Surviving victims and families of those killed in the Beirut bombing are outraged.
"DTCC should be ashamed of itself. It is moaning to Congress behind closed doors that it's too much work to keep Iran from laundering money into the American financial system so that its investments can finance Hamas and other terrorist organizations committed to killing Americans. DTCC says it's too much trouble to keep Iran from being held responsible for out and out murder. How absolutely absurd," says Lynn Smith Derbyshire, spokes person for the Beirut bombing victims.
Overly simplistic explanation - DTCC is probably the largest depository and clearing firm for securities transactions in the US. Your broker is probably a DTCC “member”. The securities in your account with your broker are probably held at DTCC on behalf of your broker. If you buy a stock, your transaction is transmitted by your broker to DTCC and the selling person’s broker transmits their transaction info to DTCC and they match up the “buy” and “sell” and move the money and shares (on their books) from one broker to the other.