DRS Your GME

In this tweet from @TheRoaringKitty [0], a pizza is repeatedly sliced into thinner and thinner slices. This is a reference to the reply from New York Federal Reserve to the Clearing and Legal Certainty Group from the European Commission [1].

When you buy stock, you don't actually get stock –– just a security entitlement. This is a pro-rata share of the stock held by the intermediary. When other shareholders DRS, then their security entitlements at the intermediary become real stock at the transfer agent.

So the intermediary is left with less and less stock, and your pro rata share gets smaller and smaller. Like the thinner and thinner slices of pizza.

[0] https://twitter.com/TheRoaringKitty/status/1790770363627921776 [1] https://archive.org/details/ec-clearing-questionnaire

FYI: It ended at $48.75 today, and is up over $53 right now in afterhours trading.

Looks like an interesting day ahead.

I'm drinking lots of water.

Edit: I ffnd myself in agreement with speculation that this might be a dangerous and expensive (desperate?) rug pull to buck more investors off their back. Likely will just demonstrate how disconnected they are and might run away from them.

I also buried a "NO 4" in this lines on this one

I get an error and need to reload nearly every time.

https://sitereport.netcraft.com/?url=http://lemmy.whynotdrs.org

I wonder if cloudflare has any connections with shf's.

Second time around, they're hoping we'll miss this one.

Link...https://old.reddit.com/r/Superstonk/comments/1ciqum4/simians_smash_sec_rule_proposal_to_reduce_margin/

From post, full post has long template... "Well done fellow Simians! 👏 Thanks to OVER 2500+ of you beautiful apes, the SEC has decided the OCC Proposal to Reduce Margin Requirements To Prevent A Cascade of Clearing Member Failures is dog shit wrapped in cat shit. We need to kick this while it's down so it's out of the game.

... the Commission is providing notice of the grounds for disapproval under consideration.

[SR-OCC-2024-001 34-100009 (pg 4); Federal Register]

​

Notice of the grounds for DISAPPROVAL

The phrase "notice of the grounds for DISAPPROVAL" is formal speak for "here are the reasons why this is bullshit". HOWEVER, the rule proposal isn't dead yet. Part of the bureaucratic process is this notification of why it should be disapproved followed by a comment period where the rule proposer and supporters (e.g., OCC, Wall St, and Kenny's friends) can comment and try to push this through by convincing the SEC otherwise.

Apes can also comment on the rule proposal IN SUPPORT OF THE SEC and the grounds for disapproval. It's time to kick this to the curb.

SEC's Reasons This Proposal Is BS..."

Noticed this post on reddit, decided to give this >40 minute documentary a watch.

A review of GAMESTOP to the MOON - How Reddit almost triggered an Economic Crisis | FD Finance

★★☆☆☆

2/5, would not recommend.

TLDR: documentary focuses primarily on the events of late 2020 and early 2021, conflates AMC and GME as equivalent things, concludes with the insinuation that all AMC, GME, and NFT investors are losers that have lost almost everything

• Title of the documentary does not match the content of the documentary. A more appropriate title might have been "the story of Reddit day traders pumping AMC and GME." That is what this documentary was about.
• paints most of these investors as either foolish day traders or naive investors, uses words like "gambling", "casino"
• lots of FUD sentiment throughout
• a few of these investors made a lots of money while most investors were losers
• 32:04 "GameStop led the way. And, as a group, the totality of the group picked AMC next.
  And, it wasn't like somebody said oh man we're all gonna go over to AMC, it's just kind of you know, that's where the flow goes, that's where the chatter goes, and AMC was the next stock."
• for some reason, out of nowhere, in the final 5 minutes the documentary suddenly starts talking about NFTs and makes them out to be pointless. Doesn't mention GameStop's relationship with NFTs but in stead focuses on how NFTs were a speculative bubble with foolish investors, just like with AMC and GME.

Total waste of time. I don't know who the intended audience was for this, but this is just more pointless narrating about the lives of people that experienced events that happened 3 years ago, concluding that the story is over and all those people that didn't get out with gains are losers that are never going to win.

It's as if the media like this is stuck in the year 2021. Reddit. Wallstreetbets. AMC. GameStop. Day traders. Robinhood. Down 90% since peak. The end.

So far today the CEO of HSBC has suddenly resigned… https://archive.ph/SgxD2

archive.today webpage capture Saved from https://www.bbc.com/news/articles/czkvnd4g44ro no other snapshots from this url 30 Apr 2024 13:31:34 UTC

HSBC chief executive unexpectedly steps down 7 hours ago

João da Silva, Business reporter

Noel Quinn has led the banking giant for nearly five years.

HSBC’s group chief executive Noel Quinn is unexpectedly retiring after nearly five years in the role.

Europe’s largest bank says it is in the process of finding a successor for 62-year-old Mr Quinn, who will stay in the role until a new chief executive is named. HSBC is considering candidates from both inside and outside the firm.

It comes as the UK-based lender reported a 1.8% drop in profit for the first three months of 2024, compared to the same time last year. The company said that its pre-tax profit for the period came in at $12.7bn (£10bn), which was a little better than expected by market analysts. "After an intense five years, it is now the right time for me to get a better balance between my personal and business life,” Mr Quinn said.

Mr Quinn, who has worked at HSBC for 37 years, was first appointed as its chief executive on an interim basis in 2019, after his predecessor John Flint was ousted from the role. In March 2020, he took the reins of HSBC on a permanent basis. “[Mr Quinn] has driven both our transformation strategy and created a simpler, more focused business that delivers higher returns,” HSBC’s chairman Mark Tucker said. Along with its quarterly results, the bank announced an interim payout to investors of $0.10 per share and said it would buy back up to $3bn of its shares.

HSBC recently completed the sale of its operations in Canada and announced plans to do the same with its business in Argentina. The sales are part of efforts by the London-based bank to focus more on faster-growing markets in Asia.

Shanti Kelemen, chief investment office at M&G Wealth, told the BBC’s Today programme that it “has probably been a very intense five years” and that Mr Quinn “has had a very long career”.

She said that Mr Quinn had changed the shape of the bank during his time at the top, by such actions as selling HSBC’s Argentina business, leaving Canada, and stepping up Asia operations. “What he’s done will probably reverberate and determine the path of their success for certainly several years to come,” she added. UK banking International Business HSBC

"The Pennsylvania Department of Banking and Securities closed Republic First Bank (operating as Republic Bank), with the FDIC appointed as receiver.

Fulton Bank has agreed to assume nearly all deposits and purchase almost all assets of Republic Bank. Republic Bank's 32 branches across New Jersey, Pennsylvania, and New York will reopen as Fulton Bank branches, and customers can access their funds through checks, ATMs, or debit cards. Existing checks and loan payments will continue to be processed as usual.

Depositors of Republic Bank will automatically become depositors of Fulton Bank, maintaining their existing deposit insurance coverage without needing to change their banking relationships.

As of January 31, 2024, Republic Bank had about $6 billion in assets and $4 billion in deposits. The estimated cost of this bank failure to the FDIC’s Deposit Insurance Fund is $667 million, with the acquisition by Fulton Bank being the least costly resolution compared to other options.

Posted on Supa...

TLDRS "The Pennsylvania Department of Banking and Securities closed Republic First Bank (operating as Republic Bank), with the FDIC appointed as receiver. Fulton Bank has agreed to assume nearly all deposits and purchase almost all assets of Republic Bank. Republic Bank's 32 branches across New Jersey, Pennsylvania, and New York will reopen as Fulton Bank branches, and customers can access their funds through checks, ATMs, or debit cards. Existing checks and loan payments will continue to be processed as usual. Depositors of Republic Bank will automatically become depositors of Fulton Bank, maintaining their existing deposit insurance coverage without needing to change their banking relationships. As of January 31, 2024, Republic Bank had about $6 billion in assets and $4 billion in deposits. The estimated cost of this bank failure to the FDIC’s Deposit Insurance Fund is $667 million, with the acquisition by Fulton Bank being the least costly resolution compared to other options."

" A steep price cut on a San Francisco building marks one of the starkest recent indicators of the city’s struggling office market. An empty 16-story building at 995 Market St. just sold for $6.5 million, a nearly 90% plunge from its 2016 price of $62 million.

The mid-Market tower at the corner of Sixth Street once housed Burning Man’s headquarters, as well as a large WeWork space. But once the co-working firm departed, the building failed to fill the gap and hasn’t been generating revenue for some time.

The site’s previous owner, Bridgeton, stopped making monthly payments on the tower last year and defaulted on its loan in December. The public auction sale, which the San Francisco Business Times first reported on, marks a stunning discount for the buyer, LNR Partners, an affiliate of Florida-based investor Starwood Property Trust. LNR had also been appointed to oversee the distressed loan.

The price drop reflects the site’s transition from a leased-out hub during during a boom-time for tech, to a space that’s sat empty while remote work has ravaged San Francisco offices overall.

“Office markets are going through what some are calling ‘The Great Reset,’” Derek Daniels, regional director of research at Colliers, told SFGATE. The market of today isn’t the market of 2016, and sales like this reflect a necessary adjustment. Buildings changing hands and resetting their values will also affect rents and lease rates across the market, he said.

“Any transactions happening right now, particularly in the mid-Market area, are a generally positive sign for San Francisco offices,” he added"

Dismal just posted this on Super stonk... "On April 30, 2024 DTC will implement changes to modify collateral value for certain securities, which may affect the value of positions applied to the Collateral Monitor.

The increase in the haircut for corporate bonds rated B1 to B3 from 50% to 70% significantly decreases the value of these bonds as collateral.

The assignment of a 100% haircut to ETFs and investment vehicles that include cryptocurrencies as an underlying asset renders these investments valueless for collateral purposes.

This reduction may lead to margin calls for participants using these instruments to secure short positions against GameStop."

OG file... https://www.dtcc.com/-/media/Files/pdf/2024/4/26/B20002-24.pdf

Dismal's writeup with charts... https://dismal-jellyfish.com/significant-changes-to-dtc-collateral-values-announced/

Power to the collectors

100% (305M)

• "24.6%" in DRS (75.4M)
• 22.3% Public Shorts (60.2M)
• 17.3% Insiders (52.9M w/ Insider+Stagnant)
• 10.9% Institutions (33.4M)
• 11.4% MF (34.8M)
• 9.9% ETFs (30.3M)

96.4% (Or 3.6% left for purchase/shorts)

For there to be no synthetics, there can only be 10.9M in brokerage accounts which would mean apes have DRSd >87% of their total holdings

Or maybe; just maybe, there is a chance of synthetics Chives Bibic Animorph jersan SubDRSive ;)?

Tennessee House Bill 2806 / Senate Bill 2640 amends the Uniform Commercial Code to:

• Move the jurisdiction for security entitlements to Tennessee
• Give entitlement holders priority over secured creditors of intermediaries

The civil justice subcommittee hearing features testimony from:

• David Webb –– author of The Great Taking
• Don Grande –– private practice attorney
• Andy Guggenheim –– Securities Industry and Financial Markets Association
• Tim Amos –– uniform law commissioner

Andy Guggenheim: "While holding securities in street name is the most common choice for investors, they do have alternatives for holding securities in other ways if they prefer including physical form via stock certificate when that is available by the issuing company." (He won't say the word DRS!)

David Webb: "DTCC itself is planning to start up and pre-fund a new central clearing counterparty when one of the existing ones fails. The industry is talking about the very real possibility that major central counterparties will fail."

Related Links:

• Bill Text
• Legislative History
• Video of the Civil Justice Subcommittee Hearing
• EU Clearing and Settlement Legal Certainty Group Questionnaire

No reason to go to the link unless you're in IT in some way, but someone mentioned in that convo that AI companies are floating loans for 100's of millions to build data centers...no problrm right? Is that the theme from Jaws?

But thats not all; they're using the processor chips as collateral! Think how fast those lose value, add in a looming CRE/CMBS disaster we've mentioned many times, then consider that if they miss a payment the note-holder will have what recourse? Some outdated Nvidia graphics cards to repo.

It's like they're purposely setting out to nuke the future economy.

Perhaps to fuck long holders over? And retirees? And set them at each other?

The only answer I can summon is that the powers think that the economy will end soon and are grabbing everything they can in a panic.

This episode of the Bankless podcast about crypto games reminded me of the GameStop NFT Beta because it shows the potential for gaming to go beyond brick and mortar. See also the post "Protocol: Gemini - BLACKPAPER 2.0" by @jersan about crypto gaming in augmented reality. And the article "Overstock Short Sellers Fall Short as Judge Gives Digital Dividend Claims Short Shrift" about how Bed Bath & Beyond (then Overstock) used a crypto dividend to mitigate short selling.

• 00:00:00 Intro
• 00:04:45 Intro To Crypto Gaming
• 00:11:26 How Has Crypto Gaming Evolved?
• 00:15:05 Casual Vs AAA Games
• 00:18:37 The Current Gaming Experience
• 00:23:26 What Benefits Come From Blockchain?
• 00:30:13 Best Argument Against Crypto Gaming?
• 00:40:20 How Far Can This Go?
• 00:45:38 iOS and Taxes
• 00:50:02 Dealing With Regulators
• 00:53:52 Choosing a Chain
• 00:59:41 Are Traditional Studios Coming?
• 01:02:18 What's An On-Chain Game?
• 01:07:11 Blockspace
• 01:13:49 Can This Pump Our Assets?
• 01:16:35 Closings and Disclaimers