Today I learned that DTCC, which owns vast majority of the stocks in the market, was founded by a CIA agent by the name of William Dentzer. - eviltoast

Some info on Dentzer

and a bit of a dive in to DTCC and how it works.

DTC retains custody of more than 1.4 million active securities issues valued at US$87.1 trillion, including securities issued in the US and more than 131 countries and territories.

Through a series of complex legal frameworks pretty much all stocks are actually owned by DTCC. They hold the shared to all the publicly traded companies on the stock exchange through their Cede and Company subsidiary.

People who invest in stocks are given a security entitlement through a securities intermediary, i.e. a broker. So, DTCC owns the stocks, and they give out certificates to brokers to trade the shares. The brokers then resell the certificates to the beneficial owners.

Normally, none of this really matters, and it’s just an obscure legal mechanism nobody pays attention to. The time this does start to matter is when a bank or a brokerage goes bust, the way we saw during 2008 crash. At that point the securities go to the secure creditors who actually own them and not to the beneficial owners.

  • Nibblesnarf [comrade/them, he/him]@hexbear.net
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    10 months ago

    It’s funny because for years I contributed to the stock purchase plan from my company where they give you a discount of stock purchases. I just did it because, idk I figured I should own a part of the company, even if it’s a miniscule amount that won’t really matter unless we got like, bought out for a shit ton of dollars. I always wondered why we got a discount. Honestly I’m still not sure but it WAS all through the transfer agent which I didn’t even know about all that broker vs transfer agent shit till recently. Most people I know still don’t know the difference. It’s just insane to see. Like generations of people just throwing money into this system having no idea how fucked it is. Then when you learn and try to tell them they treat you like a lunatic.

    Honestly it’s almost the same when you try to explain communism to them. I’ve drawn lots of similarities between the way people start talking to me when I mention either. Sometimes I think the GME thing is part of a psyop or some shit. Like if you start talking about the stock market lots of people will tie it to that and start to think your are some GME reddit crazy and dismiss you. It’s a pretty standard play they use when trying to make every criticism of their system sound like it’s coming from some crazy conspiracy theories. The media treats them the same way in a lot of respects too. Like running constant repeat articles about how it’s going bankrupt and how the investors have all left… Except they repeatedly have said that for like 3 years now? Similar to how China is always about to collapse or the CPC is genociding a bajillion Uighur Muslims every day… For years. Like 10 times the population should have been killed by now using Adrian Zenz numbers or some shit. It’s also funny going to those subs and seeing them regurgitate MSM and State propaganda against China whilst talking about how everything in MSM about their stock is propaganda. Goes back to the “The Media lies about everything except those things that I agree with” mentality.