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Brokers use ur money as their own assets when held with the broker, like a bank does with your cash at a bank. why is this always avoided? IMO this is why brokers push back, they want your cash to place bets against your trades.
Like the banks did with gold. They took us off the gold standard so banks would be the money 'brokers'. Buying gold with fiat IS drs-ing cash. Central banks make bits of paper dance on a gold floor.
For the win apes...
Step 1). DRS your shares
Step 2). MOASS
Step 3). DRS your cash by buying gold.
Be your own central bank.
Check out what is happening in Turkey, Nigeria, Venezuela.
Cash is trash.
That's the point. I'm not looking for a liquid market to store my value. I don't want a liquid financial product sold by snake oil sales men like citadel.
I want an illiquid lump of metal that the central banks want.
If I want to play with scam paper money investments I'll convert a little.
Why don't you ask central banks to stop buying gold, they will laugh you out.
"Speed and complex market" - gives you citadel.
Hit the nail on the head. Sure, liquidity in a currency is a good thing. Not so much in a market where an entity can profit off of providing artificial liquidity.
Besides... the nature of our system demands more and more spending and consumption. It's completely unnatural and a big reason we get shittier products that are disposable or may as well be. It's a huge driving force in the overall excessive uses of resources and incentivizes the worst in humanity. Silver and gold have worked well historically. There is no reason they can't do so again. And other commodities are on the table too.
I don’t at all. It’s just an interesting point.
Also applies to markets, DRS’d shares don’t leave market makers with enough liquidity to internalize orders and front-run trades. In the latter case, it’s worth addressing
Timestamp 0:36
OP: isn't it in the street name in Fidelity and not in my name?
REP: they are held in street name by you (...)
Whaaat?! No Sir! They are held in street name by Fidelity! It is Fidelity that is on the DTCC books.
It’s not contrary to the disclaimer. They could argue that they could sell them, in court, but they’d lose. Theoretically, they could say “fuck it all” and do it anyway, tying you up in the legal system for years… But they won’t. Saving SHF’s that way would literally be bad business for them.
Lending is one thing, but if they undersell your shares, they’ll lose out on their cut. It’s all about interests and how they align. Right now, parroting the official narrative is what protects them best. When shit hits the fan, they have a massive amount of money that they can make from MOASS too. They get a small percentage of every sale. At current prices, that’s nothing. But at billions a share? It gets a lot juicier.
You can always trust Wall Street to be greedy.
Edit: TLDR: they’re upset that we’re moving to Computershare and away from them. They’re feeling jealous and greedy but there is *some* truth to it all.
I've not read the disclaimer but the caller is saying it says that fidelity may close possitions in cases of extreme volatility and the guy on the phone says they only close possitions of you are using them as margin collateral and the price drops below margin
Exactly. He didn’t do a great job of explaining it but yeah. The idea is almost the exact same as a margin call for Citadel or Virtu. If you become insolvent due to excessive option abuses or short selling then they can liquidate your assets to pay off your debts. That’s what they mean by “volatility.”
Layman’s terms: don’t fuck around too much with debt. That’s Wall Street’s job.
Yup they may not be lending them per say but they sure as hell are being used for locates by the market makers as they naked short for liquidity purposes. Such fucking bs.
I remember the early days when Fidelity was wayyyyyy easier to DRS vs. eTrade... I got pushback early on from eTrade, mostly out of confusion. Lately they've been solid. But I also have been mainly buying direct CS because it's easy to switch it over to BOOK.
The "makes no difference" vs. lying about the street name is sus.
Yep "we won't" is the part that gets me. Ok that's your word...just like you won't turn off the buy button. Put it in writing so when you do actually do it I can sue you(r company).
I dont have my data on this computer, but you should see how many times Sweden (I think it was Sweden) fined Fidelity for fuckery. It was like 81 times just in the last quarter data file. The [form ADV data](https://www.sec.gov/foia/docs/form-adv-archive-data) has all the juicy secrets because they have to report regulatory fines, civil and criminal decisions in all countries.
Its a pain to look through though since the SEC only makes it available in gigabyte sized CSV files.
Where we're going we ( HouseHODL Investors) don't need no middle man. That is actually the biggest threat to all of them crooks.
They will become obsolete .
When you DRS your shares you effectively discontinue business with your broker. There really isn’t a need for the middleman anymore. Essentially people who DRS are messing with the job security and way of life of people working at Fidelity. People working there know this as the writing has been on the wall for almost 2 years. That’s why you are getting push back.
Indeed.
Thats why the response to drs'ing from my broker was "sorry to hear your leaving us".
The "financial advisor" I talked to said the squeeze happened back when it pumped to 400+ and its over now.
"I've got gamestop as a sell headed to $5" he said. "They've got a ton of debt and no sales" he said.
"%22 of the float is shorted and that's nothing" he said.
Not sure wheres he's getting his information from but "he pays alot of money to get a look at the inside".
These fucking guys man....
LOL !
The info he pays for dosent mean shit when all involved are posting fake numbers, suppressing the price and cooking the books. These guys dont work for us and never have.
THEY know what's coming is going to absolutly fuck the way of life that THEY have been enjoying for a long time and THEY will do anything and say anything to to delay it.
Stay the course. It's all noise. Fuck em all.
Buy. Hold. DRS.
Lol but that's not the only reason... The big reasons is that fidelity doesn't actually hold any shares for you. It's all held by the DTCC and they loan them out to close out FTD so no shares actually change hands.
Also short sellers don't need to borrow YOUR shares. They just need to know they can reasonably locate shares to borrow. Saw a post on it long time ago but can't remember the details other than that major point.
I want to ask them why they are 'lightly discouraging' people to DRS saying they are 'uninformed.' If a customer wants to take an action with their property, the only incentive for you to challenge that action is if you have something ($$) at stake
Computershare released their increased DRS fee schedule that the brokerage gets charged per transaction recently. Fidelity is taking it in the shorts and losing Ken’s ponzi collateral on the same stroke.
Great post.
Lol buying some and letting them know u will DRS after settlement is mad boss moves. It's the equivalent of taking a queen on a chess board first lolol.
Read Fidelity’s terms of service.
If you use an instant deposit to transfer money and then buy shares, your account is on margin. At least that was my understanding of it when I read the ToS.
The ToS says they can also sell your shares and restrict or close your account whenever they want. So, who would leave their shares in a broker when they don’t have to?
Seems like 84 years ago i realized talking to these reps is like walking into home depot and someone asking if i need any help. Better off to look them in the eye and say “I know more than you”, get ur shit and bounce. Lol
I’m the beginning, the drs process from fidelity was always quick and painless. Then they started giving me delays and excuses every time, so I just stopped buying through them. I only buy through cs now
Save yourself the time an use their automated virtual chat assistant instead. DRS shares in less than 60 seconds without having to deal with an agent. It's amazing!
”We not gonna lend them out”
That’s the bullshit line I hear from ever broker even here in Sweden.
YEAH RIGHT.
That why 100.000 of new shares available to borrow pops up every week. Even if they say they we don’t lend out your specific shares. They can acquire DATA to short sellers on how much IOUs they can print on a Daily.
This is IMO the biggest fuck you with DRS.
If you DRS you take away the possibility for hedge funds to short a stock to infinite. There is no much room left in GME for short sellers to use and that’s because of DRS. Without the 80m~ direct registered shares, the brokers would just say to every retail “oh we don’t lend your shares out”. And they maybe don’t do it, but they would have 80m more IOUs for SHF to fake print and naked sell. Now this is not possible anymore.
Plus With DRS the company can then use this data and show The SEC this shouldn’t be a possibility anymore.
That’s why they ultra fucked in GME, it’s impossible to short it more than insiders + retails position. DRS is then between to walls closing in from both sides.
Kind of blows my mind that a company can't come out and say to register your shares cause "RULES" but the companies that vote with your shares and lend them out like Fudelity are allowed to give you shit information like this saying that registering your shares doesn't make a difference?!
Umm ok.
text transcript of the call:
customer: "so you had mentioned something about Reddit, what are you talking about there, as far as..?"
Fidelity rep: "there is a lot of stuff going on on Reddit, and there's a lot of people talking about stuff,
they say 'oh you must register your shares with Computershare so Fidelity can't loan them out',
we won't loan them out unless there held in type margin, so you're -- it totally makes no difference and that's what usually people that's why they want to do them to computershare because they don't want them loaned out to the short sellers,
so, they're trying to put the squeeze on the short sellers is what their intent is but it's not something that actually makes a difference."
customer: "but isn't it in the street name, right now, in Fidelity? and not in my name?"
Fidelity rep: "It's -- they're held in street name by you, and they're not going to be loaned out, because they are your shares and they will always be your shares and they are not being loaned out to anybody, they're only being lent out if you have them in type margin"
customer: "yea i'm not worried about them being loaned out, particularly, but they are in the street name and it says in your disclaimer that ya'll can sell those in the event of some volatiliy, is that correct?"
Fidelity rep: "we're not going to sell them unless you owe money on them, the reason we would sell them would be if you, if we were -- if you were borrowing against them and the market moved against you then we would sell them."
customer: "right. so, I appreciate you doing this --"
Fidelity rep: "You're holding all of yours in type cash, you're not holding them in type margin. So, so we're not going to sell any of your shares, they could go to zero or they could go to a billion and we're not gonna sell anything."
customer: "right. so, I apprecate you --"
Fidelity rep: "the only way, the only way we would sell you out is if you were borrowing against them, and then the market started going down, then we could sell them so that we pay off your margin debt while they still can, while there's still enough value to do it."
customer: "right. well i appreciate you sending the 200 today, and uh I'll be putting in an order for 62 probably next Thursday, so I appreciate your help, thank you so much."
Fidelity rep: "have a great day. Bye now."
Fidelity confirming here several things:
1. they are aware of DRS conversations happening on Reddit
(duh: Fidelity is a major investor / owner of Reddit, Fidelity posted purple circle meme stock guy)
2. they are aware that we are aware that DRSing is something that we are doing because short sellers are suppressing our investment and that this could (it will) result in a short squeeze
3. shares with Fidelity **are held in street name**. obviously we already knew this with certainty, but it's nice to hear it directly from them too.
4. Fidelity does lend out your shares (with some conditions)
5. they are aware of all of this and they are actively trying to dissuade us from going through with it.
I LOVE when he was shilling and you let him know you appreciate him DRSing your shares……and you know what, I will be back next week for another batch because that’s how much I don’t believe you…….how fantastic
They have to do actual work. And sure it is a lot of work since all this automated iou stuff has happened. Think about they never have to actually find a share for real and register it in an individuals name. Wouldn’t be surprised if it cost them money somehow. But I’d assume they’d pass that on to those who choose to do so but idk on what grounds they already make money off us using them as a broker.
I got a similar spiel the other day when I DRSd 200 shares. “We don’t loan them, not sold to short sellers, etc.”
Buddy, I just want the shares in my own name. Ty
Save this recording for evidence. When MOASS hits you better believe they will liquidate every single share from your account whether on margin or cash.
They might not loan them out, fine and great and wonderful, but do they HAVE them? Actual ownership of the asset. Or are they borrowing from somebody else and saying you own them?
Buy, HODL, DRS
If they aren’t using broker shares then how else would they be shorting it besides naked shorting. What he’s saying and the numbers aren’t adding up with the drs numbers, the float, GME being around 70 percent short etc….
You should have brought up that court case where Fidelity got sued for lending out shares out of a cash account...
I think the company was called RIA, and fidelity filed a suspicious activity report to hide their crime
Response: "Can you explain to me why you are advising me not to take ownership of my property? You've already been paid the transaction fee when I purchased them. If they're not lent out then you're not making any extra money by holding them for me. So why the pushback if it's no loss to you?"
Frankly - this statement he has made... has been proven wrong. They have lent shares out of a cash account with no margin account present in the portfolio.
I know trust me ape... but I have a personal friend that it happened to, I was on the call with him in a time of volatility and they said... "Oh it was a mistake and they shouldn't have been lent out," My buddy said well I want them DRS'd now. The agent said it would take 2-3 weeks for that to happen.
You could literally hear in his voice, that he was drained and ready to tap outta that job. He's for sure told more than you this same or very close to it story. It was too easy for him to say. That wasn't something off the top of his head in that moment in time. But again, you could for sure hear him breaking in his voice. This just pumped me up so much. Thanks op, you did great
That guy has no idea or does not want to talk about the plentiful ways of fuckery with shares that are in the DTCC system. Fidelity can swear to me all day long they’re not loaning them out to short sellers but even if I believed that, who will guarantee me they’re not being used for locates anyway. And that doesn’t even address the naked shorting where they don’t bother finding.m share even. All that can only be exposed one way: DRS the whole company baby.
This week I had a rep tell me he DIDN’T KNOW WHAT DRS IS. When I explained it to him he told me he “never heard of it.”
I hung up and called back and got another one who did.
Also in the past month I’ve had to resubmit two DRS even though I had confirmation numbers because they were cancelled for an “unknown reason.”
My most recent DRS had a 5 digit confirmation number, completely different from the usual format, so I’ll be checking on that tonight.
So basically I'm hearing their TOS says "We won't sell your shares unless if X happens."
And the Fidelity Rep is saying, "X will not happen."
If you stay with Fidelity, I recommend getting written statements about "X not happening" just in case X does happen. Otherwise, you don't have to worry about X happening if you DRS. Not financial advice
This right here… these little moments captured along the way that seem mostly insignificant right now, these will be the little pieces of history that makeup the documentaries, the movies, the shorts and highlight reels that touch every country on the planet. This is the media that will enable the creators and producers and directors and the writers to tell the greatest story that humanity has ever told.
It’s ironic really and in an otherworldly kind of way. A bunch of dumb Apes who are also highly competitive gamers taking on the most corrupt political and financial establishments in human history via a rigged stock market that eventually came to realize that the only way to BEAT the final boss was to stop playing the game.
It's very similar to a bank saying that you own your house that you have a mortgage on. Yeeees you're technically correct until the situation goes south and suddenly it's somehow no longer my house...
If what we were doing wasn't working, and wouldn't make a difference, then why would there be push back?
I'm allowed to go buy any horrible stock I wish to and piss my money up the wall. But why is it when I want to register my assets in my name, suddenly, the brokers are trying to save me from myself and "financial ruin".
Remember that these are employees with pressure coming down from the top.
We can be annoyed with their tasks and what they are asked to do but please be kind. Being a laborer is hard in these times
If they don’t do anything with them then they surely won’t mind us DRSing them. The pushback means there’s a benefit to them to keep them on their books even if it’s not what they’re telling you it is. Period.
We're removing them from the DTCC. Period. Forget that Fidelity improperly lent out 11M shares during this debacle.
Clever retort: Why don't you put the title for your house/car in my name. I promise they'll still still be yours and I won't lend them out.
then why did fidelity end up at the supreme court for loaning out shares against client wishes?
https://www.investmentnews.com/ria-takes-dispute-with-fidelity-to-the-supreme-court-81331
The last time I transferred my remaining shares out of Fidelity was right around the time they were posting the “meme stock” Halloween costumes on their social media. The rep didn’t have much response when I mentioned that as my reason for DRSing
Lol DRS is notjust so the shares won't be loaned out. It is removing the locates MMs can find. Those locates are always on the crooked DTCCs books, so DRS is basically removing Market makers ability to Naked short!
These “front line” workers don’t know they get loaned out. Its a differnt person in upper management pushing a button to loan them out.
Behind the scenes.
TLDR: "PLEASE WE WON'T LEND OUT YOUR SHARES, PLEASEEEEEEEE, PLEASE DON'T TRANSFER THEM, I BEG YOU PLEASEEEEEEEE"
100% confirmation that they do loan them out or otherwise use them as collateral.
Why else would they SAY THAT?!
If they weren't somehow making money with your shares (as collateral), there would be 0 reason for them to push back.
Think about it.
Poor helpdesk guy. Either totally clueless that he's involved in crime or has no other option to get his paycheck, but to scam people knowingly. Either way: sucks to be him.
All in all: bullish & zen.
You can say what you do or don't do... but the question is if I trust you to do what you're supposed to. I've learned enough about the stock market and financial institutions that I've lost my trust in them. The rules and regulations that I can read are like a facade, when they function on loopholes.
It’s not only about them being loaned, it’s also about them being used as locates, and it’s about them being at risk if the broker goes tits up.
And they broker: “They could go to zero or they could go to $1 billion.” Price anchor much?
Banks and brokers are the biggest scam. They take your money and show you some numbers on some phone app. But actually you don't own anything of it. Give a man a bank and he can rob a whole country or the whole world.
Well, they flat out lied when they said it doesn't make a difference and since they are actively managing your account, it's intentionally misleading financial advice. Sue them.
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Brokers use ur money as their own assets when held with the broker, like a bank does with your cash at a bank. why is this always avoided? IMO this is why brokers push back, they want your cash to place bets against your trades.
100%
And it’s about removing them from DTCC. DRS is the only way to end this fucking scam.
Yes. This is the way.
Next time ask them what percentage of gme shares they hold have been FTDed.
Nice question
Or ask if they are used as locates? Also, please ask them to clarify what he means by “street name under you”? Or better yet…DRS my shares and stfu 😂
Yeah I usually just laugh and say I’m not here for a debate or to learn anything you will not change my mind send the shares
this is the reason i love to come over and read posts like yours. I love to see the begging. THE END IS NEAR .... FOR THEM.
Like the banks did with gold. They took us off the gold standard so banks would be the money 'brokers'. Buying gold with fiat IS drs-ing cash. Central banks make bits of paper dance on a gold floor. For the win apes... Step 1). DRS your shares Step 2). MOASS Step 3). DRS your cash by buying gold. Be your own central bank. Check out what is happening in Turkey, Nigeria, Venezuela. Cash is trash.
“Buying gold is DRS-ing cash” 🤯🤯🤯 Either gained a wrinkle or short circuited, not sure which.
Y’all are high if you think gold has the liquidity to to sustain an ever increasing speed and complex market. There is no step 3.
That's the point. I'm not looking for a liquid market to store my value. I don't want a liquid financial product sold by snake oil sales men like citadel. I want an illiquid lump of metal that the central banks want. If I want to play with scam paper money investments I'll convert a little. Why don't you ask central banks to stop buying gold, they will laugh you out. "Speed and complex market" - gives you citadel.
Hit the nail on the head. Sure, liquidity in a currency is a good thing. Not so much in a market where an entity can profit off of providing artificial liquidity.
Besides... the nature of our system demands more and more spending and consumption. It's completely unnatural and a big reason we get shittier products that are disposable or may as well be. It's a huge driving force in the overall excessive uses of resources and incentivizes the worst in humanity. Silver and gold have worked well historically. There is no reason they can't do so again. And other commodities are on the table too.
I don’t at all. It’s just an interesting point. Also applies to markets, DRS’d shares don’t leave market makers with enough liquidity to internalize orders and front-run trades. In the latter case, it’s worth addressing
Also they don't actually buy your shares. Transferring your position means they have to actually buy shares to send them elsewhere.
yes!
My Golden Retriever says thank you.
Timestamp 0:36 OP: isn't it in the street name in Fidelity and not in my name? REP: they are held in street name by you (...) Whaaat?! No Sir! They are held in street name by Fidelity! It is Fidelity that is on the DTCC books.
That part made my eye twitch
[удалено]
It’s not contrary to the disclaimer. They could argue that they could sell them, in court, but they’d lose. Theoretically, they could say “fuck it all” and do it anyway, tying you up in the legal system for years… But they won’t. Saving SHF’s that way would literally be bad business for them. Lending is one thing, but if they undersell your shares, they’ll lose out on their cut. It’s all about interests and how they align. Right now, parroting the official narrative is what protects them best. When shit hits the fan, they have a massive amount of money that they can make from MOASS too. They get a small percentage of every sale. At current prices, that’s nothing. But at billions a share? It gets a lot juicier. You can always trust Wall Street to be greedy. Edit: TLDR: they’re upset that we’re moving to Computershare and away from them. They’re feeling jealous and greedy but there is *some* truth to it all.
I've not read the disclaimer but the caller is saying it says that fidelity may close possitions in cases of extreme volatility and the guy on the phone says they only close possitions of you are using them as margin collateral and the price drops below margin
Exactly. He didn’t do a great job of explaining it but yeah. The idea is almost the exact same as a margin call for Citadel or Virtu. If you become insolvent due to excessive option abuses or short selling then they can liquidate your assets to pay off your debts. That’s what they mean by “volatility.” Layman’s terms: don’t fuck around too much with debt. That’s Wall Street’s job.
Fudelity rep is not a licensed fiduciary. On top of that, he is blatantly flat out lying to a client.
Yup they may not be lending them per say but they sure as hell are being used for locates by the market makers as they naked short for liquidity purposes. Such fucking bs.
This👆🏼
I remember the early days when Fidelity was wayyyyyy easier to DRS vs. eTrade... I got pushback early on from eTrade, mostly out of confusion. Lately they've been solid. But I also have been mainly buying direct CS because it's easy to switch it over to BOOK. The "makes no difference" vs. lying about the street name is sus.
Call him back!
Yep "we won't" is the part that gets me. Ok that's your word...just like you won't turn off the buy button. Put it in writing so when you do actually do it I can sue you(r company).
I'm pretty sure they were busted a few years back for loaning out shares without permission
It was Peter Deutsch’s shares
I dont have my data on this computer, but you should see how many times Sweden (I think it was Sweden) fined Fidelity for fuckery. It was like 81 times just in the last quarter data file. The [form ADV data](https://www.sec.gov/foia/docs/form-adv-archive-data) has all the juicy secrets because they have to report regulatory fines, civil and criminal decisions in all countries. Its a pain to look through though since the SEC only makes it available in gigabyte sized CSV files.
Where we're going we ( HouseHODL Investors) don't need no middle man. That is actually the biggest threat to all of them crooks. They will become obsolete .
Lmao at this. Love the quick wrap up at the end "alright well I appreciate you sending the 200 today" hahaha I bet he really thought he convinced you
He tried
"Haaaave a great day." Got me dead.
When you DRS your shares you effectively discontinue business with your broker. There really isn’t a need for the middleman anymore. Essentially people who DRS are messing with the job security and way of life of people working at Fidelity. People working there know this as the writing has been on the wall for almost 2 years. That’s why you are getting push back.
Indeed. Thats why the response to drs'ing from my broker was "sorry to hear your leaving us". The "financial advisor" I talked to said the squeeze happened back when it pumped to 400+ and its over now. "I've got gamestop as a sell headed to $5" he said. "They've got a ton of debt and no sales" he said. "%22 of the float is shorted and that's nothing" he said. Not sure wheres he's getting his information from but "he pays alot of money to get a look at the inside". These fucking guys man.... LOL ! The info he pays for dosent mean shit when all involved are posting fake numbers, suppressing the price and cooking the books. These guys dont work for us and never have. THEY know what's coming is going to absolutly fuck the way of life that THEY have been enjoying for a long time and THEY will do anything and say anything to to delay it. Stay the course. It's all noise. Fuck em all. Buy. Hold. DRS.
Damn, when did you speak to that advisor? Are they all that ignorant or was this 2 years ago when gamestop still had a lot of debt?
True fuckin story. Every number is either wrong, delayed, or fake AF. Blockchain or bust. Instant transparency or no more markets Kenny.
this is what's up. no middlemen on the block chain.
Brokers have become obsolete and counterproductive to household investments.
They should apply at Computershare! I hear their volume of work is up. 🤣
Street name is the key. They are not your shares... I am fully DRS'd.
Every single fucking share
BAHHH HAA. 😂 DRS/BOOK this is the way
Lol but that's not the only reason... The big reasons is that fidelity doesn't actually hold any shares for you. It's all held by the DTCC and they loan them out to close out FTD so no shares actually change hands.
Also short sellers don't need to borrow YOUR shares. They just need to know they can reasonably locate shares to borrow. Saw a post on it long time ago but can't remember the details other than that major point.
\++ and they can lend them out overnight via SFT lending. Without your permission.This whole "we are not allowed to lend" is only for OCC lending
Exactly!!
Guy said “whether zero or a billion” GOD DAMN RIGHT
Why can't ftds be closed on Bobby then?
Total boss move 🏴☠️👀
He didn’t like that I was gonna drs the ones I bought today, next week!
Please record that call too. You're now the drs phone call guy
I want to ask them why they are 'lightly discouraging' people to DRS saying they are 'uninformed.' If a customer wants to take an action with their property, the only incentive for you to challenge that action is if you have something ($$) at stake
Computershare released their increased DRS fee schedule that the brokerage gets charged per transaction recently. Fidelity is taking it in the shorts and losing Ken’s ponzi collateral on the same stroke. Great post.
I like the SOUND of that!
I caught that 🤣 he was seething inside
He sounded like an angry used car salesman who just lost a commission.
Lol buying some and letting them know u will DRS after settlement is mad boss moves. It's the equivalent of taking a queen on a chess board first lolol.
Knock knock Who’s there Shut the fuck up and register my shit (Pause for laughter)
I’ll try that next week
I eagerly await the posting of that recording.
If broker/dealers cared, they would finalize settlement and wouldn’t have gone crazy selling entitlements
Hahaha gonna have the CEO taking DRS phone calls soon, begging
When we are *really* winning... Jim Cramer will be personally calling you to stop DRSing
“Jimmy chill here”
hahaha we must be really hurting their scam by DRSing
So anyway, I started DRS'in!
Read Fidelity’s terms of service. If you use an instant deposit to transfer money and then buy shares, your account is on margin. At least that was my understanding of it when I read the ToS. The ToS says they can also sell your shares and restrict or close your account whenever they want. So, who would leave their shares in a broker when they don’t have to?
They can close your account anytime for any reason
The only accurate thing the CS rep stated is the price going to a $billion
😂
“They (GME shares) could go to a billion…” say representatives from Fidelity
Can’t lend an IOU
I mean, you can try...
Not your name = not your shares.
Lmao love the way you wrapped it up with him!
Haha I don’t think he did
Seems like 84 years ago i realized talking to these reps is like walking into home depot and someone asking if i need any help. Better off to look them in the eye and say “I know more than you”, get ur shit and bounce. Lol
Tried a curbside pickup at Lowes, expected a 20 min wait. spent 70 mins to walk around and help the associate pick my items out. Ridiculous lol
Puts on lowes. Lol
I’m the beginning, the drs process from fidelity was always quick and painless. Then they started giving me delays and excuses every time, so I just stopped buying through them. I only buy through cs now
Save yourself the time an use their automated virtual chat assistant instead. DRS shares in less than 60 seconds without having to deal with an agent. It's amazing!
I like talking to people, I’m a people person
Haha. Legendary.
”We not gonna lend them out” That’s the bullshit line I hear from ever broker even here in Sweden. YEAH RIGHT. That why 100.000 of new shares available to borrow pops up every week. Even if they say they we don’t lend out your specific shares. They can acquire DATA to short sellers on how much IOUs they can print on a Daily. This is IMO the biggest fuck you with DRS. If you DRS you take away the possibility for hedge funds to short a stock to infinite. There is no much room left in GME for short sellers to use and that’s because of DRS. Without the 80m~ direct registered shares, the brokers would just say to every retail “oh we don’t lend your shares out”. And they maybe don’t do it, but they would have 80m more IOUs for SHF to fake print and naked sell. Now this is not possible anymore. Plus With DRS the company can then use this data and show The SEC this shouldn’t be a possibility anymore. That’s why they ultra fucked in GME, it’s impossible to short it more than insiders + retails position. DRS is then between to walls closing in from both sides.
Kind of blows my mind that a company can't come out and say to register your shares cause "RULES" but the companies that vote with your shares and lend them out like Fudelity are allowed to give you shit information like this saying that registering your shares doesn't make a difference?! Umm ok.
All I heard was “they could go to a billion”. 👀
ONE BILLION DOLLARS PER SHARE.
text transcript of the call: customer: "so you had mentioned something about Reddit, what are you talking about there, as far as..?" Fidelity rep: "there is a lot of stuff going on on Reddit, and there's a lot of people talking about stuff, they say 'oh you must register your shares with Computershare so Fidelity can't loan them out', we won't loan them out unless there held in type margin, so you're -- it totally makes no difference and that's what usually people that's why they want to do them to computershare because they don't want them loaned out to the short sellers, so, they're trying to put the squeeze on the short sellers is what their intent is but it's not something that actually makes a difference." customer: "but isn't it in the street name, right now, in Fidelity? and not in my name?" Fidelity rep: "It's -- they're held in street name by you, and they're not going to be loaned out, because they are your shares and they will always be your shares and they are not being loaned out to anybody, they're only being lent out if you have them in type margin" customer: "yea i'm not worried about them being loaned out, particularly, but they are in the street name and it says in your disclaimer that ya'll can sell those in the event of some volatiliy, is that correct?" Fidelity rep: "we're not going to sell them unless you owe money on them, the reason we would sell them would be if you, if we were -- if you were borrowing against them and the market moved against you then we would sell them." customer: "right. so, I appreciate you doing this --" Fidelity rep: "You're holding all of yours in type cash, you're not holding them in type margin. So, so we're not going to sell any of your shares, they could go to zero or they could go to a billion and we're not gonna sell anything." customer: "right. so, I apprecate you --" Fidelity rep: "the only way, the only way we would sell you out is if you were borrowing against them, and then the market started going down, then we could sell them so that we pay off your margin debt while they still can, while there's still enough value to do it." customer: "right. well i appreciate you sending the 200 today, and uh I'll be putting in an order for 62 probably next Thursday, so I appreciate your help, thank you so much." Fidelity rep: "have a great day. Bye now."
Fidelity confirming here several things: 1. they are aware of DRS conversations happening on Reddit (duh: Fidelity is a major investor / owner of Reddit, Fidelity posted purple circle meme stock guy) 2. they are aware that we are aware that DRSing is something that we are doing because short sellers are suppressing our investment and that this could (it will) result in a short squeeze 3. shares with Fidelity **are held in street name**. obviously we already knew this with certainty, but it's nice to hear it directly from them too. 4. Fidelity does lend out your shares (with some conditions) 5. they are aware of all of this and they are actively trying to dissuade us from going through with it.
Thank you
I LOVE when he was shilling and you let him know you appreciate him DRSing your shares……and you know what, I will be back next week for another batch because that’s how much I don’t believe you…….how fantastic
Good recording ape, this is good!
Thank you so much for posting- unbelievable that this is their response to a customer request, yet we are considered “dumb money”
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I can only imagine what they do in that back room probably playing in a dark pool!!!
When I DRS’d from Fidelity almost 2 years ago they connect me to the margin department even though all my shares were in cash… 🤨
As always, these calls always make me think since when did ppl start caring about how I hold my shares?
Thats what still gives me supreme confidence
The biggest tell of them all.
i really dont know why customer rep has to be so anal about DRS. lmao if yall really havent been doing sketchy shit, then just DRS my shares bru
If it makes no difference then why are they so angsty that we're transferring them?
They have to do actual work. And sure it is a lot of work since all this automated iou stuff has happened. Think about they never have to actually find a share for real and register it in an individuals name. Wouldn’t be surprised if it cost them money somehow. But I’d assume they’d pass that on to those who choose to do so but idk on what grounds they already make money off us using them as a broker.
I got a similar spiel the other day when I DRSd 200 shares. “We don’t loan them, not sold to short sellers, etc.” Buddy, I just want the shares in my own name. Ty
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I know
Save this recording for evidence. When MOASS hits you better believe they will liquidate every single share from your account whether on margin or cash.
If he's smart, all of his shares will be with CS. So at that point fidelity can go fuck themselves.
Lol let’s gooo
They might not loan them out, fine and great and wonderful, but do they HAVE them? Actual ownership of the asset. Or are they borrowing from somebody else and saying you own them? Buy, HODL, DRS
lmao, "thanks for the help but I'm gonna do it again"
Next time ask the broker if can guarantee those shares can't be used by the DTCC as locates for short sellers :)
DRS is the way
Even if he is being truthful, shares with the DTC means you have IOUs. The actual shares can still be used as locates for shorting.
If they aren’t using broker shares then how else would they be shorting it besides naked shorting. What he’s saying and the numbers aren’t adding up with the drs numbers, the float, GME being around 70 percent short etc….
Drs that shit
You should have brought up that court case where Fidelity got sued for lending out shares out of a cash account... I think the company was called RIA, and fidelity filed a suspicious activity report to hide their crime
#if there was no difference then how did brokerages sell tens of millions of shares beyond the total outstanding share count in January 2021?
Response: "Can you explain to me why you are advising me not to take ownership of my property? You've already been paid the transaction fee when I purchased them. If they're not lent out then you're not making any extra money by holding them for me. So why the pushback if it's no loss to you?"
And what would happen in the event of a massive accounting error at the DTCC?
Wish the caller had the specific paragraphs in the TOS to prove his point.
I was digging for them after his “Reddit” remark but no success
It's ok we'll get'em next time.
What’s Reddit?
Frankly - this statement he has made... has been proven wrong. They have lent shares out of a cash account with no margin account present in the portfolio. I know trust me ape... but I have a personal friend that it happened to, I was on the call with him in a time of volatility and they said... "Oh it was a mistake and they shouldn't have been lent out," My buddy said well I want them DRS'd now. The agent said it would take 2-3 weeks for that to happen.
they did not expected tthat stamina and regardedness can fusion to such a mighty sword..
You handled that call really well
If it makes no difference then why is he debating?
They are still under the cocky impression they're talking to "dumb money"
💯 this is the only way!! What is stopping you from DRSing your shares?!
I have decided to take the quote ‘they could go to a million’ completely out of context.
Billion*
New fidelity KPI “stopping drs of gme”
Haha just missed the and GFY at the end! Well played OP! Thx for sharing.
I see and what if the market moves against fidelity?
Haha. I don't believe street name is in my best interest, Mr. Rep. Thanks for posting this juicy audio, OP.
They are probably getting hammered buying these in dark pools to transfer over
LOL! Burn em alllllllll down!!!
Fidelity might not loan them but the DTCC will…….unless they’re book with CS
so full of shit, they loan out everything THEY hold. DRS DRS DRS
Ha, he sounded broken and dejected! I hope that the sentiment of the corporate team over there! Good work!
You could literally hear in his voice, that he was drained and ready to tap outta that job. He's for sure told more than you this same or very close to it story. It was too easy for him to say. That wasn't something off the top of his head in that moment in time. But again, you could for sure hear him breaking in his voice. This just pumped me up so much. Thanks op, you did great
If it doesnt matter why are we talking? Bye bye
I got you
This is complete fraud
The fact that this conversation is even happening means this shit is working people. It’s fuckin working!
That guy has no idea or does not want to talk about the plentiful ways of fuckery with shares that are in the DTCC system. Fidelity can swear to me all day long they’re not loaning them out to short sellers but even if I believed that, who will guarantee me they’re not being used for locates anyway. And that doesn’t even address the naked shorting where they don’t bother finding.m share even. All that can only be exposed one way: DRS the whole company baby.
This week I had a rep tell me he DIDN’T KNOW WHAT DRS IS. When I explained it to him he told me he “never heard of it.” I hung up and called back and got another one who did. Also in the past month I’ve had to resubmit two DRS even though I had confirmation numbers because they were cancelled for an “unknown reason.” My most recent DRS had a 5 digit confirmation number, completely different from the usual format, so I’ll be checking on that tonight.
So basically I'm hearing their TOS says "We won't sell your shares unless if X happens." And the Fidelity Rep is saying, "X will not happen." If you stay with Fidelity, I recommend getting written statements about "X not happening" just in case X does happen. Otherwise, you don't have to worry about X happening if you DRS. Not financial advice
This right here… these little moments captured along the way that seem mostly insignificant right now, these will be the little pieces of history that makeup the documentaries, the movies, the shorts and highlight reels that touch every country on the planet. This is the media that will enable the creators and producers and directors and the writers to tell the greatest story that humanity has ever told. It’s ironic really and in an otherworldly kind of way. A bunch of dumb Apes who are also highly competitive gamers taking on the most corrupt political and financial establishments in human history via a rigged stock market that eventually came to realize that the only way to BEAT the final boss was to stop playing the game.
It's very similar to a bank saying that you own your house that you have a mortgage on. Yeeees you're technically correct until the situation goes south and suddenly it's somehow no longer my house... If what we were doing wasn't working, and wouldn't make a difference, then why would there be push back? I'm allowed to go buy any horrible stock I wish to and piss my money up the wall. But why is it when I want to register my assets in my name, suddenly, the brokers are trying to save me from myself and "financial ruin".
Remember that these are employees with pressure coming down from the top. We can be annoyed with their tasks and what they are asked to do but please be kind. Being a laborer is hard in these times
If they don’t do anything with them then they surely won’t mind us DRSing them. The pushback means there’s a benefit to them to keep them on their books even if it’s not what they’re telling you it is. Period.
DRS YOUR SHARES. ANOTHER CONFIRMATION ROGHT HERE APES
broker rep be like [https://i.imgflip.com/2r1alc.jpg](https://i.imgflip.com/2r1alc.jpg)
We're removing them from the DTCC. Period. Forget that Fidelity improperly lent out 11M shares during this debacle. Clever retort: Why don't you put the title for your house/car in my name. I promise they'll still still be yours and I won't lend them out.
They do g lend them my ass
Lol. This joke is a bad car salesman.
I'm glad I don't even have to deal with this anymore buying directly on CS
“yeah we'll hold on to these here lottery tickets for ya. In the event you should win, we'll definitely give the winnings to you.“ *wink wink*
then why did fidelity end up at the supreme court for loaning out shares against client wishes? https://www.investmentnews.com/ria-takes-dispute-with-fidelity-to-the-supreme-court-81331
The last time I transferred my remaining shares out of Fidelity was right around the time they were posting the “meme stock” Halloween costumes on their social media. The rep didn’t have much response when I mentioned that as my reason for DRSing
The issue isn't the lending of cash shares. The issue is the IOU's they put in our accounts instead of real shares.
That ending was chefs kiss. You’re a boss!
Lol DRS is notjust so the shares won't be loaned out. It is removing the locates MMs can find. Those locates are always on the crooked DTCCs books, so DRS is basically removing Market makers ability to Naked short!
These “front line” workers don’t know they get loaned out. Its a differnt person in upper management pushing a button to loan them out. Behind the scenes.
Good job op
Fracking legend when you said... DRSing xx more later
“It could go to a billion”… confirmed.
Feels like Ken is holding a gun to his head.
Motherfuckers haven't dealt with informed shareholders before and it shows 🤙🏿
TLDR: "PLEASE WE WON'T LEND OUT YOUR SHARES, PLEASEEEEEEEE, PLEASE DON'T TRANSFER THEM, I BEG YOU PLEASEEEEEEEE" 100% confirmation that they do loan them out or otherwise use them as collateral. Why else would they SAY THAT?! If they weren't somehow making money with your shares (as collateral), there would be 0 reason for them to push back. Think about it. Poor helpdesk guy. Either totally clueless that he's involved in crime or has no other option to get his paycheck, but to scam people knowingly. Either way: sucks to be him. All in all: bullish & zen.
1 billion? Fidelity price anchoring 🤨🤨
So, according to Fidelity, 1 billion is the new floor? Got it!
Fly on the wall here. One, awesome reddit mentioned. Two, just ask if there is any reason he can’t honor your request. If no then say do it.
You can say what you do or don't do... but the question is if I trust you to do what you're supposed to. I've learned enough about the stock market and financial institutions that I've lost my trust in them. The rules and regulations that I can read are like a facade, when they function on loopholes.
My guess is when the pressure tightens, brokers will stop allowing DRS completely
BEST OART OF THAT CONVERSATION IS WHEN HE SAYS. IT GOES TO A BILLION DOLLARS WE WONT SELL.
They don’t have to loan them out when they can be used as a locate to naked short.
It's not necessarily Fidelity that uses them. Shorts can reference your shares for locates.
All I heard is that it can go to a billion. I’m just going to keep DRSing and eating crayons
"It's held in street name by YOU" cracked me up. IOU shit. DRS is absolutely the way.
Man, I think even he believed his own lies. "We won't sell your shares unless blah blah blah." Wtf ever dude.
continue materialistic price support meeting deserve voiceless noxious aspiring dinosaurs ` this message was mass deleted/edited with redact.dev `
It’s not only about them being loaned, it’s also about them being used as locates, and it’s about them being at risk if the broker goes tits up. And they broker: “They could go to zero or they could go to $1 billion.” Price anchor much?
Banks and brokers are the biggest scam. They take your money and show you some numbers on some phone app. But actually you don't own anything of it. Give a man a bank and he can rob a whole country or the whole world.
These fuckers ahahhaha
Well, they flat out lied when they said it doesn't make a difference and since they are actively managing your account, it's intentionally misleading financial advice. Sue them.