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!
As a member, you are also an owner of the ping list.
Ping
I thought Dodd was a Senator?
I wouldn’t have been nearly so easily convinced if you hadn’t used all those capital letters. That put me over the top.
There’s breaking news, and then there’s broken news.
Dodd is a senator, sorry! My Typo! Fannie Mae has a highly paid stooge in each branch of congress.
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.
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.
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.
DTCC sorry for typo.
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.
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.
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.
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
I know, and I agree with you. But breaking news and lotsa caps makes it hard to resist a snark. ;-)
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.)
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
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