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How are “winning” when this kind of C**P conitinues unabated and Congress does nothing, even after a temporary ban on short selling and all the talk about naked short selling……we are kidding ourselves if we think we are getting anywhere meaningful….So we get Bethany into a well deserved pile of trouble…whoop de doo…compared to THIS…..This is EXACTLY what Madoff did –
DEMATERIALIZATION
Let’s keep our eye on the BALL
A notice today from the Scottrade:
Attention Customers who Request Stock Certificates
Effective Jan. 2, Scottrade is no longer offering physical stock certificates. This change has been made in response to an initiative by DTCC (The Depository Trust & Clearing Company) to eliminate physical certificates.
DTCC will discontinue the issuance of physical certificates for most securities on Jan. 9, and the remaining stocks will only be available in certificate form until July 2009. This is an SEC-approved, industry-wide change that will affect all investors regardless of the brokerage firm issuing the certificates.
After July 2009, the availability of physical stock certificates will be dependant upon the discretion of the issuing company, which may make them available exclusively through their Transfer Agent. For more information, you will need to contact the Transfer Agent directly.
What this means for you: Scottrade will continue to accept physical certificates for the deposit or sale of stock, but you will not be able to receive a physical certificate. If you primarily trade online and do not normally request the issuance of a physical stock certificate, you will not be affected by this change.
If you have any questions, please contact your local branch office.
When the dematerialization scheme is complete, there will be no stopping the whores (e.g., DTCC and its owners) from screwing anyone and everyone dumb enough to invest in U.S. equities. DTCC will be able to counterfeit at will with not a single potential negative consequence. Money to pay any cash dividends declared by a victim issuer can simply be raised by selling more counterfeit shares of the victim issuer. The DTCC will be able to create money at will for its owners. No registration requirement, no pesky limitation on # shares issued for the DTCC and its owners, limitations the issuer itself has to deal with. Time to bail out of the U.S. markets for ever. Unless of course you are a short seller.
The system doesn’t want you to know, but you can request “Direct Registration at Custodian” under the DTC Fast program. Call the company transfer agent for instructions for that agent on how to do it as it can vary from one transfer agent to the next.
If they tell you they can’t do it, they are just misinformed as it isn’t that common yet.
It’s exactly the same as a paper certificate, as your name gets registered on the company shareholder list. It’s a smart thing to do as there is no risk to you of losing anything, you get one full vote for one full share and no one can borrow your shares.
You don’t have to worry about your brokerage going bankrupt and getting in the SIPF lineup, but if you do decide to sell, it’s usually only a day or two to wire them into your brokerage account.
http://www.dtc.org/dtcpublic/html/lob2/prod6/drsdetail.htm
The FAST system is used to wire shares from one brokerage to another and by doing this, your account at the company transfer agent acts like a FAST participant and you can wire them out when you are ready to sell.
If everyone did this, there would be no shares at the DTC, yet everyone would be able to trade when they wanted to.
We’re in uncharted monetary territory.
http://market-ticker.denninger.net/archives/703-Uh-Oh…..-Monetary-Flat-Spin.html
Echo above post re FAST, except the official name is DRS, “Direct Registration of Securities”. It is electronic form of registration directly on the books of the company. Proxies and dividends go straight to you from the company (or transfer agent), not through a broker. This is not a “securities entitlement”. It is a true title.
Oops: DRS = “Direct Registration System”
My mistake, Fred is right.
I encourage everyone to do it as it sucks shares out of the DTC, while lowering your risk of loss if your brokerage goes under. You get a full vote and full dividends and know for sure you own your asset.
It’s like having the deed to your house versus letting your realtor hang on to it and trust he or she doesn’t resell it to someone else.
This site should do a blog post on it as it is an important “to do” item for the activists – pull your stock out of the DTC.
It’s funny, but the DTC banning of certs. could actually reduce naked shorting as some people don’t like paper certs. which can be lost, but there is no disadvantage to wiring them electronically into your own name at the transfer agent.
It seems DRS would tend to reduce legal shorting only, by reducing the shares available to be borrowed. But as for naked shorting, I don’t see why that would be reduced. They don’t need shares available because they don’t bother to borrow them.
Deep Capture is waaaay out ahead in the voting so far. If anyone has not voted yet please do so now! We should expect the miscreants to launch an offensive at some point, like they did with the voting on the fellow’s video a while back.
Deep Capture is cranking! 42% of a little over 2,000 votes, with no serious competition in sight. Looks like it is okay to vote once per day.
It looks like Deep Capture has won. The polls closed 23 minutes ago and it is a very impressive win. Congratulations Deep Capture Team.