投资者表示，Citadel超出了限制范围，向Robinhood施加压力，要求其保护自己对这家视频游戏零售商的押注——Citadel和Robinhood都否认了这一说法。</blockquote></p><p> “There’s a giant pachyderm running around, and that’s the insane theory that we induced Robinhood or any other firm to impose trading restrictions on GameStop,” Mr. Griffin said in an interview on Wednesday. “Never in my life have I seen such a completely absurd theory.”</p><p><blockquote>格里芬在周三接受采访时表示：“有一只巨大的厚皮动物在跑来跑去，这是我们诱使罗宾汉或任何其他公司对游戏驿站实施贸易限制的疯狂理论。”“我一生中从未见过如此荒谬的理论。”</blockquote></p><p> Representative Maxine Waters, the California Democrat who leads the committee, said the hearing — the first of three she has planned — would be a fact-finding mission.</p><p><blockquote>领导该委员会的加州民主党众议员玛克辛·沃特斯表示，这次听证会是她计划的三次听证会中的第一次，将是一次事实调查任务。</blockquote></p><p> “They will tell their story,” she said of Citadel and the other witnesses. “We hope the hearing will give us some facts, and a very clear understanding of who did what.”</p><p><blockquote>“他们会讲述他们的故事，”她谈到Citadel和其他目击者时说道。“我们希望听证会能让我们了解一些事实，并非常清楚地了解谁做了什么。”</blockquote></p><p> For Mr. Griffin, who began trading as a sophomore at Harvard, the answer to such questions will depend on precisely which arm of his financial empire officials are asking about.</p><p><blockquote>对于哈佛大学大二开始交易的格里芬来说，这些问题的答案将取决于官员们询问的是他的金融帝国的哪个部门。</blockquote></p><p> Citadel — the hedge fund — had only limited holdings of GameStop and other “meme” stocks that surged last month. As of Jan. 22, the Friday before GameStop went through the roof, Citadel’s bet against GameStop was limited to just 92 shares, said a person familiar with the firm’s position at the time. But after GameStop started soaring, Mr. Griffin — one of the financial world’s savviest operators — spotted an opening at the beleaguered Melvin.</p><p><blockquote>对冲基金Citadel仅持有有限的游戏驿站和其他上个月飙升的“模因”股票。一位当时熟悉该公司立场的人士表示，截至1月22日，即游戏驿站股价飙升前的周五，Citadel对游戏驿站的押注仅限于92股。但在游戏驿站开始飙升后，金融界最精明的经营者之一格里芬先生在陷入困境的梅尔文公司发现了一个机会。</blockquote></p><p> One of Mr. Griffin’s lieutenants called Mr. Plotkin to express an interest in investing, Mr. Griffin said. By day’s end, Citadel and Melvin had a handshake deal. Citadel and some of its senior managers would buy a stake of less than 10 percent in Melvin for $2 billion in cash, said a person familiar with the details of the transaction, who was not authorized to disclose confidential details of it. That money, along with $750 million from the hedge fund Point72, allowed Melvin to weather heavy losses as GameStop — a stock it had bet would fall — soared more than 600 percent.</p><p><blockquote>格里芬说，格里芬的一名副手打电话给普洛特金，表示有兴趣投资。一天结束时，城堡和梅尔文达成了握手协议。一位熟悉交易细节的人士表示，Citadel及其一些高级管理人员将以20亿美元现金购买Melvin不到10%的股份，该人士无权透露交易的机密细节。这笔钱，再加上对冲基金Point72提供的7.5亿美元，让Melvin在游戏驿站（一只它押注会下跌的股票）飙升600%以上时经受住了重大损失。</blockquote></p><p></p><p> Melvin’s losses were stunning: 53 percent in January. Citadel, which by then had a small exposure to Melvin’s losses and a loss on its own GameStop investment, was down 3 percent. (The S&P 500 was down 1.1 percent for the month.)</p><p><blockquote>梅尔文的损失令人震惊：1月份损失了53%。Citadel当时对Melvin的损失和自己在游戏驿站的投资也有损失，股价下跌了3%。（标普500本月下跌1.1%。）</blockquote></p><p> But the opportunity that GameStop’s rise presented to Mr. Griffin’s hedge fund is entwined with the other role his companies played, in particular Citadel Securities. And it is here that aggrieved investors have smelled a conspiracy.</p><p><blockquote>但游戏驿站的崛起给格里芬的对冲基金带来的机遇与他的公司所扮演的其他角色交织在一起，尤其是Citadel Securities。正是在这里，愤愤不平的投资者嗅到了阴谋的味道。</blockquote></p><p> On the morning of Jan. 28, Robinhood, the Silicon Valley start-up that had become a go-to destination for small investors, curbed the selling of GameStop and a few other stocks. The reasons were not fully explained, and they had the immediate effect of reversing the rally.</p><p><blockquote>1月28日上午，已成为小投资者首选目的地的硅谷初创公司Robinhood限制了游戏驿站和其他一些股票的抛售。原因没有得到充分解释，它们产生了逆转反弹的立竿见影的效果。</blockquote></p><p> Users were furious — first with Robinhood, and then with Citadel.</p><p><blockquote>用户非常愤怒——首先是Robinhood，然后是Citadel。</blockquote></p><p> Some amateur traders, knowing that Citadel had already invested in Melvin and that Citadel Securities ran a huge trading operation of which Robinhood was a customer, jumped to conspiracy theories online. (The arrangement, known as “payment for order flow,” allows users on Robinhood and other apps to trade for free.)</p><p><blockquote>一些业余交易者知道Citadel已经投资了Melvin，并且Citadel Securities经营着一个庞大的交易业务，Robinhood是该公司的客户，于是在网上跳转到阴谋论。（这种安排被称为“订单流支付”，允许Robinhood和其他应用程序上的用户免费交易。）</blockquote></p><p> “Had no idea that Citadel had it’s hands in so many pockets!!” a commenterwrote on Reddit’s Wall Street Bets forumon Jan. 31. “Keep in mind they own a portion of Melvin capital! They’ve tried to rig the market against us.”</p><p><blockquote>“我不知道城堡有这么多口袋！！”1月31日，一位评论者在Reddit的华尔街博彩论坛上写道。“记住，他们拥有梅尔文资本的一部分！他们试图操纵市场对我们不利。”</blockquote></p><p> Mr. Griffin said he and his team were paying little attention to the online chatter because they were occupied with the enormous flood of trades. On Jan. 28, for example, Citadel Securities handled trades totaling 7.4 billion shares — roughly the same as the entire stock market volume on a given day in 2019.</p><p><blockquote>格里芬先生说，他和他的团队很少关注网上的聊天，因为他们忙于大量的交易。例如，1月28日，Citadel Securities处理了总计74亿股的交易，大致相当于2019年某一天的整个股市交易量。</blockquote></p><p> But once Mr. Griffin realized the reputational risk of the rumor mill, he put out statements from both firms to deny any role in Robinhood’s decision to limit trading.</p><p><blockquote>但一旦格里芬意识到谣言工厂的声誉风险，他就发表了两家公司的声明，否认在罗宾汉限制交易的决定中扮演任何角色。</blockquote></p><p> Citadel Securities had no commercial reason to want to slow or stop the trading, Mr. Griffin and other company officials said, because of its business model. The company collects the tiny gap between a buy and sell price on an individual stock order as a fee, and slower trading limited Citadel Securities’s ability to make money.</p><p><blockquote>格里芬和其他公司官员表示，由于其商业模式，Citadel Securities没有商业理由想要放缓或停止交易。该公司收取个股订单买卖价格之间的微小差距作为费用，而交易放缓限制了Citadel Securities的赚钱能力。</blockquote></p><p> But the vitriol aimed at Citadel has not abated, even after Robinhood’s chief executive, Vlad Tenev, came forward with the reason for the slowdown: The heavy trading in a wildly swinging stock by Robinhood’s users meant it needed to make a hefty safety-net payment to the industry-run clearinghouse that finalizes trades.</p><p><blockquote>但针对Citadel的尖酸刻薄并没有减弱，即使在Robinhood首席执行官弗拉德·特涅夫(Vlad Tenev)提出了放缓的原因之后：Robinhood用户对一只剧烈波动的股票进行大量交易，这意味着它需要进行巨额安全网支付给完成交易的行业运营的清算所。</blockquote></p><p> Thursday’s hearing may yield more details about what transpired inside the companies so closely tied to the GameStop rally, but it is also likely to feature populist anger from both parties, directed at both Robinhood and the short sellers who targeted GameStop.</p><p><blockquote>周四的听证会可能会提供更多有关与游戏驿站反弹密切相关的公司内部发生的事情的细节，但也可能会引发两党的民粹主义愤怒，针对罗宾汉和针对游戏驿站的卖空者。</blockquote></p><p> Representative Alexandria Ocasio-Cortez, a New York Democrat and a member of the Financial Services Committee, called Robinhood’s decision to halt some trades for GameStop in January “unacceptable.” And Representative Rashida Tlaib, a Michigan Democrat on the committee, called the decision “beyond absurd” and accused the app of “blocking the ability to trade to protect” hedge funds.</p><p><blockquote>纽约民主党众议员、金融服务委员会成员Alexandria Ocasio-Cortez称Robinhood一月份停止游戏驿站部分交易的决定“不可接受”。该委员会的密歇根民主党众议员拉希达·特莱布称这一决定“荒谬至极”，并指责该应用程序“阻碍了保护”对冲基金的交易能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/02/17/business/citadel-game-stop-hearing.html\">Newyork Times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.nytimes.com/2021/02/17/business/citadel-game-stop-hearing.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1159709290","content_text":"Citadel and its sister business, Citadel Securities, were all over the GameStop debacle. Its founder will face sharp questions on Thursday.\n\nThe GameStop saga was a David-versus-Goliath story pitting small traders against big hedge funds and a cautionary tale about what happens when fast-moving Silicon Valley collides with the heavily regulated world of Wall Street.\nAmong its ensemble cast is one of the finance world’s most influential — and perhaps least visible — figures, the Chicago billionaire Kenneth C. Griffin.\nAnd when the House Financial Services Committee meets on Thursday to question key players in the GameStop madness, Mr. Griffin will be asked about the two distinct roles his companies played in a two-week trading frenzy that created and destroyed billions of dollars in wealth.\nThe first business, Citadel, is a hedge fund firm that had placed a small bet that GameStop shares would fall. It suffered when the shares rose because millions of small investors began buying up the stock, but not nearly as badly as another hedge fund, Melvin Capital, which took a $2 billion investment from Citadel and some of its employees to shore up its finances.\nThe second business, Citadel Securities, is a brokerage that says it routes more than a quarter of all stock trading in the United States. As small investors were furiously buying and selling GameStop shares — many through trading apps such as Robinhood — Citadel was doing brisk business. It pays Robinhood and other retail brokerages to handle those orders, and makes money by pocketing tiny price discrepancies between buy and sell orders that quickly add up.\n“Citadel is one of the many really gigantic financial firms that are incredibly important and interwoven throughout the financial system but are never visible to the public,” said Dennis M. Kelleher, president and chief executive officer of Better Markets, a nonprofit group that supports additional financial regulation. “They operate in the shadows and want to stay in the shadows and don’t want anyone looking at how they conduct their business.”\nOn Thursday, lawmakers will put a spotlight on Mr. Griffin. He is scheduled — along with the chief executives of Robinhood and Reddit, the social media site — to testify before the House committee about the GameStop rally. Also on the witness list is Keith Gill, a Reddit user and YouTube poster who made millions off the GameStop trade he helped popularize, and Gabe Plotkin, the founder and chief executive of Melvin, who was so badly squeezed he accepted Citadel’s help.\nIn particular, Mr. Griffin will have to address speculation that he used his firms’ involvement to manipulate the situation for his own benefit. Small investors who were irritated that Robinhood put curbs on GameStop trading have suggested that Citadel was behind the limits, applying pressure to Robinhood to protect its own bet against the video game retailer — assertions that both Citadel and Robinhood have denied.\n“There’s a giant pachyderm running around, and that’s the insane theory that we induced Robinhood or any other firm to impose trading restrictions on GameStop,” Mr. Griffin said in an interview on Wednesday. “Never in my life have I seen such a completely absurd theory.”\nRepresentative Maxine Waters, the California Democrat who leads the committee, said the hearing — the first of three she has planned — would be a fact-finding mission.\n“They will tell their story,” she said of Citadel and the other witnesses. “We hope the hearing will give us some facts, and a very clear understanding of who did what.”\nFor Mr. Griffin, who began trading as a sophomore at Harvard, the answer to such questions will depend on precisely which arm of his financial empire officials are asking about.\nCitadel — the hedge fund — had only limited holdings of GameStop and other “meme” stocks that surged last month. As of Jan. 22, the Friday before GameStop went through the roof, Citadel’s bet against GameStop was limited to just 92 shares, said a person familiar with the firm’s position at the time. But after GameStop started soaring, Mr. Griffin — one of the financial world’s savviest operators — spotted an opening at the beleaguered Melvin.\nOne of Mr. Griffin’s lieutenants called Mr. Plotkin to express an interest in investing, Mr. Griffin said. By day’s end, Citadel and Melvin had a handshake deal. Citadel and some of its senior managers would buy a stake of less than 10 percent in Melvin for $2 billion in cash, said a person familiar with the details of the transaction, who was not authorized to disclose confidential details of it. That money, along with $750 million from the hedge fund Point72, allowed Melvin to weather heavy losses as GameStop — a stock it had bet would fall — soared more than 600 percent.\nMelvin’s losses were stunning: 53 percent in January. Citadel, which by then had a small exposure to Melvin’s losses and a loss on its own GameStop investment, was down 3 percent. (The S&P 500 was down 1.1 percent for the month.)\nBut the opportunity that GameStop’s rise presented to Mr. Griffin’s hedge fund is entwined with the other role his companies played, in particular Citadel Securities. And it is here that aggrieved investors have smelled a conspiracy.\nOn the morning of Jan. 28, Robinhood, the Silicon Valley start-up that had become a go-to destination for small investors, curbed the selling of GameStop and a few other stocks. The reasons were not fully explained, and they had the immediate effect of reversing the rally.\nUsers were furious — first with Robinhood, and then with Citadel.\nSome amateur traders, knowing that Citadel had already invested in Melvin and that Citadel Securities ran a huge trading operation of which Robinhood was a customer, jumped to conspiracy theories online. (The arrangement, known as “payment for order flow,” allows users on Robinhood and other apps to trade for free.)\n“Had no idea that Citadel had it’s hands in so many pockets!!” a commenterwrote on Reddit’s Wall Street Bets forumon Jan. 31. “Keep in mind they own a portion of Melvin capital! They’ve tried to rig the market against us.”\nMr. Griffin said he and his team were paying little attention to the online chatter because they were occupied with the enormous flood of trades. On Jan. 28, for example, Citadel Securities handled trades totaling 7.4 billion shares — roughly the same as the entire stock market volume on a given day in 2019.\nBut once Mr. Griffin realized the reputational risk of the rumor mill, he put out statements from both firms to deny any role in Robinhood’s decision to limit trading.\nCitadel Securities had no commercial reason to want to slow or stop the trading, Mr. Griffin and other company officials said, because of its business model. The company collects the tiny gap between a buy and sell price on an individual stock order as a fee, and slower trading limited Citadel Securities’s ability to make money.\nBut the vitriol aimed at Citadel has not abated, even after Robinhood’s chief executive, Vlad Tenev, came forward with the reason for the slowdown: The heavy trading in a wildly swinging stock by Robinhood’s users meant it needed to make a hefty safety-net payment to the industry-run clearinghouse that finalizes trades.\nThursday’s hearing may yield more details about what transpired inside the companies so closely tied to the GameStop rally, but it is also likely to feature populist anger from both parties, directed at both Robinhood and the short sellers who targeted GameStop.\nRepresentative Alexandria Ocasio-Cortez, a New York Democrat and a member of the Financial Services Committee, called Robinhood’s decision to halt some trades for GameStop in January “unacceptable.” And Representative Rashida Tlaib, a Michigan Democrat on the committee, called the decision “beyond absurd” and accused the app of “blocking the ability to trade to protect” hedge funds.","news_type":1,"symbols_score_info":{"GME":0.9}},"isVote":1,"tweetType":1,"viewCount":454,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":18,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/384351593"}
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