and prove my point all in the same response.
Case in point. Why revel in the destruction? You sensationalize the flooding of DTCC by writing this:
Where oh where has my $2 Quadrillion gone? Where oh where could it be? With my Dollars cut short... And my hours cut long... Where oh where could it be?
And highlighted these huge numbers as if you even understand what the DTCC does.
• $1.7 quadrillion
• 39.5 trillion
• $500 trillion
You cut and pasted everything written on the post as if you wrote it as being a source of knowledge when in fact you plagiarized it all and for no other reason than to blame the evil “bankster”.
Just wondering are you even a capitalist?......The bankers didn’t pass the laws that created the Fed, USG did, the bankers may have written the plan......but the USG is responsible for the creation.
Just so you know….the DTCC is a good thing…….a capitalist thing……a Libertarian thing.
• DTCC is an industry owned clearing house (meaning all the IB & CB pay for it to operate) for all the investment houses and banks. The $1.7 quadrillion is the dollar amount of traded securities throughout the years. The DTCC makes sure that all trades are cleared and settled so that the buyers and sellers don’t have any problems.
• The 39.5 trillion represents the dollar amount that they store for clients. Most people do not take ownership of the certificates them self. Clients don’t want the hassle and expense of having the certificates overnighted and then having to worry about storing them either at home or their business. Also what if you turn around and sell it with a few days…..keeping up with that would be a hassle, therefore technically they are held at the DTCC in their name for safety and convenience.
• $500 trillion which you conveniently left out the word NOTIONAL in your text which implies all the difference in the world in your comments…..but it was in the text that you plagiarized, means virtually nothing in the context that you use it. I will leave it up to you to education yourself on “Notional”.
Just for the record I asked “if anyone actually reads the reports” not the articles and the footnotes to the reports.
But from looking at your two links I am wondering if you even know what footnotes are. The definition of footnotes
Footnotes expand on the quantitative financial statements by providing qualitative information that allows for a greater understanding of a company's true financial performance over a specified time period.
In this article there are not any footnotes at all…..just quotes.
In this article what someone else labeled as a footnote is really a description of that the DTCC does.
Here is what your supposed footnote says.
Through multiple operating facilities and data centers around the world, DTCC and its subsidiary companies automate, centralize, and standardize the processing of financial transactions for thousands of institutions worldwide. With 40 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry, simplifying the complexities of clearance, settlement, asset servicing, global data management and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, derivatives, money market instruments, syndicated loans, mutual funds, alternative investment products, and insurance transactions. In 2011, DTCC’s subsidiaries processed securities transactions valued at approximately US$1.7 quadrillion. Its depository provides custody and asset servicing for securities issues from 122 countries and territories valued at US$39.5 trillion. DTCC’s global OTC derivatives trade repositories record more than US$500 trillion in gross notional value of transactions made worldwide across multiple asset classes.
This is not a footnote by either definition of a footnote……so I would say you don’t read the footnotes or the “reports” that you quote……..you read an article and believe the author of that article knows what he is talking about……so you have this information without any knowledge and neither the ability to understand or the wisdom to know the difference.
Our paths will continue to cross.
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