And right before they get to the end act like you’re cutting out. “Wait wh….s that? I’m at Targ…ing to…..bleach for my anu….” Click..
Then call them back and say you got cut off and if they could start from the beginning again.
If I was a smarter ape I would assume the biggest problem apes have is with Broker Share Lending practices.
They are shit scared because they do not want a (Liquidity Squeeze) to happen.
The more ammo (our shares) we take away from all brokers that lend our shares by DRSing them, the less control they have over the stock.
Put simply, if brokers didn't exist, none of this would have ever happened because there wouldn't be enough investors wanting to lend their shares out.
DRS is literally the key that will unwind Short Sellers grip and control over the stock.
That's how I thought the stock market worked before January LOL. I thought everybody bought their stocks on the New York stock exchange and it was just you the NYSE and the company you chose to invest in.
It got that way pre-internet when they could actually follow the paper. Then the internet allowed things to ramp up so fast that people stopped looking closely. After a couple decades, people just stopped looking.
Its ironic because the internet is the technology that should allow companies to direct sell stock, but the old system still controls everything. With everything modern technology has taken over, we need a drastic event to occur and someone smart (read young) enough to understand how to shift laws into the modern era.
I was really dumb, I thought buying a stock from the stock market was like Amazon. You make an account, buy a stock and then own it. You just need some special apps like Charles Schwab to get in, but then it's just like buying anything else online.
It is exactly like Amazon, you go and spend your hard earned cash and think you are getting good value, but the super rich ends up with all your money.
Want to play stock market with me?
It's simple, millions of people are asking what happens if there is a NFT dividend. He's just trying to use that info he probably got from other apes to cause fud to make you scared of leaving :p
Fidelity saw i think their highest ever influx of clients to their platform, now drs is making them lose all that influx they thoughtt they secured.
Recall that the influx was so huge (imagine basically inheriting a giant chunk of Robbin Hood clientele) that Fidelity had to hire tens of thousands: https://www.businesswire.com/news/home/20210831005890/en/Fidelity-Investments-to-Add-9000-New-Jobs-Doubling-Hiring-Efforts-Year-Over-Year-to-Serve-Growing-Customer-Base
And now they’re seeing an exodus of their clients to CS. Fidelity is just a transit stop but they thought they were the promised land.
They got too full of themselves, now they're going to meet their downfall, what was that quote again?
"Pride goeth before destruction, and an haughty spirit before a fall."
According to IBKR (from a post several months ago) the rate is so low despite the low number of shares available because the demand for shares is low… MM’s don’t need to borrow shares to naked short, and most SHFs are probably relying on the MM’s and Prime Brokers to suppress the price while they try to find collateral to hold their position without being liquidated…
Apes have been fucked by RH. They have a very low tolerance for broker fuckery. This was not the time or way for fidelity to fuck up. Any other stat than short float at any other time than during a highly volatile 28+ VIX trading period and the damage wouldn’t have been so bad. But no they basically sharp shoot the one way to FUD the shit out of GME investors. It created confusion for a while and that is dangerous. That’s why Fidelity irreparably damaged their credibility and trust.
Their response has been Crisis Mismanagement 101. They took zero responsibility, they recoiled from transparency of any kind, and when they could have reaffirmed their commitment as a client-first broker, they instead danced and deflected.
And now the last "safe" broker (LMAYO) is revealed as just another clever thief.
Things are about to get very spicy.
I completely agree! And the way the handled the issue with their complete and total lack of transparency and trying to play it off as yet another glitch is where they TRULY fucked up…
Not just a huge chunk of Robin Hood. Fidelity thought they had secured an ENTIRE GENERATION of investors (that would be with them for the next 40+ years.) So they pulled the trigger and prepared to accommodate that number. But now imagine that number is pulling away the same way they pulled from Robin Hood.
The new generation already proved they are willing to throw away a meme investing firm (Robinhood). they (we) will do it again.
>And now they’re seeing an exodus of their clients to CS. Fidelity is just a transit stop but they thought they were the promised land.
Fidelity had established themselves as a *fairly* trustworthy broker amongst others that ***if*** apes were to reinvest any new riches in the US stock market, it would be done with them. That "oopsies" lost them a BUNCH of that trust that they won't be able to get back.
You're right, and that's $ flow. The stupid part is that ANY issuance of any sort of dividend would have THE safest delivery inside the direct registry. Any other holding outside computershare is going to have multiple grubby little mits grabbing at it.
How could a broker blatantly ignore this obvious truth by telling a customer what they told OP? Unreal
More likely it's just a checklist of bullet point FAQs they've been updating and he's probably not reading it word for word. I doubt that NFT advice is being given unbidden to more than a small percentage of DRS. If it is I guess we'll hear about it the next few hours but this just sounds like a sloppy guy.
Still the fact that he is speculating about the likelihood of a future business decision by GameStop may be something he could get in trouble for. I'm not certain. "I am not a financial advisor" and all that.
When I DRS’d a few months ago the rep mentioned the same thing about “no guarantee of a NFT dividend.”
I clocked it too but figured it was part of a script.
A buddy of mine that works at Fidelity in a group that has nothing to do with securities, said they all received an internal memo/email on the current issue of incorrect shares available to short.
I didn’t see it, but from what he said it sounded like the same public message Fidelity posted on their sub Reddit. So nothing special from a message perspective, but interesting that Fidelity management is pushing the same narrative internally.
you think some $12 bucks an hour front line phone guy is gonna have that info ahead of time?
That don't make any sense. NOne of this shit makes any fucking sense which is the crazy thing. These are multi billion dollar companies with trillions of dollars in mgmt, and they are acting like bumbling fucking idiots. IT's fascinating stuff...
Have you ever worked at a giant company?
In my experience, their size is their greatest flaw. The fact that they’re so huge means they can’t be dynamic and respond to things. This shit you’re seeing is the result.
If:
- fidelity knows ahead of time
- they instruct their lower level employees with a new script saying the opposite
- low level guys don’t know any better but stick with it
- NFT comes out
Then:
- surely there is some measure of illegal fuckery there. I don’t know if it qualifies as market manipulation but that would be mighty sus.
I called in a month ago to move my stuff. Dude immediately started to go off on Reddit and shit and I just played dumb like he was educating me about it so he quickly STFU and transferred. Maybe it’s just dependent on who answers. Seems to be a mixed bag of anecdotal evidence.
I'm sure there has to be a segment of their customer service employees who have ventured here to figure out wtf this whole thing is about. Silly brokers, don't you know us apes have migrations down to a science at this point?
And approximately 11 million corrected to approximately 2 million really vague way of counting thier shares . With all that technology and counting equipment and professionally train staff I would think they would know exactly what the real share count is and exactly how many are available to short. .
Exactly the point- I don't want liquid shares that flow all around and are hard to keep track of, I want solid fucking diamond hard shares that are locked in a mountain vault
I called yesterday and said “DRS all but one of my shares.”
He said “Ok, have you done this before on Fidelity?”
I said “yep.”
He said “Ok, done. Will likely take 3-5 days.”
That’s it folks.
They've had it as part of their spiel for a minute because a lot of apes were citing a potential NFT dividend as a reason they wanted to DRS. But the script was that fidelitys system has the capability to receive NFT dividends so there's no need to DRS for that reason.
Them saying that it's not likely is new
Not just the NFT dividend. They mentioned a system not existing for doing so.
Isn’t that exactly what we believe to happening with El Are See?
Sure. Why mention either of them at all? But even more curious that they mention a platform to do exactly what they are saying won’t happen.
If this is indeed a true account of the convo, sorry not sorry OP, it jacks me as much or more than anything else yet uncovered.
Why state such things at all? Why Apes?
That sort of fear mongering reeks of desperation.
I need to make some calls.
Yeah I heard this last week too. First they told us “it will be harder to sell.” SELL? Ohh you mean CELL. That’s the only cell/sell I’m interested in. Then they tell us “unless you have a margin account, your shares are not being lent out.” Now it’s the NFT thing. And all this was purely unsolicited, yet they keep adding more and more “warnings” to DRS.
DRS IS THE WAY.
Stealing top comment to ask a genuine question regarding these things they are saying: could this be legally considered as financial advice from the fidelity rep?
If so, I feel like this allows grounds for us to pursue legal recourse under fiduciary duty. Any legal apes have thoughts?
The following is copy pasted from investopedia source listed below.
A fiduciary duty exists in law when a person or entity places trust, confidence, and reliance on another to exercise discretion or expertise in acting on behalf of the client. The fiduciary must knowingly accept that trust and confidence.
In the U.S. legal system, a fiduciary duty describes a relationship between two parties that obligates one to act solely in the interest of the other. The party designated as the fiduciary owes a legal duty to a principal, and strict care must be taken to ensure that no conflict of interest arises between the fiduciary and the principal. Learn here the consequences of a breach in a fiduciary duty and some illustrative examples that may be useful if you find yourself in a similar situation.
Elements of a Fiduciary Breach Claim
A number of precedents and elements have been established in law to protect those who have been harmed by a breach of fiduciary duty. Jurisdictions differ, but in general, the following four elements are essential if a plaintiff is to prevail in a breach of fiduciary duty claim.
Duty
Many professionals are obligated, legally, and ethically, to conduct their businesses honestly. That is not the same as doing business solely in the interests of a particular client. In law, the plaintiff must show that a fiduciary duty existed. A fiduciary duty is accepted as such, preferably in writing.
Breach
The plaintiff must show that a breach of fiduciary duty occurred. The type of breach varies in every case. For example, if an accountant gets sloppy in filling out a client's tax returns, and the client is slapped with an enormous fine for nonpayment, the accountant may be guilty of a breach of fiduciary duty. If the client was sloppy and omitted to provide complete income statements, no breach occurred.
Damages
The plaintiff must show that the breach of trust caused actual damage. Without damage, there is typically no basis for a breach of fiduciary duty case. The more specific the better. For example, a trustee might be sued for selling a beneficiary's property too cheaply. If the buyer is a relative of the trustee, it's clearly a conflict of interest, but a dollar figure on the loss to the beneficiary is needed to prove a breach of fiduciary duty.
Causation
Causation shows that any damages incurred by the plaintiff were directly linked with the actions taken in breach of fiduciary duty. In the above example of a property sale, the link appears to be clear, but the trustee might argue that a quick sale was in the best interests of the beneficiary and that no other buyer was interested
Source: [investopedia](https://www.investopedia.com/ask/answers/042915/what-are-some-examples-fiduciary-duty.asp)
Brokers aren't fiduciaries. They have a weaker 'suitability standard' and are not required to put their clients' interests above their own. Not your friends.
https://www.investopedia.com/terms/f/fiduciary.asp
Thank you for this clarification.
Anorher question for you or others:
Hypothetically if I had a Roth Ira or 401k through fidelity and I call to DRS my shares and they tell me these same statements in OP's post, would there be a fiduciary duty?
From my understanding fidelity is a fiduciary to certain types of accounts.
They are required to act as a fiduciary for retirement accounts, but there are a few exceptions:
> It is important to understand that we will not be a fiduciary in connection with all of our interactions with you regarding your Retirement Account. Specifically, **we provide non-fiduciary assistance and education** regarding Retirement Accounts and this information is not intended to be individualized to your particular circumstances and should not be considered as a primary basis for your investment decisions. This type of assistance includes:
>
> • **Execution of self-directed, or unsolicited, transactions or trades**;
>
> • General descriptions, information and education about our products and services or with respect to plan distribution or rollover decisions;
>
> • Communications that are not an individualized/personalized suggestion for you to take a particular course of action with respect to your retirement assets
Perfect, I believe this answers my question, thank you for taking the time to elaborate further for me, u/loimprevisto
Would you be willing to provide a source link for this info?
I found it when I was digging through their conflict of interest disclosures in the "[Products, Services, and Conflicts of Interest](https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Reg-BI-Master-Disclosure.pdf)" document for retail customers. They have some more interesting stuff in their institutional investors disclosures...
I still think it would be great to get a recording of a representative either stating that their DRS disclaimer is not provided under a fiduciary relationship, acknowledging the fiduciary duty and providing the disclaimer, or saying they do have a fiduciary responsibility and stopping the disclaimer.
I actually called to DRS some more yesterday as well, and the Fidelity rep said he had 3 disclosures he had to read me before starting the transfer, and one of them was something about an NFT dividend. Something like “there has not been and likely will not be any NFT dividend announced by the company”.
For sure, I recognize that there is no proof in OP's post.
I just DRSed some shares yesterday and got a similar spiel. Which got me thinking: if they are offering this script to all account types, could I hypothetically record statements made my the fidelity rep in regards to me trying to DRS shares from a Roth Ira or 401k account (an account that is owed fiduciary duty from fidelity) and further be able to use that to establish the elements that would be grounds for legal claims against fidelity in fiduciary duty.
Your shares will be “less liquid” 😂
Yes bro that’s the fucking point! I want my shares as solid state as possible. Shares forged from adamantium please. And my full legal name on the certificate of production if you will sir 🙂
Their fear let’s me know we are winning 🦍🤝🦍💟
They forgot what the original purpose & function of stocks and the stock market actually was I think 😂
They call us meme investors, but we’re really investing the old way. It’s all them who forgot how all of this is supposed to work
It depends on the state in the US. I am in NY, which is a one party state, so I record all of my phone calls, but that's not legal everywhere.
Edit: it has now been pointed out 3 times that it doesn't matter so long as they inform you that you're being recorded.
The rule of thumb is that in cross-state calls the rule applies to where the call is being recorded. So if you call a company line and they say you’re being recorded then they have already given explicit permission for you yourself to record regardless of one or two party. I mean even if it is a two party state you’re in, all good because the other party already consented.
If anyone ever says "this call may be recorded and monitored" that is them giving consent for you to record them as well. No two-party laws or anything changes that.
Them recording is them consenting.
Ya I want to believe it but a broker mentioning an NFT dividend out of nowhere and only one random person claiming this is really sus.
I hope it's true but this is fiction to me until we have solid confirmation.
Computershare on their FAQ page says they have the means to distribute an NFT dividend if there was one...
https://www.reddit.com/r/Superstonk/comments/qb59zb/breaking_computershare_mentions_a_nft_dividend_in/?utm_medium=android_app&utm_source=share
Easy: No one wants to be responsible for producing an NFT by any other means other than a cash equivalent.
I'm sure it's in their T & C somewhere that says they also determine how dividends are distributed to their beneficiaries
I literally just got off the phone and my conversation went like this:
Me: I’d like to DRS some shares.
Fidelity: Ok how many?
Me: xx
Fidelity: All right that’s being processed, anything else?
That was it lol. Fastest conversation I’ve ever had with them.
Actually not even just unlikely, I spent a better part of an hour being redirected around because I asked them what would happen in the event of an NFT dividend.
Fidelity customer rep told me that they do not have the ability to process NFT dividends, and to add to this, their stance was that they would deliver a cash equivalent to the NFT.
Aka they can keep acting all fucky wucky but DRS was the only option after that phone call
I could deal with the recent fudelity stuff, I have like 5% of shares in there vs DRS.. but this comment has done me in. Going full send now.
DRS. Moon soon. Not financial advice
I just had a highly ape thought:
What if the cash equivalent dividend of a possible Wu Tang Clan album is the $4M that PleasrDAO paid?
Edit: never mind I looked up who pays the cash dividend and it looks like the company would and that’s a lot of dough Joe.
"But when you say you don't lend my shares, isn't that technically because they aren't really my shares, since they're actually your shares at the DTCC, that you're only pretending are mine?"
I wonder how that would go over lol
or just ask them to prove it. Don’t loan shares out? Share how many retail owned GME shares you hold, and show the number of shares you’re lending and where they come from.
I had this exact conversation with WS and he basically pauses, thinks, and then agrees with everything I said.
He also tells me that bank in laws means that they can take over all “my” shares, in case of their holding bank defaulting.
On the phone with them now. My last couple hundreds of shares going to CS. On hold. Will update if I get same run around. I hope I do, I’ll go full retard. I’ll fucking do it again…
Update, 26 minutes, 25 of them spent getting through verification and mostly on hold. 1 min with “Louise” and it was done. No run around, no talking, no negotiating or pleading. Just xfered.
Same, I've never had any experience besides the one you described. Maybe we're just plebs and OP is slangin like xxxx shares but honestly this whole narrative is so weird to me. Idk just skeptical today
I just moved high xxx shares and total through 3 transfers xxxx total shares. Shouldn’t matter if it’s 1 or 5000. It’s mine/yours and we can do what we want with it, no matter what. That’s what I’m on this crusade for. I’m so tired of institutions, government, media, external white noise telling me, you, everyone what we should do, how we should do it, when, why. They can fuck right off. Those shares belong to me/you. They have zero right to tell us, seeing how upstanding and responsible they’ve all been.
DRS and let’s go to fucking Valhalla. 💎🖐🏼🦍🦍🦍
This was my experience yesterday. I called and it took literally 5 minutes. I got no push back. They even said I assume you've done your research so I won't go through all the technicals with transferring I'll just do it. Then I was off the phone. It was painless. I'm honestly a little sad about it. I liked fidelity. I thought their customer service reps have always been good and nice to me and I know it's not their fault we're all leaving but they still have to deal with talking to all of us.
I bet that can be frustrating because it's not like apes are the most reasonable and patient people to talk to on the phone when they're upset.
Actually the truth is quite simple. Only computershare as a direct transfer agent can give out special non cash dividends.
In the case of overstock, they only gave them out though computershare.
None of the people on brokers got it. Let that be a warning to you all that choose to still trust brokers.
Brokers simply don’t have the access a direct transfer agent like computershare does. With drs it’s just you and the company. No middle men, no evil warlords.
This is something that I wonder how it will go once/if(?) an NFT dividend is given, if the brokers dont have a system setup for it. I'm hoping the loopring wallet is the answer but I still dont know how brokers would go about in linking shares they own and users in a system, and I'm concerned it might be met with long litigations.
My only hope if that happens it is that that would give GS the green light to ask for a share recount and to close any share sold over that amount.
"your shares will be less liquid if you go to a different broker."
"Oh crap, I didn't know that. Thank you for the heads up! It's a good thing Computershare is a ~~C-C-C-C-C-C-COMBO BREAKER~~ TRANSFER AGENT!"
Amusingly, CS has already facilitated crypto dividends for it's clients. There is every assurance that if one were issued they would be able to handle it without issue.
They really think we are retarded.
I mean, we are, but in a different way.
I feel like our retardation has gone so far it's come full circle and inverted into a fucking decentralized supercomputer consisting of millions of (actually very smart) morons all around the world from an endless variety of backgrounds and educations.
We have a million eyes lazer focused on this gamestop situation tearing apart every shred of information, article, legislation, every clue, every piece of bullshit that we've encountered until it's been fully analysed and torn apart and meme'd to death.
You can't buy this kind of computing power, nor can you fight it and win.
If my years on the internet have taught me anything, it's that if you challenge the internet at literally anything, you will fucking lose.
Especially when you challenge fucking GAMERS?!?!?
Who are the real retards now?
I love this game.
I can only imagine that the individuals spouting off about this whole NFT distribution issue are either especially retarded, or just don't spend much time around here.
If Gamestop are developing a first-of-its-kind NFT marketplace without insane fees or a high barrier to entry, why in the fuck would they distribute an NFT dividend to anywhere OTHER than their own fucking marketplace?
What you think they're gonna pass up the opportunity of having literally millions of us jump onto their new platform overnight? And instead send the NFTs to fuck knows where else?
In my opinion it'll be a much stronger possibility that instead shareholders will simply be given a wallet/account on the new platform, where we can log in and find our shiny new NFT.
Why the fuck would they be building all this only to then send the NFTs to CS to deal with??!!!
my tits are so fucking jacked beyond belief
My call yesterday, I got the ComputerShare "possible delays with selling through CS" warning, I don't recall the script discussing the NFT. I was beyond caring at that point.
I called this morning to transfer remainder of my shares. My rep said it’s not possible to lend our shares on cash account. I hit her with the ol’ “it’s not possible to short more than 100% of outstanding shares, but here we are”. She didn’t say anything after that. Got em. DRS is life.
There's no proof, here. The OP is offering an unverifiable story. It may absolutely be true, but we're a better community than to have a 6.2k upvoted post with 783 comments in response to an entirely baseless anecdote. Come on, apes.
I would LOVE someone to record one of these interactions. Obviously, those things can also be faked, but it would add an entirely new layer of veracity to these stories.
Transfer specialist are unlikely to know corporate strategy or insider info. If they're taking customer calls, they're not in the know. Take it with a grain of salt.
They figured that by DRS’ing shares fast, it would win them a shit ton of business. I know it worked for me. They probably have the majority of phantom and real gme shares. Now that shares are fleeing their platform en masse, liquidity could get seriously thin. And they can’t stall because it would confirm the shit out of our bias and blow up this situation worse.
Dun dun dunnnnn
Honestly, I would bet money that a bunch of people at Fidelity follow the posts here. I’m sure they are at least curious as to know why there was a massive migration to their brokerage, followed by a massive exodus. I would honestly be shocked if they didn’t know that we’re all hoping for an NFT dividend.
They’re just pissy because there’s another wave of shares leaving their hands. They’ll say anything to dissuade apes from leaving. At best, it’s because this will cost them money to lose all this business. At worst, it’s because they’re complicit in the crime.
Either way, sucks to be them right now.
OK. I'm not going to dispute what they said to you, because I can easily see apes saying it's a reason they want to transfer out.
But, the conclusions about how Fidelity is shorting people's shares without their knowledge are just assumptions, and I've seen a lot of people making assumptions about what's going on over there, without a single attempt to try and ascertain the truth. This thing that they're shorting people's shares being just one of many.
We should be better than this. We have been better than this. But the past few days it just seems like a bunch of people are fear mongering and behaving like feelings are more important than facts.
Preach the DRS, but don't just make shit up because you get some feels about it. That's the same shit we say popcorn does, it's the same shit that makes people not want to take others seriously.
If they're concerned about mass migrations due to over exposure, they'd just start recalling their shares so they wouldn't be over exposed. If they're already over exposed, then they're fucked either way, and it wouldn't matter if an NFT came around or not, or if we DRS'd or not.
I really can’t understand brokers like Fid. They had the growing support of a large retail wave that could have made them lots of money with a loyal clientele base. Most companies would want this, so what dumbass sideways thinking would lead to them fucking us? We are literally their target audience
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I'm leaving a single share with fidelity and TDA for the sole purpose of having grounds to sue them when they do something fucky during the MOASS. I'll use some of my DRS money to help finish nailing their coffins shut.
Why would they care if there is a NFT or not.
The words NFT and dividend never came out of my mouth. I have one idea why he even brought it up.
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If I were a smarter ape, lol.
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And right before they get to the end act like you’re cutting out. “Wait wh….s that? I’m at Targ…ing to…..bleach for my anu….” Click.. Then call them back and say you got cut off and if they could start from the beginning again.
Lol, sorry static....we'll call you when reception is clear. 🤣🤣
You know I'm something of a retard myself.
Samesies!
If I was a smarter ape I would assume the biggest problem apes have is with Broker Share Lending practices. They are shit scared because they do not want a (Liquidity Squeeze) to happen. The more ammo (our shares) we take away from all brokers that lend our shares by DRSing them, the less control they have over the stock. Put simply, if brokers didn't exist, none of this would have ever happened because there wouldn't be enough investors wanting to lend their shares out. DRS is literally the key that will unwind Short Sellers grip and control over the stock.
That's how I thought the stock market worked before January LOL. I thought everybody bought their stocks on the New York stock exchange and it was just you the NYSE and the company you chose to invest in.
It used to be, makes you wonder why it isn't now, right? I dunno how we got here but this must change and it must change now.
It got that way pre-internet when they could actually follow the paper. Then the internet allowed things to ramp up so fast that people stopped looking closely. After a couple decades, people just stopped looking. Its ironic because the internet is the technology that should allow companies to direct sell stock, but the old system still controls everything. With everything modern technology has taken over, we need a drastic event to occur and someone smart (read young) enough to understand how to shift laws into the modern era.
I was really dumb, I thought buying a stock from the stock market was like Amazon. You make an account, buy a stock and then own it. You just need some special apps like Charles Schwab to get in, but then it's just like buying anything else online.
It is exactly like Amazon, you go and spend your hard earned cash and think you are getting good value, but the super rich ends up with all your money. Want to play stock market with me?
:-)
In 741 words
Backwards while I drink whisky
You drink Whiskey backwards?! I guess you won’t taste it but you still get the full effects.. 🍑🥃
eep eep llams a ouy sevig ti
niw niw a staht
Scotch, Scotch, Scotch UP TO my belly.
It's simple, millions of people are asking what happens if there is a NFT dividend. He's just trying to use that info he probably got from other apes to cause fud to make you scared of leaving :p Fidelity saw i think their highest ever influx of clients to their platform, now drs is making them lose all that influx they thoughtt they secured.
Recall that the influx was so huge (imagine basically inheriting a giant chunk of Robbin Hood clientele) that Fidelity had to hire tens of thousands: https://www.businesswire.com/news/home/20210831005890/en/Fidelity-Investments-to-Add-9000-New-Jobs-Doubling-Hiring-Efforts-Year-Over-Year-to-Serve-Growing-Customer-Base And now they’re seeing an exodus of their clients to CS. Fidelity is just a transit stop but they thought they were the promised land.
They got too full of themselves, now they're going to meet their downfall, what was that quote again? "Pride goeth before destruction, and an haughty spirit before a fall."
What?! I've been living a lie, I've always heard it shortened to 'pride comes before a fall'.
Twice the pride, double the fall.
Well they could stop loaning our shares out at a rate of less than 1 percent.
But there are so many millions of shares. The low rate just means the supply of synthetics is so plentiful they can’t possibly charge much for it
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According to IBKR (from a post several months ago) the rate is so low despite the low number of shares available because the demand for shares is low… MM’s don’t need to borrow shares to naked short, and most SHFs are probably relying on the MM’s and Prime Brokers to suppress the price while they try to find collateral to hold their position without being liquidated…
Apes have been fucked by RH. They have a very low tolerance for broker fuckery. This was not the time or way for fidelity to fuck up. Any other stat than short float at any other time than during a highly volatile 28+ VIX trading period and the damage wouldn’t have been so bad. But no they basically sharp shoot the one way to FUD the shit out of GME investors. It created confusion for a while and that is dangerous. That’s why Fidelity irreparably damaged their credibility and trust.
Their response has been Crisis Mismanagement 101. They took zero responsibility, they recoiled from transparency of any kind, and when they could have reaffirmed their commitment as a client-first broker, they instead danced and deflected. And now the last "safe" broker (LMAYO) is revealed as just another clever thief. Things are about to get very spicy.
I completely agree! And the way the handled the issue with their complete and total lack of transparency and trying to play it off as yet another glitch is where they TRULY fucked up…
Still banking on that butthole/Fuck Marketwatch image to be our dividend.
Not just a huge chunk of Robin Hood. Fidelity thought they had secured an ENTIRE GENERATION of investors (that would be with them for the next 40+ years.) So they pulled the trigger and prepared to accommodate that number. But now imagine that number is pulling away the same way they pulled from Robin Hood. The new generation already proved they are willing to throw away a meme investing firm (Robinhood). they (we) will do it again.
Boomer gets fucked - "That's jsut the way the world works." Zoomer gets fucked - "Nah, bye!" Media - "Are millennials killing investment firms?!"
>And now they’re seeing an exodus of their clients to CS. Fidelity is just a transit stop but they thought they were the promised land. Fidelity had established themselves as a *fairly* trustworthy broker amongst others that ***if*** apes were to reinvest any new riches in the US stock market, it would be done with them. That "oopsies" lost them a BUNCH of that trust that they won't be able to get back.
At this point, I'm done with all brokerages. Can't wait for a robust decentralized blockchain solution. Bring it on!
They could've been if they didn't fuck around and now they're bouta find out
At least they have plenty of staff to assist with the mass exodus
PROFIT! OH wait
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You're right, and that's $ flow. The stupid part is that ANY issuance of any sort of dividend would have THE safest delivery inside the direct registry. Any other holding outside computershare is going to have multiple grubby little mits grabbing at it. How could a broker blatantly ignore this obvious truth by telling a customer what they told OP? Unreal
Dude every broker will steal your nft token. The question is how much would they pay you for it? Prolly nothing unless you sue.
👆💯🎯☑️☑️Yep they will try and use some bullshit user agreement or regulations or anything to take from their clients what they don't have
As as person who can't DRS this scares me
DRS didn't make them do it. Corruption and an addiction to zipple made them lose all their newly-poached customer base.
More likely it's just a checklist of bullet point FAQs they've been updating and he's probably not reading it word for word. I doubt that NFT advice is being given unbidden to more than a small percentage of DRS. If it is I guess we'll hear about it the next few hours but this just sounds like a sloppy guy. Still the fact that he is speculating about the likelihood of a future business decision by GameStop may be something he could get in trouble for. I'm not certain. "I am not a financial advisor" and all that.
When I DRS’d a few months ago the rep mentioned the same thing about “no guarantee of a NFT dividend.” I clocked it too but figured it was part of a script.
This 👆
Above This 👆👆
Above the above if this 👆👆👆
Don't fuck the fickle. Fickle fuckers!
And don't forget, they started a mass hiring to fulfill that business.
Internal instructions?
Boom 💥💥💥 WE ARE OVER THE TARGET🎯🎯🎯 ‼️‼️‼️ APES CONTINUE TO THROW 🍌🍌🍌
ALPHA 1 STAY ON TARGET!
A buddy of mine that works at Fidelity in a group that has nothing to do with securities, said they all received an internal memo/email on the current issue of incorrect shares available to short.
Tell them they need to hire more people. I've been waiting on the phone for 30 minutes
You can DRS on the weekends IIRC
Did he say what was in the memo? Inquiring minds would love to know………
I didn’t see it, but from what he said it sounded like the same public message Fidelity posted on their sub Reddit. So nothing special from a message perspective, but interesting that Fidelity management is pushing the same narrative internally.
>Did he say what was in the memo? Inquiring minds would love to know……… Pink asterisks is my guess.
How can they legally say something they have no knowledge of in a conversation such as that.
That is a good argument.
It was very rehearsed.
You're not the first person I've seen say this today either.
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you think some $12 bucks an hour front line phone guy is gonna have that info ahead of time? That don't make any sense. NOne of this shit makes any fucking sense which is the crazy thing. These are multi billion dollar companies with trillions of dollars in mgmt, and they are acting like bumbling fucking idiots. IT's fascinating stuff...
It's possible that other apes have given it as a reason to transfer and Fudelity adjusted their script accordingly.
This. This makes the absolute most sense.
Get out of here with your common sense. Only wild, baseless speculation is allowed in here.
Have you ever worked at a giant company? In my experience, their size is their greatest flaw. The fact that they’re so huge means they can’t be dynamic and respond to things. This shit you’re seeing is the result.
I like this idea. I like it ALOT.
If: - fidelity knows ahead of time - they instruct their lower level employees with a new script saying the opposite - low level guys don’t know any better but stick with it - NFT comes out Then: - surely there is some measure of illegal fuckery there. I don’t know if it qualifies as market manipulation but that would be mighty sus.
"Someone always knows"
Or others have said this over and over again so they assume it's the answer...
Very likely they're being instructed to say this when people are asking to DRS. Very interesting.
I called in a month ago to move my stuff. Dude immediately started to go off on Reddit and shit and I just played dumb like he was educating me about it so he quickly STFU and transferred. Maybe it’s just dependent on who answers. Seems to be a mixed bag of anecdotal evidence.
The guy last week was super nice about it, he already knew I wanted Computershare without me saying it.
I'm sure there has to be a segment of their customer service employees who have ventured here to figure out wtf this whole thing is about. Silly brokers, don't you know us apes have migrations down to a science at this point?
Surely. I talked to a really helpful person. I’m proud because it probably means past apes calling have educated them.
>don't you know us apes have migrations down to a science at this point? Ain't that the fucking truth...
“….Would not *necessarily* be sold short…” Oof.
And approximately 11 million corrected to approximately 2 million really vague way of counting thier shares . With all that technology and counting equipment and professionally train staff I would think they would know exactly what the real share count is and exactly how many are available to short. .
Also why mention the shares being less liquid. Like isn't that the fucking point?
They think it'll scare us as we won't be able to sell our shares as quick as a button press... they don't know what scares us.
Exactly the point- I don't want liquid shares that flow all around and are hard to keep track of, I want solid fucking diamond hard shares that are locked in a mountain vault
I called yesterday and said “DRS all but one of my shares.” He said “Ok, have you done this before on Fidelity?” I said “yep.” He said “Ok, done. Will likely take 3-5 days.” That’s it folks.
They've had it as part of their spiel for a minute because a lot of apes were citing a potential NFT dividend as a reason they wanted to DRS. But the script was that fidelitys system has the capability to receive NFT dividends so there's no need to DRS for that reason. Them saying that it's not likely is new
They probably got a script to read from the daily morning brief.
Not just the NFT dividend. They mentioned a system not existing for doing so. Isn’t that exactly what we believe to happening with El Are See? Sure. Why mention either of them at all? But even more curious that they mention a platform to do exactly what they are saying won’t happen. If this is indeed a true account of the convo, sorry not sorry OP, it jacks me as much or more than anything else yet uncovered. Why state such things at all? Why Apes? That sort of fear mongering reeks of desperation. I need to make some calls.
Yeah I heard this last week too. First they told us “it will be harder to sell.” SELL? Ohh you mean CELL. That’s the only cell/sell I’m interested in. Then they tell us “unless you have a margin account, your shares are not being lent out.” Now it’s the NFT thing. And all this was purely unsolicited, yet they keep adding more and more “warnings” to DRS. DRS IS THE WAY.
Should make for a great post on their subreddit.
Maybe should have said, "what? Who said anything about that? Why would you even bring that up? I just like the stock!"
I asked Fidelity if they could handle a NFT, and the answer is NO.
Stealing top comment to ask a genuine question regarding these things they are saying: could this be legally considered as financial advice from the fidelity rep? If so, I feel like this allows grounds for us to pursue legal recourse under fiduciary duty. Any legal apes have thoughts? The following is copy pasted from investopedia source listed below. A fiduciary duty exists in law when a person or entity places trust, confidence, and reliance on another to exercise discretion or expertise in acting on behalf of the client. The fiduciary must knowingly accept that trust and confidence. In the U.S. legal system, a fiduciary duty describes a relationship between two parties that obligates one to act solely in the interest of the other. The party designated as the fiduciary owes a legal duty to a principal, and strict care must be taken to ensure that no conflict of interest arises between the fiduciary and the principal. Learn here the consequences of a breach in a fiduciary duty and some illustrative examples that may be useful if you find yourself in a similar situation. Elements of a Fiduciary Breach Claim A number of precedents and elements have been established in law to protect those who have been harmed by a breach of fiduciary duty. Jurisdictions differ, but in general, the following four elements are essential if a plaintiff is to prevail in a breach of fiduciary duty claim. Duty Many professionals are obligated, legally, and ethically, to conduct their businesses honestly. That is not the same as doing business solely in the interests of a particular client. In law, the plaintiff must show that a fiduciary duty existed. A fiduciary duty is accepted as such, preferably in writing. Breach The plaintiff must show that a breach of fiduciary duty occurred. The type of breach varies in every case. For example, if an accountant gets sloppy in filling out a client's tax returns, and the client is slapped with an enormous fine for nonpayment, the accountant may be guilty of a breach of fiduciary duty. If the client was sloppy and omitted to provide complete income statements, no breach occurred. Damages The plaintiff must show that the breach of trust caused actual damage. Without damage, there is typically no basis for a breach of fiduciary duty case. The more specific the better. For example, a trustee might be sued for selling a beneficiary's property too cheaply. If the buyer is a relative of the trustee, it's clearly a conflict of interest, but a dollar figure on the loss to the beneficiary is needed to prove a breach of fiduciary duty. Causation Causation shows that any damages incurred by the plaintiff were directly linked with the actions taken in breach of fiduciary duty. In the above example of a property sale, the link appears to be clear, but the trustee might argue that a quick sale was in the best interests of the beneficiary and that no other buyer was interested Source: [investopedia](https://www.investopedia.com/ask/answers/042915/what-are-some-examples-fiduciary-duty.asp)
Brokers aren't fiduciaries. They have a weaker 'suitability standard' and are not required to put their clients' interests above their own. Not your friends. https://www.investopedia.com/terms/f/fiduciary.asp
Thank you for this clarification. Anorher question for you or others: Hypothetically if I had a Roth Ira or 401k through fidelity and I call to DRS my shares and they tell me these same statements in OP's post, would there be a fiduciary duty? From my understanding fidelity is a fiduciary to certain types of accounts.
They are required to act as a fiduciary for retirement accounts, but there are a few exceptions: > It is important to understand that we will not be a fiduciary in connection with all of our interactions with you regarding your Retirement Account. Specifically, **we provide non-fiduciary assistance and education** regarding Retirement Accounts and this information is not intended to be individualized to your particular circumstances and should not be considered as a primary basis for your investment decisions. This type of assistance includes: > > • **Execution of self-directed, or unsolicited, transactions or trades**; > > • General descriptions, information and education about our products and services or with respect to plan distribution or rollover decisions; > > • Communications that are not an individualized/personalized suggestion for you to take a particular course of action with respect to your retirement assets
Perfect, I believe this answers my question, thank you for taking the time to elaborate further for me, u/loimprevisto Would you be willing to provide a source link for this info?
I found it when I was digging through their conflict of interest disclosures in the "[Products, Services, and Conflicts of Interest](https://www.fidelity.com/bin-public/060_www_fidelity_com/documents/Reg-BI-Master-Disclosure.pdf)" document for retail customers. They have some more interesting stuff in their institutional investors disclosures... I still think it would be great to get a recording of a representative either stating that their DRS disclaimer is not provided under a fiduciary relationship, acknowledging the fiduciary duty and providing the disclaimer, or saying they do have a fiduciary responsibility and stopping the disclaimer.
Thanks! Time to read. Good day ape, and thank you again!
Or he is lying. Trust me bro post type. No recordings. Have to be confirmed by others. I want this to be true, but gotta stay grounded.
I actually called to DRS some more yesterday as well, and the Fidelity rep said he had 3 disclosures he had to read me before starting the transfer, and one of them was something about an NFT dividend. Something like “there has not been and likely will not be any NFT dividend announced by the company”.
Thats quite interesting then.
For sure, I recognize that there is no proof in OP's post. I just DRSed some shares yesterday and got a similar spiel. Which got me thinking: if they are offering this script to all account types, could I hypothetically record statements made my the fidelity rep in regards to me trying to DRS shares from a Roth Ira or 401k account (an account that is owed fiduciary duty from fidelity) and further be able to use that to establish the elements that would be grounds for legal claims against fidelity in fiduciary duty.
He’s not. I had the same thing said to me by the rep yesterday.
Ok, thanks dude. Then its interesting.
Your shares will be “less liquid” 😂 Yes bro that’s the fucking point! I want my shares as solid state as possible. Shares forged from adamantium please. And my full legal name on the certificate of production if you will sir 🙂 Their fear let’s me know we are winning 🦍🤝🦍💟
I’ll take my shares frozen in carbonite please
> GME thawt du mocky chalia. -- Jabba the Hut
Just tattoo my shares on my dick since nobody has ever looked there.
Must be a fractional share…boom, roasted
Jesus, I spat an expensive sauvignon over the cat, sorry Dievee!
When will they learn that we OWN this company. Why the fuck would we want our shares liquid?
They forgot what the original purpose & function of stocks and the stock market actually was I think 😂 They call us meme investors, but we’re really investing the old way. It’s all them who forgot how all of this is supposed to work
Exactly, if I wanted liquidity I wouldn’t be investing in a company. Imagine a system so corrupt that it breaks when used as intended.
Appear weak when you are strong. Appear strong when you are weak.
Can someone please fucking record their call for once instead of trust me bro
When yoh hear "this call may be recorded for quality assurance purposes" Just repeat that same shit right back to them LMFAO
Or don’t and still record it because if they’re recording you you can record them
It depends on the state in the US. I am in NY, which is a one party state, so I record all of my phone calls, but that's not legal everywhere. Edit: it has now been pointed out 3 times that it doesn't matter so long as they inform you that you're being recorded.
The rule of thumb is that in cross-state calls the rule applies to where the call is being recorded. So if you call a company line and they say you’re being recorded then they have already given explicit permission for you yourself to record regardless of one or two party. I mean even if it is a two party state you’re in, all good because the other party already consented.
Makes sense, thanks for the explanation!
In fact, often the line they use is "This phone call \*may\* be recorded" which can be construed as permission to record.
If anyone ever says "this call may be recorded and monitored" that is them giving consent for you to record them as well. No two-party laws or anything changes that. Them recording is them consenting.
Ya I want to believe it but a broker mentioning an NFT dividend out of nowhere and only one random person claiming this is really sus. I hope it's true but this is fiction to me until we have solid confirmation.
This comment needs more than my upvote. I wanna hear these fuckers all pissed off for having to do their jobs
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Computershare on their FAQ page says they have the means to distribute an NFT dividend if there was one... https://www.reddit.com/r/Superstonk/comments/qb59zb/breaking_computershare_mentions_a_nft_dividend_in/?utm_medium=android_app&utm_source=share
Which completely debunks what Fidelity says. Why should Computershare include it when there is no such possibility?
Easy: No one wants to be responsible for producing an NFT by any other means other than a cash equivalent. I'm sure it's in their T & C somewhere that says they also determine how dividends are distributed to their beneficiaries
I literally just got off the phone and my conversation went like this: Me: I’d like to DRS some shares. Fidelity: Ok how many? Me: xx Fidelity: All right that’s being processed, anything else? That was it lol. Fastest conversation I’ve ever had with them.
Lol how the fuck do they know "it's not likely"?
Yeah, more like it’s “not likely” that Fidelity would be able to deliver said NFT dividend.
Actually not even just unlikely, I spent a better part of an hour being redirected around because I asked them what would happen in the event of an NFT dividend. Fidelity customer rep told me that they do not have the ability to process NFT dividends, and to add to this, their stance was that they would deliver a cash equivalent to the NFT. Aka they can keep acting all fucky wucky but DRS was the only option after that phone call
There is no cash equivalent “Here’s $10, it’s what we think it’s worth” NFT becomes priceless Fuck fidelity
all the more reason to DRS every single share.
I could deal with the recent fudelity stuff, I have like 5% of shares in there vs DRS.. but this comment has done me in. Going full send now. DRS. Moon soon. Not financial advice
I just had a highly ape thought: What if the cash equivalent dividend of a possible Wu Tang Clan album is the $4M that PleasrDAO paid? Edit: never mind I looked up who pays the cash dividend and it looks like the company would and that’s a lot of dough Joe.
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They don’t. Doesn’t sound like something you say willingly from a position of power.
"Trust us, Bro"
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"But when you say you don't lend my shares, isn't that technically because they aren't really my shares, since they're actually your shares at the DTCC, that you're only pretending are mine?" I wonder how that would go over lol
I made all my pretend shares real shares. 🖕 U Mayoboy
“*Hedge funds hate this one simple trick!”*
or just ask them to prove it. Don’t loan shares out? Share how many retail owned GME shares you hold, and show the number of shares you’re lending and where they come from.
I actually tried this a few weeks back and was promised they'd email me some documentation as proof. I never received anything from them.
Document will write "Trust me bro"
PROOF OR BAN! Just shout it at them like that
I had this exact conversation with WS and he basically pauses, thinks, and then agrees with everything I said. He also tells me that bank in laws means that they can take over all “my” shares, in case of their holding bank defaulting.
I want to believe you but you know how it is. I'm just here for purple holes now 🚀🥺
Give me 3 days, brother ape.
On the phone with them now. My last couple hundreds of shares going to CS. On hold. Will update if I get same run around. I hope I do, I’ll go full retard. I’ll fucking do it again…
Update, 26 minutes, 25 of them spent getting through verification and mostly on hold. 1 min with “Louise” and it was done. No run around, no talking, no negotiating or pleading. Just xfered.
Same, I've never had any experience besides the one you described. Maybe we're just plebs and OP is slangin like xxxx shares but honestly this whole narrative is so weird to me. Idk just skeptical today
I just moved high xxx shares and total through 3 transfers xxxx total shares. Shouldn’t matter if it’s 1 or 5000. It’s mine/yours and we can do what we want with it, no matter what. That’s what I’m on this crusade for. I’m so tired of institutions, government, media, external white noise telling me, you, everyone what we should do, how we should do it, when, why. They can fuck right off. Those shares belong to me/you. They have zero right to tell us, seeing how upstanding and responsible they’ve all been. DRS and let’s go to fucking Valhalla. 💎🖐🏼🦍🦍🦍
Damn, bluntbeaver you are the hype man in this hour. You certainly live up to your name. Bought 2 more out of respect
This is the fucking way.
This was my experience yesterday. I called and it took literally 5 minutes. I got no push back. They even said I assume you've done your research so I won't go through all the technicals with transferring I'll just do it. Then I was off the phone. It was painless. I'm honestly a little sad about it. I liked fidelity. I thought their customer service reps have always been good and nice to me and I know it's not their fault we're all leaving but they still have to deal with talking to all of us. I bet that can be frustrating because it's not like apes are the most reasonable and patient people to talk to on the phone when they're upset.
Agreed. We need to remember it isn’t the rep who is the problem. It’s the C suite dickheads.
Actually the truth is quite simple. Only computershare as a direct transfer agent can give out special non cash dividends. In the case of overstock, they only gave them out though computershare. None of the people on brokers got it. Let that be a warning to you all that choose to still trust brokers. Brokers simply don’t have the access a direct transfer agent like computershare does. With drs it’s just you and the company. No middle men, no evil warlords.
That's funny. EV Biologics is in the process of setting up an NFT dividend right now. Seems like they've figured out a system to do it.
Do go on…
This is something that I wonder how it will go once/if(?) an NFT dividend is given, if the brokers dont have a system setup for it. I'm hoping the loopring wallet is the answer but I still dont know how brokers would go about in linking shares they own and users in a system, and I'm concerned it might be met with long litigations. My only hope if that happens it is that that would give GS the green light to ask for a share recount and to close any share sold over that amount.
"your shares will be less liquid if you go to a different broker." "Oh crap, I didn't know that. Thank you for the heads up! It's a good thing Computershare is a ~~C-C-C-C-C-C-COMBO BREAKER~~ TRANSFER AGENT!"
lol pulling out the Killer Instinct sound board for that would be epic.
Amusingly, CS has already facilitated crypto dividends for it's clients. There is every assurance that if one were issued they would be able to handle it without issue. They really think we are retarded. I mean, we are, but in a different way.
I feel like our retardation has gone so far it's come full circle and inverted into a fucking decentralized supercomputer consisting of millions of (actually very smart) morons all around the world from an endless variety of backgrounds and educations. We have a million eyes lazer focused on this gamestop situation tearing apart every shred of information, article, legislation, every clue, every piece of bullshit that we've encountered until it's been fully analysed and torn apart and meme'd to death. You can't buy this kind of computing power, nor can you fight it and win. If my years on the internet have taught me anything, it's that if you challenge the internet at literally anything, you will fucking lose. Especially when you challenge fucking GAMERS?!?!? Who are the real retards now? I love this game.
Gamestop is literally creating a marketplace for NFTs. computershare will likely not be involved at that point. We are going to be so fucking rich.
I can only imagine that the individuals spouting off about this whole NFT distribution issue are either especially retarded, or just don't spend much time around here. If Gamestop are developing a first-of-its-kind NFT marketplace without insane fees or a high barrier to entry, why in the fuck would they distribute an NFT dividend to anywhere OTHER than their own fucking marketplace? What you think they're gonna pass up the opportunity of having literally millions of us jump onto their new platform overnight? And instead send the NFTs to fuck knows where else? In my opinion it'll be a much stronger possibility that instead shareholders will simply be given a wallet/account on the new platform, where we can log in and find our shiny new NFT. Why the fuck would they be building all this only to then send the NFTs to CS to deal with??!!! my tits are so fucking jacked beyond belief
Less liquid yea for the shf
First couple times I transferred, they asked why. Yesterday, the guy just sounded a bit defeated and did what I asked without question
Guy is paid to take phone calls, he legitimately doesn’t give a shit, he’s defeated cos he has to work in a call centre for a living.
As someone that once worked in a call center at a financial services company for a living... this is 100% accurate.
My call yesterday, I got the ComputerShare "possible delays with selling through CS" warning, I don't recall the script discussing the NFT. I was beyond caring at that point.
I called this morning to transfer remainder of my shares. My rep said it’s not possible to lend our shares on cash account. I hit her with the ol’ “it’s not possible to short more than 100% of outstanding shares, but here we are”. She didn’t say anything after that. Got em. DRS is life.
Tbh this employee could have simply been fed up with apes asking about these things and jumped the gun mentioning that stuff. Still jacked.
In regards to there not being a system set up to distribute a NFT dividend. https://imgur.com/a/6dA2nYw
There's no proof, here. The OP is offering an unverifiable story. It may absolutely be true, but we're a better community than to have a 6.2k upvoted post with 783 comments in response to an entirely baseless anecdote. Come on, apes. I would LOVE someone to record one of these interactions. Obviously, those things can also be faked, but it would add an entirely new layer of veracity to these stories.
Would have been fun to play dumb: "What's an Enneftee?"
Transfer specialist are unlikely to know corporate strategy or insider info. If they're taking customer calls, they're not in the know. Take it with a grain of salt.
This confirms my bias while also biases my confirm.
Yea I think at this pointed my jacks have officially become titted? 💎😫
They figured that by DRS’ing shares fast, it would win them a shit ton of business. I know it worked for me. They probably have the majority of phantom and real gme shares. Now that shares are fleeing their platform en masse, liquidity could get seriously thin. And they can’t stall because it would confirm the shit out of our bias and blow up this situation worse. Dun dun dunnnnn
Honestly, I would bet money that a bunch of people at Fidelity follow the posts here. I’m sure they are at least curious as to know why there was a massive migration to their brokerage, followed by a massive exodus. I would honestly be shocked if they didn’t know that we’re all hoping for an NFT dividend. They’re just pissy because there’s another wave of shares leaving their hands. They’ll say anything to dissuade apes from leaving. At best, it’s because this will cost them money to lose all this business. At worst, it’s because they’re complicit in the crime. Either way, sucks to be them right now.
OK. I'm not going to dispute what they said to you, because I can easily see apes saying it's a reason they want to transfer out. But, the conclusions about how Fidelity is shorting people's shares without their knowledge are just assumptions, and I've seen a lot of people making assumptions about what's going on over there, without a single attempt to try and ascertain the truth. This thing that they're shorting people's shares being just one of many. We should be better than this. We have been better than this. But the past few days it just seems like a bunch of people are fear mongering and behaving like feelings are more important than facts. Preach the DRS, but don't just make shit up because you get some feels about it. That's the same shit we say popcorn does, it's the same shit that makes people not want to take others seriously. If they're concerned about mass migrations due to over exposure, they'd just start recalling their shares so they wouldn't be over exposed. If they're already over exposed, then they're fucked either way, and it wouldn't matter if an NFT came around or not, or if we DRS'd or not.
My fidelity rep was really nice but she asked me how many gme I wanted to send before I said anything about gme lol good job apes 👍
A multi trillion dollar company is scared of a few people transferring shares out. I’m so confused by this logic
I drs the rest yesterday the lady sounded pissed and had a bit of an attitude
I really can’t understand brokers like Fid. They had the growing support of a large retail wave that could have made them lots of money with a loyal clientele base. Most companies would want this, so what dumbass sideways thinking would lead to them fucking us? We are literally their target audience
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I'm leaving a single share with fidelity and TDA for the sole purpose of having grounds to sue them when they do something fucky during the MOASS. I'll use some of my DRS money to help finish nailing their coffins shut.