Has anyone heard that, from what have heard, that ALL 50 states have laws on the books now where if an intermediary (i.e. Fidelity, Merrill Lynch, etc.) and they have issues, that our stocks, bonds, IRAs, 401ks can be used to settle their debts with banks. The banks are the first to be paid.
South Dakota is working on passing a law to make our investments OURS, not the banks.
Link to HB1199: https://legiscan.com/SD/text/HB1199/id/2905524/South_Dakota-2024-HB1199-Introduced.pdf
How do we fix this in the rest of the states. Especially, those of us in retarded Blue states.
They will be able to do this as YOU do NOT OWN your stocks if they are held at Fidelity, Merrill Lynch etc. They are held at DTCC and owned by the DTCC. Our shares work much like IOU's in those institutions. They have the right to cancel your trades and shares. If you have shares of any company that you like, you need to direct transfer shares in your name. Those shares will then be taken out of circulation and out of the DTCC and into your transfer agent account. A quick google search will tell you which transfer agent a company uses. The process is quite simple, say at fidelity you can DRS your shares through virtual chat and a few days later they will be moved out of say Fidelity and into your new account with such transfer agent. This can be donw with IRA's as well but I believe comes with penalties, but could be wrong here.
Edit: Check out this doc from a couple decades ago, it was banned for a long time. The Wall Street conspiracy. These people are fucking neferious
https://www.youtube.com/watch?v=26_IcexvePA
I was always under the understanding that my 401k, which I pay into for retirement, which get then pays into various Mutual Funds that I have chosen, was mine for retirement. We only have a few stocks, our main thing is 401k. Thank you for the YT link. Will watch it.
It's a free loan to corporations until you retire. Retirement savings is a joke. You're far better putting that money to use pursuing an interest that will allow you to generate income, which is your real biggest asset. Stay out of debt and live well within your means.
Went to college to be a financial advisor. Realized they're just mutual fund salesmen. The stock market is a casino, not a place to put your life savings.