Still think TITNC3: Return of the Iceberg was peak

200 complaints on a company with hundreds of thousands to millions of clients is a rounding error.

The difficulty your father is facing leads me to believe his circumstances are very unusual, especially if counsel is having trouble. Estate law is pretty clear cut in every state in the US.

Id be interested in hearing CS's side of things. This sounds like there's more to the situation that your dad either isn't telling you about or does not understand.

 

Homeboy's grandma was short GME to the tune of about $4b and if they close out the position it starts the moass.

 

So CS is anti MOASS? They won’t let you sell when it takes off! Bias confirmed. RobinHood is the only way

 

Yes.

Two things.

First, the Fed is supposedly going to start unwinding it's balance sheet, meaning it is going to start moving MBS and many other bond purchases it has made over the past decade+ off its books. That means there will be a lot of bonds available for sale that previously weren't, but without any real increase in demand. Increased supply + constant demand = Decreased price.

Second, rates are expected to increase. When rates rise, newly issued bonds at the new rate pay a higher coupon each payment period. This makes them more desirable; Old bonds, paying the older lower coupons, become less desirable. Since the older bonds are less desirable, they must necessarily decrease in price in order to still find buyers.

Basically, those two stacked on top of one another are what you're seeing here.

In defense of Kairo: The Fed has *NEVER* unwound its balance sheet since it began asset purchases during the 2007/2008 financial crisis. See here (edited to a better article with better chart): https://www.marketwatch.com/story/h...ance-sheet-as-it-fights-inflation-11646770784

This has never been done before in history, and no one knows exactly what will happen or if it is in fact possible at all. If private bond buyers simply fold their arms and say "No, we don't want 'em at any price" then the bond market would crash historically, I mean worst-financial-crisis-in-the-history-of-ever historically. That is almost certain not to happen, as the Fed would simply stop unwinding and decide that the inflationary effects of its balance sheet are the lesser evil.

But anyway: A lot of uncertainty over the next couple years as the supply chain starts healing, rates rise, inflation does...whatever, the Fed unwinds, etc. I myself am only purchasing my every-paycheck buy-ins at the moment and actually sitting on "cash" in the form of an untapped HELOC which I will be DCA'ing monthly over the next 2 years.

 

When a lot of the complaints include the same types of issues, lack of response, refusal to accept documents, etc, I see that as a trend.

Their side has been, what documents? We didn't receive them. Certified mailings with delivery signatures claim otherwise. These documents aren't enough. Send more. We need these documents again. Send them again. Round and round we go. Medallion Signatures, notaries, certified mailings, again and again and again.

At what point does it end? Why doesn't CS have the same level of accessibility and customer service that other financial companies offer? Why are they the only ones that are having issues? My grandmother had over a dozen accounts through various institutions and this is the only one that consistently stalls progress.

I agree, it should be pretty clear cut. We need this, this, this, and this. OK, you've sent that, that, that, and that. Now wait 7-10 days and we will send you a check. That clearly isn't the case and their lack of transparency as to what is actually required is alarming.

 

See @TreeFortRichard it worked

 

I am sure they are not. Without a doubt one could find 200+ complaints out there about any custodian of the same size or larger.

 

attached all documents at once each time they ask for new documents lol

"Per my last email" ....aka look here mother fucker

 

I meant that as, in this instance, with this estate, no other institution has made it as difficult as CS to access funds. What is unique about CS that they're making it so difficult when every other institution in this case has been straight forward?
Absolutely every other institution out there has complaints.

 

That is an excellent question, and what I am sure we are all wondering.

I will say it never makes sense for a custodian to withold assets someone else is entitled to for no reason because it exposes them to liability for no benefit. Is it at all possible that your grandmother left instructions in her CS documentation, i.e. beneficiary designations/on-death executions etc. that run counter to her last will and testament?

Because that can make things very tricky. In MOST states, account-specific directives by the decedent are considered a binding contract that ante-dates the Will and thus supersedes the Will. As an example, if you leave a savings account designated Payable On Death to Person X at Bank of America, and you die, it doesn't matter in NC what your will says about that savings account. BoA had a contract with you about what to do with that money when you died and it overrides the Will and/or Estate Executor because it was in place first.

If Grandma did X when she opened her CS accounts and did not update those instructions later to match what her Will says, that could absolutely lead to the kind of situation you're describing.

 

About direct registration. I don't give a shit if my brokerage is buying and selling real shares or IOU's. Without a true blockchain, there's no way to verify the validity of any share. As long as my brokerage keeps putting real money in my account when I sell, I don't give a shit. And they do.

 

And if you keep a few paper account statements from them showing your holdings itemized by asset, you have an almost airtight lawsuit against them if they ever do not make good.

For us small fish kicking around a few tens of thousands to a few million, they don't care. Oh, your $2million in GME shares are MM-derived synthetics when you go to sell? Fuck it, it's $2 million. That was lunch today. Our FINRA compliance says we assume counterparty risk on your behalf and we do. Here's your money. It'll never be a problem.

 

DTCC *probably* knows which ones are real and fake. But they're in cahoots with everyone else so it's largely irrelevant.

 

Slightly bigger issue when there's several million small fish all holding a few tens of thousands. Those numbers add up real quick as the share price goes up.

 

Think I’m just gonna buy a lottery ticket. Enough of this nonsense

 

Which, as we have discussed before, is why I expect the government to step in if the MOASS thesis ever comes to fruition. They are not going to let some stupid meme stock crash the world economy. They will do what they need to stop it and pass a law to make it legal if they need to.

I'll say right now: The "phone numbers" people are idiots. That's never happening. But a few thousand per share? Not impossible by any means. At a 76mil float that's around a 225bil market cap, or about 1/10th of Apple.

 

I agree. Nobody is getting infinity million a share. However, for a brief moment in time Volkswagon was the most valuable company in the world during their squeeze. I do not see it out of the realm of reason, even in a controlled squeeze for the runup to hit $25k-$100k a share.

Little guy gets a win and it preserves the corrupt status quo.

If GME squeezes to AAPL's market cap for a blink of an eye, that's what, like $30k a share?


And there's this nagging bit to deal with as well. What does the .gov do with all the DRS shares that people might refuse to sell? If the float does get locked up in CS, and lets say it's 80/20 CS to brokerage. People are gonna sell their synthetics out of their retail brokerages, but the real shares aren't going to be there to purchase. That's the theoretical possibility behind the infinity squeeze.

Edit: It's going to get extremely volatile after the split as well. 1000 shares squeezing to $1k is one thing. 7000 shares squeezing to $1k is quite another.

The fed can print another few trillion if they want to pay us out. I don't care where they get the money. They've been flooding the market with fake dollars for years now.

I'll tender an offer right now. $125k a share for half my position. The rest I'm leaving in CS to see just how far the system breaks.

 

I don't think these are tangible items like paper stock certificates. They're just numbers on a computer.
I don't think there's any shares more "real" than others. If all the DD is accurate, all the numbers on all the computers just add up to more than they're supposed to.
Probably remarkably similar to USD at this point

 

It is my suspicion that the GME board (and perhaps some of the other heavily shorted tickers) are working behind the scenes with the SEC and the .gov to plan something out that doesn't collapse the world. They'd have to be.

None of these board members on these companies are dumb, and they're going to twist the levers they can to maximize their payouts.

Imagine being a company that succeeds by making all of its shareholders millionaires. That's a good legacy to leave behind.

 

And guaranties customers for life.