Welcome to Animal Spirits, the podcast that takes a completely different look at markets and investing,

hosted by Michael Baddick and Ben Carlson, two guys who study the markets as a passion and invest for all the right reasons.

Michael Batnik and Ben Carlson work for Rit Holt's wealth management.

All opinions expressed by Michael and Ben or any podcast guests are solely their own opinions and do not reflect the opinion of

Ritholz wealth management. This podcast is for informational purposes only and

should not be relied upon for investment decisions. Clients of Ritholz wealth

management may maintain positions in the securities discussed in this

podcast.

Welcome to Animal Spirits with Michael and Ben.

Story of the week comes from Robin Hood, and there are 3% checking slash savings

slash not a checking savings account. Can you put checking and savings in air quotes when you say that? Yes. This was kind of wild So this was the I don't want to take a victory lap too early, but I'm going to take two victory

ops if you allow me. I think I before on this podcast said Robin Hood is going to try to be the bank for

millennials which they're obviously trying to do. But I also said it's going to be

really hard for technology firms to make it in the regulatory environment of the

financial space and I think this story is kind of both of these.

So first of all, not being an expert on banking regulations

from everything I can...

Don't be so modest then.

Okay, in my spare time it sounds to me like it's almost

impossible for them to even offer a checking and savings account because of the way that

the structure so this would have let's say this, even though it sounds like it's not anymore.

This would have been a brokerage account and they just totally mess this up.

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