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I have seen the future: No Accountability!!!

Location: Blogs Bud Burrell - Front and Center
Posted by: bburrell	11/20/2006 1:47 PM
One of the key phrases of the DTCC game book has been dematerialization. No more. As of Jan 1, 2008, the DTCC system eliminates all certificates, meaning there will no longer have to be any paper certificates of any kind. Further, there will be no established requirement for the shares issued by a Company to EVER be reconciled to the number of shares extant in the clearance and settlement systems at any time. We have worried about transparency between these systems. Now it will never exist. Does everyone get this? GAME OVER>
Copyright ©2006 Bud Burrell
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Comments (7)

Re: I have seen the future: No Accountability!!!	By Wicked World on 11/20/2006 2:57 PM
Bud, IIRC there was one state (Louisiana or Arizona?) that had not signed off on this and therefore it could not move forward. Did that state finally cave in or am I confusing issues? Either way I can not for the life of me figure how this new reality does not scare everyone to death. Even some of the crooks.

Re: I have seen the future: No Accountability!!!	By bburrell on 11/20/2006 2:59 PM
The DTCC and the SEC have sought authority to deny States any say in this process, and they have gotten their judges in the Second Circuit to support them. Either the States step in now with a National action, or this is hopeless.

Re: I have seen the future: No Accountability!!!

By bbhindyou on 11/21/2006 7:43 AM

Is it really hopeless?
I have been working to educate those around me about this issue and I have convinced a few to do what I have done and pulled as many certs as we peons had money to buy stock with.
I was hoping we could start a movement ,small investors around the world pulling our little peice of the pie out of their hands and holding it in our own .
I thought if we could get the word out, if enough small accounts were pulled out of the market and turned into real shares held by real people in real certificate form that the system would be exposed.
Is it too late?
I have a few people who have pulled their shares asking me "What now"?
I don't know.
Bud .. how can we fight?
What can we do ?
I have certificates in a bunch of companys ,will I have to return them to the dtcc?
I don't want to, do I have any options , I PAID to have these certs pulled , dang it!
I have been fighting this ,I am fighting this ,I will continue to fight this.
Bud ..I'm NOT giving up.
But HOW to fight?
PLEASE HELP

Re: I have seen the future: No Accountability!!!

By bbhindyou on 11/21/2006 7:44 AM

I have a notice of dependency and proposed settlement of class action set of papers sitting in front of me ,fun how much time the general instructions claim of proof and release took to get through and as intimidating as the document is I wonder how many 'claimholders' get it right?
"We have your money!
"" Want some back!"
"Roll over !"
"Now sit nice!"
"Good claimholder!"
" Here now buy some stock ,buy some stock,!"
"God boy,good boy!"

What a paint job on this paper. Bud I'm lost here who are the counsel for plaintifs anyway good guys or bad?

LERACH COUGHLIN STOIA
GELLER RUDMAN & ROBBINS LLP
KEITH F PARK
SPENCER A BURKHOLTZ
655 W Broadway,Suite 1900
Sandiego,CA 92101

LEVIN ,PAPANTONIO,TOMAS
MITCHELL,ECHSNER & PROCTOR,P.A.
TIMOTHY M.O'BRIEN
316 south Baylen street, suite 600
Pensacola,FL 32501

All it looks like to me is a bunch off foxes exchanging dead chickens in front of the hen house as a media op to show enforcement.
I'm tired.

Re: I have seen the future: No Accountability!!!	By tommytoyz on 11/21/2006 7:44 AM
Bud, The new exchange in Europe your working on, would US securities trade in US Dollars or some other currency? That's the main question I have. If securities are traded in their native securities it could be a great success.

Re: I have seen the future: No Accountability!!!

By bburrell on 11/21/2006 12:23 PM

bb,

Lerach is a former partner of Milberg, Weiss, who were involved with Elgindy up to their necks, and who are under indictment of all sorts of illegalities.

I don't know the other firm, but it probably includes some former MW types.

TT,

The exchange is modeled to be independent of currency, ie, to trade in up to 164 currencies automatically.

This NASDAQ bid for the LSE changes a lot of dynamics. Watch and see the way the game plays out. I personaly think it is a done deal, they are now negotiating price, but the trade will occur.

B.

Re: I have seen the future: No Accountability!!!	By Freddo on 11/22/2006 3:26 PM
So the game is over and everyone gets screwed besides the DTCC, and the SEC? I don't get how this has happened. It's a shame. Like I said before, I am losing confidence, and strength to continue fighting............ FC,CF