Loading ...Wait till SOEE wakes up in the morning and sees
…he got 2 votes for Grinch of the Year…
Goldballoon and Lurker…thanks for that Ming Site….very impressive….even to us non intelectuals
FGC
Don’t count out the Yankees with their off seasons acquisitions. If they pick up Tex or Manny lookout!
Newtogold…good
New York would be a ghost town were it not for the Giants..
Wall St is dying !
Off to bed…. ‘night all….
here’s a night cap…one o my faves…
GoldBalloon @ 23:02 pm ahhhh…..
I didn’t read on!
Lurker
not sure I beat you to anything ;-) that ming link adds to the info.
GB
darn it goldballon…. u beat me to it……………….
Inherent National Bankruptcy
This article, by Jim Cater/Carter, goes along with the info below and links posted earlier, and dovetails with the Made-Off ponzi scheme. The text is included in the ming comments. Inherent National Bankruptcy
TQ and other computer oriented intellectuals :
something outside the tent: www.ming.tv
cannuckgold @ 22:59
If you read the comments, you’ll see that is addressed:
——————————————-
26 Jun 2004 @ 15:02 by hscott @68.52.209.126 : Trying to verify
I checked out the DTC annual report and cannot find the numbers you suggest. Their Asset column for 2002 shows $17.9 Billion NOT $23 Trillion as you state. And the Liability column shows approximately the same value, which would make sense if they are holding securities in trust.
Where exactly did you get the $23 Trillion dollar number?
26 Jun 2004 @ 16:05 by ming : Verification
Glad you’re checking it out. Well, part of the trick is that DTC (which handles stock transfers) is a separate company from CEDE (which is the legal owner), but CEDE is a wholly owned subsidiary. The way I understand it. But let me see again where I found the number … Yeah, the document called DTC Consolidated Financial Statements shows 17.9 billion in assets. I think it was the annual report. Which has changed since last year and now shows the 2003 report. … So, it says its subsidiaries settled transactions worth $923 trillion, and it says that values of securities on deposit is 24.6 trillion, which sounds like that 23 trillion number for 2003 rather than 2002. Hm, I do seem to remember them saying it more directly, and using the word “assets”. But it was in a somewhat promotional piece (like the annual report), where they were bragging about it, rather than in their actual financial statement.Anyway, a key to the argument is what the relation is between DTC and CEDE. If DTC owns CEDE and CEDE legally owns those now 24.6 trillion - that’s what’s remarkable. Even if everybody involved will say that “oh, it is just a formality, and of course it really is the stock holders’ stocks”. Oh, even if they didn’t own them, it should be major news that they’re even holding that amount of stocks for anybody. But the truly earth-shattering part would be the CEDE part.
Unfortunately, the relationship between DTC and CEDE, or even the factual existence of CEDE, is based on heresay and rumors. I.e. I haven’t seen any documentation of it. And obviously DTC don’t even mention CEDE as far as I can see.
Even if they do own CEDE, and CEDE does own all the stocks, I don’t find it surprising that they can get away with ignoring it in their actual financial statement. If the auditors even knew that, they would probably be quite content with the explanation that, oh, it is just stuff we’re temporarily holding, and it is of course all the customer’s money. All seems logical and reasonable. Except for that it isn’t, if the legal reality, when it comes down to it, is that they own it and the customers don’t.
28 Jun 2004 @ 14:07 by ming : Economy
It is probably very useful to have mechanisms like that in the economy. And, I’m sure, normal proper accounting wouldn’t count the $23 trillion as an asset, even if it is in CEDE’s name some or all of the time. For most people it matters not very much if CEDE owns their stocks, because they let you trade them and get the money. A bit like how most everything else works in the money system. You put your money in the bank without much hesitation, because you expect that you can use it when you feel like it, and most of the time you can. You trust the paper money others give you, even though it is only pieces of paper, because you expect them to convert to stuff you want, any time.
But it can also get to look a bit like musical chairs. It is no problem at all as long as the music keeps playing. We hope it doesn’t stop, and maybe it won’t. But if it does, one might suddenly become painfully aware of a lot of small print one didn’t pay attention to. Like that one’s stocks are owned by somebody else. And I understand that it works in a very similar way the ownership of real estate and of motor vehicles. I’ll have to write about that some other time. But, essentially, unless you have a land patent on your land, it is really owned by a government agency. Which gracefully lets you live there and use it and act like you’re buying and selling it. Likewise with a car. There’s a certain piece of paper that most people don’t know about that the factory sends to the government, unless you insist that they don’t and give it to you instead. Which legally (again, just as a formality, to serve you better) gives the government the ownership, so they can then issue you a pink slip which gives you the right to use it, including the ability to transfer that right to somebody else (=selling it).
GoldBalloon @ 22:26 pm - I had a very quick look at their annual report
I think Ming can’t do math too well. It looks like they have 23 Billion in assets, not 23 Trillions… unless I am confused.
TQ @ 21:24
Please reflect on this post in the spirit it is written. I have recently returned from Belize and have been immersed in work in an attempt to save our bacon so to speak… up to me arse in lawyers and lawsuits to collect from those who refuse to honor construction contracts In so doing every day has been totally full, requiring my attentions early morning to late night. I have posted nothing since the first day of my arrival and have had no time since. I assure you that I have read everything you post and signed up for the McHugh trial. I even downloaded Armstrong works and studied it while in Belize. I have been very much impressed. I appreciate and reflect on all your posts, but have no time to comment at present. I, and I am certain some other tenters, are currently in survival mode and have not the luxury to engage in much reflection or reasoned responses. Please do not take this personally. I speak only for myself, but believe I am not alone. I read all I can, absorb as much as possible, and can only hope I can make correct decisions for my family future going forward,These are desperate times, soon to become devastating times, and the discussions of some of the brilliant writers relating to our plight require thought and reasoned, logical responses which time does not currently allow. I hope you will not become discouraged as we need all the data and analysis available. I am trying to say-yopu are aprpreciated and I read and reflect on all that you post. We do not need to lose another intelligent analyst because you feel neglected or ignored….not true at all. In fact some of your thoughts and analyses were discussed over dinner 4000 miles Southwest of here a couple weeks ago in C.A.
Who Really Owns Your Money? The unknown 20 trillion dollar company
There have been numerous mentions in the Tent of the Depository Trust & Clearing Corporation, or DTCC/DTC. In case you missed it, Auric posted a link a while ago entitled, “WHO REALLY OWNS YOUR MONEY”. That story is well worth reading and it includes a reference to the story a friend sent me today, “The Unknown 20 Trillion Dollar Company”. Not only is this story also worth reading, the comments after the story are worth going through.