get your money out of the financial system, or it will be stolen

[Large Sarge]

http://networkedblogs.com/B09X3

[Skirnir_]

The Doc sat down with Ann Barnhardt of the former Barnhardt Capital Management Tuesday night for an exclusive interview discussing the shocking precedent set by the 7th Circuit Court of Appeals’ decision last Friday that Sentinel’s use of $500 million segregated client funds to secure a loan from the Bank of NY Melon for it’s prop trading desk is not fraudulent but is rather perfectly legal.

Barnhardt’s interview with SilverDoctors will serve as a startling wake-up call for any still participating in the fraud known as the US markets, stating that ‘What we’re seeing is the complete disintegration of the financial system before our very eyes! It’s Soviet!‘
Barnhardt tells readers ‘You have got to get your money out of the financial system! Not just the futures markets, but the entire thing! Stocks, 401k, IRA. GET YOUR MONEY OUT OR ELSE IT IS ALL GOING TO BE STOLEN FROM YOU! IT’S ALL A PONZI!!!‘

Barnhardt goes on an all-out rant stating that the 7th Circuit Court decision has set a legal precedent that will encourage banker theft of segregated client funds, and that she expects JP Morgan to make a play for Citigroup in the coming weeks or months.

When asked where the regulators were in the case of Sentinel, MF Global, and PFG Best Barnhardt stated,

‘Look. The NFA is a CRIMINAL MAFIA! The upper management of the NFA and the upper echelon of these auditors should do hard time. I’m not talking camp cupcake. I’m talking about DECADES OF HARD TIME THESE PEOPLE SHOULD BE DOING! Because they are completely complicit in this, there is NO REAL REGULATORY OVERSIGHT OF THE FINANCIAL INDUSTRY IN THIS COUNTRY!!

The NFA isn’t auditing anybody in any realistic sense. If you’re in the NFA’s mafia, they’ll coast you right through. If you’re not in the NFA’s mafia, they will tear you apart and destroy you with malicious auditing and malicious litigation.

Who was the auditing oversight body for MF Global? Well it was the CME. Again, they weren’t doing any realistic auditing oversight, you know, ‘we’re not gonna mess with Corzine, we’re not gonna mess with MF Global, just sign off on them’ and now the coup de grace is that THE COURTS ARE NOW COMPLETELY COMPLICIT IN ALL OF THIS!! The courts facilitated the fraudulent bankruptcy filing of MF Global, and now the 7th Circuit Court of Appeals- upholding a decision from the District Court- has now made this absolutely MIND-BLOWING decision, setting precedents that say customers have absolutely no right to their segregated funds held in any depository or financial institution!

I don’t know what else people need. MF Global stole $1.6 billion, PFG Best is $225 million gone, who’s going to be next? It’s clear there’s no regulatory oversight. If you’re still in these markets you’re either stupid or on drugs! That’s the only conclusion that I can come to. ‘

When asked whether it was a coincidence that JP Morgan held the segregated client funds for both PFG and MF Global Barnhardt replied,

JP Morgan has just announced that it wants to hold customer collateral. It wants to be the body that holds customer collateral for FCM’s.
Now the argument they’re making is, ‘look at these FCM’s. You can’t trust them, so now we need a third party to hold customer collateral’. Guess who’s going to get to be that third party?
IT’S GOING TO BE JP MORGAN!! Look, they know that the end is in sight, and they know that in a lawless environment, possession is EVERYTHING! They want as much in their physical possession as they can possibly get because they know that when the poop hits the fan and this whole deal collapses, they’re going to be able to keep everything that they have. They want as much as possible!

No, this is all completely revolving around JP Morgan and Goldman, and I would personally be looking for within the next few weeks to months- I think that what they’re going to try to do is to try to consolidate these mega banks even more, and I think that JP Morgan is probably going to end up making a play for Citi at some point, and they are just going to try to have as much as possible under Jamie Dimon’s roof, because I think they know that the end is coming. It’s rotten to the core!

When asked whether the court’s ruling means open season on segregated client funds Barnhardt stated,

That’s exactly right. The other thing people have to remember is people are focused on all this as happening exclusively inside the futures industry. This has ramifications throughout all financial markets, every sector of the financial industry, and even into simply street corner depository banking.
They’re all doing this rehypothecation. They’re all doing this, and now they’ve just been given a green light that they are legally protected, and the depositors or investors who are sending their margin to be held in these customer seg accounts have been completely, legally hamstrung! There is now no legal recourse whatsoever!
The court has explicitly stated that taking somebody else’s money, and using that as collateral on your own personal loan is not fraud!

I don’t even know what to say! What in the HELL IS GOING ON!?! – OTHER THAN THE ONLY EXPLANATION- WELCOME TO MARXIST FACSIM LADIES AND GENTLEMEN!!! It’s here! Welcome to hell!
Again, reiterating, you have got to get your money out of the financial system! Not just the futures markets, but the entire thing! Stocks, 401k, IRA- and so help me if one more person emails me or calls me and says well what about my 401k with such and such a firm? I’m going to just go and stick my hand through the wall! What is the matter with you people? What part of GET THE HELL OUT are you not understanding? What is so difficult about this? It’s the ENTIRE FINANCIAL SYSTEM!
GET YOUR MONEY OUT OR ELSE IT IS ALL GOING TO BE STOLEN FROM YOU! IT’S ALL A PONZI!!!

[gunDriller]

no fvcking sh!t.

this subject seems to give me Tourette's Syndrome. call it Tourette's Banksteritis.

Goshdarn fvcking Banker crooks, may they fvcking self immolate.


trying hard not to take the Lord's name in Vain.

Goshdarn Banksters.

[Gaillo]

I have a current balance of $0.23 in checking. If they're low enough to steal it, they can have it! ;D

[JohnQPublic]

... your money...it will be stolen
There, fixed it.

[Uncle Salty]

I keep my checking to a minimum, just to pay my bills online. Other than that...cash and pm's baby!!

[Hatha Sunahara]

It's not just money that will be stolen. If you own stocks, you could lose them too if your broker is strapped for cash, and holds your shares in 'street name'. About six months ago, I tried to get my broker to help me in obtaining stock certificates for the PM mining companies I own. My broker's advertising slogan is 'Talk to Chuck'. It's a waste of time cuz Chuck refused to help me get certificates for a reasonable fee. So now I plan to move the assets into a tangible form--a conversion that will cost me less than having certificates issued for it. And it will be infinitely more secure. All I can say is if Chuck won't listen, there's no point in talking to him. Or entrusting any assets with him.


Hatha

[palani]

It's not just money that will be stolen.
Hatha

Anything you choose to leave in the commercial plane is going to be subject to escheat.

[cpy911]

I keep my checking to a minimum, just to pay my bills online. Other than that...cash and pm's baby!!

So, I cash out my 401k and put the funds in PMs and cash and
Hide them at my house? Lots of risk to have it all in
one place. What is an alternative?
I agree with Ann. If you can't stand in front
of it and protect it with an assault rifle, you don't own it.

I just don't know if I can protect my assets 24/7
I have to work, etc.

The good thing is that I have not bought a
stock or 401k contribution since 2008.

[Shami-Amourae]

So, I cash out my 401k and put the funds in PMs and cash and
Hide them at my house? Lots of risk to have it all in
one place. What is an alternative?
I agree with Ann. If you can't stand in front
of it and protect it with an assault rifle, you don't own it.

I just don't know if I can protect my assets 24/7
I have to work, etc.

The good thing is that I have not bought a
stock or 401k since 2008.

I know not a lot of people will agree with me on this but keep some in virtual and crypto-currencies. Imagine if you had to flee the country, and had $50,000 on an flash drive in a small 128kb file that you can password encrypt. You could even put that file somewhere online, and no one can ever know, on top of password encrypting it. Bitcoin is seriously the easiest was to transfer money completely undetected. Don't get me wrong, I stop most of my wealth in metal, but I think it's good to have other plans too.

Even James Wesley Rawles recently recommended all preppers have some:


http://www.youtube.com/watch?v=3W2A5ii-CcU

The main issue with Bitcoin though is the price is volatile as fuck. Prices have jumped from like $7 to 13.50 in the past month. It can drop like a rock too.

[Twisted Titan]

Bit Coin is a HoneyTrap pure and simple and anybody that tell you otherwise is Dishonest, Delusional or works for Them (JWR is a former inteligence Consultant IIRC)

In Order for you to trust Bitcoin you are under the ASSumption that a Digital Instrument can be protected from the Gubermint.

Let me ask you a question: Do you really think a organization like the National Security Agency (NSA) ( which is said to be 5 to 20 times larger then the CIA nobody knows for certain because it is a state secret) is going to be held in check by Bitcoin???


I TELL YOU THIS: At a time and Hour NOT of your choosing Bitcoin will have its plugged pulled for being a "threat" to Economic National Security and anybody who held them will be paid a visit by MIB to give a account for why they have not paid taxes on those "monies" held. They shouldnt have a much a problem locating you because they were held them in a" anonomyous" wallet

You can dilly dally all you like but the bottom line is this ......if it is on the Digital Grid. They Know about it and more importantly THEY CONTROL IT.


Stay simple....stay tangible......stay vigilent.....stay Alive.

[vacuum]

Bitcoin can be great if used properly. The key is not to store any type of funds in there for any extended period of time. The idea is to get in, buy what you need, and get out very quickly. Also, it would be good to use it periodically just to be familiar with it in case you need it for anything serious.

[Twisted Titan]

If you can get in and out before the hammer falls more power to ya.........

Perfect timing has never been one of my strongest superpowers.

[beefsteak]

Hatha,
there IS another way to protect yourself, whether shares are held in custodial accounts (RSP's if Canadian/IRA's if USA) or currently in street name.

For once, Sinclair has told it like it is, and insisted on his "CIGA's" getting their shares protected.

I've been keeping a file of all this DIRECT REGISTRATION stuff and will regurgitate it below in a second.

At the very bottom, you will find a website with a list of 4881 stocks who are already within the DRS protection system, thus eligible for this security protection being recommend to be personally sought out.

Maybe the mods would like to make this a sticky...the following is basically set up as a "back and forth" convo. Sinclair has made a declaratory statement of fact from his position as both a former clearning house member and a Warburg spawning Goldman/Merrill, etc., and his position as a company CEO listed on the AMEX. He KNOWS what he's talking about!!!!!!! The rest is conversation and anecdotal relays from various CIGAs who heard everything but that the sun rises in the EAST from the various lying, ignorant or thieving brokers who answer the phone.

Hope this iteration helps you git'er done, and into safe places. Whatever you want to stack is no skin off my nose...but you don't have to have your A. hanging out exposed if you don't want to, and it isn't supposed to cost more than $50 per company, IF THAT MUCH to get this protection in place.

colors make easier read: copy/paste thru 10AM EDT, today 8.16.2012
======

Jim Sinclair’s back 'n forth DRS only dialog Commentary here:

A good resource that dispels the mystery about the DRS. Here is the gist of it.

“If you currently hold your security in street name registration, you can instruct your broker-dealer or the issuer to move your security position to the issuer for direct registration. In any situation, you will receive a statement of ownership from the issuer acknowledging your DRS book-entry position once the change has been made”

http://www.sec.gov/investor/pubs/holdsec.htm


Dear Jim,

After reading your numerous postings regarding the necessity for direct registration of stock, I set out to contact the two brokerage firms I use. The first one which I use for Canadian stocks for gold and oil stocks informed me that they could do it but it would be a minimum of $500 per transaction, but that depended on the company, and the amount could be higher.

Next, they informed me that if their brokerage firm went bankrupt that even with direct registration that my chances of recovery were not any better than street name registration. They indicated that it was much more difficult a transaction to trade street name registration versus direct registration. I am certainly no expert on securities, just what I have read on the U.S. Securities and Exchange Commission website.

The next firm was USAA Insurance Company that was originally set up for former or current military personnel and their families. I have 401K and SEP retirement money in these accounts, including approximately 20,000 shares of TRX. USAA informed me that they do not do direct registration and do not take part in the derivatives market. They have no other party outside of their brokerage who interacts with anyone’s account. These retirement accounts are not allowed to have a margin account.

So, two inquiries and push back on both. Just thought I would pass it along.

CIGA William


Dear William,

You have been given a total load of crap. Direct registration totally eliminates the broker or clearing agent. You name is on the books of the transfer agent for the company. The cost does not exceed $50. Please give your brokerage firm my letter which says they are charging ten times their cost and lying to you about the advantage of direct registration in bankruptcy.

I am shocked by how many people are being lied to. The broker wants to control your shares to guarantee them the sell order. Your brokers are lying to you and overcharging you to get rid of your request which if done will totally protect you.

To get an honest answer to direct registration, contact your share company directly to find out who their transfer agent is for their shares. Contact the transfer agent directly and work your way back from there. Transfer agents are generally much more knowledgeable in this area.

Jim


My Dear Extended Family,

More misinformation from brokers which stems from either simple stupidity, their internal methods, or an attempt to dissuade you from taking your shares off the broker’s balance sheet. All street name stock keeps you in their system so you will sell through them.

I am amazed.

Your broker speaks and you immediately assume I am wrong in what I am telling you. Your broker is wrong in what they are telling you for any of the four above reasons.

You have to fight the system to be free of it. All cowards, dullards and sloths will end up broke in this multi- year experience we are in.

You want to be comfortable and non-confrontational like most CEOs in PM shares? Sit back and relax. I choose to fight with every asset I have.

Jim



Jim,

Fidelity currently charges zero for transfers to transfer agents; ditto for UBS. Fidelity charges $100 for certificates; in recent months UBS less than $100 (though of course they have other fees).

I also learned something you yourself might not be so familiar with when selling something in DRS. I wanted to sell something held by Computershare USA, but I wanted to time the sale, so I wanted a brokerage to sell, not Computershare. I went to Fidelity:

1. To get shares to the brokerage from a transfer agent one has to fill out a brokerage’s form which they submit to the transfer agent (you probably knew this a long time ago).

2. The transfer agents vary greatly in the time it takes them to deliver the shares (perhaps you did not know). The rather junior person told me that, according to his informal experience, the time could easily take up to two weeks (the max). Computershare is the best, usually delivering in about 4 days. I asked whether the median might be about 7-10 days, and he said he guessed that was right.

CIGA Jerome

Jerome,

1. This is usually not so if you already have an account you kept open with $0.

2. The transfer out of direct registration to the broker is a computer entry that takes no longer than hitting your enter key. If you need an immediate sale the Transfer Agent can arrange that for you.

Jim



Jim,

I have some of my shares of TRX in direct registration and they reside in my safe deposit box. Can they be someplace else like with a brokerage firm?

The Bank of XYZ has my IRA and I believe after talking with their lawyer from Kansas or wherever that I am pretty safe there. Has something changed in the last 5 or 6 years? Some custodian must hold the IRA, right?

CIGA Jack

Jack,

Shares in direct registration are evidenced by a statement from the transfer agent sent directly to you. Those companies that still issue certificates do so via the transfer agency, therefore informing the transfer agent where your DR shares are of your desire for certificate results in delivery to you of a certificate. What do you have in your safety deposit box? A statement from the transfer agent of DRS of certificates in your name?

Your question is "does the bank actually hold your IRA or do they hold your IRA via their broker and clearing arrangement in their name as custodian for you." You can be sure the answer is the latter because for a bank to fear a broker’s solvency would be quite unusual.

Jim



Goodday Jim,

As an investor and fund manager(small for private clients) from Europe I have read your site for many years and would like to say it has given me a lot of insight and guidance through the financial markets. Also I started a financial blog some 4 months ago to inform interested people in the workings of financial/political markets and how to protect oneself. I have recommended and applied stocks in different currencies, at least 2O % gold/silver related (including your Tanzanian Royalty Gold, and safe dividend paying stocks). The net returns for investors are above 25% because of sincere stock picking. Many thanks to you and your excellent work!!

Now to the issue of direct registration. I use a smallish Dutch broker for my stock transactions. On my request they informed me that my US and Canadian shares are held by Pershing Corp, a sub of BNY Mellon. The shares are held with Pershing in the name of my Dutch broker Binckbank NV. Binck informed me that individual registration is not possible because I am not a client of Pershing, but Binck is. Concluded with "best regards" and "hope this is helpful to you". Not very much so. What to do?

CIGA Joseph


Dear Joseph,

Pershing is the clearing agent for your bank. Assuming the companies you have invested in participate in DRS, it is the owner of the shares that can obtain direct registration in their name at the transfer agent for the company.

The answer you have gotten is standard operating practice to get rid of you and your request. It can be done but neither your bank nor the clearing agent have any motivation to help you. You can go to the transfer agent of the company and request their assistance in getting DRS done.

In DRS the transfer agent is your friend while your bank and the clearing agent is your challenge. In direct registration neither your bank nor your clearing agent has any financial relationship with the individual owner or entity owner.

Regards,
Jim


Comment on Direct Registration for tax sheltered accounts

Stephen:

What can be done and has been done for taxable accounts is to take DRS one more step which is certification. The Certificate is in the name of the custodian and the tax shield account. The custodian holds the certificate. This results in clearly defining the asset as not belonging to the bankrupt should bankruptcy occur. You are also protected because your signature is required to transfer. This doable strategy causes no taxable event as it changes nothing in terms of ownership.

Regards,

Jim


Direct Registration
August 12, 2012, at 5:30 pm

Jim Sinclair’s Commentary:

So far 4 out of every 5 investors who speak to their brokers and/or banks are talked out of direct registration by ignorance or lies.
Direct registration takes you out of the system.
Direct registration takes you off the balance sheet of the broker and/or clearinghouse.
Direct registration can increase protection for tax favored accounts.
However, how can I help people who will not help themselves and who fully know that they are rolling the dice on the integrity of their financial agent for theirs and their families’ financial survival?

Jim Sinclair’s Commentary

If your broker asks you what Direct Registration is, here is the skinny.

What is Direct Registration System (DRS)?
Direct Registration System (DRS) is a method of recording shares of stock in book-entry form. Book-entry means the company’s transfer agent, American Stock Transfer & Trust Company, maintains your shares on your behalf without the need for physical share certificates. Shares held in un-certificated book-entry form have the same rights and privileges as shares held in certificate form.

What are the benefits of DRS?
Holding shares in book-entry form through DRS has the following benefits

The convenience and security of book-entry shares

Reduces the risks, time and costs associated with storing paper share certificates and replacing lost or stolen certificates

Enables electronic share transactions between your broker/dealer and the company’s transfer agent

Reduces the overall administrative costs to the company and its shareholders.

http://www.caci.com/investor/drs_faq.shtml

----------------------------
Jim’s Mailbox
August 13, 2012, at 2:19 pm
by Jim Sinclair

Jim,

I’ve been following the conversation about DRS and stock certificates closely and started researching the process at my broker, Charles Schwab. Below are the main points so far according to Schwab:

1. Many junior mining stocks are not eligible for DRS. You can double check that by asking each company if they participate in DRS.
2. Schwab will help me gain the stock certificates in my name but they have a stock price limit of $5.00 under which they won’t trade the stock in certificate form except if they do research about the individual stock. An offer today to be able to sell a stock won’t necessarily be there tomorrow.
3. As of 9-1-12 Schwab is raising the cost to transfer from street registration to certificate form from $50/company stock to $500/company stock. An increase of 10x seems unreasonable but one I’d be willing to bear for the security. I’d rather lose $500 than $50,000.

Thank you for your diligence and guidance.
CIGA Fred

Fred,

1. TRX is a junior which participates in DRS and will even get you certificates if you want, so I question that blanket statement made by the broker.
2.These are Schwab’s in house private rules and costs made up by the God of Schwab for all of his devotees.
3. That again is a private law from the God of Schwab to his devotees that has nothing to do with anything except internal Schwab god-like pronouncements. The cost is still and will remain $50. What your broker makes you pay him is just an example of the deep caring they have for you.

Jim


Jim,

I’m a little confused. If I follow the logic of QE to infinity, then when there are system wide brokerage failures, the government will print up large quantities of money and distribute it to the insuring entities which will then make the brokers (and thereby customers) whole. The alternative is that the brokerages fail and there is widespread looting of customer accounts seems unlikely to me because, done on a really large scale (as opposed to the relatively small number of customers involved at MF Global) it would result in severe political consequences which no politician or official wants to face. That being the case, it would seem to me that individual brokerage accounts are essentially insured by the Federal Reserve’s printing press. Why bother with direct registration? Set me straight please!!

CIGA William

William,

You have the choice of action you have outlined.

1. You can be notified that your fiduciary is broke, and then pass out. Upon coming to, you pray for the bailout which MF has not gotten. Or:
2. You can at a very low cost take action to protect yourself so an MF event at your clearing agent, and yes you have one even if you do not know it, is no factor to you.

You want to gamble, and if that is your choice then that is the way to go. I care about you, but you are not my child.

Respectfully,
Jim


Dear Dad (I’m giving you this honorary title!!),

Your advice is prudent and I will follow it. Thanks for looking after us.

CIGA William

Dear Extended Family Son,

Here is your answer:

1. Call the companies you hold and ask them if they participate in the DRS Direct Registration System.
2. If they participate, as they all should if they give a damn about you, the next step is simple. If they do not participate in DRS raise hell with them as it costs them nothing and offers you extra protection.
3. Call your broker and tell them to put your shares in the DRS system, inviting no opinion whatsoever from him or her.
4. If you hold your account in the traps known as retirement accounts of any kind, it is more complex, but still doable.

Regards,
Dad



Hi Jim,

I have shares of Sprott physical silver, First Majestic, Goldcorp and Barrick Gold through RBC action direct. What is the best way to obtain ownership certificates through RBC? I can’t tell you how greatly I appreciate what you do for all your faithful readers like myself . You are tireless and for that I am so grateful. Trust me when I say you have made an insurmountable difference in people’s lives like myself. That goes beyond words.

Many regards,
CIGA Steve

Steve,

Funds do not usually offer certificates. Your first step to getting a certificate is to request direct registration of your shares. If that is accomplished come back to me. I will then tell you (not your broker) to call your Transfer Agent and ask them to issue you a certificate.

Jim


Jim,

You are making headway in educating the masses.

Today I spoke with the Central Fund of Canada (CEF) and they advised me that due to repeated requests, they are moving to the Direct Registration System for their Canadian and American stock holders. They are hoping to have the systems in place by mid-September and will post something on their website when complete.

Importantly, contrary to what my online broker (TD Waterhouse) has repeatedly told me, according to CEF their participation in the DRS system will accommodate registered (i.e. Canadian RSPs and American IRAs) and non-registered accounts without creating a tax event. Once again, you are correct and the financial experts across our kitchen tables are wrong!

I hold my own physical silver and gold in physical form, but many (including some family members) use CEF as a proxy. This information is directed to this group. Hopefully they will accept the sage advice that you graciously provide, and take the necessary steps to protect their assets.

Thank you for your continued service!!!

CIGA Mike



Hi Jim,

I was able to convert all of my stocks to DRS excepting SLW and AUY, which do not allow this. I was also told that there would be a $500 fee to get my stock certificates. Can this be true?

Also, do I need to get a certificate for all pension plan account stocks?

I’m listening, it’s just an uphill battle with TD Ameritrade.

Thank you,
CIGA Bob


Robert,

DRS is not certificates. It is registration of the ownership at the transfer agent.

If you want your certificates after DRS you, not your broker, instruct the transfer agent.

You ought to contact the PM companies not participating in DRS and ask them to do so. It costs them nothing and protects their shareholders. Like brokers however, they might not give a damn either.

Regards,
Jim



Jim,

Do you think the segregation of funds issue (and possible loss) also applies to one having his cash in an FDIC insured savings account at a major bank (Capital One Ing account)?

I’m using the Orange Savings Account to withdraw funds from each month to live on.

Thanks so much.

CIGA Dale F


Dale,

FDIC will pay off but the payoff may, in the extreme, be in the form of special issue treasury bills.

They are not capitalized to cover all the liabilities, but would be bailed out if required.

Jim



Jim,

After sleeping on your post once again I finally got it in my brain. Place the certificates in both my name and the custodian. Why didn’t my brain cells react to that simple doable method? Now to try and get the broker to do it. I’m marching down to their office today with knowledge in hand.

Thanks so much,
CIGA BJS

Dear BJS,

The custodian holds the certificate. You are not inventing a new method. It has been done by a considerable amount of CIGAs.

Regards,
Jim



Dear Jim,

Thank you. Obviously I cannot tell them "you screw me!"

Below you can find their new answer with a forbidden cost for implementing your proposal (I highlighted the interesting part with yellow).

They proposed also the following: ‘Alternatively, these shares are eligible to transfer via both DRS/DWAC to the transfer agent, our cost transfer via either of these methods is $200.00 per position’.

I suppose there is nothing to be done than sit and pray for Bank XYG and clearing agent P.?

Warmest wishes,
CIGA Alex

Alex,

They are increasing the costs by an order of magnitude 4. Brokers do not want you out of the system because then they cannot steal your funds.

Right now I cannot recommend ANY broker to help you because it does not benefit them. I cannot recommend even my good old friends who worked for me in another life, in this situation. They actually got pissed that I did.

All they care about is holding your securities so they get the sell commission or keeping your securities so they stay on the balance sheet of the broker/bank. You can tell any broker to go to hell if that is the appropriate comment.

There is no cost to place them back in the system. I have climbed over the desk of more than one financier snob.

Most recently it took two people to stop me from decorating the financier in question. My half Irish is a wonder to behold.

I am a warrior on your behalf. You cannot be a wimp. Demand what you want. Do not listen to their self serving lies.

The maximum cost is $50 per issue.

Jim



Jim,

Thinking back to the first time we had our first XYG shares direct registered, we simply faxed the "outgoing" form Scottrade had on their forms location on their own site. On the faxed cover sheet, I always wrote "To: The name of the branch manager" stating:

"Please have someone take care of this as soon as possible. Thank you"

This is most likely why we never had any problems. We never asked if it was possible to Direct Register shares or asked them anything about whether they could or could not. I figured they knew what to do, as they were the ones offering the form to download direct from their site. I never even thought about it, as you had already told us it was a choice.

You hit the nail on the head when you posted to the fellow today: "#3. Call your broker and tell them to put your shares in the DRS system, inviting no opinion whatsoever from him or her."

On a separate note, the one time I sent the "incoming" form to my broker, the broker did call me back and asked me to contact Computershare and ask them these three questions:

1. Were any of the shares restricted that I was transferring back to my trading account?
2. Were the shares registered with my social security number
3. Were the shares registered in our names on the books of the company (TRX)?

Maybe this was the first time anyone who had direct registered shares had them electronically sent back to their account for trading?

CIGA Dave


Mr. Sinclair,

Years ago on the JSMineset website you suggested stock certificates and DRS for safety. Like most, I was conflicted. The certificates offered safety, the logic undeniable – but the ability to withdraw funds at a moment’s notice offered comfort, albeit with risk, because that advantage assumed that the system had not frozen solid. I realized that the broker account was a gambling account. I resolved my dilemma by taking action; I put half of every stock into certificates, the other stayed in the "gambling" account. I’ve slept well all these years since and slowly moved funds out of the gambling account, withdrawing cash on an as-needed basis.

Thanks for the informed, experienced insight; a magnanimous gift. The tree with the much fruit does greatly bow.

CIGA Dale

Dale,

That is a reasonable solution. However, you are ignoring how DRS transfer back to your brokerage account can be accomplished electronically on the day it is given. You keep your brokerage account open with a small deposit.

Jim


Jim,

I researched my junior PM stocks transfer agents. For 90% of the Canadian stocks the transfer agent is Computershare Investor Services. I called their call center and went through a list 12 PM companies asking if they were DRS eligible for stocks held through a US brokerage. I was told on most (about 90%) that they weren’t DRS eligible if held in US. But toward the end the call, the call center person stopped and admitted he thought he’d made a mistake. He went back and rechecked and about 90% of them were DRS eligible. I was planning on going up the chain to find out why they weren’t DRS eligible till he corrected his work. I could have come away believing I couldn’t do DRS registration if I believed him (and he didn’t correct himself).

Thank you for your continued encouragement.

Regards,
CIGA Fred

Fred,

You can. Computshare is all over the world.

To whom did you speak?

Jim


=============

My Dear Extended Family,

Here is the correct information directly from the transfer agent, Computershare. This is the transfer agent for most Canadian companies.

What you tell them is how your securities are presently held. Then you say I want to enter them into the DRS system. They will instruct you from that point forward.

Retirement accounts require the cooperation of the custodian. With the custodian’s help you certificate the shares in the name of the custodian and the name of the account holder. The custodian holds the share certificates.

Regards,
Jim


Dear Jim,

It is interesting as months ago I inquired at Scottrade regarding DRS and they acted as though I was speaking in tongues.

Just now I spoke to someone’s supervisor because the person was very ignorant. The supervisor told me that the DRS request form was on the Scottrade site. How simple!! Why the person I connected to originally couldn’t tell me this is beyond me.

Obtaining this information took 2 calls, and a supervisor. I understand that the transfer agent doesn’t charge for transferring the shares back into my Scottrade account.

Thank you,
CIGA Sarah


Hi Jim,

I received almost the same email on inquiry to CEF:

Thank you for your interest in Central Fund of Canada Limited (est. 1961).

Central Fund is “eligible” for the Direct Registration System but currently, we do not participate in it. However, we hope to have the system activated sometime in September for investors who wish to directly register their holdings through their broker with our Registrar & Transfer Agent, Canadian Stock Transfer Company Inc. Shareholders will have to request of their broker that their shares be directly registered and I believe you must complete an application to that effect when the time comes.

We will issue a Press Release when the Direct Registration System is up and running for us.

In inquiry to Computershare I received the following information:

If you take possession of the shares, you will still be registered with Computershare (or any Transfer Agent I assume). Upon sale of the shares, your broker will reference Computershare to confirm your title to said shares and then you will have to deliver the shares to the broker within a certain time frame. Computershare said that this is the manner in which the majority of individuals hold their shares.

Is the basic difference that with DRS the company doesn’t issue certificates, and outside DRS you hold the shares, in either case Computershare holds the stock certificate or holdings information for ease of transactions?

Regards,
CIGA Gary

Dear Gary,

The basic difference between DRS is that you are registered at the Transfer Agent and shares are not issued.

If you want the share certificate you simply inform the transfer agent and they then issue the share certificate to you.

Regards,
Jim


Here is more information indicating the eligibility of all shares listed on the NYSE – AMEX for the DRS system.

Dear Amex Listed Companies:

As follow up to our previous communications related to the Direct Registration System (DRS) eligibility requirements, the Exchange would like to reiterate the new listing standards as well as required actions needed to be taken by listed companies to become DRS eligible by the required deadline date of January 1, 2008. On August 8, 2006, the Securities and Exchange Commission (SEC) approved new Amex listing standards setting forth the DRS eligibility requirements. Amex Rule 778 and Section 135 of the Amex Company Guide, which are identical to the listing standards of the New York Stock Exchange, NASDAQ and several regional exchanges, require virtually all securities to be eligible for DRS in order to qualify for initial and continued listing on the Amex. The SEC Approval Order can be seen on the Amex.com website at http://www.amex.com/equities/eq_drs_reqs.html (http://www.amex.com/equities/eq_drs_reqs.html).

The safety of your assets depends on the ethics and balance sheet of your broker. With DRS you are dependent on neither.
=========================================

JES sez:
Self clearing means the company in question is both the broker and clearing house in one.

============================

JES sez:

These 4881 companies presently are part of the Direct Registration System. If your company is not on this list scream at them because it costs the company nothing to participate.

These 4881 companies offer you a chance to get out of the system.

You know the system is broken. You must take this easy route to safety.

Many thanks to CIGA Philip M. for this important list.

Click here to view the list…http://www.dtcc.com/leadership/issues/nomorepaper/industry/companies.php?lpos=asset_lob&lid=nomorepaper_drs_list#t

=====================


beefsteak

[Bigjon]

As a former MFGlobal client, I know they can take your money, no questions asked.

But the crooks running the system want to take this country down and what better way than to induce a run on the banks.

[beefsteak]

Bigjon,
yours truly is trusting you aren't implying protecting one's equity investments via DRS utilization is somehow akin to a run on the bank! ! ! !

What one is doing by DRS is not only protecting themselves and their investments via DRS, but also removing them from a brokerage's ability to "lend them" to short sellers.

Short sellers of course are depressing the price of the street name shares are being held by the investor who is seeking price appreciation or dividends --sometimes both.

Helping fund and execute a price depressing strategy of an individual, a bank, a hedge fund, or just some wild-ass daytrader/HFT wannabe short---all the while the original share buyer is seeking price appreciation by being long in the first place is absurdity to the -nth.

Frankly, this is another place where JES is being INCONSISTENT. He's been publically hand-holding for what, 11 years now with his little blogosphere? And just now he's pounding the table for "CIGA protection," not only against outright theft or fiduciary imprudence, but NEVER MENTIONS THE COLLATERAL BENEFIT OF MAKING LONG SHARES UNAVAILABLE to short sellers.

If they aren't outright naked shorts--who are executing price depressing strategies and not even BOTHERING to shares, they are, at the very least and without your knowledge nor overt permission, price pressuring against your interests!

it is no small wonder, "stacking" has become more 'acceptable,' yes?

Sorry to learn you got hurt in the MF Global rip! That's terrible.


beefsteak

[DMac]

beefsteak - fyi I found reference on jsmineset, the earliest to DRS I saw:

April 6, 2010, at 9:33 pm

26. Hold any stocks you happen to own in certificate form in your hand, and don’t lose the certificate. If you are a stock player, check out true custodial accounts. Make certain that your holdings are in fact yours and NOT on the books of the bank.

Source (http://www.jsmineset.com/2010/04/06/jims-mailbox-403/)


This is the type of information that should have been drilled into everyone's heads from day 1 of the gold bull.

[beefsteak]

Good sleuthing, DMac. That could be the official day DRS warning was issued by JES.

Problem is, the gold bull started just prior to the end of 1999. Not a PEEP from the man who knew it was good business practice back then, and one which he no doubt in my mind, conceivably indulged in personally, and regularly.

Remember, not too long back, he spent several pithy typing moments alerting the CIGA's/TRE share huggers of his "masterful repulsion of the shorts trying to tank AMEX: TRE {his} mining company?"

They were able in large part --in some folks' minds--to even mount that assault because of his silence to his precious CIGAs on this very DRS matter which made all those millions of minons' shares available for borrowing to short against the box as it is called, and that is only one strategy employed by the broker's who held "box shares" courtesy of street name share "system."

Is he safely out of America yet and hunkered down in "friendly, out of reach Tanzania?" ....Is that is why he's pounding the DRS table now, even tho' his 'left behind cronies" are currently characterized as "pissed at him" for this DRS campaign?

hmmmmmmm...


beefsteak

[Bigjon]

I think the DRS thing is a must do, that doesn't affect the amount of money in our system, other than to take control out of the hands of thieves.

It is the idea of taking all your money out of the banks, that I'm questioning. I'm not real sure its a good idea, as it may cause the sort of chaos the Jews want. It appears to me there is a lack of money right now for our economy to run smoothly. If we all pull all of our money out of the banks, it won't take long till there is no money other than what is in our Christmas stockings.

In the end I'm not real sure about anything.

[Hatha Sunahara]

Beefsteak, only one of the miners I own is on the list. Because of all the games the brokers play, and their reluctance to provide services that would protect their customers, I'm going to sell the mining stocks and buy metal.


Hatha

[jimswift]

MF'ing Justice

by Jim Karger



"I simply do not know where the money is, or why the accounts have not been reconciled to date.
I do not know which accounts are unreconciled or whether the unreconciled accounts were or were not subject to the segregation rules." — John Corzine

http://www.dollarvigilante.com/storage/jon-corzine-beach.jpeg?__SQUARESPACE_CACHEVERSION=134549462150 8


Jon Corzine is a contemporary Richard Nixon: a low rent thief, liar, and American success story.


Corzine, you may recall, bet $6.3 billion on the wrong side of European sovereign debt, a wager his own risk department at MF Global told him was nuts, and a wager so big and so wrong that it wiped out the entire firm (http://www.theatlanticwire.com/business/2011/12/jon-corzine-had-board-approval-ignore-his-risk-officers-advice/45797/).

After the news hit the wire and blood hit the water MF's customers started jumping ship and that is when MF deliberately took customer money as its own to keep its head above water. It was too little, too late. The company filed for bankruptcy protection and Corzine resigned.

Over $1 billion in customer funds remain missing in action.

Depending on who you listen to, Corzine may have known the funds he ordered transferred were customer money. He certainly should have known and there is little dispute he has a serious gambling problem and that he destroyed the savings and lives of hundreds of investors and businesses.

Now, after 10 months of a pretend investigation, one that has not involved so much as an interview by the FBI of Corzine himself, federal prosecutors have decided they are not going to charge him with anything.

Nothing. Nada. Vaya con dios, amigo.

Such is the nature of justice in America's fast lane.


Plausible Deniability Retested


Taking a cue from Nixon's "plausible deniability" gambit, Corzine has reminded us of a few important political truths that every American should remember as they struggle to find a safe place for themselves and whatever money they have left:


1. Former CEOs of Goldman Sachs, like Goldman Sachs itself, are too big and too connected to fail, no matter how egregious their conduct. And, to make sure we all know that, in addition to giving Corzine a pass, the government also announced last week that they are ending an investigation into whether Goldman Sachs misled investors in a $1.3 billion sale of residential mortgage-backed securities in 2006, shortly before the housing crash. You may recall that Goldman was packaging this rancid financial trash so that one client (John Paulson) could short them, while simultaneously selling the other side of the deal to their own clients, conveniently failing to disclose that these instruments were specifically designed to fail.



2. Former US Senators won't be prosecuted for anything, ever, even if caught with underage boys on videotape. They know where too many bodies are hidden, as evidenced by the softballs a fourth grader could have handled when Corzine testified in Congressional hearings on what happened to the money.



3. Big-dollar supporters of any sitting President and his party are too important to lose to jail. Corzine was one of Obama's biggest campaign "bundlers" (http://www.realclearpolitics.com/articles/2012/04/21/corzine_amid_scandal_is_among_obamas_top_bundlers. html), a way for the rich to gain direct access to a candidate by leaning on people inside their organizations to contribute far more than ostensibly they would have without implicit threats to do so.



Proven Techniques of Truth Suppression


Not wanting to bet the farm solely on his political connections, but needing to make sure the fix was in, Corzine used several of the time-tested "Thirteen Techniques of Truth Suppression (http://www.brasscheck.com/martin.html%29)", favorites of politicians and their owners who don't want to go to jail, which I estimate to be all of them.

In Corzine's case, he selected from the liar's list as if were a menu of fine wines, first using technique number nine:



“Come half-clean. This is also known as 'confession and avoidance' or 'taking the limited hang-out route.' This way, you create the impression of candor and honesty while you admit only to relatively harmless, less-than-criminal "mistakes.' This stratagem often requires the embrace of a fall-back position quite different from the one originally taken."




Corzine played this gambit well, even professionally, first suggesting that he knew nothing, a proposition so absurd that it fell apart like a cheap suit, then subtly implying that he actually was a moron, a gambler with a problem, too stupid to be held liable for anything (http://news.yahoo.com/no-one-charged-crime-mf-global-collapse-111056124--finance.html?_esi=1), though not in those exact words. His prepared testimony was, in a word, disturbing:

"I simply do not know where the money is, or why the accounts have not been reconciled to date. I do not know which accounts are unreconciled or whether the unreconciled accounts were or were not subject to the segregation rules. Moreover, there
were an extraordinary number of transactions during MF Global’s last few days, and I do not know, for example, whether there were operational errors at MF Global or elsewhere, or whether banks and counterparties have held onto funds that should
rightfully have been returned to MF Global."



Yes, Corzine swore to all that with a straight face.



To make sure no stonewall was left unturned, Corzine borrowed from the crook's playbook once more, this time technique number ten: “Characterize the crimes as impossibly complex and the truth as ultimately unknowable." This worked well when the big banks got behind Henry Paulson, another former Goldman Sachs CEO during the housing meltdown, as he explained not-so-patiently that we, the general public, were far too ignorant to ever understand what went wrong and so we should stop trying.

Matt Taibbi observed in his brilliant article in Rolling Stone (http://www.rollingstone.com/politics/blogs/taibblog/jon-corzine-is-the-original-george-zimmerman-20120424):




"There’s been an intense effort at trying to convince the public that no crime has been committed. Whoever is handling MF Global’s P.R. . . . appears to have convinced the company’s officers to emphasize the word 'chaos' in describing the last days of the firm – as though $1.2 billion wasn’t intentionally stolen, per se, but simply lost in a kind of uncontrolled whirlwind of transactions that magically carried the money out of accounts off to worlds unknown."



No one with good sense professes to believe Corzine except those who matter, Congress, and federal prosecutors.



Finally, Corzine called on technique number twelve, “Require the skeptics to solve the crime completely," which was easy in this case since he was never interviewed by federal law enforcement, making their inability to prosecute true, albeit pathetic. The fact that MF Global was a client of Attorney General Eric Holder's, and Assistant Attorney General Lanny Breuer’s, former law firm Covington & Burling, didn't hurt Corzine's chances either, and the all clear signal was given when Holder (an accomplished criminal in his own right) refused to appoint a Special Prosecutor (http://dailybail.com/home/corzine-cronyism-bombshell-high-ranking-doj-lawyers-and-ag-e.html). Like Nixon, Corzine is a one man epidemic of deceit, a thug with the conscience of a rabid hyena, and like Nixon, he is not going to jail.



Epilogue


Not only is Corzine avoiding prosecution, but under the heading of "in your face, MF'er," he is going into business again. Doing what you ask? Handling the money of others, of course. Max Keiser summarized the situation best (http://maxkeiser.com/2012/08/16/assange-corzine/):

"Corzine is considering opening a new hedge fund, though the notion that anyone – even a slack-jawed muppet happy to buy whatever Goldman‘s prop traders want to sell – would seed Corzine money so he can trade or steal it away seems
absurd –rather like putting a child molester in charge of a day-care."



Absurd, yes, but true nonetheless and odds are he will raise millions, and if not become a high-priced political or financial consultant.



The Big Ugly Picture


Corzine is just another poster child for fraud and malfeasance at the highest levels, public and private. His photo is not alone on that wall of shame.

In the big picture, he is small potatoes. Other bigger players are being given passes for far more egregious crimes. JP Morgan, infamous manipulator of silver, stepped closer to the edge by losing $6 billion in a single trading loss. It's megalomaniacal CEO, Jamie Dimon, no stranger to truth suppression, expertly employed technique number four: “Knock down straw men. Deal only with the weakest aspect of the weakest charges. Even better, create your own straw men. Make up wild rumors and give them lead play when you appear to debunk all the charges, real and fanciful alike." Dimon took full responsibility (for a nanosecond) before blaming it all on a straw man, a rogue trader who turned out to have all the authority he exercised. No one is going to jail. To the contrary, almost as a gift, the US Commodity Futures Trading Commission (CFTC) dropped a four-year investigation (mainly held behind closed doors) into JP Morgan's obvious and rampant silver price manipulation just to show there were no hard feelings.

Still another shining example of "justice", as that term is now defined by the owners, is Barclay's Bank, believed to be a mastermind in the virtually incalculable LIBOR fraud. Its execs have skated criminal prosecution and the bank has paid a relatively meager $350 million fine for everyone to forget it ever happened, except its former CEO, Bob Diamond, who used technique number two: “Wax indignant. This is also known as the ‘how dare you?’ gambit..." after British Parliament observed the obvious – that he is an unmitigated filthy liar like all the rest (http://www.dailymail.co.uk/news/article-2176841/Lying-misleading-Parliament-criminal-offence.html).



And, then there is Standard Chartered who will pay a $340 million to settle charges that it illegally funneled hundreds of billions of dollars to Iran in violation of innumerable US and international sanctions. No criminal charges, mind you, just $340 million to take care of what amounted to a $250 billion conspiracy. Some might characterize that as a good investment (http://www.peakprosperity.com/blog/79470/what-dowhen-every-market-manipulated).


Finally, it would be unfair to leave out Morgan Stanley, lead underwriter of the now infamous Facebook offering, who took a play from Goldman Sachs and the great Paulson short. They marketed Facebook stock to the unwitting while shorting it all the way down (http://www.blacklistednews.com/And_Now_Facebook%27s_Bankers_Are_Divvying_Up_The_% 24100_Million_They_Made_Shorting_Facebook%27s_Stoc k/21082/0/38/38/Y/M.html), making another $100 million.



It is not just about Corzine anymore. The pathology of cronyism is endemic and spreading.



Immoral Of The Story


So, what is the moral of this hideous little tale? What are the lessons for our children?

Perhaps we should sit them down and wax philosophical:



"Kids, you know the old saying that 'crime doesn't pay?' Well, that's bullshit. Crime pays and pays big unless you are poor and without political connections in which case you will likely join the American gulag and soon.



"And that rule about always telling the truth? How can I put this gently? That's bullshit, too. Liars, good ones, rise to the top of government and corporations. They are sociopaths by nature and have no empathy for anyone other than themselves. They are sick, but they are rich. You can make more money from five minutes knowing the right insider than you can from a lifetime of hard work.



"And, finally, about that Biblical 'suggestion' to 'do unto others as you would have them do unto you?' Well, that will get you a job selling printer cartridges at Best Buy or teaching yoga to the woo-woos if you are limber.



"No, my children, If you want to make it big in this world, smile, lie, follow the money, suck the ass of those on the fast train, step on the little people and fuck anyone who gets in your way.



"Make Daddy proud."

http://www.dollarvigilante.com/blog/2012/8/20/mfing-justice.html