Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

THE DTCC MUST BE FORCED TO DISCLOSE ALL TRANSACTIONS IMMEDIATELY
FreeRepublic.com ^ | 9-19-08 | Danae

Posted on 09/19/2008 12:08:11 PM PDT by Danae

What is the DTCC? http://www.dtcc.com/ The Depository Trust and Clearing Corporation. It records all the Stock Transactions. Everything having to do with US Stocks and the selling of Debts. EVERYTHING. Who, when, where, and how much, volume. Everything. Getting Oversight into this agency is nearly impossible without a LOT of political weight to it... like all of Government and the US People DEMANDING it, along with a Media that is finally on the side of the people they report FOR (us)... that MIGHT work. Up to now, the Media has Ignored Naked Short Selling, even as they DENIED its existence. Proof of that lies in Media transcripts, much of which is available for free on YouTube. Who has had control of this and the removing of Up-Tick rules? Yea, DEMOCRATS, in particular the ones benefiting from Companies like… Fannie Mae and Freddie Mack: Obama, and Chris Dodd. Dodd is the House BANKING COMMITTEE CHAIRMAN.

Its all connected, all tied to one another, and the trail is available for anyone to see.

THE DTCC MUST BE FORCED TO PUBLICALLY DISCLOSE ITS RECORDS!


TOPICS: Government; News/Current Events; Your Opinion/Questions
KEYWORDS: bailout; dtcc; duuuuuuude; government; tinfoilalert
Ping the Obama Action Wire Response Team. We are an elite group of web commandos responding to Obama's lies and distortions. To join this list, visit the OAW wiki at: http://oaw.wikidot.com/ Simply add your name to the ping list section.

As a member, you are also an owner of the ping list.

1 posted on 09/19/2008 12:08:11 PM PDT by Danae
[ Post Reply | Private Reply | View Replies]

To: Cinnamontea; IrishMike; lildoc511; God luvs America; piytar; mainestategop; JFC; mmanager; ...

Ping


2 posted on 09/19/2008 12:08:54 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae

I thought Dodd was a Senator?


3 posted on 09/19/2008 12:10:18 PM PDT by guido911 (Islamic terrorists are members of the "ROP", the "religion of pu*&ies")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae; guido911

4 posted on 09/19/2008 12:12:29 PM PDT by impeachedrapist (On Free Republic PBD [political bipolar disorder] rules!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae

I wouldn’t have been nearly so easily convinced if you hadn’t used all those capital letters. That put me over the top.


5 posted on 09/19/2008 12:12:46 PM PDT by savedbygrace (SECURE THE BORDERS FIRST (I'M YELLING ON PURPOSE))
[ Post Reply | Private Reply | To 1 | View Replies]

To: savedbygrace

There’s breaking news, and then there’s broken news.


6 posted on 09/19/2008 12:14:59 PM PDT by impeachedrapist (On Free Republic PBD [political bipolar disorder] rules!)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Danae

7 posted on 09/19/2008 12:19:19 PM PDT by BJClinton (McPalin 2008)
[ Post Reply | Private Reply | To 1 | View Replies]

To: guido911

Dodd is a senator, sorry! My Typo! Fannie Mae has a highly paid stooge in each branch of congress.


8 posted on 09/19/2008 12:21:05 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 3 | View Replies]

To: BJClinton
Mock if you wish! LOL

This is very real. I do think its worthy of more than idle mockery for capital letters though. :) The Media is now talking about stuff I have been ahead of the curve on here in several threads, for a little bit here.

9 posted on 09/19/2008 12:25:11 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 7 | View Replies]

To: Danae

I am with you and yes it is very real and very serious.

The current bailout will never work if they don’t bring the DTCC out of the shadows and expose the people that have pillaged the markets.


10 posted on 09/19/2008 12:32:07 PM PDT by Hostage
[ Post Reply | Private Reply | To 9 | View Replies]

To: Hostage

Thank you! I was beginning to dispair... Few people are willing to do the research on whats really happening. So few people know what the DTCC is. Or why it matters so much that their records be released. If we the people don’t get it, we will, in 5 to 10 years, be forced to do the same thing all over again. Just as with the Dot Com Bubble Bursting, so is The Naked Short Selling Scandal. We will get to do it all again. I am beginning to believe its because of the existance of the DTCC, what it does and what it is covering up. That is the Beast. Its up to us to kill it. We do that by getting the records. All of them, and disbanding the DCTT altogether. And LOTS of Jail time for a LOT of crooks.


11 posted on 09/19/2008 12:38:57 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 10 | View Replies]

To: Danae

DTCC sorry for typo.


12 posted on 09/19/2008 12:39:41 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 11 | View Replies]

To: Danae
You are absolutely correct. Lots of abuses have been going on and we need some sunshine on this institution to disinfect it.
13 posted on 09/19/2008 12:59:10 PM PDT by DManA
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae
A couple of years ago talk show hosts nationwide put together "hold their feet to the fire" to defeat amnesty for non-citizen, ILLEGAL alien resident lawbreakers. Not just immigrations laws but fraud, ID theft, and other laws that citizens and legal residents would go to prison if found guilty.

Calls and emails to talk shows urging a similar effort to get something going might work.

Michael "junk bond king" Milken went to prison for his shenanigans, why should the new "kings" be allowed to just sashay off with hundreds of millions of (ill-gotten?) dollars? 'Tain't fair, McGee. 'Tain't the America I know either.

14 posted on 09/19/2008 1:27:47 PM PDT by WilliamofCarmichael (If modern America's Man on Horseback is out there, Get on the damn horse already!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae
Are you in the business?

I worked in corporate trust, and then trust operations for twelve years.

DTC (as it was known then) is the custodian for all book entry (electronic) stocks and bonds.

True, they have records of EVERYTHING, but if you know what "street names" are, (and I'm not talking P-Diddy and J-Lo here), then you know that getting any useful information from their records would be next to impossible.

You'd have to get in touch with the financial institution(s) holding those stocks and bonds under "street names" to find out how much of a given holding is owned by whom.

15 posted on 09/19/2008 1:33:10 PM PDT by George Smiley (Palin is the real deal.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae

As one who works in this industry, you’re off on a wild-goose chase. While DTCC is the central clearing agency for trades, they have no way of knowing if a trade is done as a short-sale vs. a regular sale. The brokers and custodians maintain “omnibus” accounts at DTCC. All trading by Merrill Lynch, for example, clear and settle through one or more of Merrill’s accounts at DTCC. In this instance, Merrill is the one who would have the detail behind who is trading, and whether it is a regular sale, or a short-sale (and, if short, whether it’s “naked” or “covered”). If you have specific questions on how this all works, I’m happy to chime in to extent I know the answers.


16 posted on 09/19/2008 1:33:29 PM PDT by Be Free (Liberalism is a disease.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae
Hello,

Would you mind explaining to me what the Up-Tick Rule is/was? I keep hearing about it, and have no clue what it means.

Thanks! MOgirl

17 posted on 09/19/2008 1:34:29 PM PDT by MOgirl
[ Post Reply | Private Reply | To 1 | View Replies]

To: Danae

I know, and I agree with you. But breaking news and lotsa caps makes it hard to resist a snark. ;-)


18 posted on 09/19/2008 1:41:53 PM PDT by BJClinton (McPalin 2008)
[ Post Reply | Private Reply | To 9 | View Replies]

To: MOgirl

Every time a trade occurs in a given stock, recording of the size (# of shares) and price is called a “tick”. If a trade occurs at a price lower than the trade that immediately preceded it, it is called a “down-tick”. If a trade occurs at a price higher than the trade immediately preceding it, it’s known as an “up-tick”.

The “old” short-sale rules would preclude someone from shorting a stock, except on an up-tick. This rule was eliminated, which allowed people to short at will.

However, when the up-tick rule was eliminated, a new rule was also put in place (Reg. SHO), which required that the short-seller identify where they could borrow the stock they sold short before placing the short-sale. They didn’t have to actually borrow it, and it was possible that by the time they might go to borrow it, it’d be gone. (the reason you’d have to borrow it is that the party BUYING the stock from you in a short-sale expects you to deliver the shares they bought.)


19 posted on 09/19/2008 1:44:07 PM PDT by Be Free (Liberalism is a disease.)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Be Free
Hello,

Thanks for the info, I just know that as I have been glued to CNBC this week, I have heard about a million times that the answer to at least part of the current mess is to bring back the Up-Tick Rule. Now, I get why....

MOgirl

20 posted on 09/19/2008 1:56:32 PM PDT by MOgirl
[ Post Reply | Private Reply | To 19 | View Replies]

To: MOgirl

The up tick rule stated that you cannot put out a short call buy on a stock unless its for MORE than the stock is currently selling for. What the Naked Short sellers were doing was using phony made up stocks with LOWER prices. The Stock never existed. Here is a metaphor.

Company A has 50,000 shares of company stock. Split into different areas from employee benefit packages to stocks openly traded on the Stock market. In comes a hedge fund, Now, because there is a 3 day grace period, the time which the hedge fund has to make their order and DELIVER either the Stock or the cash, they have 3 days to make it happen. Only problem is, the friggin SEC has not been ENFORCING the rule. For YEARS in some cases. So here is all these stock buy purchases floating out there in the form of IOU’s. When you press the hedge fund for the CASH they owe you in a computer balance sheet, they hem and haw and then ultimately give you another IOU for it. Rinse and repeat. All made possible by the SEC refusal to ENFORCE the laws. That practice is utterly illegal. Here is the way you KNOW its happening -— Remember Company A, with the 50,000 shares? Well if that company trades their stock on a volume in the Millions on a given day, when they only have 50K.... it means SOMEONE has devalued the stock. That someone is the Hedge fund. That Hedge fund has sold thousands of shares of Company A’s stock at a percentage of what the REAL stock is worth, and then paid for it with IOU’s.

Yea, CRAZY. The SEC has been ALLOWING it, they have not been stopping it. They COULD have! Here is where the up tick rule comes in. The Democrat controlled Congress abolished it making this all possible. Because with the Up-Tick rule, you cannot buy stocks on Iou’s for LESS than the company’s real stock was worth. Technically you can’t do either one if you do not pony up either the cash OR the Real Stock in 3 days. And the Up-Tick rule was part of a real check on those illegal trades happening. The Democrat congress abolished it. I say again, you can point a finger RIGHT at the Democrat party, Democrats in congress primarily. Obama is very guilty of turning his head when he knew there was a problem, he knew in 05 with the rest of congress because McCain was yelling about it then! Why did Obama do that? Easy to get loans for his constituents from Fannie Mae and Freddie Mac, plus 126,000$ of Political contributions to his own Campaign for President directly from Fannie Mae.
Its been going on for years now, and the momentum of all that fake stock is huge, perhaps as much as 2/3rds of the GLOBAL GDP is FAKE stocks, put into the system by Hedge funds, completely unfettered by Congress with the SEC not enforcing the Law. How do I know that 2/3rds term? Because a very shadowy entity called DTCC, The Depository Trust & Clearing Corporation http://www.dtcc.com/ tracks ALL of it. They process 3 times the WORLD GDP! That is not possible unless there is a huge, mind boggling, amount of fake stock in world financial markets. The world banks, when these hedge funds started selling the stocks really short (meaning undervalued, or for less than the real stock of the company was worth) could do nothing as their values literally dropped overnight. No one would listen to them when they would say, but we don’t even HAVE that much stock in the company!!! The rest is FAKE, a Forgery, a robbery of monumental scale. No one wanted to hear that because the consequences of it being real are exactly what we saw happen today. Damn near a total PANIC of world financial markets and a global Great depression WORSE than 1929 could have ever dreamed of.

All made possible by the loss of the Up-Tick Rule and the SEC not enforcing the laws. This is why its an important term.


21 posted on 09/19/2008 2:51:43 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 17 | View Replies]

To: George Smiley
Its not as impossible as it seems at all. All you need is the IP records that go with the sales. Thats it. The pattern becomes very very easy to see REAL fast. Blindingly so. So fast that a decent coder could look at what the DTCC has and literally write a program to correlate the data. VERY easy to do. VERY easy to parse that data as they call it. Hard to implement as DTCC is utterly locked down and reports to literally NO ONE. There is ZERO over-site of them currently. THAT has got to be addressed.
22 posted on 09/19/2008 2:55:45 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Be Free

It’s not a wild goose chase. The DTCC knows how many FTDs there are.

The chain of investigation proceeds thus:

Circumstantial evidence indicates an anomalously huge amount of FTDs exist that have never settled. This circumstantial evidence permits issuance of a warrant for inspection of all DTCC records for confirmation.

A confirmation from DTCC records of a huge anomalous amount of FTDs is evidence of criminal malfeasance, i.e. naked shorting. This evidence allows issuance of warrants on all DTCC members.

That’s why I posted earlier that DTCC must be brought out of the shadows (inspect records) and prosecute the entities behind them (e.g. IBanks).

Of course the SEC has never heretofore subpoenaed DTCC records because the top echelon knew it would lead to investigating the biggest players on the street. And in fact, the SEC executive board is known to be complicit with the top executives at the IBanks (revolving door). For proof of this last statement, one need look no further than the case of Gary Aguirre:

http://www.whistleblower.org/template/page.cfm?page_id=179


23 posted on 09/19/2008 3:43:29 PM PDT by Hostage
[ Post Reply | Private Reply | To 16 | View Replies]

To: George Smiley

I do not disagree with you at all. You know more than I about it I am sure. What I am suggesting is to come at it from a different direction. Trace it up from the companies that CLEARLY got nailed by the Naked Short Siders illegally. Through the day time and VOLUME of the stock traded, correlating that data with transactions recorded by DTCC should eventually show a pattern, its just correlating data. Its should lead to the Hedge Funds that have been doing this to such ruin. Just through the sheer number of times those Hedge funds line up with huge volumes done on Companies like... overstock.com

Bingo. You can find who was doing what. IF you can get the DTCC records. The FULL records. Good coders mine data like this frequently. Its more than possible to do, its possible to do it today. If you can get the records.


24 posted on 09/19/2008 4:13:47 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Hostage
WOW. That is corroborative evidence.
25 posted on 09/19/2008 4:25:36 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 23 | View Replies]

To: Danae

Good Lord....


26 posted on 09/19/2008 4:27:03 PM PDT by MOgirl
[ Post Reply | Private Reply | To 21 | View Replies]

To: Danae
You still didn't address the "street name" problem.

I'm a bank, or I'm a brokerage house.

I hold half a million shares of Stock X for any given number of owners.

What I do, instead of registering the entry at DTC for each of these owners, is to have a single entry under a street name which my own internal accounting system allocates among the various accounts to which pieces of this big block of stock gets allocated.

Methinks what you really want is either the stock exchange records or the records of the trading firm.

27 posted on 09/19/2008 7:12:38 PM PDT by George Smiley (Palin is the real deal.)
[ Post Reply | Private Reply | To 22 | View Replies]

To: George Smiley
It doesn't matter. If your street name shows up in 90% of the transactions, your street name becomes OBVIOUS. No need to hunt for it.

But now that you mention it, since I mentioned it specifically earlier, The Stock Exchange records and the Brokerage records along with the DTCC Records will out who is doing this. Its just a matter of mining the data. Add in the individual company records, who surely wondered why their stock was trading in BELGIUM when they did NOT set that up... yea, there are a LOT of companies who are well aware that they were attacked like this. Its NOT something that goes un noticed, losing half your value in a week for no reason, coupled with sudden BAD press all of which is incorrect or misleading... this is systemic. You have to look at it that way. And when you do, you can easily see that the information is THERE, we just have to get ACCESS to it. THAT is the hard part.

28 posted on 09/19/2008 7:32:40 PM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 27 | View Replies]

To: George Smiley

OK ,, you’re Merrill ... you have 20,000,000 shares of IBM in street name in thousands of accounts and 5 million of them are in margin accounts,, it doesn’t take a genius in compliance to see that you can’t allow a short sale of 17 million shares to go through... and they do allow it EVERY DAY and NEVER CLEAR because they can’t... it has gone on for years and the SEC is 100% to blame for not cracking down.


29 posted on 09/19/2008 7:46:26 PM PDT by Neidermeyer
[ Post Reply | Private Reply | To 27 | View Replies]

To: Danae

Now you just described the big picture in terms of investigation.

Congratulations.

However, like Mena, it’ll never see the light of day because both parties are involved in it up to their eyeballs, IHMO.


30 posted on 09/19/2008 9:56:34 PM PDT by George Smiley (Palin is the real deal.)
[ Post Reply | Private Reply | To 28 | View Replies]

To: George Smiley
I admit, that is possible. But not as possible as it was in 1987. With the Internet and people like you and me who can THINK... (By the way, I am just a housewife, I have no training on wall street, or accounting or high finance...if I can get all this stuff anyone can. But really someone should offer me an high paying analyst job, because I am really good at it LOL)
If People like us keep this alive on the Internet, keep this momentum. Keep this alive in the MSM who for years ignored the problem in terms of fixing it and instead were PART of the world wide financial collapse... yea, we might have a shot. Sitting at home watching it unfold on the News isn't gonna serve us at all. We have been driving the story in some ways, I know that I have said things in FR in the last two days that eventually were repeated by talking heads hours later, if not days. So I KNOW we can make a difference (no I am not taking credit, lots of people were saying much the same things, taking different angles that all added up to the same answer. It was in truth a collective effort to make people aware of what had happened, how and why and what to do about it.) We have a form of power, a soapbox that can reach Millions. Only certainty I know in all of this is that saying little and allowing ourselves to be led instead of LEADING will get us just that. Nothing. Now is not the time to give up.

Media heads should be ROLLING for this too, Mad Money on CNBC comes to mind instantly. They were part of all of this, part of the smear campaign launched against innocent companies in the effort in the Main stream media to further LOWER the stock price of a given company. They were PART of it. That needs to be screamed about. In any hearings that develop, the role of the Media in the downfall of literally hundreds of companies must be investigated as well, because that was just as big an abuse of power. IMHO we got lots of work to do yet. So many targets, so little time. Lets Nail the Media that did all this, CNBC, Mad Money, David Rocker. Then there is the whole Russian Connection. You see, this started in Russia about 4 days before it crunched Wall Street Monday. Russia went down first you see. Russia is WAY in the middle of this cesspool. How? Why? Why did Russian Banks collapse first??? Thats a really DAMN good question to get an answer to I think.

We can't give up now. Its time to really be loud and demanding as conservatives. At the very least, we should be just HAMMERING the Dim’s for removing things like the Up-Tick rule. For making all this possible for their buddies Fannie Mae and Freddie Mac, because they removed those rules to benefit their campaign cash cow, a Pseudo Government financial institution that was funneling back millions to the lawmakers that were supposed to be keeping an eye on them, not taking MONEY from them to look the other way. Democrats did this so they could personally benefit from it, and they didn't give a crap about what that could do the the people that sent them there, or what it could do to the world economy. They just do not stop to think (or worse yet, if the do stop to think, they are deliberately making immoral and unethical decisions that are best for them instead of the people they are there to do a job FOR. In reality I think they do that far more often then they act in our best interest. That is horrible.) about the consequences of their actions. That has GOT to be stopped.

31 posted on 09/20/2008 9:30:45 AM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 30 | View Replies]

To: Neidermeyer

You are correct. THe SEC did nothing at all. They looked at it then went right back to looking busy. But with the Loss of the Up-Tick rule... yea. What they were doing wasn’t illegal, until that 3rd day passed. Where the SEC failed, was in the fact they did not ENSURE and or punish when the promised stock never showed up, they allowed the floating of IOU’s for in some cases YEARS... instead of just three days. Between the Loss of the Up-tick rule and lack of enforcment from SEC, yea, the world got screwed. There are just a few people at the top of all this, and I for one want a lot of JAIL TIME for those responsible.


32 posted on 09/20/2008 9:37:53 AM PDT by Danae (Read my Lipstick: I AM Sarah Palin)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Danae
Russia went down first you see. Russia is WAY in the middle of this cesspool. How? Why? Why did Russian Banks collapse first???

Because Russia has no rule of law and the Russian Mafia and those who once were the "nomenklatura" are fighting it out to see how much of everything each side can get.

33 posted on 09/20/2008 12:35:42 PM PDT by George Smiley (Palin is the real deal.)
[ Post Reply | Private Reply | To 31 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson