That is true. You no longer get the “hard copy” any longer, but you do get a computer print out with the information on it like they do with your bank statement. A little weird but it actually is a better way of “not losing” your stock certificates.
Your money is in the DTCC...
You may want to do some research on them...
Here is a clip from an article about the DTCC...
Until January 1, 2009, a person could hold a physical stock certificate, bond, equity, etc.,an actual piece of paper in your hand as proof that you “owned” something out there inthe financial realm. After January 1, 2009, that transaction was changed to electronic onlywith your name by it. At that point, both you and your money were officially transportedinto cyberspace. Then, without anyone’s permission, your electronic investment was switched from your name to your broker’s name or the brokerage firm’s name. At that juncture, your name was once removed from your money, and you are not even in cyberspace anymore. Then without anyone’s permission your investment was switched or transferred from your broker’s name or brokerage firm’s name to a company called Cede& Co., which is one of the subsidiaries of the DTCC. Now you are twice removed from your money.
The next question to be asked is, who owns the DTCC and its 10 subsidiaries? Accordingto Wikipedia, “The DTCC is a privately owned holding company located in New YorkCity. The specific owners are the New York Stock Exchange (NYSE), the National Association of Securities Dealers (NASD), American Express (AMEX), banks, andbrokers. Its total assets are well over $30 trillion. “DTCC is a member of the U.S.Federal Reserve System, and is a registered clearing agency with the Securities andExchange Commission (SEC). The DTCC is the world’s largest post-trade financial services company. It was set up to provide an efficient and safe way for buyers and sellers of securities to make their exchange, and thus ‘clear and settle’ transactions. It also provides custody of securities.”
The Federal Reserve System - - a private group of bankers, brokers, insiders, and global elite legally own every dollar in the DTCC “money pool.” But they weren’t content withthe $2 quadrillion. They opened a new branch to their operation last year. In a February10, 2010, article by Zero Hedge’s Tyler Durden, entitled “Enter Cede & Co. II; The Fedis Now Backstopping $25 Trillion in DTCC Cleared Credit Default Swaps,” he explainswhat the Fed’s next move was to insure that their crowd will be thoroughly healed when they make their next giant casino Credit Default Swap (CDS) moves.
The article states, “The Federal Reserve Board had approved its application to establisha DTCC subsidiary that is a member of the Federal Reserve System to operate the Trade Information Warehouse (Warehouse) for over-the-counter (OTC) derivatives.” The Fed officially opened that subsidiary on March 1, 2010, and there is a $25 trillion money pool waiting for the big boys when it is time to cash in their credit default swaps.
In other words, the Federal Reserve through its DTCC Information Warehouse is now the guarantor for all the CDS transactions that clear via the DTCC, up to $25.5 trillion. Sowhen the next meltdown of an AIG, or Fannie Mae or Freddie Mac or Greece or Spain,or Ireland, or California comes, these sleaze-bag thieves in high places can collect ontheir CDSs. And guess whose money they will pilfer? You guessed it - - yours - - in theDTCC money pool.
We have also heard recently how a number of foreign countries have actually nationalized or taken pension funds to backstop their debts. For example, France,Hungary, and Ireland have already done that. There have been rumblings here in the U.S.for quite some time of doing the same thing here with pension funds, 401Ks, and IRAs.The day might not be that far away when Obama and his motley crew decide to do thesame thing, all in the name of “redistribution of wealth” or “national security.”