By January 1969, it was transferring 10,000 shares per day, and plans were made for it to be handling broker-to-broker transactions in 1,300 issues by March 1969.[20] In 1970 the CCS service was extended to the American Stock Exchange.[21] This led to the development of the Banking and Securities Industry Committee (BASIC), which represented leading U.S. banks and securities exchanges,[15] and was headed by a banker named Herman Beavis, and finally the development of DTC in 1973,[22] which was headed by Bill Dentzer, the former New York State Banking Superintendent.[23]
All the top New York banks were represented on the board, usually by their chairman. BASIC and the SEC saw this indirect holding system as a "temporary measure", on the way to a "certificateless society".[15]
Today, all physical shares of paper stock certificates are held by a separate entity, Cede and Company.
The U.S., as leader of the free world, could not comfortably sit by while Moscow made its grandstand play for the imaginations and loyalties of the world's youth. National student organizations were proliferating everywhere, and in 1950, N.S.A. and 20 other groups formed the International Student Conference as the West's counterweight to the aggressive International Union of Students, a Communist-subsidized youth front. The logical instrument of U.S. policy was CIA. The agency institutionalized its direct financial support of N.S.A. under its PPPM (Psychological, Political and Paramilitary) program, in 1952.
William Dentzer, now a U.S. AID director in Peru, was the N.S.A. president that year, and he made the deal whereby CIA would secretly funnel cash into the N.S.A. treasury through congeries of private pipelines.
The use of front foundations to handle CIA money is an old technique. More than a score of obscure philanthropies have turned out to be contributors of millions to free-world student groups, notably the World Assembly of Youth in Brussels, the International Student Conference, which is headquartered in The Netherlands, the Independent Research Service in Washington, and the U.S. Youth Council in New York. Over the past 15 years, funds were donated to one organization or another in the name of the Independence Foundation, the J. Frederick Brown Foundation, and the Sidney and Esther Rabb Charitable Foundation, all of Boston, the San Jacinto Fund of Houston, the Foundation for Youth and Student Affairs of New York. In several cases, the forms that tax-exempt foundations are required to submit as public records with the Internal Revenue Service were strangely missing from the files of district offices.
The San Jacinto Fund has neither a listed phone nor an office address, operates out of the office of an accountant. Others, too, proved to be desk-drawer operations—without staff, office space or listed telephone numbers. Dummy fronts or not, these foundations over the past 15 years had contributed as much as 80% of N.S.A.'s budget.
Ignored Success. From the first, the operation was supposed to be accomplished with characteristic CIA attention to secrecy. Only N.S.A. presidents (who serve one-year terms) and a couple of other top officers were told about the arrangement. They were required to sign a national-security pledge that they would never reveal that information—at the risk of a maximum 20-year prison sentence for violating its terms. Over the years, N.S.A. actually did have dribbles of cash coming from the Ford and Rockefeller foundations, as well as from the State Department, but CIA was by far the most generous banker.
The CIA money was earmarked for the international program only, but the agency made no attempt to influence the students' policies. In the years since the CIA fund began, N.S.A. has taken many vigorous anti-Administration stands: it castigated the U.S. intervention in the Dominican Republic and has consistently condemned Viet Nam policy. Some critics argue that the State Department should have supplied the heavy financing, but N.S.A. as a result might have been much more restricted in its independence of expression. The CIA-N.S.A. arrangement seemed to be mutually profitable.
it means that CeDe gets to keep the physical contracts and they send you an email that tells you that you own it, while the law will always recognise the wet-ink paper contracts in their vaults as proof of ownership.
A few years back, under Wank Paulson's TARP megagrift, there were thousands of people who discovered that their Title Deeds for their property were held by persons unknown or a third party was trying to evict them because the correct paperwork was not on file, all manner of mischief caused by their MBS (Mortgage Backed Securities) Racket, all swirling around CeDe and Company.
I admit I am wholly unsophisticated when it comes to having a full understanding of the financial markets, but I do not trust those in power.
My guess is there must be some sort of benefit for them to move to a "certificateless society", probably in the same way fiat currency steals real value from normal citizens.
I just don't have the depth of knowledge to discern the mechanisms they're using.
Just look at my other response on this thread and I explain the purpose of this company. It's a rabbit hole I already went down myself about a year ago. It's not as nefarious as it seems.
There is more! (for diggers)
Cede & Co. -> Depository Trust Clearing Corp. -> William Dentzer / c i a -> Susan Dentzer (daughter) / health politics
https://en.wikipedia.org/wiki/Depository_Trust_%26_Clearing_Corporation#Industry_response
William Dentzer:
https://susan-g-dentzer.medium.com/the-greatest-father-from-a-great-generation-f9ceb3758066
(c i a recruted him)
TIME ARTICLE FROM 1967: "THE ADMINISTRATION: THE SILENT SERVICE"
(also go to first page which starts with an interesting citation - probably the whole Time article is interesting)
https://content.time.com/time/subscriber/article/0,33009,899406-3,00.html
(N.S.A. -> National Students Association)
William Dentzer, now a U.S. AID director in Peru, was the N.S.A. president that year, and he made the deal whereby CIA would secretly funnel cash into the N.S.A. treasury through congeries of private pipelines.
https://www.archives.gov/files/declassification/iscap/pdf/2014-090-doc-1-part-6.pdf
https://www.cia.gov/readingroom/docs/CIA-RDP75-00149R000400150020-3.pdf
Susan Dentzer (daughter):
https://en.wikipedia.org/wiki/Susan_Dentzer
https://www.healthaffairs.org/content/forefront/susan-dentzer-named-new-em-health-affairs-em-editor-in-chief
https://academic.oup.com/ajhp/article-abstract/76/24/1995/5649008
What does "certificateless society" mean?
it means that CeDe gets to keep the physical contracts and they send you an email that tells you that you own it, while the law will always recognise the wet-ink paper contracts in their vaults as proof of ownership.
A few years back, under Wank Paulson's TARP megagrift, there were thousands of people who discovered that their Title Deeds for their property were held by persons unknown or a third party was trying to evict them because the correct paperwork was not on file, all manner of mischief caused by their MBS (Mortgage Backed Securities) Racket, all swirling around CeDe and Company.
Yep. This seems more like the type of thing I would expect from the deep state. It'll be interesting to see what everyone digs up.
Good info, u/Fringe--dweller.
It just means that you don't have to physically own the stock certificate like they did in the olden days.
Thank you for your response.
I admit I am wholly unsophisticated when it comes to having a full understanding of the financial markets, but I do not trust those in power.
My guess is there must be some sort of benefit for them to move to a "certificateless society", probably in the same way fiat currency steals real value from normal citizens.
I just don't have the depth of knowledge to discern the mechanisms they're using.
Just look at my other response on this thread and I explain the purpose of this company. It's a rabbit hole I already went down myself about a year ago. It's not as nefarious as it seems.
This could lead to extended court battles over ownership, leaving the true owners penniless.
Do you suppose that name was picked so they could do comms with the BASIC programming language?