Replies to post #118831 on Bancorp International Group Inc (fka BCIT)

[mretgnol]

And now this mysterious poster would have us believe that a tiny filing is going to make them go 'Oh, we are really sorry about the Global Lock thingy...we'll take it off right away'.

Did I say that? I'm saying that a legal pleading can be followed up by Grassley and maybe a dozen other Senators demanding an answer from the D.T.C.C.

Why not really put the pressure on. Better yet, before you serve the D.T.C.C., have an aid from Grassley's office aware of the pending service attempt. Give Grassley's office a first-hand attempt to see the DTCC's behavior in real-time.

You think that's a bad thing? I do not.

Maybe somebody should tell Byrne about that one lol!

You mean Patrick, who was caught lying about how huge his supposed short was and who has problems properly filing correct financials? Patrick does deserve an "A" for effort as he has the balls...er..ball..to take his fight public. Of course, if Saint Patty wanted to hammer some people, he'd just go sell a bond, use the cash to buy back some stock, and run the stock thru the roof.

Tell Patty that one while you are at it.

pressure against brokers might be a better idea from and individual perspective

The problem with pressure against the brokers is that we are all bound by some stupid arbitration clause. That shit-ass arbitration clause is something that needs to be exposed also. The clauses we agree to when we open our accounts have turned into a loophole to be screwed with little legal recourse.

[bobbybdb]

This whole problem starts with the brokers.

They take our CASH, but treat our BCIT shares as if they were theirs.

First by putting our shares in their street name,they in turn loan those shares out to whoever, that alone causes a 100% increase on every share we purchase, those markers sitting in our accounts, and the shares that are on loan.

We are treated as margin accounts, when in fact we should be cash, this procedure is only for one purpose, to increase broker revenues without paying interest, our cash is in their pockets, yet our shares, are in their street name.

That is only the beginning of the NSS scenario, from there it takes on a life of it's own.

The DTCC is nothing more than a very lucrative clearing house, that also stores street name shares in their depository, the brokers give the instructions as what is to be done with their shares(in street name).Most are sold short!

If we were treated as a true cash account shares would not be put in street name they would be carried in our individual names.

If they were in our names the unregistered or phantom shares could never be issued, because each transaction would need to be cleared without borrowing.

What you would loose in that,you would need to wait 3 days for clearing between selling and buying, unless you carried enough cash to complete the transaction.

So the brokers gift to us for taking our cash, and our shares, is to allow us to trade upon the sale of shares without additional cash, or waiting three days.You have to wonder is it worth it?