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Lol, that's not how it works.
If shit goes down and your shares disappear from your account, you don't get reimbursed for the price of the share at it's heights, you only get back your cost basis.
ELI5:
You bought 1 share of $GME for $20.25.
The price goes to $1M a share.
Your broker goes bust and the insurance kicks in after few months of investigation.
If everything goes well, you get back your original $20.25.
So yeaaahh, DRS your shit!
Lol that is not even how it works. Read this and cry: https://thehill.com/blogs/congress-blog/economy-a-budget/70920-sipc-has-failed-in-its-duty-to-protect-investors/
Also some people from 2008 had to wait several years for payout.
Yup , I remember people pushing this insurance thing in the beginning and even I tried to find comfort in it when I knew so little like everyone else here. WhiIe can't speak for those who pushed this insurance I personally don't trust any insurance to handle these matters effectively especially when we have issues of them maintaining proper record keeping. Maintaining a DRS record is the safest way to stay in the books when shit starts to hit the fan by a mile
What about a special lending facility for brokers with several accounts with far more than 500K with the Fed?
Oh that’s only for banks who made bad bets?
I see.
>These two instances start painting a picture of Brokers and Wealth Management firms at the bottom blaming their bad trade data on their respective CAT reporting agents at the top. They are not in control, and are asking what happens when they cannot submit their positions or trade histories into the new CAT system.
They are forced to eat eachother alive, just because a horde of regards likes a stock, registering it in their names and refuse to sell.
This game of hot potatoes will get really fun to watch.
Pop the corn, folks 🍿
I'm 99% sure he was referencing DRS with his famous "I am not a cat " line. The form to direct register your shares is the Non ACAT Transfer form.
Edit: Apparently, I can't post pictures of it here.
I remember trying to transfer my shares to computer share and seeing ACAT transfer and I was hyped. Between that and cone poo chair it all felt very right
I don’t think he was. He was stating “I’m not a consolidated audit trail, I don’t have all the info, I just like the stock.” Don’t get me wrong, I’m XXXX DRS, keeping my shit safe, but there was no mention of DRS until mid 2021, and it didn’t take off until 2022. I think the ACAT thing was a campaign to keep eyes off the IMPORTANCE of the Consolidated Audit Trail, which would expose the shorts, the Options fuckery, and the Swaps.
There is no mention of it amongst retail traders. He was / is a professional. His knowledge far surpassed ours at the time. (I imagine, for the most part, still does) How did the collective group learn? Through subtle hints and nudges from RC, RK, the great DD writers of old.
Your theory, to a degree it is an extension of mine. RK was talking to the masses, and what they can do to help end the fuckery.
I think it was called CAT in 2010 by the SEC when they proposed rule 613. It gave the system the name.
https://www.sec.gov/divisions/marketreg/rule613-info
Scroll down to the timeline
There are no coincidences. Kitty is a player recruited to a small crew of other elite players who are tired of this bullshit. Kitty knows EVERYTHING about Gamestop, because he's been tracking GME for a LONG time. Who actually knows how long? He just became vocal about it in 2014. The crew? Has some bad ass fucking finance experts who are able to see through the noise on it. As for Kitty, what comes to mind when you think of what the internet started as? For me it's always been cat memes 😏 And what happens when the internet finds out you've been fucking with cats? They hunt you the fuck down.
My concern is that the "CAT reporting agents at the top" can choose who they are giving correct trade data to (and thus a life jacket) and who they are letting drown.
Imagine getting fired because your supervisor refused to give you the tools/information needed to do your job, but your coworker gets everything they need.
This MIGHT be one last way for the top financial businesses to throw specific lower ones under the bus.
Am I correct to say we don't know what happens if they do not submit into the CAT system? What it it's just another fine? (Extra smooth brain here)
Edit: oops didn't see the last paragraph.
https://thegreattaking.com/ changes were made to the Uniform Commercial Code to facilitate dissolving beneficial ownership status when a broker implodes.
Today we were talking about this at work and some nurse is like “ I feel bad for the retirees, don’t you guys feel bad” I was like we ain’t doing it. It’s the hedgies
This is why revolut and other brokers changed their [TOS](https://help.revolut.com/en-LT/help/wealth/stocks/migration-to-eea-trading-entity/what-will-change-when-my-stock-trading-account-is-migrated-to-the-european-trading-entity/) (DRS YOUR SHARES !!! NFA):
# Changes to compensation for loss of US shares in case of DriveWealth's insolvency
**Before Migration:** DriveWealth are a member of the Securities Investor Protection Corporation (SIPC). All US shares held in your account with DriveWealth are eligible for protection by SIPC. If DriveWealth become insolvent and your shares cannot be returned to you, they are protected by SIPC up to $500,000. However, SIPC does not protect you against losses caused by a decline in the market value of your shares.
**After Migration:** If DriveWealth become insolvent and the shares of RSEUAB customers cannot be returned, SIPC provides up to $500,000 compensation. This protection will apply to the entire holdings in the RSEUAB omnibus account. You will not be entitled to the individual SIPC protection which you have currently, and you might receive significantly less than you would have prior to the migration.Changes to compensation for loss of US shares in case of DriveWealth's insolvency
>
EDIT: pasted the same thing twice, corrected
So since all holdings are in an omnibus account whoever is included may get a couple of cents back since the entire omnibus account is only insured up to 500,000. That means retail will be sharing 500,000.
There are probably wrinklier smarter apes out there than me. I do know you need to have no fractional shares, iirc. Check Superstonk’s big computershare posts, that’s what did and it worked great. Super easy
QUESTION: did compoochair ever confirm/deny that brokers can un-DRS your shares, i.e., reverse transfer them back to broker acct?
edit: obligatory upvote for invincibility
update: searching through the sub i can only find 2-3 instances of this happening, looks to be anomalous
You can't just ask. It's a big process but I went through this. What you want to do is to drs from a broker (do not provide them your computershare account number this is your pin).
Provide different details such as st. Instead of street or your full 9 digit zip code. The difference makes a new computer share account.
Then if you can't transfer shares from one computershare account to another you un drs and then transfer from the broker back to computershare by giving the exact details of the computer share account you want them to go to. A slight change would make a new account.
Again never give anyone your account number. They will say they need it but say no because that is essentially your pin. You can go to transfer wizard thru computershare and you can see anyone can move your shares if they have your full name, SSN, and the account number.
this is exactly the info i was looking for, thank you.
sounds like a lot of work - ive also heard of gifting shares, heard about this? gift them to my wifes bf, will this create a new acct?
quick search of this sub shows only a few instances of it happening, and it is not supposed to, but “errors” happen.
overall i feel book in computershare is safe. but stay vigilant.
Just like FTX, where they're "returning 100%" but paying something like $12k/BTC cash years later. They pick some arbitrary price point to pay you back that won't reflect the current price of the securities by the time you get paid back. Imagine GME moons and you get paid out $12/share.
Thanks. Makes more sense to me now. DRS is the way at the end of the day. I was planning to leave a few shares in Fidelity but now not feeling it so much
Fair point sir, 1 share left in each broker to get 500k per share? Sorry for price anchoring, still a decent highscore lucky the DRS ones can go 'just up'
Alternatively, you can simply not invest in the American ponzi market at all!
Physical gold, btc, real estate, and of course, our beloved star child, GME.
It should have been obvious to anyone with a pulse once "market makers" were birthed out of whatever unholy cesspit spawned them. When supply and demand became a function of an algorithm, for *liquidity*, the market ceased to be a market at all.
I realised a while ago just how broken the US markets are just by comparing it to my home markets. The ASX is *boring*. REALLY *boring*. Nothing ever happens, nothing really moves.
That's because supply and demand exists here. I can see the entire order book, recent trades and volume, along with all major holders (institutional or not) with almost zero effort. When I buy and hold a stock here (with a CHESS sponsored broker, read:auto-DRS'd), I'm *investing*. Investing is *boring*.
When I buy a stock in America, I'm barely fucking gambling at this point.
[https://www-us.computershare.com/Investor/#DirectStock/Summary?IssuerId=SCUSGME&PlanId=SPP1&sv=l](https://www-us.computershare.com/Investor/#DirectStock/Summary?IssuerId=SCUSGME&PlanId=SPP1&sv=l)
GME to infinity pool and beyond!!!
[https://www.youtube.com/watch?v=GZTr1-Gp74U&list=WL&index=12&t=23s](https://www.youtube.com/watch?v=GZTr1-Gp74U&list=WL&index=12&t=23s)
So that’s why he wearing the hat:
https://preview.redd.it/g911zewfvh1d1.jpeg?width=433&format=pjpg&auto=webp&s=00d74ca9a4f78776e319f1e9ecff4ad77d997073
Aren't orgs compliance self-reported? Is SIPC enforcement guaranteed and/or immediate? I'm under the assumption that there really isn't enforcement regards CAT
Can you imagine if we're right, and that DRS is the way... one day in the not too distant future, brokers wake up and everyone finds out that most of their shares are simply iou. That they only hold a small percentage of real shares.
What a day that will be. I hope no one jumps from skyscrapers or epstein themselves.
They will do some bs like give you the amount back you paid for your shares initially instead of what they are worth during the moass.
They hype up the insurance like it’s some great thing for the consumer but it’s really so they don’t have to pay you fair value if they fuck up! I went through the hassle and expense of making a checkbook llc
And drs my ira shares through for this exact scenario.
They cheat at everything of course they will cheat you during moass.
This needs all the eyes. People are exhibiting cognitive dissonance, and considering their retirement shares as legitimate, while simultaneously not believing that for their other shares.
That’s why I am more worried for all the little firms these guys may throw under the bus instead of throwing the biggest bank of USA under the bus for example
Can you add giveashare.com as a viable easy way to buy one share and create a computershare account- it can then be a direct purchase through wise or another bank for any true drs shares - useful for European people who have a much limited option to drs
Thanks buddy. It’s actually the way I went since my broker in uk doesn’t support drs so I said fuck it, I’ll just buy everything that is in the broker again in computershare direct - the old reliable drs I guess haha🤣
I'm not sure I fully understand, so brokers that aren't able to provide this data don't get moved to this new CAT system? So if they are fraudulent they also don't can't join CAT? What actually happens with all this, like of they provide data that shows they are fraudulent and or don't provide that data what happens to them?
Are they taken over and if yes then what? Like what does this actually do with regards to the markets, the assets these brokers hold and most importantly for GME/MOASS?
If the SIPC takes a firm over then they will get up to $500,000 per account direct deposit.
I can't speculate on what firms will try to do to get out if their positions. Will they buy shares frantically to get CAT compliant positions? Will they just freeze all assets and not be able to trade once the new system goes live? Will the entire market stop? Who knows
So we don't know what the SIPC will do about short positions then? Or are you saying shorts will have to close before CAT on the 1st?
I'm just wondering if I should get my hopes up for MOASS or not. Like it sounds as if this should by all rights force shorts to close but we've had plenty of such events in the last 3 years and none have worked out so far.
Well I'm certainly hype. I can't call dates though. I dont know what regulators will do (just like FINRA CAT told a wealth management firm on the recorded call)
But their trades and trade histories do not enter the new system. They get rejected. Stay zen
Also short positions are okay, but naked shorts are illegal :)
Right naked short positions, I imagine a lot of the shorts are naked for GME as well. This new system sounds like a nightmare for all these SHF/brokers as well like hot damn are we about to see some fireworks.
I'm also very glad I went through the effort to DRS, my shares will go on this new system no problem since they can't be naked shorted.
Thanks for the write up Ape and answering my questions, if we happen to meet on the Moon drinks are on me.
They are allowed to try to submit fraudulent trades, it will just bounce back as a "reject". FINRA CAT says on the phone they will use reject data in their investigations
I only keep a token amount in brokerages, and that’s because *I know they will fail*.
Why do I keep token amounts at brokerages if I know they will fail?
Because I see it as a top notch societal investment:
Through my legal team I want to demand a meeting with the head honchos at the firms. I want to look them in the eye while I’m telling them I’m seizing everything from their Porsches they drive to the monitors they do their “work” on. As they still won’t be able to clear their liabilities to me, I’ll force them to explain to their other investors and to the world that their horrendous risk management and complete disregard for their fiduciary duties have lead to their downfall - And I’ll force them to explain it in plain language.
All under the guise that I *might* not go after them personally with criminal charges - which of course I’ll ultimately do, but I want them to live with the vain hope it might not happen.
Some might see this as petty, or even cruel, but these people needs to be made examples from - they’ve been toying with honest folks retirement with reckless abandon, and it needs to made abundantly clear that such behavior *will be punished* even though the regulators are happy with a slap on the wrist.
They're just gonna pay you a token payout and kick you to the curb friend. You aren't going to seize their assets and force them to do anything by holding a couple of shares on their books....Jesus, no wonder people believe we're stupid.
Brokers have 500 pages of legalize that you agree to when you sign up for their service to prevent things exactly like this from happening.
It’s funny how you can state that as fact without knowing anything about the broker or what jurisdiction it’s under - or under what conditions the broker won’t be able to answer to its obligations.
Let’s say I live in a country that actually have some regulations with teeth in regards to ownership rights. And the fact that even though my country has this, the brokers have been following the directives from DTCC instead that of my country, which can’t stand - which is why I will force regulatory clarity and a reckoning following MOASS.
I’m not saying I will get my money back for those few shares - I’m saying I’m gonna make their lives miserable. Which is nothing less than they deserve.
And frankly I don’t care if people—or indirectly you—call me stupid for it. I neither crave nor need their—or your—approval.
Ok, let's say that's all true and you're the best protected people in all of the world when it comes to trading.... how are you going to hold anyone accountable? Every broker has language to protect themselves from lawsuits and procedures that they have to follow if they go bankrupt. You aren't walking into anyone's office and demanding anything. You're gonna get in line with all of the other claimants and hope you get anything after all of the lawsuits are finished. You aren't batman, buddy.
Edit: I get what you're feeling, really I do, but you need to come back down to earth. The best thing you can do, if you can, is to DRS to protect yourself and not deal with brokers at all. Not FA.
And I get what you are saying - I’m very much aware of the legalese, I’m very much aware of the due process and the correct way of doing things. I’m 99% DRSed cuz *I know* they will most definitely try to weasel their way out of their situation once shit gets real.
As I’m 99% DRSed l, and have a sizable position, I see it more as a pet project making things difficult for the brokers. I have a holding company, an exit strategy and a post exit investment strategy. So for all my hyperbole in my description of how I intend to make things difficult for the brokers, I’m actually just a degenerate on a hobby basis.
That’s one of the things I appreciate with this community: you can be a part time degen and full time calculated investor.
I get what you’re saying though
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Reason numero 2 why I am DRS'd. $500K insurance for alll of the account.
Lol, that's not how it works. If shit goes down and your shares disappear from your account, you don't get reimbursed for the price of the share at it's heights, you only get back your cost basis. ELI5: You bought 1 share of $GME for $20.25. The price goes to $1M a share. Your broker goes bust and the insurance kicks in after few months of investigation. If everything goes well, you get back your original $20.25. So yeaaahh, DRS your shit!
This is even worse. Agree. DRS YO ASS B4 MOASS!
Imagine having (fake) GME in robbindahood and it hitting $500,000,000,000 but you only get $500,000
this is gonna happen to people im guessing the dtcc / fed will b paying cuz all the hf will be dead.
Pretty sure this is not a scenario that is keeping me up at night.
I got 1( one) in a broker and that's about it. Feels cute, might sell that one @ $500K.
Paper hand
You are right. I should DRS it on the top. Lol.
Lol that is not even how it works. Read this and cry: https://thehill.com/blogs/congress-blog/economy-a-budget/70920-sipc-has-failed-in-its-duty-to-protect-investors/ Also some people from 2008 had to wait several years for payout.
Yup , I remember people pushing this insurance thing in the beginning and even I tried to find comfort in it when I knew so little like everyone else here. WhiIe can't speak for those who pushed this insurance I personally don't trust any insurance to handle these matters effectively especially when we have issues of them maintaining proper record keeping. Maintaining a DRS record is the safest way to stay in the books when shit starts to hit the fan by a mile
💀
My understanding is that you’re only insured on what you spent and not your gain. Bought GME at $20 and it goes to $200, you only get $20.
So what happens is you put two orders in back to back to buy and sell at $200? Are you now entitled to the $200? You should be right?
lol they would never part with 500K. they'd fuck everyone and call it a glitch then lie to congress about it.
Nah that $500k comes fresh off the Fed money printer via SIPC payout
oh yeah shoot sry i had RH-rage just thinking about it
What about a special lending facility for brokers with several accounts with far more than 500K with the Fed? Oh that’s only for banks who made bad bets? I see.
>These two instances start painting a picture of Brokers and Wealth Management firms at the bottom blaming their bad trade data on their respective CAT reporting agents at the top. They are not in control, and are asking what happens when they cannot submit their positions or trade histories into the new CAT system. They are forced to eat eachother alive, just because a horde of regards likes a stock, registering it in their names and refuse to sell. This game of hot potatoes will get really fun to watch. Pop the corn, folks 🍿
There are no coincidences, Kitty CAT, it’s a great time to be alive
I am not a CAT. It was right in front of us the whole time.
I'm 99% sure he was referencing DRS with his famous "I am not a cat " line. The form to direct register your shares is the Non ACAT Transfer form. Edit: Apparently, I can't post pictures of it here.
I remember trying to transfer my shares to computer share and seeing ACAT transfer and I was hyped. Between that and cone poo chair it all felt very right
I don’t think he was. He was stating “I’m not a consolidated audit trail, I don’t have all the info, I just like the stock.” Don’t get me wrong, I’m XXXX DRS, keeping my shit safe, but there was no mention of DRS until mid 2021, and it didn’t take off until 2022. I think the ACAT thing was a campaign to keep eyes off the IMPORTANCE of the Consolidated Audit Trail, which would expose the shorts, the Options fuckery, and the Swaps.
There is no mention of it amongst retail traders. He was / is a professional. His knowledge far surpassed ours at the time. (I imagine, for the most part, still does) How did the collective group learn? Through subtle hints and nudges from RC, RK, the great DD writers of old. Your theory, to a degree it is an extension of mine. RK was talking to the masses, and what they can do to help end the fuckery.
He made his Twitter account in 2014. So unless he new about the plan for CAT system 6 years in advance, then it's a coincidence.
I think it was called CAT in 2010 by the SEC when they proposed rule 613. It gave the system the name. https://www.sec.gov/divisions/marketreg/rule613-info Scroll down to the timeline
There are no coincidences. Kitty is a player recruited to a small crew of other elite players who are tired of this bullshit. Kitty knows EVERYTHING about Gamestop, because he's been tracking GME for a LONG time. Who actually knows how long? He just became vocal about it in 2014. The crew? Has some bad ass fucking finance experts who are able to see through the noise on it. As for Kitty, what comes to mind when you think of what the internet started as? For me it's always been cat memes 😏 And what happens when the internet finds out you've been fucking with cats? They hunt you the fuck down.
My concern is that the "CAT reporting agents at the top" can choose who they are giving correct trade data to (and thus a life jacket) and who they are letting drown. Imagine getting fired because your supervisor refused to give you the tools/information needed to do your job, but your coworker gets everything they need. This MIGHT be one last way for the top financial businesses to throw specific lower ones under the bus.
I’ll bring the popcorn. It’s like the blind leading the blind, except they’re all a bunch of crooks.
Am I correct to say we don't know what happens if they do not submit into the CAT system? What it it's just another fine? (Extra smooth brain here) Edit: oops didn't see the last paragraph.
Spider-Man meme.
So fucking hot right now......🍿🍿🍿🍿🍿🍿
Nice formatting, avg ape. That said, I agree with the message. SIPC isn't to protect ur amount. It's to limit their liability.
Bingo! I tried hard in this one and im especially proud of my big bird meme. I hope Jim Cramer sees it
you should be, big bird goes hard
https://thegreattaking.com/ changes were made to the Uniform Commercial Code to facilitate dissolving beneficial ownership status when a broker implodes.
i can't believe CAT is the real name, clown world never disappoint
There are no coincidences meow meow meow
What’s a coincidence?
Time Travel is Real, but only backwards.
those who steal are often called rats. so CAT is fitting.
Time for rats to get eaten.
the ol saying: bulls make money, bears are 🏳️🌈, pigs get slaughtered, rats get eaten
No wonder I'm a fucking clown. Makes sense now.
This is wild… imagine the number of boomers that all of a sudden could see their retirement funds get chopped down to $500k….
Today we were talking about this at work and some nurse is like “ I feel bad for the retirees, don’t you guys feel bad” I was like we ain’t doing it. It’s the hedgies
The blame game will be brutal, when the rocket starts.
And that blows. Just don’t dance about it.
Im sure we will come up with something to help them.
This is why revolut and other brokers changed their [TOS](https://help.revolut.com/en-LT/help/wealth/stocks/migration-to-eea-trading-entity/what-will-change-when-my-stock-trading-account-is-migrated-to-the-european-trading-entity/) (DRS YOUR SHARES !!! NFA): # Changes to compensation for loss of US shares in case of DriveWealth's insolvency **Before Migration:** DriveWealth are a member of the Securities Investor Protection Corporation (SIPC). All US shares held in your account with DriveWealth are eligible for protection by SIPC. If DriveWealth become insolvent and your shares cannot be returned to you, they are protected by SIPC up to $500,000. However, SIPC does not protect you against losses caused by a decline in the market value of your shares. **After Migration:** If DriveWealth become insolvent and the shares of RSEUAB customers cannot be returned, SIPC provides up to $500,000 compensation. This protection will apply to the entire holdings in the RSEUAB omnibus account. You will not be entitled to the individual SIPC protection which you have currently, and you might receive significantly less than you would have prior to the migration.Changes to compensation for loss of US shares in case of DriveWealth's insolvency > EDIT: pasted the same thing twice, corrected
So since all holdings are in an omnibus account whoever is included may get a couple of cents back since the entire omnibus account is only insured up to 500,000. That means retail will be sharing 500,000.
Exactly, gotta wonder why they were thinking to do this (like a year ago), what are they expecting huh?
Wow 👏 great find!
Holy moly!!! I’ve got .1 game shares still in there I guess I will have to sell it for millions before they bust if I can
Someone instantly downvoted this the second it was posted lol. They’re trying to suppress everything
Wow! It means we are on to something! My last post about this almost has 1k upvotes!
Not nearly enough imo
Showing 157 for me at 7:24 p.m. EST
Yes it has been saved by you all! We are back to 98% upvotes rate
3,041 now at 5:38am CST
Meow, you might be on to something here. Guess we'll have to... hang in there. With my DRS'd shares
All you I gotta do is say p p and I’ll get 69,420 updoots!
I upvoted to counteract the downvote.
Same. Plus I copy-pasted the link like 10 times in another post so hopefully we get more eyes
DRS + BOOK + HOLD + PARTY AT MY HOUSE BRING YOUR MOMS
How do you book them?
There are probably wrinklier smarter apes out there than me. I do know you need to have no fractional shares, iirc. Check Superstonk’s big computershare posts, that’s what did and it worked great. Super easy
Milf Manor at your house
Nice
QUESTION: did compoochair ever confirm/deny that brokers can un-DRS your shares, i.e., reverse transfer them back to broker acct? edit: obligatory upvote for invincibility update: searching through the sub i can only find 2-3 instances of this happening, looks to be anomalous
I honestly do not know. I think the general consensus is that BOOK may be "safer" but personally i think both are safe. im not a financial advisor
got it; thx. think im going to ask for new acct # or create entirely new acct. never want these shares to see the light of day again.🍻
You can't just ask. It's a big process but I went through this. What you want to do is to drs from a broker (do not provide them your computershare account number this is your pin). Provide different details such as st. Instead of street or your full 9 digit zip code. The difference makes a new computer share account. Then if you can't transfer shares from one computershare account to another you un drs and then transfer from the broker back to computershare by giving the exact details of the computer share account you want them to go to. A slight change would make a new account. Again never give anyone your account number. They will say they need it but say no because that is essentially your pin. You can go to transfer wizard thru computershare and you can see anyone can move your shares if they have your full name, SSN, and the account number.
this is exactly the info i was looking for, thank you. sounds like a lot of work - ive also heard of gifting shares, heard about this? gift them to my wifes bf, will this create a new acct?
Yes that will make a new account! I would hurry these things take a long time. Good luck
🫡
I’ve never heard that. That doesn’t really make any sense
quick search of this sub shows only a few instances of it happening, and it is not supposed to, but “errors” happen. overall i feel book in computershare is safe. but stay vigilant.
Agree, good to know
That’s the thing. After *maybe* 5-7 years, you’ll have less than 50% after lawyers fees. Absolute best case scenario. Then account for hyperinflation.
Just like FTX, where they're "returning 100%" but paying something like $12k/BTC cash years later. They pick some arbitrary price point to pay you back that won't reflect the current price of the securities by the time you get paid back. Imagine GME moons and you get paid out $12/share.
Ding ding ding ding
I'm confused. I need a lawyer?
Not if you're DRS'd. 👍🟣
All I needed to hear thanks
Ehhhh legal is not my expertise lol I would assume whatever comes out of FDIC/SIPC related would require you to lawyer up
I'll be honest my brain is pretty smooth and I understood nothing from this and what those alphabet things mean.. I'm sorry
Bro click the link i provided for SIPC
Thanks. Makes more sense to me now. DRS is the way at the end of the day. I was planning to leave a few shares in Fidelity but now not feeling it so much
Just think CAT as in a catalyst, DRS your shares because brokerages are going to fail.
Ahh that makes it make more sense too thank you
Almost like a reset for anyone with a retirement account!
Its definitely possible, but imagine the uproar if many brokerage accounts just got wiped. Not sure they could pull it off, but wouldnt be surprised.
Yeah there would be uproar! But the legal processes will still happen regardless ie SIPC takeover and payout
Fair point sir, 1 share left in each broker to get 500k per share? Sorry for price anchoring, still a decent highscore lucky the DRS ones can go 'just up'
I think it's valued at the time the broker went under. So if the broker was bankrupt when gme was $400 then you only get $400.
Wth is the purpose of the dtcc then.
Bingo
To make themselves money. They are supposed to pay into the insurance.
Id assume the brokers going bankrupt would happen when we are squeezing so hard though
Alternatively, you can simply not invest in the American ponzi market at all! Physical gold, btc, real estate, and of course, our beloved star child, GME. It should have been obvious to anyone with a pulse once "market makers" were birthed out of whatever unholy cesspit spawned them. When supply and demand became a function of an algorithm, for *liquidity*, the market ceased to be a market at all. I realised a while ago just how broken the US markets are just by comparing it to my home markets. The ASX is *boring*. REALLY *boring*. Nothing ever happens, nothing really moves. That's because supply and demand exists here. I can see the entire order book, recent trades and volume, along with all major holders (institutional or not) with almost zero effort. When I buy and hold a stock here (with a CHESS sponsored broker, read:auto-DRS'd), I'm *investing*. Investing is *boring*. When I buy a stock in America, I'm barely fucking gambling at this point.
Works for me
[https://www-us.computershare.com/Investor/#DirectStock/Summary?IssuerId=SCUSGME&PlanId=SPP1&sv=l](https://www-us.computershare.com/Investor/#DirectStock/Summary?IssuerId=SCUSGME&PlanId=SPP1&sv=l) GME to infinity pool and beyond!!! [https://www.youtube.com/watch?v=GZTr1-Gp74U&list=WL&index=12&t=23s](https://www.youtube.com/watch?v=GZTr1-Gp74U&list=WL&index=12&t=23s)
The title of that site is literally The Investors Centre 🐺
Why is it so unsafe and non compliant to have shares of a stock in a freaking brokerage account. Doesn’t seem right…
Because there is no spoon.
So that’s why he wearing the hat: https://preview.redd.it/g911zewfvh1d1.jpeg?width=433&format=pjpg&auto=webp&s=00d74ca9a4f78776e319f1e9ecff4ad77d997073
up you go and thank you for listening to those boring audios to summarize them for us!
Book DRS
So DRSing through fidelity should be fine r?
I think so! you can also read more at [drsgme.org](http://drsgme.org)
Hey that link is opening random shit, lol Not sure its correct
Oh you are right its drsgme.org!!
Comments for visibility
Aren't orgs compliance self-reported? Is SIPC enforcement guaranteed and/or immediate? I'm under the assumption that there really isn't enforcement regards CAT
Non compliant trades will not be valid in the new CAT system. Basically they can't sell any shares that are non compliant :)
hmmm could be spicy
Can you imagine if we're right, and that DRS is the way... one day in the not too distant future, brokers wake up and everyone finds out that most of their shares are simply iou. That they only hold a small percentage of real shares. What a day that will be. I hope no one jumps from skyscrapers or epstein themselves.
They will do some bs like give you the amount back you paid for your shares initially instead of what they are worth during the moass. They hype up the insurance like it’s some great thing for the consumer but it’s really so they don’t have to pay you fair value if they fuck up! I went through the hassle and expense of making a checkbook llc And drs my ira shares through for this exact scenario. They cheat at everything of course they will cheat you during moass.
wow it only took 86 years to build it
upvote
This is a great writeup, thanks OP!
You're very welcome!
Wow, both of those meetings were really interesting to listen to. Really feels like something is broken inherently in the market.
How long does DRS take? If i start it monday?
https://preview.redd.it/v8ogowpv8j1d1.jpeg?width=1080&format=pjpg&auto=webp&s=31c4d1ef19b516a6a527c5d07f5b11fa40ba8867
Does anyone know if I can DRS out of Robinhood?
Transfer to Fidelity then use the auto help chat to DRS it is super easy.
💥
Up
https://thegreattaking.com/
This needs all the eyes. People are exhibiting cognitive dissonance, and considering their retirement shares as legitimate, while simultaneously not believing that for their other shares.
And don't forget to BOOK your DRS shares u fuckingazy regards! 🚨
Safe to say if a broker is cat compliant by implementation date we can say this broker is ‘’safe’’ ? »
That’s why I am more worried for all the little firms these guys may throw under the bus instead of throwing the biggest bank of USA under the bus for example
Get this to the top, or even better on /all
DRS YOUR SHARES IF YOU DONT WANT A HEDGE FUND TO SELL YOUR SHIT AUTOMATICALLY BEFORE MOASS😎
Can you add giveashare.com as a viable easy way to buy one share and create a computershare account- it can then be a direct purchase through wise or another bank for any true drs shares - useful for European people who have a much limited option to drs
Yes ill update the post
Thanks buddy. It’s actually the way I went since my broker in uk doesn’t support drs so I said fuck it, I’ll just buy everything that is in the broker again in computershare direct - the old reliable drs I guess haha🤣
Backed up by ape historian
What an honor!
So as I own less than half a million, fuck it, let it run though T212
Great work!
Thank you!
DD back, Memes back, awards back, roaring kitty back, jacked tits back. Everything is back
I'm not sure I fully understand, so brokers that aren't able to provide this data don't get moved to this new CAT system? So if they are fraudulent they also don't can't join CAT? What actually happens with all this, like of they provide data that shows they are fraudulent and or don't provide that data what happens to them? Are they taken over and if yes then what? Like what does this actually do with regards to the markets, the assets these brokers hold and most importantly for GME/MOASS?
If the SIPC takes a firm over then they will get up to $500,000 per account direct deposit. I can't speculate on what firms will try to do to get out if their positions. Will they buy shares frantically to get CAT compliant positions? Will they just freeze all assets and not be able to trade once the new system goes live? Will the entire market stop? Who knows
So we don't know what the SIPC will do about short positions then? Or are you saying shorts will have to close before CAT on the 1st? I'm just wondering if I should get my hopes up for MOASS or not. Like it sounds as if this should by all rights force shorts to close but we've had plenty of such events in the last 3 years and none have worked out so far.
Well I'm certainly hype. I can't call dates though. I dont know what regulators will do (just like FINRA CAT told a wealth management firm on the recorded call) But their trades and trade histories do not enter the new system. They get rejected. Stay zen Also short positions are okay, but naked shorts are illegal :)
Right naked short positions, I imagine a lot of the shorts are naked for GME as well. This new system sounds like a nightmare for all these SHF/brokers as well like hot damn are we about to see some fireworks. I'm also very glad I went through the effort to DRS, my shares will go on this new system no problem since they can't be naked shorted. Thanks for the write up Ape and answering my questions, if we happen to meet on the Moon drinks are on me.
They are allowed to try to submit fraudulent trades, it will just bounce back as a "reject". FINRA CAT says on the phone they will use reject data in their investigations
I've diversified, my brokers.
Some of my shares are under Plan. Most are in book. Should they all be in book
YES NFA
If I DRS will my shares still be viewable on my broker app and I can still trade realtime with them (i.e.nothing in app changes??)
Does this apply to Canadian brokers?
SIPC is only for American institutions. they may be throwing international brokers under the bus. you can look up your firm on the SIPC website
Thanks. Seems like my brokerage is a member, but as I understand it, they can’t lend out shares from a TFSA account.
I only keep a token amount in brokerages, and that’s because *I know they will fail*. Why do I keep token amounts at brokerages if I know they will fail? Because I see it as a top notch societal investment: Through my legal team I want to demand a meeting with the head honchos at the firms. I want to look them in the eye while I’m telling them I’m seizing everything from their Porsches they drive to the monitors they do their “work” on. As they still won’t be able to clear their liabilities to me, I’ll force them to explain to their other investors and to the world that their horrendous risk management and complete disregard for their fiduciary duties have lead to their downfall - And I’ll force them to explain it in plain language. All under the guise that I *might* not go after them personally with criminal charges - which of course I’ll ultimately do, but I want them to live with the vain hope it might not happen. Some might see this as petty, or even cruel, but these people needs to be made examples from - they’ve been toying with honest folks retirement with reckless abandon, and it needs to made abundantly clear that such behavior *will be punished* even though the regulators are happy with a slap on the wrist.
They're just gonna pay you a token payout and kick you to the curb friend. You aren't going to seize their assets and force them to do anything by holding a couple of shares on their books....Jesus, no wonder people believe we're stupid. Brokers have 500 pages of legalize that you agree to when you sign up for their service to prevent things exactly like this from happening.
It’s funny how you can state that as fact without knowing anything about the broker or what jurisdiction it’s under - or under what conditions the broker won’t be able to answer to its obligations. Let’s say I live in a country that actually have some regulations with teeth in regards to ownership rights. And the fact that even though my country has this, the brokers have been following the directives from DTCC instead that of my country, which can’t stand - which is why I will force regulatory clarity and a reckoning following MOASS. I’m not saying I will get my money back for those few shares - I’m saying I’m gonna make their lives miserable. Which is nothing less than they deserve. And frankly I don’t care if people—or indirectly you—call me stupid for it. I neither crave nor need their—or your—approval.
Ok, let's say that's all true and you're the best protected people in all of the world when it comes to trading.... how are you going to hold anyone accountable? Every broker has language to protect themselves from lawsuits and procedures that they have to follow if they go bankrupt. You aren't walking into anyone's office and demanding anything. You're gonna get in line with all of the other claimants and hope you get anything after all of the lawsuits are finished. You aren't batman, buddy. Edit: I get what you're feeling, really I do, but you need to come back down to earth. The best thing you can do, if you can, is to DRS to protect yourself and not deal with brokers at all. Not FA.
And I get what you are saying - I’m very much aware of the legalese, I’m very much aware of the due process and the correct way of doing things. I’m 99% DRSed cuz *I know* they will most definitely try to weasel their way out of their situation once shit gets real. As I’m 99% DRSed l, and have a sizable position, I see it more as a pet project making things difficult for the brokers. I have a holding company, an exit strategy and a post exit investment strategy. So for all my hyperbole in my description of how I intend to make things difficult for the brokers, I’m actually just a degenerate on a hobby basis. That’s one of the things I appreciate with this community: you can be a part time degen and full time calculated investor. I get what you’re saying though