The Unknown $19 Trillion Depository Trust Company
by Anthony Wayne
Part I of II
This exclusive report is a compilation of interviews and background research from October 1995 through April 1999.
The Depository Trust & Clearing Company (DTCC) is the best kept secret in America. Headquartered at 55 Water Street in New York City, the average American has no clue that this financial institution is the most powerful banking corporation in the world. The general public has no knowledge of what the DTCC is or what they do. How can a private banking trust company hold assets of over $19 trillion and be unknown? In a recent press release dated April 19, 1999, the Depository Trust & Clearing Company stated:
The Depository Trust & Clearing Company (DTCC) is the world's largest securities depository, holding nearly $19 trillion in assets for its Participants and their customers.... Last year, DTCC processed over 164 million book-entry deliveries valued at more than $77 trillion.In dealing with the trust department of Midlantic Bank, N.A. in New Jersey [now PNC Bank, N.A.], this writer was authorized, as trustee and power of attorney, to transfer original trust assets comprising of common stocks and bonds to a new trust set up in another jurisdiction. An Assistant Vice President from the Trust & Financial Management Office of Midlantic Bank said to me "it will take at least 6 weeks to do this as the majority of the stocks and bonds are not held in the name of the trust". This same Midlantic Bank Assistant V.P. also stated in a letter dated November 17, 1995, "Of the 11 municipal bonds, 8 are held in book entry only. This means they cannot be physically re-registered with a certificate sent to the new trustees." (* these are not the actual figures quoted in the letter in order to protect the privacy of the account holder, at their request. Also, we were asked not to name the Midlantic Assistant V.P. in order to protect her privacy Rights. We respect these requests with full moral compliance). In disbelief, I brought this matter to the attention of our research assistants at the Christian Common Law Institute [formerly the North Bridge News] and we began our lengthy investigation into the matter. After 3 years, the can of worms we've opened up should frighten every American. With the advent of reported Y2K computer glitches and the possible collapse of our 'paper asset' economy, every person who has a stock or bond in their portfolio had better read this report and act on the information we are disclosing here.
In November 1995, after encountering numerous "no comments" and a myriad of "that's not my department" excuses via telephone, I eventually spoke with Mr. Jim McNeff who told me his position was Director of Training for the DTCC is the largest limited trust company in the world with assets of $ 9.1 trillion". In July 1998, I spoke with Ms. Rose Barnabic of the DTCC Finance Department who said that "DTCC assets are currently estimated at around $11 trillion". As of April 19, 1999, the DTCC itself has stated that their assets total "nearly $19 trillion" (see above). Mr. McNeff had also stated "the DTCC is a brokerage clearing firm and transfer center. We're a private bank for securities. We handle the book entry transactions for all banks and brokers. Every bank and brokerage firm must secure their membership with us in case they become insolvent, so your assets are secure with DTCC". Yes, you read that correctly. The DTCC is a private bank that processes every stock and bond (paper securities) for all U.S. banks and brokerage houses. The big question is this; Just who gave this private bank and trust company such a broad range of financial power and clout?
The reason the public doesn't know about DTCC is that they're a privately owned depository bank for institutional and brokerage firms only. They process all of their book entry settlement transactions. Jim McNeff said "There's no need for the public to know about us... it's required by the Federal Reserve that DTCC handle all transactions". The Federal Reserve Corporation, a/k/a The Federal Reserve System, is also a private company and is not an agency or department of our federal government, according to the 1998 Federal Registry. The Federal Reserve Board of Governors is listed, but they are not the owners. The Federal Reserve Board, headed by Mr. Alan Greenspan, is nothing more than a liaison advisory panel between the owners and the Federal Government. The FED, as they are more commonly called, mandates that the DTCC process every securities transaction in the US. It's no wonder that the DTCC (including the Participants Trust Company, now the Mortgage-Backed Securities Division of the DTCC) is owned by the same stockholders as the Federal Reserve System. In other words, the Depository Trust & Clearing Company is really just a 'front' or a division of the Federal Reserve System.
"DTCC is 35.1% owned by the New York Stock Exchange on behalf of the Exchange's members. It is operated by a separate management and has an independent board of directors. It is a limited purpose trust company and is a unit of the Federal Reserve." --New York Stock Exchange, Inc.Now, let's see how this effects the average working American family. If you're not aware how the system works, you should visit or call a stock broker or bank and instruct them you want to purchase some shares of common stock or a small municipal bond, for example. They will set up a brokerage account for you and act as your agent with full durable power of attorney (which you must legally sign over to them) to conduct business on your behalf, upon your buy or sell instructions. The broker will place your stock or bond purchase into their safekeeping under a "street name". According to Mr. McNeff of the DTCC, no bank or broker can place any stock or bond into their firm's own name due to Federal Trade Commission (FTC) and Security and Exchange Commission (SEC) regulations.
The broker or bank must then send the transaction to the DTCC for ledger posting or book entry settlement under mandate by the Federal Reserve System. Remember, since your bank or broker can't use their name on the certificate, they use a fictitious street name. "Since the DTCC is a banking trust company, we can't hold the certificates in our name, so the DTCC transfers the certificates to our own private holding company or nominee name." states Mr. McNeff. The DTCC's private holding company or street name, as shown on certificates we have personally examined from numerous certificate holders, is shown as either "CEDE and Company", "Cede Company" or "Cede & Co." [it should become obvious all securities including mortgages are ceded over to Cede & Company] We have searched every source known to learn who CEDE really is, but have been unable to get any background information on them. Is Cede Company fictitious or is their identity perhaps a larger secret than DTCC? We must presume that the information Mr. McNeff gave us was correct when he confirmed that Cede Company was a controlled private holding company of the DTCC. We have now found the following proof that CEDE is real from the Bear Stearns internet site:
NEW YORK, New York - March 16, 1999 - Bear Stearns Finance LLC today announced that it will redeem all of the 6,000,000 outstanding 8.00% Exchangeable Preferred Income Cumulative Shares, Series A ("EPICS") of Bear Stearns Finance LLC, liquidation preference of $25.00 per Series A Share, CUSIP number G09198105. All of the Series A Shares are held by Cede & Co., as nominee of The Depository Trust Company, and the payment of the redemption price will be made to Cede & Co. by ChaseMellon Shareholder Services, LLC, as paying agent, whose address is: 85 Challenger Road, Ridgefield Park, New Jersey 07660.The banks and brokers are merely custodians for their clients. By federal law (SEC), they cannot hold any assets in the customer's name. The assets must be held in the name of DTCC's holding company, CEDE & Co. That's how DTCC has more than $19 trillion dollars of assets in trust... or is it really in "trust" if the private Federal Reserve System is technically holding it in their "unknown" entity's name?
Obviously, if stock and bond certificates you've purchased aren't in your name, then the "holder" (the Federal Reserve System) could theoretically refuse to surrender them back to you under a "national emergency" according to the Trading with the Enemy Act (as amended). Is this the collateral being held by the private Federal Reserve System to pay off the national debt owed to them by our federal government, first initiated by Lincoln's debt bonds of 1864?
According to Mr. McNeff, the DTCC was a former member of the New York Stock Exchange (NYSE), and "Our sister company is the National Securities Clearing Corporation... the NSCC" (they have since merged). He was correct since we now know that the NYSE holds 35.1% of the "ownership" of the DTCC on behalf of their NYSE members. Simply put, the Depository Trust & Clearing Company absolutely controls every paper asset transaction in the United States as well as the majority of overseas transactions, and they now physically hold (as of April 1999) 99% of all stock and bond book-entrys in their street name, not the actual owner's names. If you have stock or bond certificates in your name buried in your back yard or under your mattress, we suggest you keep them there. If not, it might be very wise to cancel your brokerage account and power of attorney status, re-register the stocks and bonds in your name (if you still can), and keep them hidden where only you know their location. Otherwise, you have absolutely no control over them (see Part II of our exclusive research report on the DTCC for more information on beneficial ownership status). However, getting a stock or bond certificate these days is not so easy if possible at all:
"For the most part, issuers know little about the role of the Depository Trust Company (DTCC). The DTCC was created in 1973 as a user-owned cooperative for post-trade settlement. Our members are banks and broker/dealers, whom we refer to as participants. We handle listed and unlisted equities, including 51,000 equity issues and 170,000 corporate debt issues, equating to more than 78% of shares outstanding on the New York Stock Exchange (NYSE). We also have more than 95% of all municipals on deposit.In the 1980s, the "Group of 30" [business leaders] recommended that stock certificates be eliminated, because physical certificates create risk. The Securities Exchange Commission (SEC) issued a concept release in 1994 to gradually decrease certificates, providing optional direct registration on the books of the issuer instead of a certificate.... this enhances the portability of shares between transfer agents and brokerage accounts. With the direct registration system, brokers transmit instructions to purchase through DTCC, which the issuer or transfer agent then registers, so shares can be delivered electronically." --John D. Faith, Manager, Corporate Trust Services, The Depository Trust Company (1996)
Now we're about to reveal to you the most shocking discovery we came across during our research into this matter. Most of us remember a few years back the purported computerized selling of stocks that resulted in Wall Street's "Black Monday":
Dow Dives 508.32 Points in Panic on Wall Street"The largest stock-market drop in Wall Street history occurred on "Black Monday" -- October 19, 1987 -- when the Dow Jones Industrial Average plunged 508.32 points, losing 22.6% of its total value. That fall far surpassed the one-day loss of 12.9% that began the great stock market crash of 1929 and foreshadowed the Great Depression. The Dow's 1987 fall also triggered panic selling and similar drops in stock markets worldwide" -Source: Facts on File World News CD ROM
The stock exchanges had dramatic record losses, and a record volume of shares were traded on that infamous Monday in October 1987. We all asked ourselves how computers could have done this by themselves without someone knowing about it. After all, someone has to program a computer to tell it what to do, what not to do, or even when to do or not do it.
During my telephone conversation, Mr. McNeff was trying to assure me that they [the DTCC] have "never lost a certificate or made a mistake in a book ledger transaction". In attempting to give me an example of how trustworthy the DTCC is when I asked him how he could back up such a statement, he replied "DTCC's first controlled test was 4 or 5 years ago. Do you remember Black Monday? There were 535 million transactions on Monday, and 400 million transactions on Tuesday". He was very proud to inform me that "DTCC cleared every transaction without a single glitch!". Read these quotes again: He stated that Black Monday was a controlled test. Black Monday was a deliberately manipulated disaster for many Americans at the whim of a controlled test by the DTCC.
What was the purpose of this test? Common sense tells you that you test something before you intend to use it. It's quite obvious that the stock markets are going to 'crash and burn' at some future date and for some 'unknown' reason since the controlled test was so successful. Was this just one of the planned tests for a Y2K internationally planned worldwide economic meltdown? The Great Depression is about to be repeated, and it will be as deliberate and manipulated as the first one that began with the stock market crash of 1929. We are, without a doubt, on the brink of the Mother of all economic Depressions. As of May 3, 1999, the Dow Jones Industrial Average (DJIA) went above a record 11,000 points. Just prior to the 1929 stock market crash, Wall Street was posting record prices, record earnings, and record profits.... just like the scenario we are experiencing today. Will Y2K be a manipulated and deliberate a financial meltdown? Too many facts already support this probability.
On June 7, 1995, the federal government issued a new regulation requiring stock and bond certificate transfers to be cleared in three days instead of the previous five day time period. It coincided with the infamous Regulation CC that purportedly gave us faster three day availability of funds from deposited checks. This means that brokers and banks must get your stock or bond transaction into the street name (Cede & Co.) of the DTCC within 3 working days. That's hard to do considering banks claim it takes 3 or more days to clear a check that you've submitted to pay for a stock purchase. But, there's a reason for this new regulation and it coincides with the introduction of the new FRS "dollars".
On February 22, 1996, "the DTCC will flip the switch" according to Mr. McNeff. "What switch?", I asked. "This is the day that clearing house funds will no longer be accepted for stock or bond transactions" was my reply from Jim. "Instead, only Fed Funds will be accepted". Fed Funds, or a Fedwire, are electronic computer ledger debit transfers between Federal Reserve System member banks. No checks or drafts have been allowed from that day, just as Mr. McNeff accurately stated. This is more commonly called a 'cashless transaction'. I call it the reality of the mark of the beast. This is the manifestation of the new international god, the New World Order [I prefer the term 'New World DISorder' as a more accurate description].
Consider this my fellow Christian Americans: All pension funds and other institutional 'managed funds' are comprised of paper asset investments such as stocks, bonds, and mutual funds. These certificates are technically in the name of DTCC's private holding company, CEDE and Company. The DTCC is owned by the private Federal Reserve System owners (Click for a complete list of names). Congress has attempted, on no less than two occasions since 1995, to pass legislation allowing pension funds to be used by the government as purported 'loans'. All the Federal Reserve System has to do is hand it over. But, what happens to the people counting on those pension fund investments in order to feed themselves in their retirement? Too bad for them.... they're out of luck because for the 'good of the nation', they may be forced to share or relinquish their lifetime of hard-earned wealth. This can be done without the consent of Congress under an Executive Order based on the War and Emergency Powers Act and a state of National Emergency, just like we are already under (See further Executive Orders). Since the Federal Reserve System already holds our stocks and bonds in their fictitious DTCC "street name", CEDE, then perhaps they'll cash them in for the federal government's failure to repay the loans that have become way overdue. Heck, some of Lincoln's gold backed bonds from 1864 have not been repaid yet.... and for a reason.
On March 6, 1933, all bullion gold and gold coins were forcibly taken from the hands of private citizens (see New York Times). Under the War Powers Act, President Roosevelt declared a national emergency touted as a "Banking Holiday". It was declared due to the deliberately calculated stock market crash that preceded the Great Depression. Where did this gold end up? Into the hands of the Federal Reserve System owners. The majority is stored in the impervious rock vaults they own beneath New York City. Is it any surprise that the DTCC physically holds all the remaining non-book entry issued stock and bond certificates in the same place?
Technically, our entire nation is still under the Executive Order declaration of the War Powers Act and in a continual state of national emergency (See Clinton's 1994 Executive Order 12919). The President can enforce any new emergency at any time under Executive Order or Presidential Directive. In 1995, we [the former North Bridge News] published that we expected a new national "dollar" emergency to be declared within a year or two. Just like we thought at the time, they have now blamed it on the purported drug dealers who are allegedly destroying our currency by money laundering schemes.
Since late 1996, old U.S. $100 FRB notes issued by the Federal Reserve Bank are being exchanged for new $100 FRS issued by the Federal Reserve System. These new notes have scanable magnetic platinum encryption on the plastic strips embedded inside the bills. The U.S. Treasury claims this is for "the blind". Now, new $20 and $50 FRS's are replacing the older notes as well. What people don't realize is that very soon, the older FRB notes will no longer be 'legal' and there will be a penalty for hoarding them. This is what happened to those Americans holding gold and gold coins after 1933.
"We are most gratified with the successful introduction of the new $100 and $50 notes and look forward to the same success with the new $20s," Chairman Greenspan said. For the first time, a machine-readable capability has been incorporated for the blind. A new feature in the $20 will facilitate the development of convenient scanning devices that could identify the note as a $20. -U.S. Treasury, Office of Public Affairs, RR-2449 released May 20, 1998.
Why new paper 'money' and for what purpose? Because the new FRS notes in your pocket can be scanned and whoever scans them can know exactly how much money you have on you. The older FRB notes are not encoded to do this. This writer knows firsthand of at least one machine, manufactured by Diebold, Inc. (a/k/a InterBold) that scans the money in your pockets, wallet or purse no different in theory than a credit card scanner, but much more sophisticated. I participated in a 'test' of this machine at a U.S. international airport in 1998. To me, it looks much like the standard metal detector scanners you walk through at all airports. I was asked (by who I believe was a U.S. Treasury Agent, as he introduced himself and flashed his ID quickly in my face so I couldn't read it) if I had any of the new $100 or $50 bills in my pockets. I looked in my wallet and saw I had one new $100 FRS note. I told him "yes", then he said "Good, but don't tell me how much". After saying he would "really appreciate it" if I would help them with a test, he asked me to walk through what looked like a typical airport scanner. No beeps. No noise. No sound at all. He looked at a computer screen and said "Do you have a new $100 bill?". When I confirmed that was true, he thanked me and told me to please move on. I tried to ask him how the machine knew that, but he ignored my question. I took a good look at the scanning system and believe I have now spotted them at Kennedy, Atlanta, Miami and Los Angeles airports.
The odd part about this is that these machines seem to all be located in the customs areas where you enter the U.S. from a foreign country. Obviously, they want to know if someone is carrying more than $10,000 into the U.S. Common sense dictates that they should be more concerned about people leaving with more than $10,000 if they're really trying to thwart the drug dealers.... until you begin to realize that there must be some other hidden agenda: They are apparently going to stop money from entering the U.S. for a reason.
Will the President call for the confiscation of all gold bullion and bullion coins as Roosevelt did? Who will end up with it? The Federal Reserve System owners, just like before. Since June 1998, international gold supplies have been so low that some private Swiss Banks have been paying a premium above the market wholesale value for gold bullion. This was confirmed to us by a gold and diamond mining Chief Executive from Rex Mining in Guinea, West Africa, who supplies raw gold to a major Swiss Banking company smelter and processor The spot gold market has been manipulated to keep the price low so that the Federal Reserve System owners can purchase all that is available through their various trusts and corporations. World gold availability on the open market is now at a record low and mining production of gold is also at a record low output.
What happened to 'supply and demand' with gold and silver? Normally, when supply is high the price decreases. When supply is low, precious metal prices increase. Perhaps the private FED will peg the new dollar to gold prices, as many experts have already speculated. What will stocks and bonds purchased with old dollars be worth then? Pennies to the dollar, so to speak. Who ends up being the only winner? The Federal Reserve System stockholders. They control the circulation amounts of paper money in the U.S. Combine that with the new scanner to stop large amounts from entering into the U.S., and the scenario amounts to a planned shortage of paper FRS notes, the banning of the older FRB notes, and the soon to be astronomical price of gold which most Americans will be forbidden to have or hoard, once again. The facts we've presented in this report all point to this.
People will be at the mercy of the federal government for daily food and for jobs. Checks are soon to be totally phased out. Banks issue ATM debit cards and tell you they must charge more for your account if you use a real live human teller instead of the machine. The switch is being turned on. This is not speculation. This is the truth of reality. It's already been tested, and their new system works. Just ask Jim McNeff of the DTCC.
The day has come when you must decide to accept or reject the beast and the New World Disorder.
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THE SHOCKING TRUTH HISTORY CHANNEL
CAN'T BROADCAST -- Bix Weir
The Depository Trust & Clearing Corporation (DTCC) is a US post-trade financial services company providing clearing and settlement services to the financial markets. It provides a way for buyers and sellers of securities to make their exchange in a safe and efficient way. It also provides central custody of securities.
DTCC was established in 1999 as a holding company to combine The Depository Trust Company (DTC) and National Securities Clearing Corporation (NSCC). User-owned [2] and directed, it automates, centralizes, standardizes, and streamlines processes in the capital markets. Through its subsidiaries, DTCC provides clearance, settlement, and information services for equities, corporate and municipal bonds, unit investment trusts, government and mortgage-backed securities, money market instruments, and over-the-counter derivatives. It also manages transactions between mutual funds and insurance carriers and their respective investors.
In 2011, DTCC settled the vast majority of securities transactions in the United States and close to $1.7 quadrillion in value worldwide. DTCC operates facilities in the New York metropolitan area, and at multiple locations in and outside the U.S.
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First by flood, then by fire, then by scrapping the London fix
Unlike the Federal Reserve and the JP Morgan vaults in New York City, The Depository Trust & Clearing Corporation (DTCC) vault located in DTCC's basement was not water tight. When the basement of DTCC was flooded during Hurricane Sandy, US$36 trillion in paper assets (securities) were located inside the DTCC vault. The DTCC said not to worry, case closed and then news and announcements about these paper assets ended. Hurricane Sandy (also unofficially known as "Superstorm Sandy") was the deadliest and most destructive hurricane of the 2012 Atlantic hurricane season, as well as the second-costliest hurricane in United States history. The Depository Trust & Clearing Corporation (DTCC) vault is located on 55 Water Street in New York City. 55 Water Street and the vault is flooded with water destroying US$36 trillion in paper assets?
Weeks before hurricane Sandy hit New York, all the gold and silver swap contracts were transferred to the DTCC vault located on 55 Water Street. The person in charge of this transfer was Michael V. Dunn, who was commissioner of the Commodity Futures Trading Commission. Dunn was transferred to the DTCC and given responsibility for the DTCC vault. Then if these circumstances don't become even more questionable, weeks after the water was pumped out of the DTCC vault, a fire erupts in the vault putting twenty people in the hospital and the reason for the fire given was that there were "electronic issues" in the vault. As if the flooding and the fire weren't enough to destroy these paper assets, after the fire the "London fix for silver" threw all those contracts into "massive chaos because all those silver contracts are settled on the London fix as the bench mark number." The contracts were all destroyed and weren't worth anything, then because the bench mark number that was to have settled all those swap contracts was the London fix, the London fix was scrapped in August, 2014.
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All paper assets ceded over to Cede & Company
The Depository Trust & Clearing Company (DTCC) holds legal title to all stocks, corporate and municipal bonds, physical bearer bonds and derivative contracts under the nominee name "Cede & Company. All title for all securities are held in the central clearing house of the DTCC under the fictitious name of Cede & Company. Ultimately, Cede & Company are the owners of certificates, stocks, bearer bonds, mortgages, mortgage-backed securities; all of these paper assets are held in the name of Cede & Company. All assets are ceded over to Cede & Company. Not even the banksters ultimately own these paper assets.
DTCC's private holding company is Cede & Company and the owners of Cede & Company will never be revealed.
Who is CEDE & Company?
"Cede and Company, also known as "Cede and Co." or "Cede & Co.", is an organization formed for the purpose of efficiently processing transfers of stock certificates on behalf of Depository Trust Company, the central securities depositary used by the United States National Market System, which system includes the New York Stock Exchange, Nasdaq, and other exchanges together with associated clearinghouses such as NSCC, FICC, DTCC, etc. The company is based in New York City."
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