Ian Carroll
👤 PersonAppearances Over Time
Podcast Appearances
And when you start looking into how our financial system actually works, it's completely bonkers how much of it is made up of self-regulatory organizations. Meaning, I'm sure that these bankers and financiers will police themselves and make sure no one breaks any laws. Because after all, why would a banker ever even break a law?
And when you start looking into how our financial system actually works, it's completely bonkers how much of it is made up of self-regulatory organizations. Meaning, I'm sure that these bankers and financiers will police themselves and make sure no one breaks any laws. Because after all, why would a banker ever even break a law?
And when you start looking into how our financial system actually works, it's completely bonkers how much of it is made up of self-regulatory organizations. Meaning, I'm sure that these bankers and financiers will police themselves and make sure no one breaks any laws. Because after all, why would a banker ever even break a law?
Just look at Gary Gensler, the chair of the SEC for the last four years. He worked at Goldman Sachs for 18 years. Every door on Wall Street is a revolving door. And they don't hide it. They brag about how much financial experience all of these stooges have.
Just look at Gary Gensler, the chair of the SEC for the last four years. He worked at Goldman Sachs for 18 years. Every door on Wall Street is a revolving door. And they don't hide it. They brag about how much financial experience all of these stooges have.
Just look at Gary Gensler, the chair of the SEC for the last four years. He worked at Goldman Sachs for 18 years. Every door on Wall Street is a revolving door. And they don't hide it. They brag about how much financial experience all of these stooges have.
Another great example of a crazy conflict is from 2021 when the GameStock folks noticed that the global head of operations of Citadel Securities is on the board of the DTC, the company that's supposed to be overseeing all the stocks in the market.
Another great example of a crazy conflict is from 2021 when the GameStock folks noticed that the global head of operations of Citadel Securities is on the board of the DTC, the company that's supposed to be overseeing all the stocks in the market.
Another great example of a crazy conflict is from 2021 when the GameStock folks noticed that the global head of operations of Citadel Securities is on the board of the DTC, the company that's supposed to be overseeing all the stocks in the market.
Now, this is a little in the weeds, but because the DTC are in charge of issuing everyone's shares of stock, it's not too complicated of a job, theoretically. But then, when everyone noticed that the public numbers were showing that more than double the number of shares in existence had been borrowed for short selling, i.e. selling something that you don't actually own,
Now, this is a little in the weeds, but because the DTC are in charge of issuing everyone's shares of stock, it's not too complicated of a job, theoretically. But then, when everyone noticed that the public numbers were showing that more than double the number of shares in existence had been borrowed for short selling, i.e. selling something that you don't actually own,
Now, this is a little in the weeds, but because the DTC are in charge of issuing everyone's shares of stock, it's not too complicated of a job, theoretically. But then, when everyone noticed that the public numbers were showing that more than double the number of shares in existence had been borrowed for short selling, i.e. selling something that you don't actually own,
Alarmbells started going off. How is that even remotely possible? Pretty quickly, everyone figured out that no one owns any stock. We are actually all what is called beneficial owners. And that means that we get to play pretend with our little monopoly money and it works fine. But if the shit ever hits the fan, in reality, you don't own it. The DTC does.
Alarmbells started going off. How is that even remotely possible? Pretty quickly, everyone figured out that no one owns any stock. We are actually all what is called beneficial owners. And that means that we get to play pretend with our little monopoly money and it works fine. But if the shit ever hits the fan, in reality, you don't own it. The DTC does.
Alarmbells started going off. How is that even remotely possible? Pretty quickly, everyone figured out that no one owns any stock. We are actually all what is called beneficial owners. And that means that we get to play pretend with our little monopoly money and it works fine. But if the shit ever hits the fan, in reality, you don't own it. The DTC does.
And in the world of the stock market, these definitions matter. And so, The freaking retards online found this crazy obscure loophole that it's legal for anyone to take their shares out of the DTC's custody and register them directly in their own name with GameStop's transfer agent.
And in the world of the stock market, these definitions matter. And so, The freaking retards online found this crazy obscure loophole that it's legal for anyone to take their shares out of the DTC's custody and register them directly in their own name with GameStop's transfer agent.
And in the world of the stock market, these definitions matter. And so, The freaking retards online found this crazy obscure loophole that it's legal for anyone to take their shares out of the DTC's custody and register them directly in their own name with GameStop's transfer agent.
It's all a little nerdy and a little confusing, but in about a year and a half, we, yes, I am proudly a part of this statistic, we took about a third of the company's shares off of the public market and stashed them all away so they couldn't be used in this corrupt manipulative system.
It's all a little nerdy and a little confusing, but in about a year and a half, we, yes, I am proudly a part of this statistic, we took about a third of the company's shares off of the public market and stashed them all away so they couldn't be used in this corrupt manipulative system.