Watch the water? The company located at 55 Water St, NY owns 83% of all American shares. What happens when your brokerage goes out of business? Great explanation by Cancelthisclothingcompany

posted 329 days ago by bubble_bursts 329 days ago by bubble_bursts +58 / -2

https://twitter.com/Cancelcloco/status/1740515711775346762

Any share you own with a brokerage is not actually owned by you. You are just a "beneficial owner". The shares are actually owned by a company called Cede and Company which is a subsidiary of DTC.

So whats the big deal? So what if you are a beneficial owner, whatever that means?

It is a big deal when your brokerage firm goes out of business. When that happens, the shares go back to the DTC and not to you because they are the real owners.

If you are holding a share via DRS, on the other hand, then you own the shares.

A couple of interesting numbers / symbology.

17% of all US shares are owned by the people, via DRS.

Cede and Company is located at address 55 W̳a̳t̳e̳r̳ Street, NY.

We all know the significance of 55 - "Storm is upon us"

When the storm is upon us, and the brokerages start collapsing, people will watch their shares all flow into the Water Street - One of the key meanings of Watch the Water ?

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– bubble_bursts [S] 2 points 328 days ago +2 / -0

Wow! I actually remember this. I musta read it atleast 25 years ago, and the teenage me laughed at it, without understanding what it really was about.

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– redtoe-skipper 2 points 327 days ago +2 / -0

for old times sake:

https://archive.org/details/26AsterixAndTheBlackGold_201805/page/n21/mode/2up?view=theater

page 25.

It is a bit of a pitty that the humor not always can be conveyed literally. And worse, today, I found Albums which were reworded ....and are missing the ironic satire.

So, the only reals ones are the old ones.