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Today I learned that DTCC, which owns vast majority of the stocks in the market, was founded by a CIA agent by the name of William Dentzer. (susan-g-dentzer.medium.com)

submitted 8 months ago by [email protected] to c/[email protected]

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Some info on Dentzer

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

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

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

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

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

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[–] [email protected] 4 points 8 months ago* (last edited 8 months ago) (3 children)

https://twitter.com/Cancelcloco/status/1741994934411178157/mediaViewer?currentTweet=1741994934411178157&currentTweetUser=Cancelcloco

I follow this guy who basically went over all this in a different video. This one's good too. Talking about derivatives market and how they whole stock market is a sham. A good bit of those is also from that The Big Short movie which was enraging to watch. Although I will say I'm pretty sure a lot of those derivatives bets are against each other so like, it's not AS bad as it seems.... But it's still pretty fucked. It's meant to be an insane, hard to understand system on purpose. We aren't supposed to understand it and we aren't supposed to see what they do.

[–] [email protected] 3 points 8 months ago (2 children)

Yeah, he does a good breakdown of this. Like he says, in most cases it doesn't really come up, but it's sketchy af and creates all kinds of weird loopholes nobody understands.

[–] [email protected] 2 points 8 months ago (1 children)

Really just need to burn the whole system down. Biggest ponzie scheme in human history.

[–] [email protected] 2 points 8 months ago

it really is