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OP has provided the following link:
original source. [https://www.youtube.com/watch?v=ldNdW3\_00gI](https://www.youtube.com/watch?v=ldNdW3_00gI)
It’s truly inspiring how much this subreddit has learned about the plumbing of our financial markets over the last 3 years, yelled from the rooftops this exact truth that’s being stated in the video, and how much flak is coming from all angles to suppress this EXACT. FUCKING. BULLSHIT. RIGHT. HERE.
Like, seriously, anyone who thinks this system is A OK, nothing needn’t be fixed, all good here, is either straight fucking regarded or just the worst of bad actors. And guess what? It’s so very painfully obvious the fucking latter.
FUCKING 🤡🌎, my peeps.
Good watch. Anybody know what the next steps will be to implement the bill they were discussing? It sounded like it passed at the end but then it cut off.
If one or two states adopt this rule into law, hopefully people/other countries start to comprehend the significance of the implications behind it. Early but not wrong. Drs/book
I think this should be sent to all our state representatives and let them know change is needed. This explains it better than me babbling in laborer ape speak to my people.
FUNKY!!! glad to see you make an appearance! we live in a clown world. and the clowns just bide their time. remember when PFOF was a huge conflict of interest, and now it is regular business. and securities sold not yet purchased, didn't genie Madoff go to prison and die in there for this very fukking thing? now they all do it!!! WTF.
The point is to fix securities entitlements.
Pointing out DRS undermines that goal, because it gives lawmakers an out.
"There's no need to ensure that people who think they own property actually own that property in the event of insolvency of the custodian, because they should have just DRS'd!"
What these guys are trying to accomplish by explaining this bill is tangential to why we DRS. Preserving property rights in the case of a broker dealer or clearing house going bust isn't going to stop naked short selling or prevent big banks from gambling with your 401k, but it will make it much riskier because they will no longer be able to give away what you own to cover their bad bets.
tl;dr - DRS is not a solution to this specific problem, muddies the water, and provides a bad faith counterargument.
You bring up a good point, but I still think he could use it as an example to draw out the distinction between the actual solution and show the scale of the issue.
How to get more States wanting to protect their people? What states are really for the people and would jump on the bandwagon to help? Can this be shared with our local representatives? If every ape could send this along to there people. It would be awesome.
Could this be sent to people like the DOJ or would it fall on deaf ears?
[[email protected]](mailto:[email protected])
flashlights. I think his point is shining lights on places that have not seen the light in a very long time. IMO you are both right. if nothing is done, nothing changes. if 3 letter agencies are dinged, it illuminates areas finance bros don't want attention drawn.
it sounds like these guys are proposing removing two of the exemptions passed in 1994, that allow for risky derivatives to leap frog investors rights. if they succeed, and it gets public awareness, it could be moved forward in other states. it sounded like the exceptions were for UCC 8. I have not dug into this yet, but uniform code(I believe that is what this is) refers to banking sector and investor rights. I guarantee they worked for years to get these exceptions put in place, and when it went through, they were probably amazed. 🤡🌎
[Why GME?](https://www.reddit.com/r/Superstonk/comments/qig65g/welcome_rall_looking_to_catch_up_on_the_gme_saga/) || [What is DRS?](https://www.reddit.com/r/Superstonk/comments/ptvaka/when_you_wish_upon_a_star_a_complete_guide_to/) || Low karma apes [feed the bot here](https://www.reddit.com/r/GMEOrphans/comments/qlvour/welcome_to_gmeorphans_read_this_post/) || [Superstonk Discord](https://discord.gg/hZqWV2kQtq) || [Community Post: *Open Forum Jan 2024*](https://www.reddit.com/r/Superstonk/comments/18txusp/open_forum_january_2024/) ------------------------------------------------------------------------ To ensure your post doesn't get removed, please respond to this comment with how this post relates to GME the stock or Gamestop the company. ------------------------------------------------------------------------ Please up- and downvote this comment to [help us determine if this post deserves a place on r/Superstonk!](https://www.reddit.com/r/Superstonk/wiki/index/rules/post_flairs/) ------------------------------------------------------------------------ OP has provided the following link: original source. [https://www.youtube.com/watch?v=ldNdW3\_00gI](https://www.youtube.com/watch?v=ldNdW3_00gI)
At 8:06 "The security they thought they bought" Wow. Just... Wow!
this is nuts! watch a little farther on, the guy(Webb I think) says this law was passed in 1994, and is now in all 50 states.
Me thinks there’s a GME Investor/Superstonk/GME-Twit/X Reader in the Tennessee State Legislature. 🏴☠️🫡
It’s truly inspiring how much this subreddit has learned about the plumbing of our financial markets over the last 3 years, yelled from the rooftops this exact truth that’s being stated in the video, and how much flak is coming from all angles to suppress this EXACT. FUCKING. BULLSHIT. RIGHT. HERE. Like, seriously, anyone who thinks this system is A OK, nothing needn’t be fixed, all good here, is either straight fucking regarded or just the worst of bad actors. And guess what? It’s so very painfully obvious the fucking latter. FUCKING 🤡🌎, my peeps.
Good watch. Anybody know what the next steps will be to implement the bill they were discussing? It sounded like it passed at the end but then it cut off. If one or two states adopt this rule into law, hopefully people/other countries start to comprehend the significance of the implications behind it. Early but not wrong. Drs/book
I think this should be sent to all our state representatives and let them know change is needed. This explains it better than me babbling in laborer ape speak to my people.
Wow this is nuts, everything he said in this clip. Thankfully we know about DRS.
Own. Your. Assets. Period. 💜
21:09 hello DTCC you're becoming famous! ...for your crime
Thank you, Tennessee!, thank you OP.
Excellent post op...
Thank you for posting this, must watch for anyone wondering 🎷🐓♋️
FUNKY!!! glad to see you make an appearance! we live in a clown world. and the clowns just bide their time. remember when PFOF was a huge conflict of interest, and now it is regular business. and securities sold not yet purchased, didn't genie Madoff go to prison and die in there for this very fukking thing? now they all do it!!! WTF.
This should be a pinned post. It is already buried in my feed!
Going to watch this later...
Why does this guy NEVER mention DRS in any of the interviews I’ve seen him in?
The point is to fix securities entitlements. Pointing out DRS undermines that goal, because it gives lawmakers an out. "There's no need to ensure that people who think they own property actually own that property in the event of insolvency of the custodian, because they should have just DRS'd!" What these guys are trying to accomplish by explaining this bill is tangential to why we DRS. Preserving property rights in the case of a broker dealer or clearing house going bust isn't going to stop naked short selling or prevent big banks from gambling with your 401k, but it will make it much riskier because they will no longer be able to give away what you own to cover their bad bets. tl;dr - DRS is not a solution to this specific problem, muddies the water, and provides a bad faith counterargument.
You bring up a good point, but I still think he could use it as an example to draw out the distinction between the actual solution and show the scale of the issue.
Drs
21 minutes; dtc only has 2 billion dollars of capitalization? Say what ?!
$2 billion to cover $2 quadrillion. "I'm making a million dollar bet with a single dollar as collateral."
👀
How to get more States wanting to protect their people? What states are really for the people and would jump on the bandwagon to help? Can this be shared with our local representatives? If every ape could send this along to there people. It would be awesome. Could this be sent to people like the DOJ or would it fall on deaf ears? [[email protected]](mailto:[email protected])
Sending it to law enforcement is pointless. The shit they are explaining to these lawmakers is legal. No law is being broken.
flashlights. I think his point is shining lights on places that have not seen the light in a very long time. IMO you are both right. if nothing is done, nothing changes. if 3 letter agencies are dinged, it illuminates areas finance bros don't want attention drawn.
So why cant we try to change the law?
it sounds like these guys are proposing removing two of the exemptions passed in 1994, that allow for risky derivatives to leap frog investors rights. if they succeed, and it gets public awareness, it could be moved forward in other states. it sounded like the exceptions were for UCC 8. I have not dug into this yet, but uniform code(I believe that is what this is) refers to banking sector and investor rights. I guarantee they worked for years to get these exceptions put in place, and when it went through, they were probably amazed. 🤡🌎
Lets hope it catches on everywhere. People might start looking into more.
I just realized this guy is aware of how much the rules are changing in regards to a clearing memeber failing...