Well the brokers had a warning from the DTCC that we were not privy to and they let it trade, they did not bust the trades after 3 days and they have insurance for this.
And the DTCC was warned and other then a note to the brokers did nothing.
And there are rules to deal with this situation after it had happened, so far those rules do not apply to this one stock, but they apply to all the others.
Yup, the brokers had the opportunity to stop the sales of BCIT shares at any point, yet refused to do so in their OWN reckless manner. I have to wonder what was said in behind the scenes phone conversions between the DTCC and the brokers at that time. Maybe the DTCC was saying "Keep selling, keep selling! This situation will never be rectified! We will win!!!".
That of course was hugely contradictory to the memo they decided to put out on 8/16, although it took the brokers nearly 2 weeks to react to it. Hmmmm...lol.