Vlad Tenev

And there's some scary stuff that happens.

Lehman Brothers shut down, they had to liquidate.

And these rules around capital requirements, they're not optional.

So they can come in and shut you down.

And you saw FTX a couple of years later, just when the survival of the firm is in question, I think the most important thing turns out to be you have to protect all of the people's money, right?

And kind of became a question of, all right,

There's a lot of people on the platform that aren't trading GameStop.

And there's some people that are trading GameStop for sure, and they're upset.

Was the whole system turned off or just GameStop trading?

It was GameStop, but also a bunch of the other meme stocks.

I see.

There were a handful of others, AMC.

And then I wake up and I'm hearing the story of

basically sheets came in and a lot of this was automated.

You can think of this as like a tax bill coming in with $3 billion.

And then we can't get on the phone with anyone to explain it to us.

And then another one comes in and it's lower, 1.7 billion.

So was it not clear to you what was going on at the time?

It was not clear.

My first thought was actually maybe the central clearing system