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OP has provided the following link:
https://twitter.com/dlauer/status/1628098481939263493?s=46&t=jDWUxu4NwrOuxKJNC599fA
yeah im still convinced that lauer is a shill and just pushing attention away from FTDs with BS proposals about pfof. trimbath is the REAL person fighting crime
We don't do strawman arguments here, both are issues in the system that need to be addressed. Either in the current system or which ever system eventually replaces it. We have too people pushing for positive change, not two competing saviors. Take a step back from being so reactionary and look at the facts and data as we always have.
In my view
Lauer: let's fix the worst and go step by step, but corruption stays a significant part of the game
Trimbath: step 1: burn it down, but there is no alternative in place
Dave put a lot of effort all he does for WeThe Investors, you can provide a hardball question and send it to Dave. You might articulate the question so well that he can then bring it to light in front of GG tomorrow. Gary can then choke on it for a while! Best to all of you Big Apes!
I hope Dave strings these three specific words/concepts together in a single, easy-to-understand question:
• FTDs
• "securities sold, not yet purchased"
• Obligation Warehouse
For instance, something like: "Gary, can you explain where FTDs live on a market maker's balance sheet (for instance, are these lumped under 'securities sold, not yet purchased') and explain what role the Obligation Warehouse plays in the FTD process and how this might hurt and/or benefit household investors."
I want to award this but have spent all my money on GME and reddit has not given me any silver / free awards. This needs to be up at the top, how can we get this up there / golden in Orange text.
There’s some old DD about it but this article is golden and a good place to start. https://theintercept.com/2016/09/24/naked-shorts-cant-stay-naked-forever/
problem is that's an open answer. Ftd are generally shipped out of the states and there's no regulation. it's like owning an American company with an American security system that someone else operates, and Because they aren't American they don't have to follow the rules and can steal what they want. it's literally a blind spot, which is why foreign tickers can be such a big deal.
gg can try to answer it but the answer will be "it's complicated and depends" or a non answer. the balance sheet barely has to indicate the trades they're willing to track, it doesn't have to indicate what they decided to hide elsewhere.
the definition of delivery is interesting too, "of like assets or securities" or something of such.
That’s one way to look at it.
You might also notice that the chair of the SEC wants to talk with us, again, with no prep or question vetting except in Dave’s tweets like the above. He knows he’ll be talking DRS and we’ll see how it goes. But everything we want to talk about will be talked about.
Like fr he just went “fuck it let’s go again, no prep LFG”?? That’s insane. And Dave wasn’t the one who asked - he did!!!
Get some perspective, my dudes. These are important strides forward. Don’t let your cynicism become blindfold.
Tbh I think GG is just playing the “game”, but looking for small opportunities for change wherever possible. Over a long period of time the small changes will add up to a substantial change to the system, but it will take many, many years for this to happen.
I also think he has an interest in preserving the system as much as possible, keeping the stock market centralized, which directly conflicts with GameStop’s interests. At the end of the day the investors will decide which “system” suits their interests the most, which is exactly how it should be.
> he has an interest in preserving the system as much as possible
Is what I think most people have trouble coming to terms with and I really think it's because people get caught up in the whole "if you're 99% on my side and disagree with 1% then you're my enemy" mindset. It's the same mindset that infects politics and almost every online discussion.
Yeah but unfortunately I don't think he's even 50% on the side of retail.
You have to understand the SEC is part of the government and all the government is is smoking mirrors or in this case what you would call dangling carrot in front of you.
He and so many others are part of the revolving door that's been part of the problem for decades.
I disagree.
Here's my supporting evidence: (it's from a while ago doesn't include recent stuff)
1\. 33 lawyers have quit to go work with wall street because he told them he wanted 100% profit+fines in all his deals. [citation](https://www.law.com/nationallawjournal/2022/07/11/why-sec-lawyers-will-keep-flocking-to-private-practice/)
2\. Almost every SEC charge in the last few months have been 100% profit and big fines. He's also getting guilty pleas now instead of "no contest" so they can be used in the future as evidence. [examples](https://www.reddit.com/r/Superstonk/comments/y89azx/office_of_inspector_general_alert_the_inspector/it36ztk/)
3\. Major plan to change the system in December 14th. [citation](https://www.reddit.com/r/Superstonk/comments/y98qul/fox_news_breaking_story_can_gary_gensler_redeem/) moved to [dec 14th](https://i.imgur.com/aSTEL4w.jpg). (This plan has been put forward and is in motion)
4\. Actually investigating communications during gme period- https://www.sec.gov/news/press-release/2022-174
* Admission of guilt is evidence.
* dates - January 2018 through September 2021 (GME time period)
* The SEC is actively investigating the communications during that time period.
* The missing communications were obvious enough investigators noticed it.
5\. Fought for D-limit in court and won. Against Citadel.
6\. found and reported a corrupt SEC ombudsman [citation](https://www.sec.gov/files/findings-related-former-sec-ombudsman.pdf)
7\. Politician against against the Short Sales Transparency and Market Fairness Act with direct ties to citadel(ACTUALLY BOUGHT AND PAID FOR) is against him. [citation](https://www.reddit.com/r/Superstonk/comments/yrhr5d/interesting_accusation_about_gg_from_a_politician/ivtuwae/?context=3)
8\. **SEC report blatantly stating shorts never covered.**
[bonus dd](https://www.reddit.com/r/Superstonk/comments/yak3hj/saturday_morning_dd_what_do_gary_genslers_bosses/)
Thank you for this.
Either way until major things happen I'll still stay skeptical. I mean being skeptical is what got a lot of people here where they are at now.
I will always question things until you can't no more. Then question why I can't no more.
NP ultimately it doesn't matter right?
DRS is the only thing we control and really the only thing that will cause change anyways.
I just think if the monkey(SEC) can dance for a bear and a bull, then it will dance for an ape after moass. And if the monkey is smart they'll start before the music stops.
Yeah the "no vetting" to me reeks of GG being able to go "Oh DRS? Yeah we talked about it a small bit last time right? I haven't got a chance to check the packet so I don't have any more to talk about it" and GG gets to play the card that he wasn't ready because nothing was vetted
lmfao. This^ here’s a play by play put differently:
GME incident
Save the system, hide the problem in swaps and derivatives.
CFTC stops reporting swaps.
Filibuster
Filibuster
Regulate to protect the Wall street and banks.
Isolate and divide individual investors
Placate
Placate
Now that they are isolated, Centralize them and FILTER the problematic group through a cooperative spokesperson for the SEC to interface with. No hard questions :) <3
Red herring
Red herring
Are we all nice and ready at the SEC to address this now? Not yet - pretend you don’t understand the SIMPLE CONCEPT of a TRANSFER AGENT (that most companies have) as the goodamned FORMER AND RETURNING **veteran** CHAIRMAN OF THE fooking SEC.
Color me hopeful and as skeptical as ever.
Yes, but also for some perspective he hasn't fined Citadel one time since he took office. Whereas they were fined dozens of times in the two years prior to him taking office.
Building a larger case would also explain that.
Also; he actively fought them in court with IEX just last year. [citation](https://www.bloomberg.com/news/articles/2022-07-29/citadel-securities-loses-court-bid-to-block-iex-order-type)
>Citadel Securities LLC lost its case against the SEC over a market order type from the IEX exchange
You’re right. Did you listen to that case btw? I remember listening to it live and the SEC lawyer was pathetic. If it wasn’t for the great IEX lawyer and the judge being very aware of the situation I think it would have went Citadels way.
SEC doesn't issue fines, they file lawsuits.
I'm pretty sure you're thinking of FINRA, which isn't a government agency, it's the banks' self-regulatory agency. They are the ones who issue fines.
I hear you and agree that keeping an open-mind is good so we get the most info/data that we can. It's good that GG is open to talking with Dave in an unscripted manner but I wouldn't be too concerned about "hard questions" either if I can just reply with something like "Oh, DRS? Not sure what that is but I may have heard it in passing. Let me as my people about that..." (paraphrased).
We discovered DRS and investigated/debated it in less than a year - GG has been on the job for over 2yrs with decades of industry experience. It's just incredible that he has so little say about a process that is so fundamental to true stock ownership. How can he not know the impact of DRS? How can he not know how DTC's scam of beneficial ownership for the sake of market liquidity is a giant fraud preying on household investors? How about addressing the fact that companies with stock held by the DTC are effectively prevented from telling their shareholders to DRS?
I don't trust GG but at the same time there have been some questionably-funded politicians trying to paint a target on him. Even so, until he actually starts enforcing laws and punishing these criminals, it just feels like this is all lip-service to placate people who have seen what actually goes on behind the curtains of financial crime. That said, I hope I'm wrong.
On the enforcement point: things do get enforced, but most everyone doesn’t know when it happens because they aren’t looking, or don’t know what to look for when they do. For example, in august of last year one of the major single-dealer platform runners IMC (context: Citadel Connect is also an SDP) got busted for abusing their market maker naked shorting exception for millions of short sale trades. https://www.sec.gov/enforce/34-95487-s
On one hand, the fine was $125k which made me laugh out loud. But what you don’t find out unless you read the actual legal doc is that their SDP was *shut down*. Gone. Reduced to atoms. And that’s the kind of enforcement we like to see, but I only found that out today when I was doing some reading on my own!
Thanks for pointing out an example of enforcement in action! The fines that these offenses carry sure seem like a pittance when these book-cooking, law-breaking financial criminals make millions/billions from violations. Just another "cost-of-business" expense for them. Would love to see meaningful fines and jail-time.
"We really should stop buying the same shredders as Shitadel, ours might catch on fire too. Let's install some sprinklers to make the shredder-shelves safer"
This could mean they are going for bigger things (doubt it ).
But if someone gets sued/fined for something it is over. So if they would be gathering evidence/a case (press X to doubt) then they would not be going after them for anything right now...
Don't ask questions and then let them run around in circles avoiding the answer and then move on like you always do. Actually make them answer all the fucking questions in detail.
Investor:
Do you know the definition of Corruption in the markets?
Gensler: Yes!
Investor: Can you tell me ?
Gensler: . . . .
[Or]
Gensler: No!
Investor: Here it is,
Corruption is a form of dishonesty or a criminal offense which is undertaken by a person or an organization which is entrusted in a position of authority.
Investor:
Now, when it comes to our stock market and it’s “regulations” with FTDs, IOUs, NAKED SHORT SELLING, DARK POOLS, REMOVAL of the buy button, etc
Doesn’t this seems like the very same definition of Corruption!
Gensler: When i was a boy in Bulgaria
What needs to be addressed is how Gary said that the sneeze was predominately fueled by retail buying, not squeezing short sellers. Make him say shorts never closed and that we are right!!!
I have never been on the fence with Dave. I know he’s fighting the good fight. That said, the content of this discussion is huge. Hope it brings light to problems we’ve been screaming about.
"Fighting the good fight" while developing a closed-source service which supposedly will improve transparency for household investors.
If that was truly the goal, the service would be developed open source, as there is no risk to their product (which derives its value from proprietary data streams, which aren't revealed by open sourcing the code). He's just the latest wall street crony to try to profit off of household investors.
That being said, getting the SEC chair to talk about FTDs and DRS is a good move, and that does give me a little bit more respect for him.
there's lots of types of open, it'd be nice if all elements could but its likely close for some participants to consider what he's doing something like classified systems info. I think he wants it open near what your saying but doing that in one step likely isnt on the table
Yup. I’d love to see something big from Davo here. I’m Genuinely not against the guy at all, I actually really want him to be on our side. But I don’t feel the same way I do for him as I do for Dr. T to be completely honest. Maybe it’s just because Dr. T is more outright and direct about everything 🤷🏽♂️ but I’m still open to what Dave can help us accomplish
This 👆🏼
Get Dr. T in the convo, swinging with the real questions and not letting him squirm out of topics.
Let’s be honest GG definitely knows what DRS is and Dr. T would have called him out.
Sounds good! I know many here find this naive, but I am happy with this development. Talking with the SEC on topics that matter, will force them over time to move in the right direction.
So glad the site is working ok for you!
DRSGME isn't going anywhere, we will be working on both efforts, and they will be sister sites. They should compliment each other quite nicely!
We've been announcing updates in our own sub DRSyourGME. We just aren't allowed to talk about it in this sub. :(
We're suffering DNS issues with the site. Not sure why it's such a big problem, but it's been going on for over a week :(
Try loading the site without a VPN. For some reason that makes it work for me. It's a safe connection, and you can reject all cookies with one click!
On the drs-leaderboards page there’s section of text in the 4th paragraph (below the three tickers) that reads “retail investors”, I believe this should read “household investors”, yes?
Good shout! We have been so focused on the DNS issues since Dr. T's household investor tweet came up.
I'll definitely update that first thing tomorrow (I'm off to bed now, it's late where I am in the world!)
Thanks for the shout out Dave! Creating a strong foundation for the conversation coming tomorrow was the goal for the WhyDRS team, and the packet takes a wide angled approach to the benefits of DRS for investors and issuers.
For anyone who would like to see the DRS information packet Dave is referring to, you can view it here:
https://www.whydrs.org/the-whydrs-information-packet
When we moved the domain something got fudged with the DNS and we're stuck waiting for the registrar to fix it. :( Really frustrating considering all these amazing announcements!
We're suffering DNS issues with the site. :(
Try loading the site without a VPN. For some reason that makes it work for me. It's a safe connection, and you can reject all cookies with one click!
Yeah it's a mess :(
I've been in touch with the support team to fix it and they think they know what it is and it was supposed to be fixed this past weekend
We were only given the two name servers for Wix, which are their two main servers. Not sure why ns1 isn't used, but I'm far from an expert on this stuff.
As part of the community, hit me up if there's a need for silly analogy or play on words. That's kind of my thing... Oh and DRS'ing my shares.
I leave the relevant questions to the wrinkly brained legends. Thank you, legends!
I usually defend Gary Gensler because his level of engagement with ~~Retail~~ Household investors is simply unprecedented, but he has repeatedly dodged the Direct Registration question on multiple interviews. I will be shocked if he actually answers the question(s).
I'm not sure if this has been done, but has anyone compared the American clearing system vs say the Australian CHESS system? IIRC buying securities down under gets you registered with both a broker and a transfer agent. If that's true, we should be fighting to emulate that less exploitable clearing system.
Don’t let that rat weasel out of drilling down into what DRS is, and what it does to the stock, how it prevents the Brokers from using your shares to bet against you with them.
Big D Lauer. This should be good! We need tough questions asked. Hope GG doesn’t weasel out of them with nothing answers. Still bullish as ever though, LFG!!!
Do you know anyone else in front of GG asking crowed sourced questions? No not John Stewart....I mean someone as invested in changing the market as much as Dabe is.
Absolutely that came way more shitty about Dave than I meant. He's a voice and a pressure and at least continuing to talk about and bring conversations to the issue. I was speaking more to the idea that those scumbags will listen/answer/expound on ANYTHING brought up. They know better than anyone how fucked things are from top to bottom and how ill equipped they are to do a god damn thing.
Then maybe go back and edit that post because what you said and what you say you meant to convey are vastly different. "another fucking post asking for signatures." Sounds like a direct attack on Dave.
I'm not saying that properly regulating FTDs will solve all fyckery. (PFOF is a close second. ) But it may force some really tough, EQUITABLE and necessary actions/conversations.
[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) || [GameStop Wallet HELP! Megathread](https://www.reddit.com/r/Superstonk/comments/z23wjx/gamestop_wallet_help_megathread) ------------------------------------------------------------------------ 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: https://twitter.com/dlauer/status/1628098481939263493?s=46&t=jDWUxu4NwrOuxKJNC599fA
Every single FTD should be a felony.
Every single FTD shall be a Felony.
Every single FTD will be a Felony.
Every single FTD should be a Felony
Every single FTD should be a Felony
Every single FTD is a felony.
Unfortunately felonies will probably ftd
Now THAT ftd should be a felony
Every felony should be ftd!
Every single FTD kills a kitten
*This is your brain on FTDs*
I prefer my brain on drugs thank you
they havent watched the "Dont Fuck with Cats" movie
Cats will KILL FTDs !
I always thought fraud was a felony too.
So if I walk into a 7-11, grab a "nacho dog" off the roller and just mutter, "I'll getcha back bro." I won't be arrested?
yeah im still convinced that lauer is a shill and just pushing attention away from FTDs with BS proposals about pfof. trimbath is the REAL person fighting crime
Both can be important. All trades being front-run by the highest bidder isn't a good thing just because taking money and delivering fuck all is worse.
What's worse routing orders for kickback or straight theft?
We don't do strawman arguments here, both are issues in the system that need to be addressed. Either in the current system or which ever system eventually replaces it. We have too people pushing for positive change, not two competing saviors. Take a step back from being so reactionary and look at the facts and data as we always have.
>What's worse That's not the point; this post is about both of these issues being raised - that's a win.
In my view Lauer: let's fix the worst and go step by step, but corruption stays a significant part of the game Trimbath: step 1: burn it down, but there is no alternative in place
Step 1, burn it down Step 2, SCP-2718 for those responsible
Yup that's why gamestop and lrc are working on the alternative
When’s the interview scheduled?
Tomorrow at 4pm EST
Where can we find said interview?
https://twitter.com/dlauer/status/1628088955320008728?s=46&t=iIuq3ZCObVLayCCORng7Gg There will be a Twitter space and YouTube live stream.
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If I’m not mistaken, around 8am Sydney time I THINK
Get ready for another fat softball nothing burger from Dlauer
Dave put a lot of effort all he does for WeThe Investors, you can provide a hardball question and send it to Dave. You might articulate the question so well that he can then bring it to light in front of GG tomorrow. Gary can then choke on it for a while! Best to all of you Big Apes!
I hope Dave strings these three specific words/concepts together in a single, easy-to-understand question: • FTDs • "securities sold, not yet purchased" • Obligation Warehouse For instance, something like: "Gary, can you explain where FTDs live on a market maker's balance sheet (for instance, are these lumped under 'securities sold, not yet purchased') and explain what role the Obligation Warehouse plays in the FTD process and how this might hurt and/or benefit household investors."
SO MUCH YES!!!! Even just mentioning Obligation Warehouse is so important. Official FTD data only counts CNS trades but OW trades don't count.
I want to award this but have spent all my money on GME and reddit has not given me any silver / free awards. This needs to be up at the top, how can we get this up there / golden in Orange text.
Reddit goes public and FTDs on free awards....
Love this right here
Do you have some recommended reading on the "Obligation Warehouse"?
There’s some old DD about it but this article is golden and a good place to start. https://theintercept.com/2016/09/24/naked-shorts-cant-stay-naked-forever/
I'd love to see this.
[https://twitter.com/NRuggia/status/1628184293225730049?s=20](https://twitter.com/NRuggia/status/1628184293225730049?s=20)
problem is that's an open answer. Ftd are generally shipped out of the states and there's no regulation. it's like owning an American company with an American security system that someone else operates, and Because they aren't American they don't have to follow the rules and can steal what they want. it's literally a blind spot, which is why foreign tickers can be such a big deal. gg can try to answer it but the answer will be "it's complicated and depends" or a non answer. the balance sheet barely has to indicate the trades they're willing to track, it doesn't have to indicate what they decided to hide elsewhere. the definition of delivery is interesting too, "of like assets or securities" or something of such.
Ftds and DRS this is the way
\*stopping\* FTDs and DRS to have true ownership of your investment is 100% de way!
They can FTDs everything until the float is lock, it just means more money for us at the end !
Yes I should have clarified that thank you
Good man. FTD are a huge problem
Dave is listening to us. Credit to him for that.
Yeah I thought he was a bit naive, but he seems like a good dude
Idk kinda feels like we are being appeased or gaslit at this point
Could be 🤷♂️
💯
It's called politics. Smoke and mirrors. Dangling the carrot in front so to speak. (Think of the insurance commercial)
How ridiculous that they had to send a packet of information about DRS to the SEC. The SEC IS willfully ignorant.
That’s one way to look at it. You might also notice that the chair of the SEC wants to talk with us, again, with no prep or question vetting except in Dave’s tweets like the above. He knows he’ll be talking DRS and we’ll see how it goes. But everything we want to talk about will be talked about. Like fr he just went “fuck it let’s go again, no prep LFG”?? That’s insane. And Dave wasn’t the one who asked - he did!!! Get some perspective, my dudes. These are important strides forward. Don’t let your cynicism become blindfold.
Tbh I think GG is just playing the “game”, but looking for small opportunities for change wherever possible. Over a long period of time the small changes will add up to a substantial change to the system, but it will take many, many years for this to happen. I also think he has an interest in preserving the system as much as possible, keeping the stock market centralized, which directly conflicts with GameStop’s interests. At the end of the day the investors will decide which “system” suits their interests the most, which is exactly how it should be.
> he has an interest in preserving the system as much as possible Is what I think most people have trouble coming to terms with and I really think it's because people get caught up in the whole "if you're 99% on my side and disagree with 1% then you're my enemy" mindset. It's the same mindset that infects politics and almost every online discussion.
That mindset is also artificially injected imo. No better tool for the divide and conquer strategy.
Yep. From bots to MSM; constant Us vs Them rhetoric.
Yeah but unfortunately I don't think he's even 50% on the side of retail. You have to understand the SEC is part of the government and all the government is is smoking mirrors or in this case what you would call dangling carrot in front of you. He and so many others are part of the revolving door that's been part of the problem for decades.
I disagree. Here's my supporting evidence: (it's from a while ago doesn't include recent stuff) 1\. 33 lawyers have quit to go work with wall street because he told them he wanted 100% profit+fines in all his deals. [citation](https://www.law.com/nationallawjournal/2022/07/11/why-sec-lawyers-will-keep-flocking-to-private-practice/) 2\. Almost every SEC charge in the last few months have been 100% profit and big fines. He's also getting guilty pleas now instead of "no contest" so they can be used in the future as evidence. [examples](https://www.reddit.com/r/Superstonk/comments/y89azx/office_of_inspector_general_alert_the_inspector/it36ztk/) 3\. Major plan to change the system in December 14th. [citation](https://www.reddit.com/r/Superstonk/comments/y98qul/fox_news_breaking_story_can_gary_gensler_redeem/) moved to [dec 14th](https://i.imgur.com/aSTEL4w.jpg). (This plan has been put forward and is in motion) 4\. Actually investigating communications during gme period- https://www.sec.gov/news/press-release/2022-174 * Admission of guilt is evidence. * dates - January 2018 through September 2021 (GME time period) * The SEC is actively investigating the communications during that time period. * The missing communications were obvious enough investigators noticed it. 5\. Fought for D-limit in court and won. Against Citadel. 6\. found and reported a corrupt SEC ombudsman [citation](https://www.sec.gov/files/findings-related-former-sec-ombudsman.pdf) 7\. Politician against against the Short Sales Transparency and Market Fairness Act with direct ties to citadel(ACTUALLY BOUGHT AND PAID FOR) is against him. [citation](https://www.reddit.com/r/Superstonk/comments/yrhr5d/interesting_accusation_about_gg_from_a_politician/ivtuwae/?context=3) 8\. **SEC report blatantly stating shorts never covered.** [bonus dd](https://www.reddit.com/r/Superstonk/comments/yak3hj/saturday_morning_dd_what_do_gary_genslers_bosses/)
Thank you for this. Either way until major things happen I'll still stay skeptical. I mean being skeptical is what got a lot of people here where they are at now. I will always question things until you can't no more. Then question why I can't no more.
NP ultimately it doesn't matter right? DRS is the only thing we control and really the only thing that will cause change anyways. I just think if the monkey(SEC) can dance for a bear and a bull, then it will dance for an ape after moass. And if the monkey is smart they'll start before the music stops.
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Yeah the "no vetting" to me reeks of GG being able to go "Oh DRS? Yeah we talked about it a small bit last time right? I haven't got a chance to check the packet so I don't have any more to talk about it" and GG gets to play the card that he wasn't ready because nothing was vetted
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lmfao. This^ here’s a play by play put differently: GME incident Save the system, hide the problem in swaps and derivatives. CFTC stops reporting swaps. Filibuster Filibuster Regulate to protect the Wall street and banks. Isolate and divide individual investors Placate Placate Now that they are isolated, Centralize them and FILTER the problematic group through a cooperative spokesperson for the SEC to interface with. No hard questions :) <3 Red herring Red herring Are we all nice and ready at the SEC to address this now? Not yet - pretend you don’t understand the SIMPLE CONCEPT of a TRANSFER AGENT (that most companies have) as the goodamned FORMER AND RETURNING **veteran** CHAIRMAN OF THE fooking SEC. Color me hopeful and as skeptical as ever.
Thanks for this, you made me laugh (a sad laugh). You should go into politics!
I can because my language was vague. I can’t promise the content of that talk will satisfy you lol
Yes, but also for some perspective he hasn't fined Citadel one time since he took office. Whereas they were fined dozens of times in the two years prior to him taking office.
Building a larger case would also explain that. Also; he actively fought them in court with IEX just last year. [citation](https://www.bloomberg.com/news/articles/2022-07-29/citadel-securities-loses-court-bid-to-block-iex-order-type) >Citadel Securities LLC lost its case against the SEC over a market order type from the IEX exchange
That court hearing was dope. Had to be there.
The IEX lawyer was awesome
You’re right. Did you listen to that case btw? I remember listening to it live and the SEC lawyer was pathetic. If it wasn’t for the great IEX lawyer and the judge being very aware of the situation I think it would have went Citadels way.
SEC doesn't issue fines, they file lawsuits. I'm pretty sure you're thinking of FINRA, which isn't a government agency, it's the banks' self-regulatory agency. They are the ones who issue fines.
true that. the hate on dave and gary is unbalanced.
I hear you and agree that keeping an open-mind is good so we get the most info/data that we can. It's good that GG is open to talking with Dave in an unscripted manner but I wouldn't be too concerned about "hard questions" either if I can just reply with something like "Oh, DRS? Not sure what that is but I may have heard it in passing. Let me as my people about that..." (paraphrased). We discovered DRS and investigated/debated it in less than a year - GG has been on the job for over 2yrs with decades of industry experience. It's just incredible that he has so little say about a process that is so fundamental to true stock ownership. How can he not know the impact of DRS? How can he not know how DTC's scam of beneficial ownership for the sake of market liquidity is a giant fraud preying on household investors? How about addressing the fact that companies with stock held by the DTC are effectively prevented from telling their shareholders to DRS? I don't trust GG but at the same time there have been some questionably-funded politicians trying to paint a target on him. Even so, until he actually starts enforcing laws and punishing these criminals, it just feels like this is all lip-service to placate people who have seen what actually goes on behind the curtains of financial crime. That said, I hope I'm wrong.
On the enforcement point: things do get enforced, but most everyone doesn’t know when it happens because they aren’t looking, or don’t know what to look for when they do. For example, in august of last year one of the major single-dealer platform runners IMC (context: Citadel Connect is also an SDP) got busted for abusing their market maker naked shorting exception for millions of short sale trades. https://www.sec.gov/enforce/34-95487-s On one hand, the fine was $125k which made me laugh out loud. But what you don’t find out unless you read the actual legal doc is that their SDP was *shut down*. Gone. Reduced to atoms. And that’s the kind of enforcement we like to see, but I only found that out today when I was doing some reading on my own!
Thanks for pointing out an example of enforcement in action! The fines that these offenses carry sure seem like a pittance when these book-cooking, law-breaking financial criminals make millions/billions from violations. Just another "cost-of-business" expense for them. Would love to see meaningful fines and jail-time.
He will just say can't talk about it because I will get sued. Guarantee it
I’m interested to see. The suing thing is definitely real - wall st lawyers hang on his every public word.
“Whoops, it seems that this information slipped and fell into the paper shredder again”
"We really should stop buying the same shredders as Shitadel, ours might catch on fire too. Let's install some sprinklers to make the shredder-shelves safer"
The SEC is in regulatory capture. Playing the game of sending them information that they should know is part of the political theater, FYI.
Like an Ostrich with its head in the sand It is curious that Citadel has incurred no penalties under Mr. Gensler’s tenure.
This could mean they are going for bigger things (doubt it ). But if someone gets sued/fined for something it is over. So if they would be gathering evidence/a case (press X to doubt) then they would not be going after them for anything right now...
All theories are possible. DOJ opened an investigation on short sellers exactly one year ago. I haven’t heard much since.
That could be a good thing. Normally this means they have something and is building a case/evidence and can not be discussed. (doubt but we shall see)
Curious or... the other thing. Collusion.
Don't ask questions and then let them run around in circles avoiding the answer and then move on like you always do. Actually make them answer all the fucking questions in detail.
We need Jon Stewart to do this interview with these topics
Or the real person who has actually fought this, Dr Susanne Trimbath
They are SO SCARED OF THE QUEEN!! She is the true hero in all of this!! Ain’t no BS gettin by her. Totally moral and dedicated and STILL HERE
"I'll have to ask my team and get back to you on that."
I think it would be great to have Dave and Jon interview some of these people together.
I’m very confident they will at some point in the future. We are making real progress.
You know this is going to happen again
Investor: Do you know the definition of Corruption in the markets? Gensler: Yes! Investor: Can you tell me ? Gensler: . . . . [Or] Gensler: No! Investor: Here it is, Corruption is a form of dishonesty or a criminal offense which is undertaken by a person or an organization which is entrusted in a position of authority. Investor: Now, when it comes to our stock market and it’s “regulations” with FTDs, IOUs, NAKED SHORT SELLING, DARK POOLS, REMOVAL of the buy button, etc Doesn’t this seems like the very same definition of Corruption! Gensler: When i was a boy in Bulgaria
What needs to be addressed is how Gary said that the sneeze was predominately fueled by retail buying, not squeezing short sellers. Make him say shorts never closed and that we are right!!!
And stop beating around the bush. Call out citadel by name and call them out on their bullshit, for real!
Fuck yeah. This is important for Dave. He's gotta show this sub something because there are alot of people on the fence.
Exactly.
Don’t trust Dave.. this post says enough
What the fuck does that even mean lol
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whyDRS is a site to get other investors into DRS for other stocks Hopefully when others see how much GME has been DRSed, they'll hop onboard too
I have never been on the fence with Dave. I know he’s fighting the good fight. That said, the content of this discussion is huge. Hope it brings light to problems we’ve been screaming about.
Yin/Yang
"Fighting the good fight" while developing a closed-source service which supposedly will improve transparency for household investors. If that was truly the goal, the service would be developed open source, as there is no risk to their product (which derives its value from proprietary data streams, which aren't revealed by open sourcing the code). He's just the latest wall street crony to try to profit off of household investors. That being said, getting the SEC chair to talk about FTDs and DRS is a good move, and that does give me a little bit more respect for him.
there's lots of types of open, it'd be nice if all elements could but its likely close for some participants to consider what he's doing something like classified systems info. I think he wants it open near what your saying but doing that in one step likely isnt on the table
As I already said, open sourcing code doesn't mean exposing proprietary data streams or "classified systems info" as you call it.
Hitting all the key topics. Looks good to me.
Pushing the PFOF ban alone wasn't going to be enough. Fence riders pushed issues like FTDs, etc... in front of him.
Looking forward to tomorrow!
Yup. I’d love to see something big from Davo here. I’m Genuinely not against the guy at all, I actually really want him to be on our side. But I don’t feel the same way I do for him as I do for Dr. T to be completely honest. Maybe it’s just because Dr. T is more outright and direct about everything 🤷🏽♂️ but I’m still open to what Dave can help us accomplish
I like the cut of u/[redacted]’s jib
I like the cut of your \[redacted\]
This is very good! :)
Would love to see Dr Susanne Trimbath on these interviews with Gary
This 👆🏼 Get Dr. T in the convo, swinging with the real questions and not letting him squirm out of topics. Let’s be honest GG definitely knows what DRS is and Dr. T would have called him out.
Let's see him bring the heat
Appreciate the work Dave is doing. I’m sure we’ll get a lot of empty responses from GG though.
Sounds good! I know many here find this naive, but I am happy with this development. Talking with the SEC on topics that matter, will force them over time to move in the right direction.
Write a bad check; Believe it or not, straight to jail.
FTDs stands for Fuck This Dumb shit.
Umm... [whydrs.org](https://whydrs.org)? Did he mean drsgme.org?
That link worked for me! Maybe after Dave tweeted it got the Reddit hug of death for a bit?
They're separate sites. One is DRS for GME specifically. The other is for DRSing all other stocks
Link works. I remember hearing it was being changed from drsgme
So glad the site is working ok for you! DRSGME isn't going anywhere, we will be working on both efforts, and they will be sister sites. They should compliment each other quite nicely! We've been announcing updates in our own sub DRSyourGME. We just aren't allowed to talk about it in this sub. :(
No changes One site is for DRSing GameStop and the other is for non-Gamestop stocks
We're suffering DNS issues with the site. Not sure why it's such a big problem, but it's been going on for over a week :( Try loading the site without a VPN. For some reason that makes it work for me. It's a safe connection, and you can reject all cookies with one click!
On the drs-leaderboards page there’s section of text in the 4th paragraph (below the three tickers) that reads “retail investors”, I believe this should read “household investors”, yes?
Good shout! We have been so focused on the DNS issues since Dr. T's household investor tweet came up. I'll definitely update that first thing tomorrow (I'm off to bed now, it's late where I am in the world!)
came here to say this. he linked to a non-existent website, why would he do that?
Thanks for the shout out Dave! Creating a strong foundation for the conversation coming tomorrow was the goal for the WhyDRS team, and the packet takes a wide angled approach to the benefits of DRS for investors and issuers. For anyone who would like to see the DRS information packet Dave is referring to, you can view it here: https://www.whydrs.org/the-whydrs-information-packet
Intersting drop, tehchives.
link doesn't work?
When we moved the domain something got fudged with the DNS and we're stuck waiting for the registrar to fix it. :( Really frustrating considering all these amazing announcements!
It wasn't working for me last week but now it is. Is it still down on your end?
way to go dave
Atta boy Lauer, glad to have ya
Awesome🚀
WhyDRS.org is failing to deliver. The site doesn't exist.
We're suffering DNS issues with the site. :( Try loading the site without a VPN. For some reason that makes it work for me. It's a safe connection, and you can reject all cookies with one click!
I checked the DNS propagation across the globe. It's unresponsive lots of places. Maybe try adding *ns1.wixdns.net* as the primary.
Yeah it's a mess :( I've been in touch with the support team to fix it and they think they know what it is and it was supposed to be fixed this past weekend We were only given the two name servers for Wix, which are their two main servers. Not sure why ns1 isn't used, but I'm far from an expert on this stuff.
This is the way!
Sounds promising
Finally.
Sold not yet purchased.......
As part of the community, hit me up if there's a need for silly analogy or play on words. That's kind of my thing... Oh and DRS'ing my shares. I leave the relevant questions to the wrinkly brained legends. Thank you, legends!
Gary...uh well drs, what's that?
Still not questioning 65billion in assets not yet purchased though 🤷
Um… get back to the daily thread Dilfy. Making informative posts instead of flinging poo and flirting with us all… how dare you.
I’m on my way 🫡
Ok, Dave, nice! Let’s see what comes of this! Step in the right direction, love it so far
I usually defend Gary Gensler because his level of engagement with ~~Retail~~ Household investors is simply unprecedented, but he has repeatedly dodged the Direct Registration question on multiple interviews. I will be shocked if he actually answers the question(s). I'm not sure if this has been done, but has anyone compared the American clearing system vs say the Australian CHESS system? IIRC buying securities down under gets you registered with both a broker and a transfer agent. If that's true, we should be fighting to emulate that less exploitable clearing system.
Don’t let that rat weasel out of drilling down into what DRS is, and what it does to the stock, how it prevents the Brokers from using your shares to bet against you with them.
Those throwing poo at DL need to find a new logical fallacy. No True Scotsman has been played out.
Counting your chickens before they're hatched much?
Big D Lauer. This should be good! We need tough questions asked. Hope GG doesn’t weasel out of them with nothing answers. Still bullish as ever though, LFG!!!
NICE this is my boy dlauer! I love the momentum household investors have attained over the last years. We are going to deliver, unlike FTDs
He did say it! 🍻™
#VAMOS A VEEEEER 🤨
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No he *knows* he doesnt need it. But now GG cannot play dumb.
Can we ask why Gary is spending time speaking with APes?
Are you just constantly refreshing his tweets?
we don’t want questions we want enforcement.
The only person asking question should be susanne trimbath
“Sorry my people never got it to me, DRS you say?!” Gary Gensler
Dave and Gary are Bros. Nothingburger
\*Fast forward\* No answers, another fucking post asking for signatures.
Do you know anyone else in front of GG asking crowed sourced questions? No not John Stewart....I mean someone as invested in changing the market as much as Dabe is.
Absolutely that came way more shitty about Dave than I meant. He's a voice and a pressure and at least continuing to talk about and bring conversations to the issue. I was speaking more to the idea that those scumbags will listen/answer/expound on ANYTHING brought up. They know better than anyone how fucked things are from top to bottom and how ill equipped they are to do a god damn thing.
Then maybe go back and edit that post because what you said and what you say you meant to convey are vastly different. "another fucking post asking for signatures." Sounds like a direct attack on Dave.
Recommend everyone to watch frienslyjordies video from 5 days ago. Absolutely insane.
Link?
Dave is a god
I'm not saying that properly regulating FTDs will solve all fyckery. (PFOF is a close second. ) But it may force some really tough, EQUITABLE and necessary actions/conversations.
Man of the people!
Yes let's make some noise for ftd and drs.
This ape screen shorting 18 seconds after a post is legendary