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Squawk Pod

Gaming GameStop; Robinhood CEO; Bank of America CEO (Supersized)

Squawk Pod

CNBC

Business News, Investing, Business, News

4494 Ratings

🗓️ 27 January 2021

⏱️ 51 minutes

🧾️ Download transcript

Summary

Retail investing Redditors are gaming GameStop. The social media-driven roller coaster ride for the GameStop stock has lost Wall Street’s biggest short sellers billions of dollars--and has made everyone else a hefty profit. The Squawk Box team breaks down why it’s happening, what it means, and which stock might be next. In an interview with Robinhood CEO Vlad Tenev, Andrew Ross Sorkin discusses the rise and role of the retail investor, from the GameStop drama to expanding access to the U.S. financial system. Plus, Bank of America CEO Brian Moynihan is leveraging capitalism to advance sustainability goals. In an extended interview, Moynihan stresses corporate America’s influence on achieving environmental and equity goals in the U.S. and beyond

Transcript

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0:00.0

This is Squawk Pod. I'm C. NBC producer Katie Kramer. Two big stories today on our

0:06.7

podcast. The rise of the retail investor. Game stops meteoric rise from the

0:11.6

ashes, a Reddit forum, a coordinated

0:14.1

squeeze and five billion dollar losses on Wall Street. If you think this is

0:18.0

manipulation, what do you think Wall Street's doing every day to us, the retail

0:21.5

investors? Is GameStop just a show of retail investors'

0:24.9

frustration with Wall Street?

0:26.5

Robin Hood CEO Vlad Tenev on his platform's role

0:29.4

in keeping markets accessible.

0:31.0

I think I really came to value how powerful the American financial system is and has been as a wealth

0:37.0

creation tool and that really motivated our mission which is to give everyone access to the financial system.

0:44.0

And Bank of America CEO Brian Moynihan on the U.S. economic recovery.

0:48.0

We need to get this economy, which is about 90 some percent back to the way it is,

0:52.0

because if the U.S. economy doesn't grow the rest of the world's in trouble.

0:55.0

And how the business community can come together on the environment.

0:58.0

It's about defining stakeholder capitalism.

1:01.0

It's defining how capitalism actually can measure itself and hold itself as accountable. to our super-sized squawk pod. It's a lot today, but there's a lot going on. It all begins right now.

1:17.0

Good morning everybody. Welcome to Squawk Box here on C.M.C. I'm Becky Quick along with Joe

1:22.0

Cernan and Andrew Ross Sorkin, and if you take a look at the US equity

1:26.0

First up today the stock story trending on Wall Street Twitter, Reddit pretty much everywhere

1:31.5

GameStop the video game retailer's stock has rallied Reddit, volatility has pretty much everyone talking. So what's going on? First of all,

1:44.5

GameStop is for the average mall-going consumer, a dying brand. A relic of

...

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